What you can learn from this ebook

Many Americans today are living longer, healthier lives, which could mean your finances may need to accommodate extra years of retirement. It’s up to you to make yours a comfortable retirement. In most instances, Social Security alone will not provide you with as much money as you were earning
before you retired. That’s where a 401(k) comes in.

Fortunately, you may have access to a powerful retirement tool that can provide a portion of your
retirement income—a 401(k) plan provided through your employer. What you get out of a 401(k) generally depends primarily on how much you put in and how wisely you invest your monies. This booklet can help you reap the full benefits of your plan.

Starting as small business can be difficult and time consuming. Here are a few tips to help the process go smoother:

Save up as much money as possible before starting.
It is too often that people go into a business without any form of savings and only borrow money from banks, friends, and the small business association. No business needs to start out in debt. Many think that they can just simply start a business and begin making money, but it usually takes months or years to actually profit from a business. The last thing that you want to do is take out a home equity line of credit to fund your business because that is the best way to lose your house if things were to go south for your business.

Start on a shoestring.
Start small. You shouldn’t just rent a building or office space to work at and begin hiring employees. If you look at the first tip and have already made that mistake, then don’t make this one. You can only have employees once you have enough work to keep them business. Some people who start their businesses small start in their homes. Many even take losses on what they pay themselves to get the business off the ground.

Protect your personal assets.
You have to be able to protect whats yours when it come to your business. When you start your own business, you become liable for all the debts that your business incurs, including loans, money owed to suppliers, taxes, etc. The problem is, if you aren’t careful and don’t protect yourself, a creditor may be able to come after you and your personal assets.
The best way to protect yourself, especially if you plan on running up big debts, is to form a corporation or a limited liability company. It isn’t much more difficult than forming any kind of sole proprietorship and protects your personal assets.

Make a business plan, no matter how short.
You need to be able to have a long term business plan, you really need to know where the business is going and how it plans to get there, at least how it does it in your mind. You can obviously tinker around with your business idea every now and again, especially when the environment changes or you begin making or losing money, but the core business plan should be there…in writing…from the start.

Get and keep a competitive edge.
I think that if you have a great product, then with a bit of marketing and money behind it, people will buy it. However, if your product or service isn’t competitive, it will be very hard to play “catch-up” with the players already in the field. I call this a “chase” strategy in marketing and it doesn’t often end too well. You really need to have that competitive edge against those who are entering the market or are already in the market if you want to succeed.

This also came out today:

“While GMAC has not quantified its capital injection request from Troubled Assets Relief Program (TARP), we estimate the company could have applied for up to about $6.3 billion,” CreditSights analysts Richard Hofmann and Adam Steer said in a report late on Thursday. - Reuters

My question is, what does it take to become a “bank holding company” and be considered for billions of dollars of bailout money? Why can’t we (as taxpayers) know exactly how much money each of these companies is getting??