All posts tagged money

Today’s Highlighted Video from the DSEF: Product Buy-Backs

Today’s Highlighted Video from the DSEF: Product Buy-Backs

Today’s highlighted video from DSEF:

Can’t see this? Click here: http://youtu.be/ryo8JT4z2hg

Do you know what the DSA Code of Ethics says about Product Buy-Backs?

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DSEF & BBB: Online Shopping Taxes to Be Implemented

DSEF & BBB: Online Shopping Taxes to Be Implemented

ecommerce3-150x150By Nicole Bradley

According to The Wall Street Journal, online purchases will soon be subject to taxes. The Senate has passed a bill putting an end to tax-free online shopping; however, the final vote is set to occur on May 6. This bill, titled the Marketplace Fairness Act, enforces states to require online sellers all over the country to collect sales tax on any online purchase made by their residents. In the past, online retailers have greatly benefited from not having to charge shoppers with sales tax. With this luxury coming to an end, Web stores are now part of corporate support helping to aid the passage of the new bill.

Chief Executive of eBay, John Donahoe, explains that this bill will damage smaller retailers in that it will treat them the same way larger merchants are treated; however, these larger merchants have greater tax-collection capabilities.

Is this fair? What do you think?

For more information visit, http://online.wsj.com/article/SB10001424127887324743704578445220306876996.html.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

DSEF & BBB: 7 Ways Your Identity Can Be Stolen

DSEF & BBB: 7 Ways Your Identity Can Be Stolen

Identity-Theft-150x150By Katie Burgoyne

Many people associate “Identity Theft” with a major security breach on their credit or debit card which results in the loss of thousands of dollars. Dramatics aside, identity theft is a very serious crime that happens more often than you would like to believe. Besides banking fraud, your identity can be compromised in a slew of other ways.

The first step towards protecting yourself is identifying where you are at risk.  An article by HowLifeWorks.com refers to some common channels through which fraud can occur:

  • Insurance – Someone uses your Social Security number to obtain the insurance they need, such as home, automotive, etc.
  • Medical – Someone uses your health insurance to get treatment, costing you money while placing incorrect and potentially harmful information in your medical records.
  • Criminal – A person gets arrested and is able to believably claim that they’re you. Then they jump bail, and the cops are hunting for you.
  • Driver’s License – Someone steals your license and makes a duplicate with their image.
  • Social Security – This gives thieves open control of your life, including buying houses in your name and then defaulting on the loans.
  • Synthetic – A person uses information from numerous victims, creating a new bogus identity; this makes it extremely difficult to figure out what’s going on and how many victims are involved.
  • Child – Most children have Social Security numbers, but we seldom check to see if they have a credit file. That means criminals can use their identity for years and never be caught.

To read the full article, visit http://www.howlifeworks.com/finance/7_Ways_to_Have_Your_Identity_Stolen_379.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

10 Tips for Reducing Financial Stress

10 Tips for Reducing Financial Stress

10 Tips for Reducing Financial Stress from http://dsef.orgFinancial stress is never a comfortable feeling. Worrying about how a bill will be paid or if you’ll have enough money at the end of the month can cause pressure in relationships and take the fun out of what you do each day. Fortunately, there are some specific things you can do to reduce financial stress and enjoy life more. Here are some tips:

  1. Get Educated on Finance – Far too many people have not received a proper financial education, and are unacquainted with how to properly manage their finances. This causes stress, because we often fear what we do not understand. Fortunately, it really isn’t complicated, and there are many good resources out there, including books, conferences, websites and more, that you can use to learn about topics such as how to create a household budget, get out of debt, and live free of financial stress. The Consumer Financial Protection Bureau is one good site to check out: http://www.consumerfinance.gov/askcfpb/, as is the Women’s Money organization: http://www.womensmoney.org/ 
  2. Keep a Spending Journal – Often we spend money throughout the week without really having a clear picture of where it goes. So record every single purchase in a small notebook you keep with you, or on your smartphone (there are a number of apps out there for this purpose.) Take a look at what you’ve spent your money on, and decide what you can cut out. You may find you can significantly reduce your expenses just by keeping track of what you spend.
  3. Get a Clear Picture of Your Current Finances – Knowing what you spend while out and about is only part of the picture. Sit down and write out what you earn each month, as well as all the places your money goes. Write down your payments for rent and utilities, debt and interest, activities for your children, donations, etc. Be sure you know where every cent is coming in and where it’s going out. Once it’s all written down, you will know exactly how much you earn and how much you’re spending. Are you spending more than you earn? Then you have two choices: Reduce what you spend, or make more money. It’s really that simple.
  4. Create a Budget (and Stick to It!) – Now that you know what the current state of your finances is, you’re ready to create a budget. We talked about creating a budget for your small business last week. You also need a household budget. Include your income, along with your expected expenses. Aim to spend no more than 90% of your income on a regular basis, so you can begin to accumulate some savings. This free Money 101 online course from CNN Money has information on creating a household budget, along with many other tips to using and growing your money wisely.
  5. Pay Off Debt – It’s important to pay off debt to reduce your financial stress. After all, every interest payment means the thing you initially bought is costing you more and more money. Was that thing really worth it? So for example, if you have credit card debt, call your creditors and see if they are willing to reduce interest rates. If you’ve got good credit, they may be willing to work with you. Then focus on one card at a time, and pay more than the minimum each month. Set yourself a time limit, and work to eliminate that debt as quickly as you can, so you can keep more of the money you earn and stop spending money on interest instead of things that your family can use and enjoy.
  6. Reduce What You Spend – In addition to getting rid of debt, look for ways you can spend less. Some of this is simply related to making daily choices based on your spending journal. But you may also be able to reduce payments on things you use. Call your television, phone and utility companies and see if they have a lower rate you qualify for. Maybe you can reduce your television package or switch to another provider offering a better deal. Also consider changing some of the things you’ve taken for granted. For example, if you’ve always sent your kids to a certain camp for the summer, look around and see if there might be a less expensive…but still fun!…option. You might even take a week or two off from camp and create your own home “camp” that helps you build family memories your kids will never forget.
  7. Create an Emergency Fund – Many families fall into financial stress due to unexpected expenses. One of the best ways to combat this is by having an emergency fund. If you’re focusing on spending only 90% or less of your income, take the other 10% and put it into an emergency fund that you set aside for unexpected expenses. Keep it in a savings account which you can access when the funds are needed. But remind yourself that this savings is ONLY for emergencies. Resist the urge to dip in for a vacation or other luxury. If you want to go on vacation or redo your kitchen, add a separate budget line item to your household budget, keep a separate savings account, and put money away for what you want there.
  8. Add Extra Income – Sometimes you’ll look at your budget, reduce what you spend, and still find that you aren’t making enough. At that point, it’s a good idea to find a way to add extra income to your budget. You could start a home-based business or get a second job. Take a good look at your schedule and carve out the times you could spend on another job. A new stream of income can be a great way to reduce stress, pay off debt, and reach your financial goals. And it can also be a way to add something you love to your life. Don’t just settle! Since you’re cutting into your free time to do this, look for an income opportunity that will be something you enjoy. For example, if you love cooking, you might look for a direct sales company opportunity that allows you to do cooking shows.
  9. Sell Things You Don’t Need or Use Anymore – In addition to working an additional job, you may find that there are things you have around your home that you don’t need or use anymore. Considering selling these things through consignment or online. While this won’t bring long-term income, it can be a way to pay off some immediate debt or start an emergency fund. Plus, reducing the clutter in your home can be a stress reducer!
  10. Realize There is More to Life than Finances – Taking control of your finances is exceptionally important. Every family should keep track of what they are earning and spending, and pass this knowledge on to the next generation. But keep in mind, too, that there is more to life than finances. Take time to be with your loved ones and appreciate the moments that pass far too quickly, but add joy to life. Don’t let finances keep you from embracing the wonderful gifts you have in your life, because they are things that money can’t buy.

How do you reduce financial stress? What tips would you give? We’d love to read them in the comments.
Nevada Women's Money Conference Flyer from http://dsef.org

As part of National Financial Literacy Month, we at DSEF are proud to sponsor the Nevada Women’s Money Conference. This important event helps women learn the skills they need to create a secure financial future for themselves and their families. While Reno is sold out, there is still room in the Las Vegas session on April 27, 2013. Best of all, we’re providing full scholarships to the conference for women in DSA member companies! For more information, visit this page: http://dsef.org/what-we-do/womens-entrepreneurship/nevada-womens-money-conference-a-new-vision-for-women-and-money/ And please, pass this along to the women you love in Nevada. This is an amazing opportunity that can make a HUGE difference in a woman’s life! Thanks for helping us spread the word!

 

Creating a Budget for Your Small Business

Creating a Budget for Your Small Business

Tips for Creating Your Small Business Budget from http://dsef.orgWhen you have a small business, a budget can be a valuable tool to not only keep you on track, but also help you to grow. However, when the money that comes into your business fluctuates, it can be hard to plan ahead. Fortunately, there are some ways that you can create an estimated budget even if you have a variable income. Here are some tips to help:

  • Know your averages: It’s important that you know what the average income you can earn is for each activity in your business, as well as average expenses. For example, what is the average amount you earn per transaction or party? How much do you spend on average per month on business supplies? You may need to do some research to get these numbers, if you don’t have your own historical data. When you know your averages, you know how much you need on your calendar each month to earn an estimated amount, and can do the things necessary to get those things onto your calendar.
  • Know your fixed and variable costs: Are there things you pay for each month, quarter, or year? Things like your cell phone bill, rent, or website fees are fixed costs. You may have other expenses each month that change as well, like marketing fees or other one-time or fluctuating expenses. These are your variable costs, and you may be able to anticipate them by looking at how much you spent the previous year on certain seasonal events. Know how much is going out each month, and be sure you have enough income-producing activities scheduled to exceed these expenses.
  • Write it all down: We shared with you last week a Direct Sales Business Budget Worksheet. Use it! It is essential that you keep track of the money coming in and going out from your business. Small business owners that avoid the financial details are far more likely to fail than ones that pay attention. Record both your estimated and actual income and expenses, and make adjustments as necessary.
  • Be conservative in your estimates: It’s important to have some extra income set aside for unanticipated expenses, so you have some flexibility in your business. So even if you think you’re going to earn a certain amount, plan for the fact that you will earn less than you anticipate. And even though you think your expenses will be a certain amount, plan that they will be greater. It’s better to have more money than you anticipate at the end of the month than to have less. By estimating conservatively, the amount you have at the end of the month will be closer to what you expect.

Small business owners and entrepreneurs often neglect the important step of creating a budget because it doesn’t seem like the most exciting part of business ownership. Yet it is an important element of the overall health of your business.

Nevada Women's Money Conference Flyer from http://dsef.orgAs part of National Financial Literacy Month, we at DSEF are proud to sponsor the Nevada Women’s Money Conference. This important event helps women learn the skills they need to create a secure financial future for themselves and their families. Best of all, we’re providing full scholarships to the conference for women in DSA member companies! For more information, visit this page: http://dsef.org/what-we-do/womens-entrepreneurship/nevada-womens-money-conference-a-new-vision-for-women-and-money/ And please, pass this along to the women you love in Nevada. This is an amazing opportunity that can make a HUGE difference in a woman’s life! Thanks for helping us spread the word!

Tips for Taking Control of Your Business Finances

Tips for Taking Control of Your Business Finances

Tips for Taking Control of Your Business Finances from http://dsef.orgAs a business owner, your ability to manage the money you earn is just as, or even more important than actually making the money. Are you using your money wisely, or simply wasting it? Here are some tips for taking control of your finances and keeping more of what you earn:

  1. Write it Down: Even when it seems like a pain, or just one more thing to do, writing down the money that you earn in your business, and the money that you spend, is a valuable activity. When you see your income and expenses in black and white, it helps you make better decisions, and identify areas of waste. Use this simple spreadsheet: Business Income_Expenses Tracker, or your own method to track your income and expenses for your business. And the best part? By keeping track of your income and expenses daily or weekly, preparing your taxes is a lot easier!
  2. Know Your Averages: When you earn income based on commission, it can seem like a challenge to create and stick to a budget. But it doesn’t have to be! Find out what the averages are for your business: Average party sales, average you spend on a party, average sale per person, average autoship order, average downline commissions per downline member, etc. Then add up the number of income-producing activities you’re expecting to do each month, and use the average amount you can earn for each one. That gives you the total amount of money you have that month to work with. For example, if you can earn $120 per average party in your company and typically spend $20 per party on expenses (printing, gas, prizes, postage, etc.), and you have 4 parties scheduled that month, you can budget $400 for the month in party income. By knowing what you have on your calendar, you can create a monthly budget. And if something unexpected happens, you know exactly what you need to add to your calendar to reach your budgeted numbers.
  3. Make a Budget: It’s very easy to impulse buy. The latest gadget is awfully tempting, and you know that marketing tool is just the thing to bring in more business. But before jumping in, make sure you’ve got the income to support the purchase. Plan your monthly income and expenses first using a budget sheet like this one: Direct Sales Business Budget Worksheet Then you’ll know how much your business can support in expenses, and if the return is worth the investment.

How well do you know how to manage your personal and business finances? Take this online quiz to find out how much you know! http://dsef.org/what-we-do/consumer-initiative/womens-money-quiz/

Nevada Women's Money Conference Flyer from http://dsef.orgKnowing how to manage your business finances is key to creating the income you want in your direct sales business. That’s why we’re excited to partner with the Women’s Money Conference in Nevada to provide FREE full scholarships for women in DSA member companies to attend the conference. If you’re a woman in Nevada, or know a direct seller who is, get all the details on this 2014 conference here: http://www.womensmoney.org/speakers-and-agenda

What tips do you have for managing your business finances? We’d love to read your tips in the comments below!

DSEF & BBB: Will You Have to Pay a 4% Surcharge for Using a Credit Card?

DSEF & BBB: Will You Have to Pay a 4% Surcharge for Using a Credit Card?

By Caitlin Vancasblue_with_website-225x30022

Did you know that every time you make a credit card purchase, the store you are buying from pays a fee to the credit card company? Did you also know that as of this week, PA merchants are able to pass along up to 4% of these credit card interchange fees to customers?

All but ten states (CA, CO, CT, FL, KS, ME, MA, NY, OK, TX) are allowing merchants the option to incur these new surcharges. Luckily, if a business does decide to add a check-out fee for credit card users, it must be clearly posted near the door of a physical store location or on the website for web transactions. Customer receipts must also clearly state any additional costs to consumers using a credit card. Purchases made by debit and pre-paid cards will not be impacted.

According to the National Retail Federation, merchants are unlikely to begin surcharging for credit card use. What do you think? Your BBB recommends asking stores you frequent about any additional costs that may be incurred if you pay using a credit card. If a merchant does not follow the rules about alerting consumers to these fees in their store or website, notify BBB and the FTC. Click the links for more information about the surcharge on Visa and MasterCard’s websites.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

DSEF & BBB: 6 Tips For Safe Mobile Banking

DSEF & BBB: 6 Tips For Safe Mobile Banking

blue_with_website-225x30022By Jerri Stroud

Banking through your mobile phone is catching on fast, with a third of U.S. cell phone users expected to try mobile banking over the next year.

But how safe is it? What happens if you lose your cell phone or if someone steals it? Can they empty your bank account simply by tapping their smart phone against yours?

The BBB advises consumers to be smart about mobile banking, and these six tips can help:

  1. Install antivirus applications on your mobile device to protect yourself from viruses or malware when you download other applications or content.
  2. Keep your passwords, personal information and bank account numbers private. Don’t share them with anyone unless you initiate the contact and you know you are dealing with your bank or its mobile application.
  3. Don’t save passwords, personal identification number (PIN), answers to secret questions or account numbers on your device. Make sure you use strong passwords, which include numbers or symbols in addition to letters.
  4. Set your phone or other mobile devices to require a password when they are powered up. Never set the device to automatically log in to your bank account.
  5. Don’t respond to text messages asking for your banking information. Assume that any unsolicited text message is fraud. Your bank will not contact you by sending a text message.
  6. Notify your mobile service provider and your bank if your phone is lost or stolen.
For more consumer tips or to check out a company’s BBB Business Review, go to www.bbb.org.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

DSEF & BBB: “Bait and Switch” Coupon Scams Promise Savings, Deliver Spam

DSEF & BBB: “Bait and Switch” Coupon Scams Promise Savings, Deliver Spam

blue_with_website-225x30022By Emily Patterson

Searching for coupons online is an easy way to save money. Unfortunately, it’s also an easy way to give your name and contact info to scammers. Be sure to verify a coupon deal is real before sharing your information.

How the Scam Works:

You need to make a purchase, but you hope to save money by finding a coupon online. A Google search turns up dozens of websites. Most of the online coupons promise a modest 10%-15% discount. But one offers a significantly better deal: 50% off your purchase.

You click the link, and the website looks official. It uses the logo of the business. It asks you to enter your email address and telephone number, promising that your coupon will be sent to you.

When you complete the form, you may be taken to a promotion for an unrelated (and untrustworthy) product. It may be anything from car loans to pharmaceuticals. Other sites do provide fake coupons to print, meaning that consumers don’t know they were scammed until the store clerk rejects their coupon.

This “bait and switch” is a way for unscrupulous businesses to collect names and contact info for resale. If your information is sold, you will start receiving spam calls, text messages and/or emails to the contact information you provided.

How Can I Tell Fake Coupons from Real Ones?   

It is easy to copy a business’ logo and make a fake coupon look real. Identify fake coupons by the following warning signs:

  • It’s the only website with that great deal. If most websites offer a code for 10% off, a 75% off offer is likely a scam.
  • Be wary of all high value offers. A promo for a $500 gift card is nearly always fake.
  • Look for legal language and expiration dates. Online coupons need to match manufacturer requirements.
  • Never pay for coupons. Don’t be tricked into paying for something that’s actually free.
  • Watch for “bait and switch” tactics. This scam offers you online coupon codes and, once you agree, requires you fill in a form with personal information.
  • If you suspect that a coupon is fake, check it against this list. The non-profit Coupon Information Center maintains a list of fraudulent coupons.

For More Information

To find out more about scams, check out the new BBB Scam Stopper.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

DSEF & CBBB: New iPhone App May Help Us Say Goodbye to Our Wallets

DSEF & CBBB: New iPhone App May Help Us Say Goodbye to Our Wallets

The tech industry is buzzing about a new iPhone app that may one day be able to function as our virtual wallet.  The app is called Passbook, and is currently being used as a central hub for all of consumers’ digital coupons, tickets, and loyalty cards.

Over the past few years, companies like Visa, Mastercard, PayPal, and Google have been working hard for widespread mainstream adoption of mobile payments, but the technology has not yet caught on.  Many tech analysts like Shaw Wu, believe that Passbook will be Apple’s vehicle for mobile payment once it catches on and becomes mainstream.

According to Gartner research, the mobile payments industry will grow to over $600 billion by 2016, so it may not be long until the only thing we will need when making a purchase will be the swipe of our phone.

To read the full article, visit http://www.usatoday.com/tech/news/story/2012-09-11/apple-passbook-app/57749550/1.

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.