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  • Writer's picturePutt Toxey

Things To Think About Before You...

Start A Business

When starting a business, there are a lot of things to contemplate. What type of business? How much will it require to start? Will it be an online business or a physical location? What is the demographic group you are trying to reach? What type of license and permits you will need to open? Is it going to be an S-corp, LLC, or sole proprietor? Where you get your supplies, or where will you go for more training? How will you promote the business; will you need any help (employee) to run it? What type of insurance you will need, and do you have a CPA to handle taxes (maybe your books)? Is the name going be a great name to attract business and, how much do you need to invest in branding said name? Remember, this will need to take place before you think about a profit.

Buy Anything

Before making any type of purchase make sure you have the room for it. This includes storage space. I have two friends that have storage problems. The biggest problem they keep asking me can leave their items in MY house for a day or two. I said no to both, I know I'm a horrible friend. Before you judge me, let us look at what they are asking me to hold. One has an electric scooter the other has an ices cart. It is the same as owning a car and not having a place to part it. People buy bikes that are blocking the walkways in their house. Some people have an overstock of kitchen gadgets. Closets so full they have clothes and shoes stacked up in a corner. Even if you go food shopping make sure you have enough room to put everything away. Especially when it comes to fresh and frozen foods. Think before you buy, you might not have the space to keep it.

Borrow Any Money

Before you borrow a dime from anyone, there are two very important factors you should consider. The first being, having a solid plan to pay it back. Please stop borrowing money if you expect to get some money in that is not definite. So many people always borrow under the assumption that someone else promises to give them money. There is a term used "never spend money before you get it." That is what credit card users are doing, but we will talk about that later. The problem with this is once the other money has not come in, you have no other way of paying the person back. Now the person expecting their money has an attitude with you, and you most likely have one back with them because they should wait a little longer. It's only money, and they will give it to you as soon as they get it (too bad you don't know exactly when anymore). All sort of things comes out the borrower's mouth at this point. It's not like I won't pay you back. It's only this amount why are you crying? What about all the times I did something for you? My favorite; It's not my fault so-so didn't pay me my money, as soon as they give me my money I will give you yours.

The second reason and I feel to be extremely important. You don't know what that person had to do to lend you the money. They might have taken it from their bill money. Anything from rent, car note, utilities, insurance, or even food. When you are borrowing the money to get you out of your bills you could be putting a friend or family in member in trouble with there's. What is worst, you might be using the money just because you want something and don't want to wait until you have your own. Now you became selfish. No matter what way you look at it, it is still wrong. Remember why you borrowed the money in the first place. You were irresponsible with the money you had. Now your recklessness becomes someone you hold dear to you, burden as well. So before you borrow money again; think about how it will affect the other person and their family.

Have A Child

Having a child should be the biggest decision you ever have in your lifetime. You can make a large purchase like buying a house and lose it and still get another one. You can run up debt and decide not to pay it, it will only mess up your credit. You can even get married to the person of your dreams and get divorced, and marry someone else. Having a child is a minimum of an 18-year commitment. Some will say for the rest of your life. Every decision you make should be in the best interest of that child. Where the child grows up, what school they go to learn at, what are the type of people to have around your children. You don't want the wrong element around your children growing up. Children are very impressionable they will pick up all the bad habits before the good ones. Don't ask me I can't tell you why that is. If you are busy maybe at work and they get sick or hurt, you need to stop what you are doing and hurry and get to them. It is your job to become an unpaid teacher, maid, dance instructor, financial advisor, mentor, boxer or MMA fighter coach, cooking instructor 24hr, and 7 days a week. Also, let not forget you will be bonded with the person you had the child with. You want to make sure this is someone that shares the same values and code of ethics as yourself. The bottom line when you have children you are not giving up some of your life to make sure it is good. ARE YOU READY FOR THAT

Taking Out A Line Of Credit Or Loan.

When you take out the line of credit like for a house or car, you should pay close attention and be careful. So many people don't understand how important your credit score and interest rate is. These will affect your payment plan rate which can save you thousands on your total cost. When you take out this form of loans you have to be very stable in business or work. These usually start at a 5-year minimum term all the way up to 30 years. Depends on the line of credit your rates can go up and down, mainly up. So my suggestion if you enter into one of these contracts make sure you have at least 6 months to a year of your bills saved up. In an event, you lose your income you will have a grace period to get back on your feet without going as a whole. Maybe you will even breach the contract and lose the asset that you took the loan out for. I hope it is an asset and not a liability but that is another blog all together about the difference.

The next thing is a credit card, too many people use credit for impulsive shopping as opposed to buying things that will build your wealth. Plus just like the line of credit if you don't pay the bill in full each month or in a timely matter you will end up paying as much as double for the purchased item with the interest. If you have a credit card with a $2000. limit and you maxed it out how much of that was used on things that were necessary? The average rate for a credit card is around 24- 28%. If you did the math and rounded up that will be probably $200 plus a month but your monthly payment will be about 60- 80 a month. in one year you already paid another $2000. and it will take about 5 years to pay the bill off totaling close to $6000.00. How do you feel about that purchase now is it still worth it?

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alisa harris
Sep 05, 2020

I always say that we were not asked to be here. So when women decide to have children then that child becomes your whole responsibility. Yea. Why do they pick up all the bad habits before the good ones. I guess it the same reason we learn all the curse words in Spanish first.]


alisa harris
Sep 05, 2020

People are so quick to borrow money but wen its time to pay it back, they mysteriously disappear. The worst I've seen is they have gone shopping. Gotta treat people like stweey from the Simpsons.. ( don't know if u saw that episode) or like u said they have the nerve to have an attitude because u want your money back. The nerve of you. If so n so didnt pay u, that has nothing to do with me?

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