If you're in the start-up business, you've probably already been the recipient of dozens, if not more emails from "professionals" looking to "help" you take your business to the next level. Their promises and stats to back up their claims may seem impressive, but how can you really know if these people (if they are actual people at all) are the real deal and not "snake oil salesmen" seeking to take advantage of your eagerness to succeed in your new endeavors?
With email subjects along the lines of, "I noticed you have a small business," "Here's a friends and family discount (just because)," "This new platform will grow your business," and "Money-making guaranteed," it's easy to see why up and coming start-up owners can fall for the traps set by these leeches. Before they have a chance to look into what they've signed up for, more times than not, business owners wind up wasting time and losing money… not making more as guaranteed.
Don't fall victim to scams and schemes put forth by snake oil salesmen looking to make a quick buck off your hard work. Here are some ways to spot the sleaze balls and save your business during the critical start-up stages when you need to make the best use of your valuable resources. Show those snakes the door and let them slither over to the next sucker.
Check Them Out on Social Media
If an email promise sounds too good to be true, it probably is. One way to verify the "facts" a snake oil salesman is spewing forth is to spy on their social media presence and activity.
Dickson Interactive offers some signs to look out for to determine if a company is really all they claim to be.
- 1. They only tweet about themselves and what they are doing
- 2. Their Facebook posts have no links and they have very few "likes"
- 3. They have a scant social media audience
- 4. There are no testimonials or case studies posted
And if you cannot find them on social media at all… run for the hills. Any decent company in this day and age knows the importance of having a social media presence. It's a sign of validity and knowledge about the industry and how people consume information.
They Are "The Best" at What They Do
If a company or person is the shining star in their field, they don't need to remind you. Their work and reputation should speak for itself, not the other way around. Oprah doesn't introduce herself as "Queen" of the daytime talk show, it's a crown she earned by proving her worth.
As per LinkedIn, "Like hotels called 'Palace' or countries with 'Democratic' in their name, it's only necessary to mention this if it's not immediately obvious from their reputation." Self-describing as a "guru" is not only pompous, but usually far from the truth.
These scammers will spin stories about made-up or inflated successes, use buzzword after buzzword in place of real numbers and methodology, and will give the run-around rather than any proof of measured results. "The best" in the biz won't cold call (or email) fresh start-ups looking to make a quick buck.
They Are Unprofessional
"Make money now," and "As Seen on Dr. Oz," in an email subject is for fools to believe in, not for smart and savvy start-up owners to fall for. Any email with that sort of subject line is surely filled with further fluff designed to scrape from the bottom of the business barrel for those who don't have much knowledge as to how to run a company. Snake oil-types will use unprofessional hooking-in practices to prey on those who are looking for the easy way out. What they don't realize is that they won't find it from a snake-oil salesman.
According to Econsultancy, "(A so-called 'professional') who doesn't do the basics (eg. Detail the terms of engagement and specify tangible deliverables, milestones and timeframes, etc.) is probably conning you." Additionally, "If they aren't well-versed in the basics that you'd expect a consultant to have demonstrable experience with, they're not going to be able to deliver, and an 'expert' who doesn't discuss risks and challenges probably isn't an expert."
Steer clear not only of jargon that sounds unbelievably impressive, but simply unbelievable. Scare tactics, outrageous claims, and anything that seems suspicious probably is. These snake oil salesmen send out mass mailings hoping for a bite so they can poison with their venom.
If you're not sure if someone who has contacted you is the real deal, visit AngelList. Connect with trusted start-up focused professionals who can help you grow your business with professionalism, honesty, and proven results.
You've made it this far in your start-up endeavor, don't get side-tracked by a conniving con artist. You're far slicker than any snake.
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.