A BETTER WAY TO KICK-OFF A BUSINESS

If you are actually planning to start your business, I bet you are planning to put a capital from your own money or use the money of others. In other words there might be thousands of crediting or loaning or whatsoever out there, but whatever is that it is called debt or equity.

Debt means using others money barrowing from banks or other lending companies to start your business. Equity is using your own fund or your own savings to start up your business.

The question is which is which? Sounds obvious? Let’s see!

EQUITY FUNDING

Here’s what we called bootstrapping in equity funding business kick-off. It involves adjusting your own living expenses or using your savings to fund your business. Sometimes I heard it like “shrinking your budget to fit to the size of your dream or shrinking your dream to fit to the size of your budget” – either way you have no choice if the budget speaks.

Ok. For bootstrapping businessmen out there here are your advantages:

• You have complete independence and command over your business. Remember, if things turn worst to worst then you have only your own money to lose without hang-ups over your creditors.

• Bootstrappers tend to be more cautious about using the budget especially if it’s hard-won. Others would tend to be more spend mongers like some credit card holders. It’s not your money anyway.

• The best thing is the lack of budget is a blessing in disguise in the form of honed selling instincts. Because the lack of budget gets you to the edge of the cliff which pushes you to grapple for survival, thus necessitating the sale of the product asap.

• In bootstrapping wastage is damnable and there will be nothing to waste anyway.

Bootstrappers downside are as follows:

• Of course underfunding is one of your major downside. You use your own budget obviously. But for me it really depends on what kind of business you want to establish and how affluent you are.

• Lack of business plans. According to some business consultants this usually happens to bootstrapping business; they usually don’t have plans. Well, perhaps fewer feedbacks or advices to hear from investors. Again, it depends. Individual values speak sometimes.

CREDIT FUNDING

Credit funding serves great help for a non-saver monkey in the entrepreneur world. It will let anybody allow to start business in a fabulous budget at the expense of the creditor. But you have to be careful because this business start-up fashion gets into the nerve of your business in the form of walloping interest rates.

Your advantages get to be like these:

• It catches your business’ surging overhead even before your capital is drawn out from your hard work.

• Saves you more time – quick and easy – though for credit cards only.

• Credits are good temporary solutions. It comes to the rescue if you comes short of your budget.

• Again with credits you can start with nothing on the pocket or and as long as your business has a promising daylight.

Your disgrace if things get out of rail:

• Of course a debt is a debt until death. Without wiser thoughts on handling debts or credits then you’ll be running through hell.

• You don’t have full control over your business in a sense that creditors keep hacking at your back while you work harder each day or else double it.

• You’ll have constant race between debts and your profit. Unless, business goes well then all ends well.

The final scruple is to never go into business you don’t have knowledge to. That is the very basic principle every businessman knows and follows. Knowledge is queen to building a business, while capital is king.

TAXES BLUES: PAY TAX LIKE A PRO

They said that tax is like a form of legalized robbery. Businessmen abhor paying taxes because they see nothing out of what they scrape from their hard work. Everything goes out of the blue like a smoke gone with the wind.

We dislike taxes the way we fear death. But weather we like it or not, according to some advocates, tax is as inevitable as death. Tax on the other side of the same coin is the lifeblood of our physical society. It is in taxes that we build bridges, schools, highways, hospitals and the likes. But it is also in taxes that the social raptors get into our nerves and thus build walls against them instead of bridges.

Tax evasion is a criminal act, that is to clarify things. If the government is dexterous in formulating laws in labs to siphon more taxes, then businessmen are as much cunning in scheming ways to evade tax hits like the famous bullet-timing of The Matrix by Neo.

Nevertheless, there are smart ways of paying taxes – that is to say minimizing the grasp of its fangs on your hard-won earnings or business profit.

TAX SYSTEM IS AS COMPLICATED AS LIFE ITSELF

Let’s accept it that taxation is a complicated piece of systematized suction machine at the expense of our government – not the paying itself. Paying tax is as easy as eating an apple pie. What makes it complicated anyway? It’s just a tango of mathematical operations such as plus and minus.

The complications of taxation add up to the complexity of starting your own business at least here in the Philippines. Further, taxes are a capital burdening leeches sometimes that frustrates businessmen. That is why businessmen held high their brows in quoting their CPA about tax deductions and exemptions. This leaves sour grins between entrepreneurs and the government.

TAX FIRST THINGS FIRST

Businessmen, employee, self-employed or any body that is concerned of earning money must at least know the basic taxation system in our country. Knowing what to pay for is basic as where to spend your last penny – because how badly do you need to minimize your tax payment?

Some businesses are heavily taxed because of the very simple ignorance of not knowing tax exemptions. Collecting sector won’t mind telling you what exemptions are if you won’t mind yourself asking. It’s for their own advantage anyway.

Businesses are first of all advised to hire accounting staff or consultant to check on this matter.

SAVING FACTORS: EXEMPTIONS

Again exemptions are exemptions as long as you dared asked for it. It is never obligatorily imposed on you by the government, if it is then no business will be taxed in a daredevil amount. Unless you asked, you’ll never get it. I guess this is where the government plays a little bit safe into their canopy.

First rule it to find as much medium as you can to minimize tax obligations. You can haggle on your proper use of deductions, the lowering of declared gross income and the proper use of tax credits.

KNOW WHICH IS WHICH

Know what sector of your business is to answer the inquisition of taxation. The basic figure is that administrative sector of the business may differ in taxation from the second which is the manufacturing. The manufacturing requires heavy materials, more labors, electricity and therefore more expenses. Administratives are the staff, accounting, marketing and clerical of the company.

If you happened to buy to one of the biggest pharmaceutical stores in the country, you are perhaps asked for a discount card for points. In the same fashion the Finance Department would issue the what we call Tax Certificate as (meager) tax shield. This will lower your tax liability.

GOOD BOOK KEEPING

While paying tax is a way, keeping a good tracking of all your tax outputs is another thing. It would be unwise to go into big business and answer the beaconing of taxes without a good accountant to paddle your canoe.

Paying taxes on time may actually lower your tax obligation if you happened to heed to its scruples.

Tax has never been burdensome than paying for what you must have saved by knowing its basic ground operations. And it may never be as annoying as your neighbors shrieking maids or as frightening as death if you know the rule of the game.

BASICS OF FINANCIAL FREEDOM

I've been to several Financial Planning and Financial Literacy seminars in my hot pursuit to financial freedom – up until now, but this guy has something to say at the corner – Mr. Henry Ong of Business Sense, Inc.

How and what is it really to be wealthy?

A quick mental reflex will tell you that wealth is all about lots of money, dude! Like Manny Pacquiao, isn’t it? Like lots of Volks, Astons, hot big wheel hummers? House and lots spawning everywhere in the archipelago? Maids at your beck and call? Fine clothe lines? Latest gadgetries? Jewelries? Lots of savings in the bank?

Yeah, why not?!

They might be an obvious objective evidence of your hard work or frugality. But that is just half-slice of the pie. Because according to Mr. Henry Ong, a Registered Financial Planner, as he may suggest cutting cost and expenses out of your income might cause you to miss a lot out of your life – he said a “quality life.” Perhaps, quality foods, amenities, time and even health to yourself. This is where the philosophy of Aristotle strikes the bell, “the mean of virtue.” Anything that goes in excess or in extreme end is a vice or not in line of manly virtue. Same is true with over frugality and stinginess. You are foregoing a lot of things quality to you and your loved ones because of your imminent fear of the coming rainy season.

You might be excused to think of the coming rain, but Mr. Henry Ong seems to suggest that being wealthy is not actually motivated by fear. I toss to this idea that a financially wealthy individual is also a psychologically, spiritually, physically and emotionally healthy individual. I logically believe that being healthy on the other aspect of one’s personality speaks a lot about how financially free a person is and will be.

Being financially affluent and spiritually broke is not wealth either. Being financially rich and physically sick is not wealth either. Being financially flushed but relationally broke is not wealth either. Being financially loaded but having delinquent children is not wealth either. Being financially heavy but having your social security at stake is not wealth either.

We are so familiar with so many individuals who are so obsessed with their work, trying somehow to please and impress their officemates or a big boss, pressing their nose against their work at a solid 8-hour and consecutive 8 hours overtime. Ok, they earn no doubt including the murky grin of their boss – only to end up pressing their butt against hospital beds, signing bills and scrapping all earnings for the medical dues incurred.

If you have to realize you seem to work for nothing but for a doctors fee or for anything else. We have to remember that before anything else goes to the sink sewer, what profits above all is yourself – before anything and anybody else.

Mr. Ong believed that it’s ok to have fancy cars, houses, dines or any expensive properties as long as you have the means to maintain them. They are not wealth at all if at the back of the same coin are accumulation of liabilities caused by them.

Being wealthy for him is not (just) all about those things, as obvious, I have my lots of elaborations above. Together with him I believe that being (real, and really) wealthy is all about being:

• Financially Independent – that is, you are free from worries or work pressures. In other words you are not obliges to work eight hours a day and yet able to earn and pay bills and other obligatory miscellaneous life expenses.

• Able to manage money well – a (financially) wealthy individual is able to manage his incomes to wherever it is to go.

• Able to multiply incomes – it is basic in every financial education I’ve learned that a financially wealthy person is the one who is able to multiply his income – sorry but not much on saver buffs!

• Able to secure his profit from any loss – one of the best way to test a person’s financial acumen is not just to multiply his income but to secure them too. Because no matter how genius you are in multiplying your income you have to learn to guard it from loss. Say a Nicolas Cage effect, he is one of a highly paid actors in Hollywood and yet cripples down his finances.

• Able to give more – I believe that a financially free individual is the one who is able to give more. It is a basic principle that you cannot give what you do not have and so a financial freeman is able to manifest it through giving as an outlet of his being financially overflowing.

• Able to do what his heart’s desire – a pampered vacation to Boracay, El Nido or a fancied 80 days around the world, you name it but it’s one of the manifestations of a financially free individual. Again, being able to do what you want without the pressure of a burning obligation of work life (except perhaps if you enjoy what you are doing, well they say it ceases to be work). It includes the renaissance of your abandoned hobbies. Being able to work generously but enjoys the pamper of your bed at whatever time you like to wake up.

Well, that’s a lot of talking and there are lots more to mention.

You’d ask how am I gonna do that? Mr. Henry Ong suggests you really have to plan your way to it. It means like looking for a knowledgeable person to help you - such as Registered Financial Planners.

Secondly, is to develop, imbibe or imitate wealthy minded individuals (who are actually wealthy by now).

Third, is one of the crowned values of a wealthy person, no other than discipline. Mr. Ong suggest you save and invest without sacrificing the quality of your life.

And lastly, find ways to increase your income streams. We are not advising to increasing your job, as what I have been thinking those days but ultimately to say – that you’ve got to be an entrepreneur to do that!

That's a sure bet to wealth.

Common sentiments tells us that nobody made it by just working on a desk or having jobs till time is through with them. Except, if you exceptionally belong to “the lucky sperm club” as what Warren Buffett said. Or else you are a company's bigwig or a prime holder, that’s it!

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ECONOMY AS MULTIDIMENSIONAL ASPECTS OF HUMAN EXISTENCE

What is economy, and what is the purpose of economy? I just learnt from the previous economic units that I took-up, that economy is a sort of management. Etymologically, from the Greek terminology, oikos and nomos, which laterally means, “house rules or house management.” What is being ruled, and what is being managed? Obviously, it is no other than, goods that are necessary for human existence. Why do they have to be managed? It is because of their scarcity – the underlying element of economic functions. According to Roberto G. Medina, Ph.D., scarcity is “when most things that people want are available only in limited supply. Thus, there is a great necessity calling for the appliance of the house management.

An apple has to be quartered equally to three craving toddlers. Luckily, there are goods that don’t have to be mathematically or demographically stipulated in order to be available for consumption. The air we breathe that is being given freely and copiously by nature fits this picture; all we have to do is to literally ‘economize’ our negligence and irresponsible disposal of waste elements. God must have been so generous to us uncaring individuals that he made this so abundant we don’t even notice its encompassing value more than any economic goods, or we don’t sleep late at night uneasy of what air to breathe tomorrow and the coming days. Besides, human values are elements that defy economic calculus.

Economic goods, no matter how scares, are given the utmost thought for further proliferation. There are basic economic resources that underscore economic operations, the land, labor, capital, plus the prolific synthesizing capability of an entrepreneur.

Thus, in the bivouac of economy in a political society, every economic action are channeled to economic growth, full employment, economic efficiency, price level stability, economic freedom, equitable distribution of income, economic security and balance of trade (Roberto G. Medina, Principle of Economics,) How do we measure now economic growth and development? Is it when everybody’s well fed, every employee or worker receives considerable salary; every one’s owning a car or nestling on a well furnished houses? Perhaps, it is? How does economic develop? Obviously, economy develops if it allows more output of goods for consumption. Some say if a society is highly industrialized with a high standard of living or in view, it is highly urbanized. Sadly, it fosters few side-effects such as, increased noise, congestion and pollution, towns and cities may become overcrowded, and traditional way of living maybe lost, people may experience increased anxiety and stress, and few others. Therefore economic development doesn’t always guarantee the populace a happy and auspicious living.

I dubbed this paper as multidimensional because economics doesn’t only show the monetary, the GNP or the GDP and agility of a country to show off material productivity, but also of the integral dimensions or dispositions of every individual. Economic condition may cause crimes, calamities and other derogating phenomena. A highly industrialized city might be the cause of the land slide in a certain locality. If the economic revenue is not equally distributed, then deficiency to a certain area to a certain individuals will happen (a statement highly tantamount to saying corruption). With considerable economic growth comes considerable demand and consumption of every individual. This would eventually change individual’s quality of life – considering that few determinants of economy are man’s unlimited wants, and his maximum satisfaction.

We can elucidate thousands and thousands of economic norms for economic growth and development, but after all, each and every one of us has always the last say about our ‘economy’ from within and from without.

Material economy alone cannot satisfy the unlimited wants of each and every one of us. There is no maximum satisfaction after all. Economic development resides and emanates from each one of us. Economic downfall does not only begin when an official corrupts the revenues, but when a single centavo is being used in vain. It doesn’t begin when a tycoon or president went on to an expensive trip or party spree, but when an individual doesn’t make good enough of the left over in his table.

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5 REASONS WHY “CUSTOMER IS ALWAYS RIGHT” IS WRONG

Have you been in a situation where in one customer gets irate because the store is not selling pen? The man keeps arguing triumphantly and at the top of his lungs, “gosh, PENSHOPPE don’t sell pens?!”

It’s an old joke junk on my document list actually. Of course, Penshoppe is a clothing line company not a pen manufacturer or distributor even though the name itself suggest for a pen store.

Would you rather believe that a customer is totally wrong despite the adage “customer is always right?” The statement is blunt and absolute. It says “always right” not “some” or at least “few.” It doesn’t give a leeway or at least a dichotomy between a right and a wrong customer – fading out an employee’s burning torch of a comely customer service – believe it or not.

The term was coined by Harry Gordon Selfridge, the owner of the Selfridge’s Department Store in London in 1909. This simply to let customers know that they’ll get the best service in the queue and to let the employee render the said maxim to the customer absolutely.

At first glance nothing is wrong; service is your means of satisfying a customer’s want and you do it by letting your employee meek to the imperative “customer is always right.” And that he should give a customer match sticks in case a he loves to set the store on fire.

Few companies doesn’t buy this ideology – including the editor himself, for after few unitary concessions they’ve found out that it leads to bad customer service after all, though you might want to please customers. Nevertheless, as the philosopher Aristotle said that the “mean of virtue” dictates what is a good man, so does the mean of virtue of customer service. By “mean of virtue” we strike the balance between a customer and an employee, not of customer alone. Here are few shots turning down and lighting up the dark side of “customer is always right.”


1. IT MAKES EMPLOYEES UNHAPPY
This proves that the adage itself is customer centered. It doesn’t matter of what and who you are in the company as long as you please your customer – end of the line – even up to the extent of the client’s capriciousness.

Let’s take it from Gordon Bethune of Texas, a corporate director and formation guru who turned Continental Airlines from its chaotic and worst working arena to being the best if not the finest of it.

His logic is simple.

He sides with employees in dealing with fastidious costumer instead of just broaching, “huh, customer is always right!” In the airlines, “just because you buy a ticket does not give you the right to abuse our employees,” he asserts.

Honoring a customer asking for recompense of the lack of anything whimsical on the table doesn’t make sense or worse calling forth the employee’s welfare in the company. Later, we’ll find out why we take considerably the side of the employee instead of the customer. It doesn’t mean that we are sparing the rod for unbecoming employees doing lousy jobs. Nevertheless, reasoning that customer is “always right” is worst and counter-productive.

2. IT GIVES ABRASIVE CUSTOMERS AN UNFAIR ADVANTAGE
It’s clear as glass; business maxim such as this will obviously give abusive customer more access to employees’ tender emotions and sense of dignity. It adds more weight to an employee’s yoke of carrying on his job. Worst, is yet to come with his paycheck that doesn’t get even with his daily fare.

“Customer is always right” principle would also mean that abusive customer scrapes better treatment than those who are not. What makes sense to me is when you rather treat a nice customer so that she or he would keep coming back. Abusive or rather fussy customers are very expensive to maintain financially and interpersonally. They tend to suck up all the energy and patience that you have.

3. SOME CUSTOMERS ARE BAD FOR BUSINESS
If “customer is always right” makes a customer feels good does it means that you can please everybody? I don’t think so. Even a narcissistic principle like this fails to please every customer that doesn’t want to be pleased. Some are not even customers; they’re just there for mere sarcasm. Thus, a company loyal to such belief is more tantamount to losing employees – business suffers as an outset.

Here we realize that the more you please customers inordinately, the more you realize that you are losing your business, and not just business but people around you who helped you reach the summit of your company’s potentials.

I guess we really have to be used to the fact that “not all customers are right.” We have to be grateful if majority of them are really right customers and the minority belongs to the vile underworld of business.

4. IT RESULTS TO BAD CUSTOMER SERVICE
I guess here we already have the jest of our exegesis. If the first principle is customer centric now it’s employee centric. It means the world revolves around the employees now.

According to my research, Rosenbluth International, a corporate travel agency, with it’s CEO Hal Rosenbluth put’s emphasis more on employees and put customer second, “put your people first and watch ‘em kick butt,” he exclaims.

There is a certain principle that asserts, “you cannot give what you do not have.” What your employee cannot have in the company he cannot give to the costumer. Try to be obstinate to your employees and same or even worst thing will reverberate throughout your company. Rosenbluth firmly believes that when you put your employees first, they put the customers first.
Now, the crux of the matter is no other then HAPPINESS. When an employee is happy, at ease and comfortable in his work due to the management’s good company with them, they naturally exude a warm character towards their customer.

Happiness is one of the language of the soul and the lifeblood of customer service. Rosenbluth observes that when an employee is happy he tends to care more about other people, obviously including customers; they have more energy, therefore more enthusiastic and more fun to talk with, hence attracting more customers; more so, customers that are happy are highly motivated and learn things more easily.

However if the opposite of what have been mentioned above prevails in the company, real customer service becomes skin-deep, employees do things for the sake of doing no more no less – you won’t see fire in their eyes.

5. SOME CUSTOMERS ARE JUST PLAIN WRONG
End of our story. Bosses and executives getting side to bad customers are entertaining bad ideas. It shows how disparate your business is! As if you’re willing to eat frogs just to please a customer and then fire a top performing employee just because once he has offended or hadn’t pleased a customer.

A demise of an employee to his job might even be expensive rather than losing a customer, practically considering its training and time spent to hone a certain field of work.

To employees who are experiencing the “customer is always right” phenomenon in a company and have actually experienced a cup of tea swooshed your face, loose yourself away from that job and then run like hell! That company will make you a pincushion of all bad words, curse, bitchy and profane exploit of the customer while they get the profit for themselves.

Nevertheless, “customer is always right” as long as it really redeems the righteous one.

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THE STORY OF THE TORTOISE AND THE HARE (EXTENDED)

One of the perennial, almost ashes in the sands of time story, I've ever heard. Obviously, it started or is attributed to Aesop, an ancient slave by chain but a freeman by brain.

The story of the Tortoise and the Hare is a story I considered firmer than metal, malleable than gold and harder than diamonds can be; for only one reason, it has preserved it's posterity that reverberates to the present generations.

This story has spawned several versions, I guess, even the one below; and it's all about being in the competitive corporate environment. Only that, the story has been stretched a little bit, if you won't mind.

So, go ahead have a fill!

Once upon a time a tortoise and a hare had an argument about who was faster. They decided to settle the argument with a race. They agreed on a route and started off the race. The hare shot ahead and ran briskly for some time. Then seeing that he was far ahead of the tortoise, he thought he would sit under a tree for some time and relax before continuing the race. He sat under the tree and soon fell asleep. The tortoise plodding on overtook him and soon finished the race, emerging as the undisputed champ. The hare woke up and realized that he had lost the race.

The moral of the story is that slow and steady wins the race. This is the version of the story that we have all grown up with. Just recently, however, someone told me a more interesting version of this story. It continues.

The hare was disappointed at losing the race and he did some soul-searching. He realized that he lost the race only because he had been overconfident, careless and lax. If he had not taken things for granted, there is no way the tortoise could have beaten him. So he challenged the tortoise to another race. This time, the hare went all out and ran without stopping from start to finish. He won by several miles.

The moral of the story is that fast and consistent will always beat the slow and steady. If you have two people in your organization, one slow, methodical and reliable, and the other fast and still reliable at what he does, the fast and reliable chap will consistently climb the organizational ladder faster than the slow, methodical chap. It is good to be slow and steady; but it is better to be fast and reliable.

The story does not end here yet. The tortoise did some thinking this time, and realized that there is no way he can beat the hare in a race the way it was currently formatted. He thought for a while, and then challenged the hare to another race, but on a slightly different route. The hare agreed. They started off. In keeping with his self-made commitment to be consistently fast, the hare took off and ran at top speed until he came to a broad river. The finishing line was a couple of kilometers on the other side of the river. The hare sat there wondering what to do. In the meantime the tortoise trundled along, got into the river, swam to the opposite bank, continued walking and finished the race.

The moral of the story is to first identify your core competency and then change the playing field to suit your core competency. In an organization, if you are a good speaker, make sure you create opportunities to give presentations that enable the senior management to notice you. If your strength is analysis, make sure you do some sort of research, make a report and send it upstairs. Working to your strengths will not only get you noticed, but will also create opportunities for growth and advancement.

The story still has not ended. The hare and the tortoise, by this time, had become pretty good friends and they did some thinking together. Both realized that the last race could have been run much better. So they decided to do the last race again, but to run as a team this time. They started off, and this time the hare carried the tortoise till the riverbank. There, the tortoise took over and swam across with the hare on his back. On the opposite bank, the hare again carried the tortoise and they reached the finishing line together. They both felt a greater sense of satisfaction than they had felt earlier.

The moral of the story is that it is good to be individually brilliant and to have strong core competencies; but unless you are able to work in a team and harness each other’s core competencies, you will always perform below par because there will always be situations at which you will do poorly and someone else does well. Teamwork is mainly about situational leadership, letting the person with the relevant core competency for a situation take the leadership.

There are more lessons to be learnt from this story. Note that neither the hare nor the tortoise gave up after failures. The hare decided to work harder and put in more effort after his failure. The tortoise changed his strategy because he was already working as hard as he could. In life, when faced with failure, sometimes it is appropriate to work harder and put in more effort. Sometimes it is appropriate to change strategy and try something different. And sometimes it is appropriate to do both.

The hare and the tortoise also learned another vital lesson. When we stop competing against a rival and instead start competing against the situation, we perform far better.

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FARRAH GRAY Millionaire at Fourteen

"My story, though unique, is not unlike others who began with nothing more than a dream fueled by sheer determination. I believe my story will remind you of the kid in all of us who know no limits and believes anything - and everything - is possible.” – It's no other than Dr. Farrah Gray's personal catchphrase on his socio-economic journey to getting rich inside-out.

Dr. Farrah Gray is one of those seemingly ordinary street slabs scampering academic grounds and who kicked ass with the odds to later be a confessed self-made millionaire at age fourteen.

Raised at the indigent Southern part of Chicago, he's ultimately not a member of the “lucky sperm club” as what Warren Buffett quoted to those born with golden spoons. Gray, like any of us, made good use of his diligence with a sheer persistence and determination. You see, it's not black magic, those are just common platitude of the mind – I said he “made good use” of these common resources.

Later, you'll know how he maid it.

Meanwhile, you'll know that a man who made good use of his mental faculty and see things that needs to be done and did it, is worth noticing.

Farrah Gray is in spotlight too since he was known for his entrepreneurial acumen. He began his airwave supremacy since his maiden interview when he was eleven on KVBC Channel 3. Since then he hits NBC's Good Morning America, ABC World News Tonight, Oprah and Friends, FOX, CBS, Wall Street Journal and a lot more. He was also featured at AOL Black Voices as one of those who made a big splash on Black Making History 2008.

Perhaps, arrayed with Martin Luther King, Jr., Dr. Gray was lined among those influential black men in America by the Urban Influence Magazine under National Urban League. Likewise, Ebony Magazine cited him as an entrepreneurial icon, business baron and with his witty inscription, a bestselling author. At 21, he has his Honorary Doctorate degree of Humane Letters from Allen University coupled and due to his advocacy on entrepreneurial values, integrity, philanthropy and leadership. From then, Dr. Gray has been able to speak at the mount with authority and inspired millions of individuals around the globe.


EVERY SINGLE STEP

As promised, you'll know he did it and when did he sparked his current riches. Nonetheless, this might not be much, since the other slice of the pie is on his “9 Steps to Becoming Rich Inside-Out,” his debut on financial as well as self-help book.

When Farrah Gray was six years old, it was said that he started his first entrepreneurial feat by selling body lotion for $1.50, delivered door to door. At age seven, he has been noticed to carry a little business card quoting, Farrah Gray “21st Century CEO” which he carry wherever he goes and whom ever he talked with. Heaven never did forbid him about this; it might even have lost patience because of his persistence. Now he's more than just that, he is a king in a right of his own.

At age nine, Farrah is on a radio show in Las Vegas named “Backstage Live,” where he co-hosted the show. With this program he cached almost 12 million listeners every Saturday. One year further, this ushered him to a more lucrative speaking engagement positing a really rich $5,000 to 10,000 per appearance. Furthermore, at age thirteen Farrah Gray started his first 'company,' the Farr-Out Foods Company, nestled at New York with young people as primary target and clients.

As everybody might have known about him since he was making noise is that, at age 14, he is a SELF- MADE MILLIONAIRE! A simple paradigm of a rags-to-riches enterprise. He grossed $1.5 million under Farr-Out Foods by hitting to that sale. With this, and on the same age, he started NE2W or New Early Entrepreneur Wonders with funds and projects focused on students and learners.

At age 15, he is UNSTOPPABLE! Farrah entertained franchising (or selling) Farr-Out Foods for $1,00,00.00 plus. As part and parcel of his humane endeavor, as philanthropy, he founded the Farrah Gray Foundation, intended for some charitable projects. More on, the U.S. Department Of Commerce commissioned him to oversee an entrepreneurial institute for the Minority Business Development Agency. As young as he is, it deed never mind, if he could be the youngest loud to serve at the Board of Advisor for the Las Vegas Chamber of Commerce. He is the youngest to take it at the same age, and he did it.

When he was 16, he has become more absorbent to more opportunities this world afforded him. He acquired a magazine from Inner City Broadcasting Corporation called Innercity Magazine. A little later he was honored to be the second African-American to own a show production by funding it. The show, Las Vegas Strip is a comedy show he owned which made him seconded Red Foxx.

At age 19, he thinks it might be time to take a little sit and pen things down. He signed his book “Reallionaire” with his publisher HCI ( Health Communications Incorporated) wherein he made his “9 Steps to Becoming Rich from Inside Out.” With the same publisher he co-authored “Chicken Soup for African-American Soul.” Also publisher of the bestselling book series, “Chicken Soup for the Soul.”

At age 20 and beyond, he is at large for total 'amok.' He has become the youngest real estate broker. Later, his book and he himself becomes a bestselling author for “Reallionaire.”

At 21, he was honored with a Mastercard in his name, “GoFarr” Mastercard by First Premiere Bank.

Extending more his socio-economic tentacles, he co-founded Realty Pros a property asset management company, a charitable Spokesman for National Marrow Donor Program African-American Initiative, became a columnist of National Newspapers Publishers Association reaching a 15 million readership, became an AOL Money Coach.

At 23, he released his “Get Real: Get Rich: Conquer the 7 Lies Blocking You from Success.”

At age 24, Realty Pros become a $30 Million asset. Bringing him as well as those working for him hefty sheaves of riches home. And at this point, he might have seated once again for a penning, he launched his book “The Truth Shall Make You Rich: The New Road Map To Radical Prosperity.” One wise way of immortalizing his thoughts and he himself.

At age 24 'till his golden age soon, we have to expect him counting his years of more banknotes on his accounts and more maturity on his sensibility. As of us feeling him from a distance, he seems like diamond in the making. We know that he's getting better and better days through days and experiences through experiences. Turning back to ourselves, we might as well see ourselves wearing our “21st Century CEO” card.

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WARREN BUFFETT: THE RICHEST MAN IN THE WORLD

How he made it to the Corporate Ladder?

Have you ever wondered how financially favored individuals seem to get all the penny heads in the world? It could be hard-won or smooth and easy, while we are, in our own hard work, kept scratching our heads how to kick few income boosts.

Few individuals believed in life's boundless possibilities. You might as well do the way I do, because they did.

Yes, there are big guys on the corporate ladders that besides believing, seems to possess a King Midas' “magic touch.” Every investment they found turns to 'gold' at a spell of their mighty economic wand. Electively, I have picked one among the array of wealthy mongers around the world. It could be the Microsoft President Bill Gates, the Mexican telecommunications tycoon Carlos Slim Helú or the Indian industrialist Lakshmi Narayan Mittal. Nonetheless, Warren Buffett is on the top of it all.

Respectively as of 2008 he is the richest man in the world when it comes to financial mark-up, weighing $62 billion dollars on his treasure chest.

Warren Buffett, like any others, is a believer of something. He pulls few of his rhetoric brainchild ranging from the Holy Bible to an American actress-playwright Mae West as well as other few advises from Midwestern thinkers. His speeches are also whipped with intelligent to otherwise satiric humor.

However, he fails to please everybody else despite of the glimmering richness in his smile. There are those who buy his thoughts and sail with him, and there are those who run counter against his idealism. Perhaps, they could just be the minority of the few who never buy his views and 'sarcasm.'

There are things, however, that Warren do not buy too. He points, "I don't believe in dynastic wealth," quoting those born with golden spoons in their mouths as "members of the lucky sperm club." He is indifferent or rather against the transfer of wealth from generation to generation.

Action is still the best policy in his wealthy method. He himself never inherited a wealth so great to manipulate, rather he generates it over time.

Buffett asserted once, “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing".

Obviously, most of his wealth will go to the charity funds with his partnership with the Bill and Melinda Gates Foundation. 2006 breaks the biggest charitable donations ever made in history when he donated a gross amount of USD 30.7 billion dollars to the Bill and Melinda Gates Foundation.

Warren explains about his conscious relationship with his money. This could be his renowned catchphrase every time a query surfaces.

“ I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die. (Lowe 1997:165–166) ”

Meanwhile, hear few of his transcendent as well as methodical approaches to getting practically richer, if you can't be the richest man in the world (Source:www.warrenbuffett.com)

Reinvest your profits: When you first make money, you may be tempted to spend it. Don't. Instead, reinvest the profits. Warren Buffett learned this early on. In high school, he and a pal bought a pinball machine to pun in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he'd amassed $174,000 -- or $1.4 million in today's money. Even a small sum can turn into great wealth.

Be Willing To Be Different: Don't base your decisions upon what everyone is saying or doing. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million.Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year.

Never Suck Your Thumb: Gather in advance any information you need to make a decision, Warren Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb sucking." When people offer him a business or an investment, he says, "I won't talk unless they bring me a price." He gives them an answer on the spot.

Spell Out The Deal Before You Start: Your bargaining leverage is always greatest before you begin a job -- that's when you have something to offer that the other party wants. Warren Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Warren Buffett was horrified that he performed such backbreaking work only to earn pennies an hour. Always nail down the specifics of a deal in advance -- even with your friends and relatives.

Watch Small Expenses: Warren Buffett invests in businesses run by managers who obsess over the tiniest costs. He also admired a friend who painted only on the side of his office building that faced the road. Exercising vigilance over every expense can make your profits -- and your paycheck -- go much further.

Limit What You Borrow: Living on credit cards and loans won't make you rich. Warren Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heart-rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt.

His advice:

Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.

Be Persistent: With tenacity and ingenuity, you can win against a more established competitor. Warren Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business. A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator. To Warren Buffett, Rose embodied the unwavering courage that makes a winner out of an underdog.

Know When To Quit: Once, when Warren Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick -- he had squandered nearly a week's earnings. Warren Buffett never repeated that mistake. Know when to walk away from a loss, and don't let anxiety fool you into trying again.

Assess The Risk: In 1995, the employer of Warren Buffett's son, Howie, was accused by the FBI of price-fixing. Warren Buffett advised Howie to imagine the worst-and-bast-case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day. Asking yourself "and then what?" can help you see all of the possible consequences when you're struggling to make a decision -- and can guide you to the smartest choice.

Know What Success Really Means: Despite his wealth, Warren Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He's adamant about not funding monuments to himself -- no Warren Buffett buildings or halls. "I know people who have a lot of money," he says, "and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you. That's the ultimate test of how you've lived your life."

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GLOBAL ECONOMIC DILEMMA VS. OPPORTUNITIES

Each of us has considerable shares of economic crisis, either you're a businessman, or a simple buyer of commodities.

Nonetheless, this impending dark clouds of economic crisis is worth it if we are panic oriented and less likely to affect if we are aware of the opportunities and the necessary actions to be done. Global economic crisis and opportunities are two sides of the same coin.

Few entrepreneurs see it as an opportunity to serve and patch the breach of our economic fortress. “Crisis brings numerous profitable opportunities in the market because people have demands that could be possibly addressed by businessmen. It makes you the best entrepreneur because it gives you opportunities,” said Butch Albarracin, founder and CEO of the Center For Pop Music Philippines.

One has to be vigilant enough to respond to the economic crisis. It could be an opportunity to show-off an entrepreneurial agility and at the same time philanthropy – to help those in need. Their's no excuses to be discouraged, the more we should be obstinate and even to pin down the crisis. “Filipinos should not be discouraged by poverty.” It's just a combination of initiative and hard work. Any enterprise having that kind of attitude will be lucrative in the long-run,” said Jovel Cipriano, founder of pinoydelikasi.com – a website that sells Filipino delicacies around the world.

The logic is simple, there is the crisis and here are the opportunities to respond to that crisis. This could be a multifarious things to be said and done. However, geniuses at the corporate is in cunning smile on top of their canopy.

As for every individuals like us considered cells of every economic body, here are few tidbits that can help you toss up few advantages over the evil of this crisis:

Remember that it's all about finances that almost every body is facing about. So it's all about being thrifty now and being ordinately diligent in almost everything.

First thing on hand is food. Yeah, food. Whether we like it or not, we really have to eat, else the other thing is not a palpable choice. The editor suggest you grow your own garden. This may save you a lot for some marketing expenses. I don't mean sarcasm to those living on the 20th floor of a condo unit. However a patch of soil on a terrace, you can grow tomatoes at best. Just don't forget to enjoy what you're doing. While for those who are living at the bosom of a farm, this is one big hit for you. At most, you have to watch-out for unnecessary left-overs.

Second is transportation. Why not take a public transportation. Of course their might be other things I might not happened to hit along the lines why I should say step down from your cozy couch sedan and kick-ass on a jeepney ride or something. But try to take the balance such as the cost of the gas, parking, maintenance and your additional slot on the traffic jam.

Third is for entertainment. Why not enjoy simple stuff as of the moment. Instead of going to the cinema, why not spend an hour or two with your family in front of a television set. Instead of getting tabs on the Internet and Play Stations for several hours, why not revive your old hobby. It might be playing guitar, sketching, reading books, conversing with friends and a lot more.

Third is housing. This is corollary to food. We really have to have a house, whether we like it or not, others just got no other choice. Well, anyway you're good enough if you have a house just before the crisis hit. Nevertheless, it would be your lucky strike if your planning to have one yet since some said real estate prices are down. But still, take time to think and realize few things. For micro savings on your household, well, it would take another issue to tackle it down.

Fourth and not the least is our individual jobs. This is again an opportunity to love your job while others are basking the heat of the sun looking for one; or worst, got retrenched from their jobs (might be because of the crisis). And if you did really lose your job, then don't just freeze on the corner waiting to be walloped by the crisis, look for a brand new job. It is again an opportunity to prove your worth as one of the economic warriors who is willing to stand the test of times.

Again for your finance, the simple rational reflex is spend less, save more.

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MONEY MATTERS

 

“Money is not the most important thing in life, but it is certainly as important as the air we breathe.”

Ever since the world begun, money has been a universal catalyst for material debts. It has been the world’s material ‘center of gravity.’ Money has been known to be the most coveted material element in this world just like diamonds, gold, lands that dangle miles and miles and properties that translate themselves into heaps of money.

They said money even makes the world turn around, what do you think? You’d combat what I’ve said and rather retort, “no, it’s love, it’s love that makes the world turn around.” Okay, I’ll just say, “love for money makes the world turn around.”

Yes, we know that it is the word “love” that owns the rightful place of the adage “…makes the world turn around.” I don’t run counter to any of those ideologies. Love per se in its transcendental meaning and money itself in its ephemeral utilities are like the two flapping wings of a bird. It would rather be crazy to see a bird fly with only one wing. We need both elements to stand tall against the mantle of this world.

Money matters! That’s it. Nobody would dare bluntly say “I don’t need money,” else he can’t breath.

MONEY WHEN AND WHERE?

Before the dawn of monetary exchange and warfare, it is just a matter of I’ll-take-yours-you-take-mine fashion of meeting everyone’s need. Well, that’s the time when everyone’s ancestors are still purging a pickaxe inch by inch on the anvil. It is still the time when a farmer and a cow boy kick ass over the sizes of clothes and the weight of a cow cut twice.

Barter is the coined term of the medium of exchange before money. Two individuals owning different commodities inter into a fair agreement to trade their goods. One sack of wheat to swap with a bunch of bananas, ten pieces of medium sized mackerel to swap with nicely hewed porcelain. Or an Ipod Touch to swap with Nokia 5110, brows up! Duh, it isn’t fair anyway!

Barter enterprise at least enjoyed considerable years over the barter “wall street” scenario. But because of the inconveniences it brings, it’s blithe gradually fade off. Barter works like this; for example, I have a fattened lamb but I needed bananas, I must find someone who needs lamb meat in the first place and has bananas at the same time. Or if I have a half sack of sugar to swap with a container of vinegar, I’ll still have to find the right prospect, just don’t kid a diabetic.

Another among many irregularities is what if you find somebody who has need for lamb meat but can only offer you a sack of rice? So, the style sucks a bit.

Some more, other goods just can’t wait for minutes. Some goods are literally perishable and thus needs to be released. You just can’t hoard them for time, in contrast with bank accounts and or notes that can be stored practically or virtually for life.

One more thing is its transferability. You can’t determine whether a bunch of banana can suffice the whole fattened lamb, so you have to slice up the meat, somewhat muddling business.

If we see, barter’s mode of transaction is direct and frank, what you see is what you get, only that it lacks a sense of universality and those mentioned above.

This is where money set foot unto our economic shores. Excuse me for some economic cliché I can’t spell here, but money (either in bills or in some other mode) has been agreed upon to cater the deficiency of the previous economic medium of exchange. Sealed with what they called “legal tender,” money has become the lifeblood of our present economy.

Money’s power, valuability including evil deeds that root from it don’t come from itself, but from individuals themselves who agreed upon to give face and value to such thing – called money.

Truly, man is the measure of all things. Who says diamonds, gold, money and everything has inherent value in them. Rather, it is man who instilled importance and so much ado in them while those things just lay flat on the ground.

MONEY CAN'T BUY YOU HAPPINESS?

Where on earth would you convince somebody, penniless and starving to death because he has no money to buy his food or basic needs – that money can't buy him “happiness?” Are you not amenable that you are working day and night, dusk till dawn clashing skin to skin with fastidious mates on a congested office cubicle? And at the end of the day you shrug your shoulders and realize in front of your face that money is a hard-won reality in this world. So, you are not working for money (I don’t say money alone), and if you are, where is that! You are working for a thing that doesn’t make you happy, like money?

Money has been an object of the ‘pursuit to happiness’ despite the claims that there are 'commodities' money can’t really buy – and there really are. In the metaphysical hemisphere, I guess everything is free, like love, affection, time, attention, respect and other different hues of emotions. You don’t need to buy them; since it is “economically” abundant among us. But in our physical hemisphere money is a life raft or a luxury cruise ship that makes you afloat and alive. Nonetheless, to those financially gifted individuals who have experience how money takes toll amidst relationships, such as time, attention and affection of business engrossed parents toward their children, a “money can’t buy you happiness” thing is a truism. However, for us financially challenged, I don’t think so! That is why I think it would be easier for me to persuade a rich man that money really can’t buy happiness, rather than convince a poor man about it.

A PENNY SAVED, A PENNY EARNED

How do you earn your own money? Alright, from various articles I have read even from professionals themselves, one thing they suggest.

You might can’t believe it, but it’s true.

They suggest, stop looking for it!

I mean, there’s nothing wrong with your eyes, it’s not a clerical error either. It’s clear as glass, “stop looking for it” – and start doing your job – money will just follow!

Other authors suggest, it is actually your attitude towards money that hinders you from having it. If you still believe that money itself is the “root of all evil” or that money is the cause of all miseries on earth, you’d rather check-out your biases.

Practically, I am thinking of its logical implication, I see! I remember once in our economic subject, that in economy there are at least binary elements that took center stage of our economic growth, goods and services. To cut it short, where you are doing your job or as you are expected of, you are actually rendering a service – which is logical enough and worth paying for.

Or, haven’t you asked Manny Pacquiao about it?

Did Manny ever presume that life would be this kind for him? Did he ever dreamed being a billionaire someday despite he and his family batten on a 50 pesos knock-out pay for him when he was still an eager slab on the boxing ring? Did he ever dream of becoming every fanatic’s apple of the eye – famous? I don’t think so he is thinking much about it – he is just doing his job…that’s it! Afterwards fame and fortune just clutch-up to his shoulders like crazy.

MONEY PRINCIPLES TO GROW WITH

In a Christian point-of-view having money or becoming rich is a warning to them and to anybody, not that they become bad or repulsive to heaven. It’s just that by nature humans also tend to be ravenous and selfish which is more likely to manifest when you are rich. Remember, when you have more, you tend to have even more – which is inordinate! You don’t even need most of them anyway.

Being rich is not a bad thing. Mind you, God himself is the richest being in the entire universe or wherever there is another universe. He owns every breath you take from the time you were born till you expire your last. He owns every bit of dust on the solid ground where Burj Dubai stood still. He owns everything!

Meanwhile, here are few money thoughts you might as well consider in dealing with money.

•Define what is a need and what is a want. You need clothes. You want Chanel. You need shelter. You want a mansion. You need food. You want to eat out every day. The problem is that our list of wants is endless and that tempts us to keep buying. Allow yourself one "want" every once in a while but also learn to live with the knowledge that if you are to have any money in the bank, you cannot get in debt to acquire your wants.

•A raise at work is not a green light to increased spending. Think of a raise as money you can save. Living below your means really is an art that few people can master, but if you do it will be extremely rewarding. You will never see an empty bank account again.

I want to thank here Diana Sullivan for imparting her ideas.

1. Money is energy. It is a fair form of energy exchange. This constant form of exchange allows us to become present and conscious. If you don’t believe that just become distracted or unconscious about your money and see how fast it disappears.

2. Spirit and money are inseparable. To give a financial value to others is a spiritual act. And to make money creating wealth requires following spiritual laws. Stop feeling guilty about acquiring money. Money is not good or bad, it’s a neutral event until you place a judgment on it.

3. Having a creative idea – and envisioning – is the first step to creating wealth. The second is feeling what you would feel as a result of owning that wealth. As you hold those feelings, you attract what it is that gives you more of those feelings. Money is energy and can be magnetically attracted.

4. Creating wealth occurs as a result of setting values, the value of building wealth. If you do not hold a value of appreciation for building wealth, you will not. It’s important to place a high value on building wealth since you will do whatever you value. Wherever you place your attention is what you value and what you create.

5. It doesn’t matter how much money flows through your hands, its how much you choose to save. Wealthy people who do not save may not become financially free while people who do save even though they are menial laborers can become financially free because they save their money.

6. If you want to grow wealth but don’t have a spiritual calling that requires money then you will plateau your wealth. As a spiritual person you have a requirement to continually go inside to find your mission and grow yourself and excel in your spiritual purpose.

7. Love equals money. Until you allow yourself love, don’t expect to allow yourself money. If you don’t love yourself or value money for yourself then it will pass through your hands to those who do value it.

8. People who say, “I’m not in this for the money” will work their whole life focusing upon making money. People who save money find the freedom from it. People can have little money and be attached to it while people can have vast fortunes and have no attachment to it.

9. When you make a dollar you hang out with people with dollars. When you make thousands, you hang out with people who have thousands, and when you save a million, you hang out with people with millions. The more money people have, the more influence and the more they can help others.

And the final principle is; People who learn to save their money live longer because of less anxiety, better lifestyle, and better health care, etc.

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