Author Archives: Craig Bailey

Mar 17 2014
6 Comments
Financial Success, Personal Success

Minimum Wage, Government Assistance and an iPhone

I don’t pretend to have an answer to the question: Should the minimum wage be increased?

But, I just read a telling article on Yahoo! Finance “Low-Wage Workers Finding It’s Easier to Fall Into Poverty, and Harder to Get Out.”

When the article was originally featured on the Yahoo! Finance homepage (earlier this morning) it included a picture of a young man under a sign reading “We can’t afford to live on $8.25/hour” as he is texting on his iPhone.

Within the article is a comment: “As for her daughter Jer’Maya, who mimics Beyoncé’s every move on her mother’s iPhone, Ms. McCurdy said, “She’d love to take ballet and piano lessons, but there’s no way I can afford that.” This, while at the welfare office getting a government hand-out to pay utility bills.

Poverty is a terribly unfortunate situation, especially in our land of abounding opportunities. But, we each have choices. If we can’t afford our basic utilities (heat and electricity) and ballet or piano lessons for our child it is time to kill the iPhone (and cable TV).

Perhaps the minimum wage should be raised.

In addition, as a country, we can do more (better) than handing out free money: We can teach people how to “raise the bridge” (earn a living and increase one’s income) AND “lower the water” (decrease expenses).

As individuals, we each can reach-out to provide guidance, encouragement and an example to those around us (friends, immediate family, relatives, fellow workers, church-goers, etc.) to take charge of their life so as to ensure we don’t further propagate this situation (of people assuming the government is their surrogate mother). It is OUR country and OUR future. We can’t expect the government to fix this…

And, for those less fortunate individuals in circumstances absolutely preventing them from working due to health issues, (mental or physical), etc. we can continue providing them the necessary assist.

Hoping you have a great Monday and that you reach out to someone – today…

Mar 16 2014
8 Comments
Financial Success

Debt Eradication

One of the most distracting things in life is debt.

It is SO easy to get into. We are constantly fed the marketing pitches via all media outlets to buy, experience, taste…To make matters worse, as soon as we turn 18 we are courted by companies making available credit cards when we don’t yet know how to discipline ourselves with this (seemingly) “free money” and/or the freedom (ability to buy/do/experience) it brings. It is anything but free (or freeing)!

“A man in debt is so far a slave.” ~ Ralph Waldo Emerson

I’ve experienced this first hand by digging myself into a ditch (huge credit card debt, owning hot sports cars worth less than what was owed, etc.). More importantly, though, I followed a process (took years) to dig myself out.

Following are some simple steps that can be taken (starting right now) to eradicate (destroy completely ; put an end to) debt.

The first and most important step is to plug the leak in the boat, by committing to taking on no more debt. This may require cutting up the credit card(s) and/or locking (one) away to be used ONLY in an ABSOLUTE emergency situation (i.e., the car has broken down and needs to be fixed to get to work).

The next steps include:

  1. Take inventory of the debt. Create a list of each outstanding loan/debt account, including the outstanding balance, annual percentage rate (APR) and monthly payment.
  2. Determine the total debt payment being made each month (across all accounts).
  3. Focus on knocking down the debt. It starts by prioritizing which account to pay off first, second, etc. There are a couple of approaches to consider here, depending on what will be the most rewarding to each individual. To achieve some quick / “psychological” wins, kill (pay off) the account(s) with the lowest balance first. This will eliminate the “number” of payments made each month. To achieve “financial” wins, kill (pay off) the account(s) with the highest APR first, as these are the accounts that cause the loudest sucking sound on net worth. Regardless of the chosen approach, make the minimum required payment on each account and apply any excess cash to the top priority account. As an account is closed out, take the monthly payment amount that was previously being paid on this account and apply it to an “increased” monthly payment on the next account on the prioritized kill list. Continue to rinse and repeat this process never reducing the total monthly payment amount towards debt, just allocating the payments per the prioritized kill list.
  4. When extra cash comes in (i.e., tax refund, pay raise) apply it to the account which is currently at the top of the “kill list.”

This process takes time (potentially years, depending on how deep the hole is). The result, however, is HUGELY freeing.

There is no better time to start the process than now. In fact, just beginning the process starts to remove the distraction of debt as we are now “doing something about it” vs. letting it grow or fester.

For additional insight and methods for eradicating debt and otherwise improving on the financial front, check out the following book.

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I wish you the best in your quest to eradicate (destroy completely ; put an end to) debt.

Mar 15 2014
11 Comments
Leadership, Personal Success

A Boot Camp Experience?

Have you had a “boot camp” experience?

Ever been on a path that was not in the direction you REALLY wanted to go, or you were proceeding at a pace much slower than you had hoped for? Then, you had the “opportunity” to go through a (challenging) process in which you grew SIGNIFICANTLY and experienced the realization that you COULD achieve something MUCH BIGGER in life than you had originally anticipated?

For many, this involves joining the military where the starting point is boot camp. I don’t have experience with the military version of boot camp (but certainly have the utmost in respect for those who have taken that route – THANK YOU, VERY, VERY MUCH!!!).

I like one of Merriam-Webster’s definitions of boot camp: “a short but very difficult training program : a program or situation that helps people become much better at doing something in a short period of time.”

Given the above definition, I do have a boot camp experience, that made a big (HUGE) difference in my life!

In a prior post I mentioned that in my early 20’s I was involved in a Network Marketing business. Several, as a matter of fact. The “products moved” included (but were not limited to) vitamins, lubricants to make your car run longer, long distance calling services, food, clothing and soap.

In short, the products didn’t matter. REALLY!

What mattered was what it took to make it happen: the acquisition of key skills and discipline.

“Work harder on yourself than you do on your job.” ~ Jim Rohn

Achieving any level of success required the below skills, all of which I have since found to be “table stakes” for success in any (significant) endeavor:

  • Interpersonal – The ability to work effectively with other people.
  • Time Management – Doing what you say you will do, when you say you will do it. And, ALWAYS being on time.
  • Public Speaking – The ability to deliver a message to an audience to inform, entertain and/or persuade them to act.
  • Selling – The ability to persuade others to make an exchange (product/service for money) or to take some action.

I know, I know. You are not a sales person. WRONG! If you are able to convince me that you are NOT “into sales” you have just proven the point that you are! EVERYONE is in sales. You are selling when you try to convince your kids to “do the right thing.” You are selling when you are sharing an idea / approach to getting the job done at work. And, believe it or not, you are in the position of selling EVERY MOMENT OF EVERY DAY while on the job. That is, if you don’t actively sell yourself to your employer every day (by doing the best job possible, regardless of your pay) you may soon have your next sales opportunity (pitching yourself to new / prospective employers).

I digress…

In my early 20’s I had virtually NONE of the skills mentioned. How did I acquire these (and other) skills “in a very short period of time?” I did what I’ve been sharing in this blog. As guided by a mentor (a.k.a. sponsor, in Network Marketing terms):

  • I became a voracious reader (of positive / instructive / constructive material): At least 15-30 minutes EVERY day.
  • My vehicle became a “university on wheels” as I listened to positive / constructive material during my commute. For many years this totaled “at least” 1.5 to 2 hours each day. When there was a traffic jam I received extra training that day 🙂
  • I attended training programs and seminars on a MONTHLY basis.
  • I exercised my newly found and developing skills during my “day job” and while building my network marketing business(es) during the evenings and weekends.
  • When an employer offered a training program I jumped all over it!
  • When an employer asked me to take ownership of an important initiative (that I had ABSOLUTELY NO IDEA how I would accomplish) – I TOOK IT ON AND GOT IT DONE!

After several years in Network Marketing and our 3rd child was born I decided to spend more time with my family (those nights and weekends) and continue to apply my skills to absolutely NAIL my day job. While I left Network Marketing behind (in the early 90’s) I can honestly say that I would NEVER exchange that boot camp experience for anything!

I’m not suggesting you need to participate in Network Marketing (although that is certainly one approach). I am suggesting that “if” you’d like to achieve something more, you can self-impose the above boot camp experience to acquire key knowledge and skills. It is ONLY a matter of time.

You CAN live YOUR dream.

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