Monday's Entrepreneur: Donna J. Potter

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.

We often hear about the cost of “doing business” but how often do you consider the cost of a career?  For Donna J. Potter, the cost of her “well paying” career was too high.  As a paralegal who was working 12 – 13 hours a day she was told rather than consulted about her schedule.  Donna describes her career as “very political” and “not a good fit”.  Too often she had to rely on family members to help with daily parental tasks as simple as picking her children up from daycare.  Her family was young and some days she was just too exhausted to be a parent

Mrs. Potter felt stuck and trapped. Like most families they required both her and her husband’s incomes. Though she wanted to quit her job, it covered a substantial portion of the family’s living expenses.  In the midst of her inner turmoil she witnessed the more balanced lifestyle of her two brothers.  They were both entrepreneurs and enjoying the personal freedom she longed for.  One of her brothers owned a delivery company and the other ran an online business as well as a ministry. Donna had come to the realization that no amount of money was worth her personal freedom.

Donna’s opportunity to create the life she wanted came in a form that the average employee dreads. The company she was working for merged with another law firm.  As a result of this merger, staff cuts and layoffs ensued.  Many of her colleagues were praying that their jobs would be spared.  One person even had an anxiety attack.  As the day wore on, Donna found herself becoming depressed because she felt that she might be kept on staff. When she was called in to speak with one of the partners, he was reluctant to let her go. Donna, however, felt that her “prayers had been answered”.  She accepted the severance pay and benefits and used that time to look for a home based business.

That was nine years ago. In that time Donna J. Potter has created a substantial stream of income in a company that supports her passion – health and wellness. The "It Works" Body Applicator Contour System” she markets has remarkable internal and external results. When asked about the pros and cons of entrepreneurship she shared a perspective that could be seen as both.  “When you are in business for yourself there is no one you have to be accountable to.”  It is important that the same discipline, commitment, and application of your skill-set that you are committing to someone else, is applied to your own business.

If you are considering stepping into the world of the self-employed individual, Donna shared three prerequisites:
1. have the discipline to follow through for yourself
2. find your passion because all money is not good money
3. be a people person.

Donna can be reached via email shrinkfatwrap@gmail.com Find out more about this amazing product at http://www.myitworkswebinar.com  “Ultimately”, Donna says, “once you help enough people get what they want, you’ll get what you want.”

POWERLESS?

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.

Talk to anyone about the economy and the topic of income disparity will undoubtedly come up.  As a person of color who is working to build wealth, I feel we have underestimated our power.  We live in a capitalist society.  That means that money is extremely important.  If you think that you are powerless because you don’t have a booming bank account, consider this: we are the largest group of consumers. 

            What does this mean? This means we have a tremendous amount of buying power. If we want to influence anything, you can use your purchasing power to do it.  If you don’t like a company’s hiring practices, customer service, or company policy, utilize the power of the pen, word of mouth, and your purchase to make your displeasure known. 

            A great example of this is Earle Graves, Sr. He shared a story in which he was displeased with a certain state’s stance on affirmative action.  Mr. Graves made his stance known to the elected officials of that area.  He encouraged the organizations he was affiliated with to do the same and he canceled the events he planned to host in that area that would have brought them revenue.

Now you may be thinking that you don’t have that kind of influence.  I beg to differ. If you tried, you could list 10 areas of your life (job, church, family, etc.) and list ten people you are affiliated with in each.  That is 100 people. At least 1 out of 5 are likely to spread the word, especially if you harness the power of social media.  So take heart! You don’t have to be a victim of any company or organization’s whims.  Feel free to make them aware of this the next time you are challenged with a policy or practice that negatively affects you. You have power and the responsibility to use it.

FEED TWO BIRDS WITH ONE SEED

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.


I’m sure you all have heard and used the phrase “kill two birds with one stone”.  I have a friend who felt that idea was too violent, so she replaced it with “feed two birds with one seed”.  You can apply this idea to your tax bill. 

Most of us don’t give much thought to taxes until tax season.  In doing this, we could be cheating ourselves out of the opportunity to keep more of our money.  Do I have your attention?  Understanding how to use tax credits and tax deductions can make quite the difference in the amount you owe at the end of the year. 

The term “tax deduction” is widely used but sometimes not fully understood.  A tax deduction is based on the rate you are taxed.  For example, let’s say that you are in a 25% tax bracket.  If you have a $1,000 tax deduction your savings is based on this rate. Your savings on the $1,000 deduction would be $250.00. 

A tax credit is a dollar for dollar savings.  If you are entitled to a $1,000 tax credit you will save $1000 on your tax bill.  You have “fed two birds with one seed”.  Some tax credits are standard and available from year to year, while others are temporary.  Make the time every now and then to use the internet and search for new tax credits, especially if you are making a large purchase or repair to your home. Save all your receipts for major purchases. Don’t be timid about asking questions. You have the power to change your financial situation by keeping more of the money you make.   

Monday's Entrepreneur: Sonja Bowman and Loving Sentiments

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.

          Are entrepreneurs born or made? In Sonja Bowman’s case one might answer “both”.  As a child she would save her candy and sell it back to her mother.  By third grade, she was selling candy to her classmates.  By the time she was in high school, she had earned the nickname “Candy” and was pulling in about $150.00 a week. Sonja’s strong work ethic followed her throughout college where she maintained 21 credits and 2 part time jobs.

 

Upon receiving her degree from Bowie State University in Accounting and Finance Sonja embarked on her career in the workforce.  Working for the government and in the private sector kept her busy but she maintained her creative stream of income with her gift basket business.

In 2007, Sonja began her ministry, delivering the Word of God as she was “led to do”. She also found a product that she liked, aroma beads. With a winning smile, and charismatic demeanor, she built an extensive customer base. Her customer demand was so high that she eventually had to bypass her supplier. Then in 2007 she suffered a career ending accident. During an ice storm she slipped and fell, injuring her neck, back, and pelvis.  Sonja’s injuries were so severe that she spent the next three and a half years heavily medicated and unable to sit or stand for more than 5 minutes at a time.   Doctors at Johns Hopkins wanted to avoid surgery so it took extensive rehab and prayer to regain the full use of her limbs.

            Sonja had just met her second husband who she credits with being an amazing support system. She says Brock has “always been supportive in everything I’ve done. His support helped center me and help me find my passion and tap into all the things I enjoy doing.”  Entering her fourth year of unemployment, Sonja had revamped her gift basket business.  While attending a conference a product caught her eye. It was a Bible notebook.  She went home and prayed for “Daddy” (as she refers to God) to teach her how to make journals.  She was told how to make them and what scriptures to include. Since that time Sonja has created well over 100 different journals in three different styles.

They can be personalized to order for loved ones, groups, organizations and conferences. Her journals are so popular, they will now be offered in John 3:16, a Christian bookstore in Lanham, Maryland.

       When asked what she wanted people to remember Sonja, replied ”Your gift will make room for you. When you are in His will and following your purpose, provisions will be made.” For more information contact Sonja Bowman, owner of Loving Sentiments at sturner_1908@yahoo.com or sturner1908@gmail.com    

Dimes make Dollars

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.


One of my favorite sayings I heard from my mother is “Pennies make dimes and dimes make dollars.”  This applies whether you are making money or spending it.  In my last blog we figured out where our money was going.  If you followed the instructions from the $1 solution you know exactly where your money is going.  Based on what you found, you want to decide where you want your dimes to go.  And if you’ve found you don’t make enough dimes we need to figure out where you can get them.

Get dimes when you purchase.  If you’ve noticed, there are plenty of sites from which you can print coupons.  How many dimes can you save when you buy?  Take the time to print coupons.  If there are items or experiences you already use/enjoy regularly, clip or print out coupons for them. Now when you look at those receipts, take a tally of the dimes you’ve saved.

Get dimes from what you’ve spent.  During a holiday season a few years ago, I bought several roles of Christmas wrapping paper from a couple on Craigslist. The couple who sold them said they had earned roughly $19K that year by selling items they didn’t need on craigslist. I have never forgotten that couple. I realized that they had recycled their purchases. How many times have you thrown away something that someone else would pay a couple of dollars for? You don’t have to sell often or online, but make the decision to recycle what you’ve already bought. Make a simple spreadsheet.  These “extra dimes” will add up to dollars. How will spend them?   

Short Money, Long Month

Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort in order to help you reach YOUR Financial Independence. Today's guest post comes to us from J S Aikens.

There is an epidemic of this condition.  I have talked to many people who feel they make enough money to meet their financial obligations, until the bills come.  If you’ve ever wondered where your money went, here is a way to find those pesky leaks for those of us who are not accountants.

The $1 solution.  I’m sure you’ve seen those plastic envelopes in dollar stores and dollar aisles of stores. Pick up one for your car, one for your home, and ladies, carry one in your purse.  Every time you make ANY PURCHASE the receipt needs to be placed in whatever envelope is with you.  If you’re in your car, put it in the envelope. If you have your purse, slip it in that envelope, and when you get home, empty your pockets and put them in that envelope.  At the end of the month, when you’re paying those bills gather those envelopes and total your spending.

Now there are some who will tell you to cut your expenses, save your money and live below your means. Then you’ll have saved enough money for your family to cover your funeral costs. Doesn’t that sound great! That’s right, it doesn’t. Now I’m not condoning frivolous spending (we’ll talk about that another time). But there are things you enjoy and should have. You just need to know what those treats cost you, and then figure out a way to afford them. Stay tuned.