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Personal Money Planning's Newsletter
August 17, 2013
Gary Silverman, CFPIt's almost time for the students to make their way back into the classrooms. This sometimes gets the non-students thinking about what they can do to better themselves, whether it's going back to school or becoming an entrepreneur. If the latter is something that interests you, take a look at this month's Soapbox for some things to consider. We also have the latest articles from the Times Record News about the upcoming bond "calamity" and the new set of charts and graphs from Eaton Vance that help us visualize the ups and downs of the markets. 
  

Gary Silverman, CFP�

Soapbox
Gary's Soapbox
Staying Realistic When Starting New Ventures
On a blog I contributed to a few years ago, a woman who had been laid off was asking my advice on borrowing from her 401(k) in order to fund a new business based on a product she developed. As far as the loan from her 401(k) went, she needed additional information from her former employer to see if she was even allowed to take a loan out, but I had more important questions for her to consider. If you are thinking about  starting a new venture, whether it's a new business or invention, you may want to ask yourself the same questions.

What is your contingency plan? If your new venture doesn't make any money, do you have enough to live on?  Create a worst-case-scenario plan. When you are creating a budget for yourself and this new business, include all of the money it will take to get it off of the ground: inventory, rent, and distribution, for example. Take a snapshot of the business if your sales are limited or flat. How much are you willing and able to lose? Take a look at your other skills and decide if there's something else you can do to create income while you are waiting for the market to realize how much they need your offering. Planning for both successful and failing outcomes should reduce the anxiety inherent in taking this leap. 

A great resource for those looking to start new businesses is your local Small Business Development Center. Find more information about them here.

Gary
Articles
Gary's Latest Articles
From the Times Record News
Conclusion to Bonds Series: Bracing for the Crash

What's the alternative?
Earlier in this series, Gary looked at some problems with different types of bonds that investors may use as alternatives to so-called "normal" bonds. In this article, he discusses getting out of the bond space altogether. Read more...

In Conclusion
When it comes to bonds, and most things in life, it's not "all or nothing." You just have to be willing to do your homework. Read more...

Money101
Money 101:
Eaton Vance Monthly Market Monitor
The August 2013 Monthly Market Monitor includes charts depicting information relevant to the current markets and your portfolio. Increase your understanding of the financial markets with this helpful tool. 
Final
Final Thought
A few jokes to celebrate the joy of back-to-school, from Reader's Digest:

Teacher: Millie, give me a sentence starting with i.
Mille: I is...
Teacher: No, Millie. Always say, "I am."
Mille: Okay. I am the ninth letter of the alphabet.

***
At the school where my mother worked, the two first-grade teachers were named Miss Paine and Mrs. Hacking. One morning the mother of a student called int he middle of a flu epidemic to excuse her daughter from school.
"Is she in Paine or Hacking?" the school secretary asked.
"She feels fine, " said the confused mom. "We have company and I'm just keeping her home."

Have a great week!
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