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September 30, 2010, at 6:00 am If you're new to BFS, please subscribe to my RSS feed. It shows me a vote of support and keeps me motivated to keep your attention. If you have any questions or comments for me, please contact me and I'll get back to you asap. Thanks for visiting! The following guest post is by Kevin of Invest It Wisely.
What is the most precious and valuable resource in the world? I’ll give you a hint: It does not glitter like silver and gold, there never seems to be enough of it, and if you try to catch it, it slips out of your hands.
The most precious and valuable resource in the world is time.
I want to talk about three different ways that you can increase your life expectation by using your time wisely. Each of us only has so much time to work with, and none of us are getting any younger. By making more effective use of your time, you have a better shot at achieving your personal goals.
Improve your productivity with structured time
In today’s always-connected age, we are bombarded by requests for our attention from left and right.
One of my own dreams is to work from home, but one of the problems of working from home is that there are too many distractions; the TV is nearby, there is the temptation to “take a break” to play games or to check my email every five minutes, or I end up chatting with my significant other. I can’t imagine what it would be like if I also had kids at home.
My first tip is to cut out the noise. Time spent in recreation is important, but if you are not careful, you will wonder why you didn’t have time to do everything that you wanted to do.
First, give your most important priorities the time that they need. Structure the amount of time that you need to get things done, and then find yourself a quiet space, either in your home or nearby, where you can work and study in peace.
I find that it helps when you dedicate a place to work, study, and play, for the same reasons that your bedroom should be devoted solely to rest and spending time with the significant other. I personally like to study at the library, because I can focus strongly on the task at hand without anything nearby to distract me.
Reduce “dead” time.
We should commit to reducing as much “dead” time as possible. What is dead time? Dead time is simply another way of describing all of the time spent doing something when we would rather be doing something else.
Here are five tips to reduce your dead time and simplify your life:
- Do you spend a lot of time leaving home to do groceries, go to the pharmacy, and pick up packages at the post office?
- With a little bit of planning and foresight, you can cut down time wasted going back and forth dramatically. Simply make a list of everything that you need to do and everything that you need to buy, and schedule a time where you do not expect big lineups at the store. Instead of leaving the house to do your errands, you can make it a part of your regular route between work and home.
- Do you hate waiting in line at the store?
- Learn the times when employees get off work and lineups grow exponentially longer, so you can avoid having to wait in line for ages simply to pay for your stuff.
- Do you hate waiting in line at the bank?
- Sign up for online banking and bank online from the convenience of your home.
- Do you spend two hours cooking every day?
- Plan some of your meals ahead of time, so that you can spend a Sunday afternoon cooking all of them together in bulk. By using common ingredients, you can cook several meals ahead of time without having to eat the same thing every day.
- Do you find it hard to find time to exercise?
- Instead of wasting time going to and from the gym, take the stairs, park as far as you can from the store, and do bodyweight exercises inside your own home.
Trading time for money
Then there are the things we do to save a bit of money here and there, without realizing how much time this is costing us. Sometimes, it can be beneficial to trade your money for additional time.
I can think of three examples off of the top of my head:
Do you spend half an hour washing and drying the dishes every day? That is time you could be spending with the kids instead, or working on your own projects. If a dishwasher costs $500 and you value your own time at $20 an hour, then it may be worth it for you to purchase one instead of toiling over the sink every day.
What about DIY repairs? If you truly enjoy DIY, then this could be time spent wisely, but what if you spend a whole day breaking your back trying to reseal your driveway? If you end up doing a sloppy job, you’re going to have to pay somebody else to fix it, anyways.
The final example that comes to my mind is ultra frugality, whether it is making your own dryer sheets or running out of the house to save $2 on a roll of paper towels. Unless you planned your trips ahead of time, the savings won’t even cover the cost of your gas, and is the time spent in making your own dryer sheets really less valuable than the extra buck you would spend on just buying some?
Trade is mutually beneficial, and both parties are better off for it. Consider trading your money for additional time when you can put it to good use.
So, reader, what additional tips could you share on making better use of one’s time? I am not perfect, and while I try to cut down on wasted time, there are times where I slip up and wonder where all of the time went. I’d love to hear your stories.
Kevin currently lives the white collar lifestyle, but his real dream is to get out of the rat race one day. He writes at Invest It Wisely, and he enjoys exploring unvisited places around the world and gaining new experiences. He believes that by properly managing our energy and time, we can learn to invest our lives wisely.
September 29, 2010, at 6:00 am
If you have a chance, please check out my staff writer post, Are You Missing The Big Picture, at Sweating the Big Stuff today! 
Yesterday I posted about my “dream” small business idea, pet sitting. I quickly went over a few ideas and came to the conclusion that by charging just $20 per dog per day plus more for extras, I’d have enough business in 1 year to be making $3000-$6000 a month.
Then I remembered this post at Yahoo Finance, 10 Mistakes That Start-Up Entrepreneurs Make. I’m going to see if Crystal’s Cozy Kennels (yes, that’s my imaginary business name) would have its bases covered:
1. Going it alone.
Well, I was planning on running it by myself, but if we up the dog count to 10-15 at a time, help would be nice. Anybody want to be a co-owner?
2. Asking too many people for advice.
I have this one covered for sure. I only ask a few people for advice for any project I’m working on. Kris at Everyday Tips and Thoughts is my go to friend for blogging advice. I also ask Mr. BFS. I only ask everybody for advice when I want a quick look at a bunch of point-of-views to give me an idea of where to start.
3. Spending too much time on product development, not enough on sales.
I don’t have a perfectionist mentality, so this isn’t usually a problem for me. As you can tell from my two new blogs, I definitely don’t wait around until everything is perfect, lol. Crystal’s Cozy Kennels would just need an air conditioned living space for dogs built and I’d get to filling those spots ASAP.
4. Targeting too small of a market.
Pet sitting is already a niche business, so I wouldn’t be too picky about the residents. The dogs would need shot records and not have a history of biting, but that would be the extent of my requirements. Maybe I’d even have a specialty area for the mean ones…I don’t know…
5. Entering a market with no distribution partner.
No problem here since I wouldn’t need distributors.
6. Overpaying for customers.
Word of mouth, flyers, and Craigslist would be my ways of advertising. If that just wasn’t enough, I might place small ads in the cheap area papers like Green Sheet and The Thrifty Nickel, but I doubt that would be necessary. When I pet sat at our house, Craigslist brought me all my clients.
7. Raising too little capital.
If Crystal’s Cozy Kennels ever is a real idea, I’d make sure to know exactly how much the land, pet building, and utilities would cost. I’d also make sure that I could cover ALL costs even if I had absolutely no business. I refuse to paint a rosy picture for myself – realism is just a good idea. I’d either have the whole cost covered with our own money in advance or make sure I could get a loan or investors that could cover at least 2 years of costs up front.
8. Raising too much capital.
I’d aim for enough capital to cover 2 years. When it comes to profit, the more money, the better.
9. Not having a business plan.
If I make sure to have enough money to cover all expenses for at least one year of absolutely no profit, that would make me feel safe. I’d probably shoot for two years just to feel extra happy. I’d have to really suck not to get any business for 2 years and then I’d need to call it quits anyway. I figure that the land would be rented unless I found somewhere to buy cheap, the air conditioned building would be a fixed expense, the utilities would be pretty stable with contracted rates, and the supplies would be a fixed expense to start with and only would need to be renewed if I actually had customers.
As far as the income projections, that would be pretty straight-forward. Based on past experience and a little research, I could come up with some predictions. Off the top of my head, we’d have 1-2 customers for a few days each the first month, 3 the second month, 4-5 the third month, and 5 or more from there on out. I would even guess that I could have every “room” full on a regular basis within 6 months but I’ll say a year to be on the safe side.
10. Over-thinking your business plan.
Again, I’m not a perfectionist, so this would not happen.
What do you think? Would Crystal’s Cozy Kennels make it? How about whatever business you mentioned yesterday or just thought about?
September 28, 2010, at 6:00 am
I am not extremely entrepreneurial. I have worked a little on the side for extra cash on and off over the last five years, but this has led me to discover that I enjoy having someone giving me my work, finishing it, and going home. I was reminded of this when I was answering this post at First Gen American – she asked what business would you open if you received a $15,000 head start.
Obviously blogging has stuck with me, but despite the fact that it can lead to making money, I don’t consider it owning my own business. It’s more like a paid hobby, which is awesome! I get the benefits of making friends and a little money at the same time without the cruddy feeling of having to “work”.
Plus, I got started for free and have “only” spent about $300 on it in the past 7 months. More than $200 of that was by pure choice – blog migration, a fix of a problem I created, and my header image. Less than $100 has been put into web hosting and domain names.
So, if we set aside blogging, what kind of business would I consider starting…hmmm. Well, my reply to the original post was that I’d start a pet sitting business. If you have the outdoor area and no deed restrictions, you could build an outdoor air conditioned building with rooms for multiple dogs with runners outside. If you could build up regular bookings of at least 5 dogs a day, you’re talking $100-$200 a day right there. That’s $3000-$6000 a month! I could live off of that with some to spare!
Based on my past pet sitting experiences, I could easily get that sort of traffic within a year. It’s all about word of mouth and free advertising on places like Craigslist. If you charge $20 per dog per day plus additional fees for additional activities like most kennels do, the money would pretty much make itself and you just have to deal with barking and poop.
I’d actually consider doing this right now since I don’t have deed restrictions, but I only have a small backyard and doubt my neighbors would appreciate the noise or smell. If we ever own an acre or two, I’d seriously consider this…
Come to think of it, anybody live in the Houston area and have a few acres to spare? I’d gladly pay you for the space – heck, if you think I have a shot, you could sign up for profit sharing.
What ideas pop into your head? Anybody want to go into a pet sitting business with me? 
September 27, 2010, at 6:00 am
Yahoo Finance had this article, The 10 American Industries That May Never Recover, that got me thinking. Here’s my take on their list:
1. State and Local Government Jobs
Even though budget cuts are whittling down jobs in these areas now, I do not see small government in our future. As soon as the economy lets them loosen their belts, these jobs will come back. I see recovery in this sector even though it may not be necessary.
2. Construction
Maybe home construction will stay repressed for a while, but construction will never stop. As long as there are humans, there are new buildings for businesses, government, housing, and entertainment. I think this industry will be fine.
3. Installation, Maintenance, and Repair
I hadn’t thought of this category, but I just paid a guy $100 to fix my guest bathroom toilet. Unless home owners and landlords really do take the current economy to heart, I don’t see many of them spontaneously learning how to fix stuff on their own. Maybe the lack of new homes would even be good for this section since older homes need so much maintenance work on a regular basis.
4. Automotive Manufacturing
I have no idea where this industry is going. People are currently buying fewer vehicles, but will it last? The sheer number of lost jobs is sad, but I think that is was strange that people were buying new cars every 2-3 years. I never understood those who weren’t content to drive perfectly fine cars…
5. Pharmaceuticals
The article explains that big pharmaceutical companies aren’t making new drugs as fast as they lose patents on their old ones, which is causing them to lose major money. But doesn’t that mean that the off-brand companies are getting to make new drugs now? I think this industry as a whole will bounce back since I don’t know many people who will suffer if there is a drug available to help.
6. Big Telecom
Okay, this sector may have to change to survive. Any industry that can be decimated by new technology will probably have to keep up. I’m sure the big companies that can afford it will simply buy out smaller companies with the cool technology. You want to know what I see in the future of communication? 20 years down the road, everything will have a Google, Apple, or Microsoft insignia – everything. Those 3 companies are going to gobble up all the good ideas and people that come up with those good ideas if they get to have their way, lol.
7. Newspapers
I only get the newspaper for the coupons. If they had Smart Source and whatnot coupons in a bundle to buy for 50 cents, I wouldn’t need the paper at all. So yes, I do think that newspapers are a dying industry as it was, but people will always want the news. Online subscriptions may become the new thing if any paper can prove that its content is better than all the free info. I don’t think that will happen, but it could.
8. Airlines
I kind of hope a new technology, like transporters, comes around and replaces airlines. I hate the lines, I hate the restrictions, and I hate all these stupid new fees. We’ve taken cruises for the last two years instead of our normal trip to Las Vegas simply because I hate flying now. I don’t see transporters existing for a while, so I bet the air industry will be just fine since it’s the only way to travel quickly enough for us Americans that get about 2 weeks of vacation a year…
9. Realtors
Home sales will go back up in a few years. It’s human instinct to want our own place. I think realtors will be fine.
10. Bank Tellers
This is another dying need, but is that so bad? I like online banking and cooler ATM’s. I want money management to be as easy as possible, don’t you?
What do you think of their list and my take on it? What do you think I got wrong?
September 26, 2010, at 6:00 am
BFS is a member of the Yakezie Alexa Ranking Challenge! My ranking last week was 60,035 and is now 59,277!
The original goal was to be in the top 200,000 by July 4, 2010 and you helped me blow that out of the water in 2 months…a whole month early! Then we were shooting for 100,000 by July 4th and we hit that goal too!!! After that we started a new goal of 75,000 by the end of August, and I thought there was no way, but we hit that out of the park by August 15!!!
Now we are shooting for 50,000 by Halloween! I know it’s a little insane, but let’s try it out anyway! We had a harder week but it’s still moving in the right direction! Thank you!
As always, I would like to sincerely thank all of my readers and the members of the Yakezie Challenge. Obviously, this would have been impossible without all of you. Thank you all so much! I repeat those words every week, but please understand that I mean it every time.
In case you didn’t know, Alexa traffic rankings are determined by the numbers of hits a site gets by people with the Alexa toolbar. If you want to be part of this ranking community, you can download the Alexa toolbar here.
If you are a Yakezie member and don’t see yourself on my member list, please send me an email or leave a comment here to be added. I copied the list originally in early March and updated it in mid-June. Please let me know if you are still missing. Thanks!
September 25, 2010, at 6:00 am
If you haven’t already (or to see the new content),
please also check out my new blogs,
Crystal Clear Thoughts and It’s a Dog’s Life For Me!!!
My Favorite Posts this Week
Guest Posts on BFS
Thank you for the day off!
If you would like to guest post on BFS, please send me an email with your idea or post and I’d love to have you over for the day! If you are a business, please email me for more details. Thanks!
Blog Carnivals that Included BFS
Carnival hosts, please email me if BFS is included in your carnival so I don’t miss it in my roundup, thanks! I know how much time these things take, so as always, I am truly grateful!
Other Info
- Couple Money is also celebrating a 1 Year Anniversary Giveaway and you have to check out the Toshiba laptop and package for the winner! It ends September 26th!
- Out of Debt Again is hosting a big 3 Year Blogoversary that has more than $800 in cash and prizes! Seriously, it’s huge! It ends September 27th, so check it out soon!
- Invest It Wisely is hosting a 6 Month Giveaway Contest until September 28th! This looks really awesome!
- I am also a staff writer at Sweating the Big Stuff. You can see my posts every Wednesday – this week’s was One of Our Biggest Expenses – Food.
Feel free to email me if you have any suggestions. I’d love to add a few more blogs to my regular reading list or at least give a shout-out for great posts or contests.
As always, thanks to all the bloggers that teach me something new every day. Thanks to all my commenters for making this blog the community I want it to be. Thanks to all my lurkers too. I hope everybody is enjoying this as much as me!
September 24, 2010, at 6:00 am
The following is a guest post by Kevin Craig who is a financial writer. He has helped lots of debt burdened people with free counseling and advice on many financial topics.
Let’s say you are getting married next month but have not yet planned for a bachelor’s party. This article can help you to organize a frugal blowout. You can arrange a low expense party without the help of an organizer and raise a toast for a happy married life. In order to arrange an excellent party try to follow the simple steps.
Planning is essential
Share the burden with someone who is competent to manage a party. Set a budget so that he does not exceed the stipulated amount given to him. Your party would be planned according to the budget whether it be a wild party or a quiet party.
Invite only your close friends
Keep the guest list limited by calling only your close friends. This way you not only save some money but also have a luxurious party on a small budget with your closest friends.
Theme should be simple
Avoid planning a grand theme – it would be advisable to keep it simple. If you want to avoid unnecessary expenses, then shift your focus from theme and decoration to ingenuity. You can capture the attention of your friends by displaying your creative ideas. If you plan something innovative then your creative streak of mind could be appreciated by your friends.
Depending on the caterer for liquor can be expensive
Avoid asking the caterer to provide you with liquor as they might charge you extra. You could get a discount at the store if you buy liquor at a whole sale rate.
Venue should not be expensive
You can save the cost of renting a hall or a pool side by organizing the party at the roof top of your house. Instead of a printed invitation ensure that you sent an e-card. Avoid over decorating your house; use the stuff that is available at home.
Food and drink
Inform the caterer about the budget you have planned for the party so that they can set the menu according to it. Try to keep the main course as well as the dessert simple. Tell the caterer to set the menu according to the theme of the party.
Do not order cake
Guys are not too fond of cake, so avoid bringing cake for the party. The party can be more exciting without cake and bringing cake would be feminine.
Bachelor’s parties are exciting as they are an opportunity for a get-together with close pals. If you prepare a budget before the party then it could restrain you from over spending. Bachelor’s parties are the first step to celebrating a new life of togetherness. So do not begin your marital life on an unstable financial foundation.
Crystal’s Notes: You can save even more money by not hiring a caterer at all. Grab some trays of meat, cheese, crackers, and fruit from Sam’s Club or the like and make a big batch of cheese dip and sandwiches. I have never seen a guy turn down a good ham sandwich and some hot cheese dip.
Also, the easiest way to bypass bachelor party planning headaches is to get your best man to do it, lol. Oh, and men love cake…at least the men I know…either cake or brownies have to be at every freaking event, lol. Luckily, making either one is super easy and you don’t need a professional place to do it (seriously, just take a look at the back of a brownie mix box…I promise it’s easy).
Mr. BFS and I didn’t do the bachelor/bachelorette party thing and we don’t regret that at all…we did have an awesome after party at our house the evening after our wedding though. Our friends hung out at our tiny apartment until the wee hours of the morning. We just joked around, opened wedding gifts, wrote down the info for thank you cards, and generally had a great laid back night!
How did your bachelor/bachelorette party go?
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DISCLAIMER I am not a professional or a financial advisor. BFS posts are informational opinions only. Please make your own financial decisions based on personal research or see a financial advisor.
Also, there are paid links on this site. There is no obligation on your part to purchase any products advertised on this website.
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