Rich Couples

In the high-end resale market is Boulder, Colorado, entrepreneur Margaret Miner. She started Rags Consignments in 1995, specializing in designer handbags and clothing that her customers are eager to buy at a discount. With annual sales of about $1.3 million, keeping up with growth is her main challenge. “When we first started, there were a lot of women who would walk in [to consign their items] but wouldn’t [shop],” recalls Miner, 46. “Now those same women have tuned in to it.” Her customers run the gamut from teenage girls to women in their 60s.

The advent of Craigslist and eBay, which were once expected to destroy the brick-and-mortar resale industry, has actually boosted local resale shops by turning shoppers on to the variety of gently used items available, says Meyer. Hot and growing niches in resale include furniture, specialty apparel (like plus sizes, teens and men), sporting goods, music and computer-related items. Meyer predicts that resale will continue to grow, especially as the economy slows. “This is a recession-proof industry,” says Meyer. “If anything, this industry increases during slow economic times. People who may not have shopped resale before have to find a way to save money somewhere.”

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source Entrepreneur

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Don’t quit your day job

A leave of absence is (usually) better than quitting and looking for a job later. Unless your financial situation is secure and you don’t need the group health insurance available through work, try for a leave of absence.If an employee wants to take a personal-enrichment break, says John Challenger, the CEO of Challenger, Gray & Christmas, a Chicago outplacement consulting firm, “companies are much more agreeable about working out an arrangement that allows them to come back.”

A 2007 survey of nearly 600 U.S. companies by the Society for Human Resource Management said that though only 4% offered paid sabbaticals, 17% made some form of unpaid leave available. Those percentages, which have held steady for several years, are likely to rise in a tight job market.

Understand, however, that your employer can’t keep your specific job open forever. The longer your sabbatical is, the less likely it is that you will be able to come back to your current position.

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How to Invest in Wholesale Bullion

How to Invest in Wholesale Loose Diamonds

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Got that entrepreneurial spirit? You aren’t alone. In fact, two out of three teenagers who completed a recent Junior Achievement “Interprise” Poll on Teens and Entrepreneurship said they hope to start their own business one day. But it takes more than a good idea and a desire to be your own boss to launch a successful venture.

Just ask Max Durovic. At 18, he increased his odds of making it with formal and thorough business planning. By taking the right steps, he built a booming business before he even graduated from college.

While a sophomore at Georgetown University, Durovic founded the inventive street-advertising company Aarrow Advertising. He began hiring 14- to 24-year-old students to carry sandwich-board sign ads for nearby retail chains and to perform trademarked tricks, spinning and tossing the signs to attract attention. The sign spinners received hourly pay with a 10-cent increase for mastering each new trick. Durovic turned the idea into a booming livelihood by crafting a complementary team with an expert mentor, meticulously writing a business plan to focus his vision, following the financial feedback and continuing to plan. By age 22, he was leading 200 employees in five cities, and revenue was growing at an average rate of 10% per month.

Early on, Durovic faced one of the biggest challenges of enterprising young adults: the credibility gap. Most entrepreneurs endure long hours, challenging management decisions and months without income, but young entrepreneurs may face larger hurdles. With minimal work experience, limited financial resources, fledgling credit histories and no start-up experience, they often have difficulty convincing people to take their business ideas seriously. Startups are already risky — inexperience adds more risk. In fact, one in three new businesses fails by their second year.

How can you minimize your risks? Use our checklist to get ready. We’ll help you carefully weigh whether to trade valuable years of traditional work experience for your new business dream — and then how to pull it off when you’re ready.

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How to Start An Online Store

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Looking to get off the paycheck-to-paycheck treadmill or to drop out of the rat race altogether? Here’s what you’ll need: a solid plan for how you’ll spend your time and a way to either earn dramatically more or spend much, much less.

This is not an impossible dream. In 2004, 7.5 million U.S. households had $1 million in assets, not including their homes. The number of people worth $5 million has quadrupled in the past 10 years and numbers nearly 1 million.

But the number of people who live on much less than they earn is surely greater.

How do you get there?

You can also take a page from the book of America’s newest crop of millionaires and consider starting your own business.

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Scholarship Scams

Fraudulent scholarships can take many forms; some of the most common types are presented here. If you receive an offer that uses one of these tactics, be suspicious. If you believe the offer is a scam, report it. Sometimes a scam persists for years before people catch on to it. Even when people realize they’ve been cheated, few are stubborn enough to try to take advantage of guarantees or to file a complaint.

Scholarships that Never Materialize. Many scams encourage you to send them money up front, but provide little or nothing in exchange. Usually victims write off the expense, thinking that they simply didn’t win the scholarship. Continue Reading »

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