Dear Dave,
I’m 19-years old and living at home while I go to school and work part-time. I make about $400 a month. My parents have started your plan, and I feel like I should do something to help out with expenses. I could do this by paying my expenses, or paying them rent each month. What do you think?
-Ruth
Dear Ruth,
I love your attitude! If you’re in college, getting a good education is your first responsibility. You’re not making a lot of money, so you wouldn’t be able to contribute much. I think $100 a month would be very fair, but sit down with your parents and talk this over. You’ll need money to live on, and they’ll need to feel good about this. A plan that does both is a winner.
What you give them at this point really isn’t going to change their lives. It’s a symbol of your character and your respect for your parents. A willingness to contribute and help out is a great thing, Ruth. There are lots of people out there who are twice your age, who still can’t seem to grasp these concepts. Way to go!
-Dave
Dear Dave,
I own a small business that produces niche products. Lately, we’ve been getting calls from prospective customers who want to use our products in different ways. How do you advise handling an “outside the box” request?
-Sean
Dear Sean,
Ask yourself three basic questions: Can the product be produced in the needed quantity for a fair price? Will it be something you’ll want to hang your reputation on? Do you really want to do this?
If you answer “yes,” additional questions arise. Can the product be used the way they want to use it? Must it be modified, and at what cost? Can you supply it on time?
I know I’m giving you questions, not answers, but in the end, providing a quality, functional product in a timely manner for a fair, profitable price is the key to a small business’ success.
An unusual request just might be a great entrepreneurial opportunity. It’ll probably take some work, because when great ideas show up they’re usually wearing work clothes. But do some research, and make the same basic manufacturing and economic decisions you would with a new item. Remember, this could open up a whole new market for you!
-Dave
Dear Dave,
I received an offer in writing from a credit card company. It’s vaguely written, and it makes me nervous. It sort of leaves a back door open for them to go back on their word. I asked for another letter and they sent it, but now I wonder if I’m really okay in this situation.
-Dale
Dear Dale,
If you’ve got a document, and the language in it can convince someone in the future that you’ve both agreed to the specified terms, then that’s enough – even if it’s just three or four paragraphs long. Staple a cashier’s check or money order for the agreed-upon amount to that letter, and send it back certified mail, return receipt requested, as fast as you can. Also, make sure you keep copies of the cashier’s check or money order – along with the letter – in a safe place for the rest of your natural life! This is for your own protection, Dale. You never know when something like this will rear its ugly head again.
This kind of thing can be a problem with credit card companies. It can be difficult to be certain that you’ve reached an agreement with them, because lots of them will lie to you in a heartbeat. Some of them lie to my team when we call them, and we don’t even owe them money!
-Dave |