By: Michelle Wong
Many people what to give up when things are hard but do not want to stick to their path that they created for themselves. I honestly don’t know if it is fear of the unknown, fear of failure; fear that things will be harder. My view is if life was that easy, everyone would do it. It takes a selective few to really buckle down and suck it up when going through a difficult path that will have its moments of struggles. The thing is you can’t give up and quit. Sometimes the best things that come are through blood, sweat and tears.
Have I been through those struggles, hell yeah, but I couldn’t bring myself to give up and believe me I ask myself
why am I doing it. Then I think of my why. My why is simple, I want to represent the women, the culture, my family, myself and show the world that I made it to my destination. Coming from a background where I have professionals, business owners and entrepreneurs that made a path for them but also coming from a family where they frown on being your own boss. It is an oxymoron if you think about it. Here I am coming from a line of people that made names for themselves but also coming from an immediate family that were hesitant to take a leap of faith.
It took 34 years of my life to make a conscious decision to be one of those entrepreneurs, a be my own boss with my own hours, being a boss that also had to struggle to get a start on my own two feet and believe there were struggles. Working close to 20 years for someone else was hard. Why? at some point in your career you start to feel under minded, unappreciated and taken advantage of and most of all knowing your true worth. Money cannot be put on yourself worth. It was at that point that I took that bold decision and have not look back. It was an exciting and frightening experience but it was something I could not pass up. I needed to know where the path I took will take me and what will be the ending to that decision.
Yes I go through my struggles and my rough patches, but doesn’t? I have been fortunate that for each mistake I make or each rough patch I go through is an experience I learn that helps me become stronger. I’m grateful that I can fail forward that not fail at all.
By: William Morales
Should you use it to invest in real estate? Tough question to ask someone! I applied for business credit cards in 2015; the best thing at the time was 0% interest for a year!!! Not bad right? Flash forward to 2016 and the interest of some of the cards I have (8 in all) has kicked in, and wow, one card in particular is 22%!!!
Oh oh...A Problem
As you can see from above I have 8 cards in all, some have small amounts some larger, it’s a nightmare for me to keep tabs on 4 that I have used. Plus when I applied for business credit, with a company that specializes in getting credit for business owners, I’m at the mercy of the company, let me explain.
I Live Where?
Out of the 8 cards I currently have, I used 4 to invest in education and real estate, the other 4 I decided to close the accounts, now the problem has started, one of the cards, M&T Bank has me living in Colorado, I wanted to close that card, but since I live in New York city I have to show the bank proof that I do live in NYC and never lived in Colorado, So when you used these institutions you don’t know what they are telling the credit card companies/banks about you, we need to be careful.
So What’s the Solution You Say?
We need to apply for business credit, not a business credit card!
A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.
However, some companies out there offer "business" credit cards. These companies will often ask for a personal guarantee which I did, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – I AM!!
How Do We Apply for Business Credit?
There are a few books out there that can show you ways to get a line of business credit, like “Business Credit Decoded: Discover the Secrets and Power of Business credit” by Ty L. Crandall.
Also go to YouTube and enter getting business credit and you will find videos on the subject or google articles on the subject.
There are many steps to follow in terms of getting business credit, and I think that’s better than getting Business credit cards from banks, believe me I’m paying for it. So I will now work on getting my business line of credit ASAP, and follow the steps of some of my mentors who are helping me.
Thanks for reading & until next time,