The Finance Center

In my previous post, I explained why every aspiring entrepreneur must create a business plan. If you are serious about starting your own business while you keep an existing job, a business plan will help you focus your effort and determine what not to do as you build your business. This weeks post will explain how to create a business plan that balances detail, strategy, and effort to help you launch your business.

Too many aspiring entrepreneurs create a business plan to obtain a bank loan. Your business needs a roadmap against which you measure success or improvement needs. Banks and investors will be interested in a business plan, but you must create and maintain your plan to help you run your business. A strong business plan is the most important tool you will create for eventual business success.

Here are four tips to consider to create your own business plan. Read more…

Brief Description: Quantitative and qualitative data were collected from farm households to better understand their investment attitudes, practices, and learning preferences in order to adapt an online investment course for their needs. Researchers found that farmers are a distinct audience for financial education. Many do not intend to quit working, since their career is a lifestyle for them as well as their work. They tend to be confident about their personal finances and prefer to invest in land rather than in financial instruments. Like other households, farmers who have a financial plan are more likely to save toward a goal. Respondents indicated that they trusted information from Cooperative Extension. They also reported that they have little time for educational activities.

Implications: Financial planning tools that integrate farm accounts with personal accounts should be part of investment education for farm households. Read more…

DOVER-FOXCROFT, Maine — Consumers across the country are increasingly looking to blunt the effects of the slow economy recovery with retailer coupons. “Couponing,” as it’s known, is becoming a hugely popular and increasingly common strategy to cut costs.

University of Maine Cooperative Extension educator and family budgeting specialist Jane Conroy, however, is offering things to keep in mind to be sure extreme couponing actually pays off in the long run.

Ask yourself a few questions before committing to this way of saving food dollars, Conroy suggests. Research shows that the smart use of coupons can be a savings — but to what extreme should you go?

Affluent consumers use coupons most

Studies show that more affluent consumers — those with incomes over $75,000 a year — are considered super-heavy coupon users, she says, along with large households with female heads of households aged 54 or younger, in addition to consumers in affluent suburban or comfortable country locations. Less likely t

Read more…

As I do from time to time, I’ve agreed to help a reporter who is working on a couple of stories. To that end, I’m looking for a reader (or two — or more) who would be willing to chat with somebody about one of the following topics:

• Are you “liquidity constrained”? No savings and too much debt? Want to talk to a reporter about how you cope?
• Do you want to move for a job, but can’t because you’re stuck in an underwater house? Want to talk to a reporter about it?

If either of those descriptions matches your situation and you’re willing to share your story, leave a comment below or drop me a line.

Meanwhile, here are some stories about money that have already been written:

First up, Jason (the Frugal Dad) has a great article about the four pillars of debt reduction. There’s nothing new here — just solid advice about getting out of debt. The common-sense es

Read more…