Investing in a Crisis: 5 Tips From Charlie Munger.

Investing in a Crisis: 5 Tips From Charlie Munger.

How Charlie Munger approaches crisis investing.

The vice-chairman of Berkshire Hathaway and Warren Buffett (Trades, Portfolio)'s right-hand man, Charlie Munger (Trades, Portfolio), is a highly accomplished investor in his own right. Munger's investment activities might not attract as much attention as those of Buffett, but that does not mean that his strategy is any less successful.
Indeed, while Buffett is busy running Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B), Munger has adopted a more sedate approach. Doing nothing is a big part of his investment strategy.
Munger has been investing, in one way or another, for more than six decades, which means he has almost unrivaled experience as a long term investor. As such, his views on investing for the long term and riding out market volatility are highly valuable.

With that in mind, here are five tips from Munger on how to invest in uncertain times.

Investing in uncertain times.

"You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas."

The world is always changing, shifting and developing. As a result, there's no guarantee a business (or investing) strategy that worked 10 years ago will work today. With this being the case, Munger believes that it is vital to continually re-evaluate and break down your investment ideas to see if they're still valid. Learning the other side of the argument is just part of this strategy.

"Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side."

The world is changing rapidly. To stay on top of these changes, investors need to consider all arguments. We can't just stick our heads in the sand.

"Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime."

Investors should always be prepared to act quickly and with conviction. However, this does not mean that you should ever rush into a situation. Just because something looks cheap does not necessarily mean that it is. There will always be opportunities for investors. Waiting for the right one is essential. Acting before you're ready can be costly and detrimental to wealth over the long-run.

"Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand—you must learn to handle mistakes and new facts that change the odds."

Admitting when you're wrong and selling an investment is just as important as waiting for the right opportunity. It is never too late to exit a losing position. You can recover from a 90% loss, but not a loss of 100%.

Investors need to be able to quit, sell a holding and move on when the facts change. Ignoring the facts and hoping things work out for the best is a disastrous investment strategy.

"Sit on your a**. You're paying less to brokers, you're listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per annum."

Munger is a strong advocate of doing nothing. Since he closed up his investment partnership in the mid-1970s, the billionaire investor has only reportedly made a handful of trades. He believes it's better to ignore the rest of the market and trade as infrequently as possible.

Not only will investors benefit through lower commission charges using this approach, but their tax bills will also be lower.

August 07, 2020

Charlie Munger's Advice for First Time Investors.

Charlie Munger's Advice for First Time Investors.

This year, Charlie Munger (Trades, Portfolio) is 96 years of age. Despite his years, the billionaire investor is just as sharp today as ever, and his experience in life in the world of investing is only increasing.

Unfortunately, Munger, who is Warren Buffett (Trades, Portfolio)'s right-hand man at Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B), does not give that many interviews. Still, those that he does give are full of invaluable advice on life, investing and philosophy.

In April of last year, Munger gave one of his most detailed interviews with Wall Street Journal reporters Nicole Friedman and Jason Zweig. He spoke to the Journal reporters for six hours over dinner, and an edited transcript of the conversation was later published in the newspaper.

Munger's ideas for first-time investors.

One of the questions the reporters asked the billionaire was his thoughts on advice to give first-time investors. Specifically, they asked, "If you were just starting out as an investor, what approach would you take?"

Munger started his answer by saying.

"Well, the original [Benjamin] Graham approach of looking for cases where you're getting more than you're paying for is correct. All good investing involves getting a better investment than you're paying for. And you're just looking for it in different places, just as a fisherman can fish in one place or another. But he's always looking for more value than [he's] paying for. That will never go out of style. I mean, that is just basic and fundamental."

However, he went on to add that it is not sensible to use the same approach when everyone else is doing the same. It is better to fish where the fish are:

"And knowing that, of course, one of the tricks is knowing where to fish. Li Lu [of Himalaya Capital Management LLC in Seattle] has made an absolute fortune as an investor using Graham's training to look for deeper values. But if he had done it any place other than China and Korea, his record wouldn't be as good. He fished where the fish were. There were a lot of wonderful, strong companies at very cheap prices over there.

Let me give you an example. One guy in Korea, he cornered the sauce market. And when I say cornered, he had like 95% of all the sauce in Korea. And he couldn't stand anybody else ever selling any sauce. So he could have made two or three times as much if he wanted to by raising the prices.

Li Lu figured that out. It's called Ottogi. And of course we've made 20 for 1. There was nothing like that in the United States."

No set template.

If you are looking for a simple solution to be a good investor, these comments do not provide much comfort.

However, in investing, there's no set template you can follow to be successful, and that's what Munger understands. The only way to beat the market is to do something different.

It takes time and effort to figure out where the fish are and what tools you require to catch them, but once you have established which pond you are going to fish in and your circle of competence, you have an edge.

So, that's Munger's advice for first-time investors. If you want to be a successful investor, you need to fish in the markets other investors have ignored, find cheap assets and work to your own strengths. It takes time to understand all of these qualities.

August 07, 2020

How to Ask Rich People for Money

How to Ask Rich People for Money.

Fundraising for charity is an important part of any nonprofit group's work. In the U.S. alone, donors gave almost $287 billion in 2011. Many people who work for nonprofits feel uncomfortable asking donors for money, but without their help most nonprofit groups would not be able to carry out their missions. Learning how to effectively and respectfully ask wealthy individuals for money can help you ensure your charity or favorite nonprofit, federally recognized as 501 (c) (3), group prospers and is able to help those in need.

Part 1 Planning Your Donation Request
1. Compile a list of donors. Before you begin asking for money, it's best to have an idea of who you're going to ask for donations. If you're going door-to-door, that may be as simple as deciding which neighborhood(s) to work in. If you're soliciting donations by phone or by mail, though, you'll need a list of prospective donors to contact.
If you can identify past donors on your list of people to call or write to, you may want to prioritize those individuals as "best bets" - these are people who, given their history of donating in the past, will most likely contribute again to your cause.
Try to identify which people on your list are the most financially stable. You can do this by interacting with the individual to get a sense of his or her finances, or if going door-to-door, look at the houses residents live in and the cars in their driveways. People with large, elaborate homes or flashy sports cars most likely have more disposable income. (Though of course this doesn't guarantee that they will give donations.)
You can also look for potential donors by their other areas of spending. For example, does the prospective donor attend fundraisers for other organizations or individuals? If so, that prospective donor probably has the means to donate to your organization, if properly persuaded.
Consider using analytical software and services, such as Donor Search, to identify which potential donors are more wealthy and more likely to donate.
Remember to think "ABC" when identifying donors: Able to make a gift, Belief (known or potential) in your cause, and Contact/Connection with your organization.
2. Get to know your donors. If your organization has dealt with donors in the past, you or a colleague will probably know what strategies work best in making your appeal. Some people want to know how the money from last year was spent, while others may simply want to know how much is needed. Certain donors may have fears or reservations about donating, and it's important to learn to recognize those fears/reservations so you can address them in advance.
Some donors may need to hear particular terms or phrases in order to be persuaded to donate. If you know this to be the case, make some indication of this on your list so that when you call or approach that person, you'll know what to say.
Any time a donor seems reluctant to give but gives anyway, make a note of that situation on your list or in that donor's file (if you have one). Listen to what the individual says when he or she is reluctant, and try to find ways to assuage those fears - not just for this year's fundraiser, but for future years as well.
Be aware that many well-known philanthropists hire other individuals to manage donations and contributions. Because of this, you may not get to speak to the actual donor himself/herself. However, the employees hired by a philanthropist probably have the same concerns that the philanthropist does, and you may have some luck appealing to the philanthropist's interests through his or her employees.
3. Find ways to present your organization. People who have donated to your organization will no doubt be familiar with who you are (as an organization) and what you do. But what about people who have never donated before? How will you describe what you do to an outsider? This is important, as it may determine whether the individual will listen to the rest of your pitch. If possible, try to compile some data on what your organization has done in the past, the problems you hope to address after this fundraising drive, and how that prospective donation would help your cause.
Try to present your organization in a way that both explains what you do while also highlighting the issue you seek to change. For example, you might say something like, "Did you know that [the issue your organization addresses] affects a significant portion of the city, and we are the only organization solely committed to addressing these issues in a comprehensive way?"
It's not a requirement to have data compiled, but for individuals who aren't familiar with your organization, it may be very helpful to know that information.
Consider printing out a brochure or having a reusable chart to illustrate both the improvements you've made and the improvements you hope to make.
Think about what you might say if someone doesn't understand your organization's goals, or what you might say if someone was dismissive of your organization. Try putting yourself in those shoes - imagining that you were someone who didn't want to help the organization - and what you might say to the organization. Then imagine how you might respond to hearing those words.
The better your donor base understands your organization - and the better you understand your donors - the more likely you'll be to build a long-term relationship with that donor.
4. Practice your appeal. One of the best things you can do to strengthen your appeal for donations is to practice what you're going to say. That doesn't just mean knowing how to actually ask for money, but also knowing how to initiate the conversation, practicing scenarios, anticipating potential responses, and knowing how to direct (or re-direct) the conversation.
Remember that the best appeal will educate the potential donor, rather than making a simple sales pitch.
Practice your appeal out loud. Get comfortable with the speech, and learn to adapt it to your own style of speaking. Make it your own speech, and try to make it feel comfortable and unrehearsed (even though this may take a lot of rehearsal).
Practice in front of a mirror if you will be interacting with donors face-to-face.
Try recording yourself, either with a tape recorder or on video, and study your mannerisms and your speech patterns. Does it sound honest? Do your vocal patterns and your physical mannerisms communicate the message of your organization, and the urgency of what you're trying to solve?

Part 2 Asking for Donations.
1. Start a conversation. Don't just call and start running in with your pitch. Work on creating a dialogue with the potential donor, which may mean making some polite small talk at the start. It can be as simple as asking the person how his or her day is going. Anything to start a conversation should help disarm the individual, and make the person realize that you're a caring and concerned member of the community.
If the prospective donor is a known philanthropist, he or she may prefer to have someone who heads the foundation ask for a donation. Statistically, donors are more likely to give money to a recognizable figure affiliated with an organization, rather than to a fundraiser who contacts them on the organization's behalf.
Initiate the conversation by getting the prospective donor to acknowledge an existing problem. If you're raising money for a local organization, you might open the conversation by asking what he or she thinks is the greatest crisis facing your region.
2. Make your intentions known. You shouldn't just introduce yourself by asking for money, but you should make your intentions known near the end of your small talk. Start by asking how the person is doing, or commenting on the weather, and then use that as a lead-in to say, "I'm working with _______, and we're trying to help _______ be able to ________."
If the individual feels like you're just having an aimless conversation and then suddenly he or she is asked for money, it may create tension and cause the person to feel like you're shaking them down. Be calm, friendly, and casual, but don't drag your feet about making it clear that you have a purpose.
3. Let the other person speak. Chances are, if you launch into your usual appeal to a person on the street who's never donated before, that person will walk away. But if you have created a dialogue, and made room for the other person to speak, you may be able to get that individual to feel engaged and a part of the solution.
Try asking a Question : . Say something like, "What do you think is the biggest problem our community faces?" Once the person has answered, instead of simply saying, "Yes, you're right. Will you consider donating?" try a more nuanced approach. After the person says what he or she sees as the problem, just say, "How interesting!" and keep silent while remaining interested.
People fear silence, and the person will probably fill that gap by elaborating on why that issue is important. That potential donor may go on to talk about how a family member has been affected by those issues. This gives you an in to take the specific concern he/she has and run with it. It's no longer an abstract concern, but a specific problem that may have affected the individual personally.
4. Make a specific request. If you leave a donation appeal open-ended, the person may not end up donating, or may only give a few dollars. But if you ask for a specific amount, it takes a lot of guess work out of the equation for that individual, and makes it easier to commit to your request. For example, if the person seems interested, say something like, "Well, we can make a difference. For just _____ dollars, you can help accomplish ___________."
Another way to ask for a specific amount is to put the ball in their court. Ask something like, "Would you consider a gift of _____?" or "Is ______ something you'd be willing to consider to help tackle the problem of __________?"
5. Be persistent. Many people will say no right off the bat, but others may simply need to be persuaded a bit more. Perhaps someone might say that the amount you requested is too high. If that happens, let the person know that any donation amount would be a big help, and ask if there's a slightly lower amount that the person would be willing/able to donate.
Don't be aggressive with your appeal, but do be insistent that your cause is worthy and that any donation amount would help that cause.
6. Thank the person either way. If the individual is willing to donate, then it's cause for celebration. You can thank the person and let him or her know that that donation will go a long way towards solving or addressing the issue at hand. But even if the person is not interested in donating, you should still be polite and appreciative of their time. Simply say, "Well, thank you for your time and have a wonderful day."
Expressing gratitude and courtesy can go a long way. Just because someone isn't interested in donating, that doesn't mean the situation won't change. Perhaps next year the people who said no will have heard or read more about your organization, or perhaps the individual will have been personally affected by the issue you're seeking to address. Making a good impression now, even when turned down, may be what helps you get a donation next year.
7. Follow up with donors. If someone gave a donation, you should absolutely express gratitude. Send the donor a thank-you letter and a gift receipt (in case they want to write it off on their taxes or simply have a record of the donation). It's best to send these items as quickly as possible so that the donor knows that the contribution was greatly appreciated and will be put to good use.

Community Q&A.

Question : How do I ask a rich person for 50,000 dollars?
Answer : Follow the instructions listed in the article above. However, they will likely say no.
Question : How can I get money if I need it urgently?
Answer : Get a job, start a blog, make something, or ask for a small loan.
Question : How can I get help with my power bills and the foreclosure on my house?
Answer : There are probably social services nearby that can help.
Question : How can I raise money for my wedding?
Answer : Ask friends and family members if they are willing to pitch in some money to help fund your marriage. In return, send them invitations.
Question : How can I find money for my daughter's marriage?
Answer : Loans, relatives, friends, or you could try planning a wedding that won't cost you much!
Question : Where can you apply for a small business loan with bad credit?
Answer : You can try becoming a member of a credit union and try for a loan there.
Question : How do I ask for money if I am about to be homeless with an autistic son?
Answer : Ask family and friends, and tell them your situation. Look for government programs that can help, and depending on the age of your son, you may be able to get financial help for him. You can also ask family and friends if the two of you can stay with them while you get back on your feet. That way, you have an address while you look for a job.
Question : I need a loan to deal with a parent's sickness, what can I do?
Answer : Loans are not the only solution to sickness, there are organizations that provide affordable medical care. Search for these in your area. You might also consider launching a donation campaign through Kickstarter or another fundraising website.
Question : How can someone fund me to help me spread the word of God?
Answer : Try doing a simple fundraiser, like a lemonade stand or a car wash.

Tips.

Many people are more motivated to help you with money if they sympathize with your goals or interests. Try to tailor your appeal to each individual donor, based on how that donor seems to respond to the issues you address.
Always send a thank-you note to your donors, regardless of how much they sent you.

July 02, 2020

How to Find a Good Real Estate Agent.

How to Find a Good Real Estate Agent.

Whether you're buying or selling a property, a quality real estate agent is vital to make the process run smoothly. Seek out an agent with excellent credentials and references. Meet with a handful of agents to make sure any Question : s you have are answered. Watch out for potential red flags. Agents who charge very low costs or only work part-time may not be reliable.

Part 1 Finding an Agent with the Right Credentials.
1. Look for someone who does at least 1 or 2 transactions every month. When reviewing an agent's credentials, look for someone who's been working in sales, negotiations, and contracts for at least five years, preferably in real estate or property management. Five years experience and a regular stream of transactions means an agent likely has a good feel for the process and can help find you the best deals.
Agents with less experience can still be a good choice if they know you and the area well, especially if they demonstrate a great work ethic and strong customer service skills.
2. Find someone who works in your area. The agent you work with should know the area in which you're looking to buy or sell. Agents who live and work in your area will be aware of the best neighborhoods and trends regarding prices. A local agent will also know small details, like where the best schools are, commute times, and so on.
3. Check the agent's license. Obviously, you want an agent who's properly licensed. Every state should have a list of licensed agents online. While making a list of agents to contact, check to ensure every agent you interview has a legal license to buy and sell real estate in your state. You can also see the continuing education classes they are taking which will help you to know what their focus is.
4. Look for awards and honors to help narrow your choices. Check a real estate's website and resume for awards, honors, and other signs of recognition. Things like a "Realtor of the Year" award can be a sign of a quality agent who's likely to exceed your personal needs. However, realize that it may also indicate a very busy Realtor who may not be the right choice if you'd like more individual attention and you may need to base your decision on other indicators.
5. Ask friends and family members for referrals. If you know someone who recently bought or sold a home, reach out to them. Friends and family members are likely to give you honest assessments of their experience with a particular agent.
However, be cautious about choosing an agent ONLY because a friend or family member recommended them. Your real estate needs and what you desire in a Realtor may be different so make sure you understand what exactly your friends or family's objectives were and what specifically they liked about their Realtor. Ask about any hesitations the person has recommending the agent as well. This way, you'll get a sense if the agent has any major flaws that would be a deal breaker for you.

Part 2 Interviewing Real Estate Agents.
1. Ask how long they've been in business. When interviewing a real estate agent, one of the first Question : s to ask is how long they've been handling sales, contracts and negotiations for clients. They should be able to answer the Question :  quickly and accurately. Remember, while five years of experience is ideal, someone with less experience who otherwise meets your needs may still work if you've developed a good rapport with them.
Also, ask how long the agent's been working in your area. Even better, ask if they live near the area. An agent with extensive experience may not be the best choice if they are not familiar with your particular area.
2. Ask if they work alone or in a team. Agents who work alone are best if you want a lot of personal contact with the agent. Agents who work on a team are good if you like the idea of specialists for each step. The agent you hire may actually be a team leader who will then introduce you to a transaction coordinator, assistant, or buyer's agent who will handle those parts of the transaction.
Agents who work alone are more likely to walk you through each step themselves and more likely to reach out frequently by phone or even in person.
3. Ask about any planned vacations or other commitments. Real estate often requires quick action and response time. If a Realtor has a vacation planned soon or some other commitment that might interfere with their availability, you need to decide whether this will affect you buying or selling a property. Make sure they have someone to help you out if they will have an extended absence.
4. Ask about what other properties they've sold. In addition to looking at current properties online, have the agent show you some of the other properties they've sold. Make sure these properties are similar to what you're looking to buy or sell. It's vital to pick an agent who works with the right properties for your needs. If the agent is typically used to working at a higher, or lower, price point, they may not understand your particular transaction as well.
If you're selling a home, ask where the home will be featured. The main places you'll need to be is on the MLS and the big online sites (Realtor.com, Zillow, Trulia, etc...). Other sites, including the agent's personal website aren't as important. Also, beware of an agent who wants to keep your house off the MLS for any reason. Unless you are selling a luxury home, the MLS is where most buyers, and their agents, are. "Pocket" listings or similar are generally suggested when an agent wants to market your house first to their own investor clients or to others in their brokerage, but limiting the exposure is almost never a good option for you as a seller.
5. Contact their recent clients. Ask for a list of references after meeting with an agent. A quality agent will not hesitate to hand you a list of recent clients for you to call to ask about their experience. Call a few references for every agent you interview to make sure they have stellar reviews. Don't put too much stock in online reviews. Most people will give a 5 star review in exchange for a Starbucks gift card and a single bad review may not tell the whole story (ask the agent if you're concerned).
6. Make sure you get along with the agent. Chemistry is important in real estate. If you're working with someone who you don't get along with, this can cause unnecessary tension during an already stressful process. Make sure you click with the agent and feel comfortable in their presence.

Part 3 Watching for Red Flags.
1. Avoid agents who don't answer their phone or return calls. A good real estate agent considers their work a full-time job and knows that weekends and evenings can be the busiest times. In real estate, every day is a "business day" and if crucial items come up on evenings or weekends, you need an agent whom you can reach. An agent who isn't available throughout the day may not be your best option.
If an agent does not answer during "regular business hours," you may have an agent who is doing real estate on the side. Their "day job" may not allow them to give you the attention you deserve.
Conversely, an agent who doesn't answer evening or weekend calls, or worse yet, has a voicemail that states anything about "the next business day," may not be available when you need them.
2. Stay away from agents who don't know the area. If an agent does not work in your area, or cannot readily provide information about the area, this is a bad sign. A quality agent should be able to quickly rattle off things like neighborhoods, general price ranges, nearby businesses, and so on. If an agent cannot provide specific details about an area, you may want to find someone who knows it better.
3. Check that lower commissions don't mean fewer services. Typical commissions are usually between five and seven percent. When agent offers a lower commission, make sure they aren't offering you less service than higher commissioned agents. Before signing a contract, verify that all of their promises are in writing.
When buying, you don't usually have to worry about the commission because the seller generally pays both sides (buyer and seller) so focus instead on customer service and contract knowledge.

Community Q&A

Question : I'm looking for a great real estate agent in Bergen County, NJ. How do I find someone who is experienced with contingency, since we are selling and buying?
Answer : Your best option is to ask someone you know for a recommendation. Another option is to drive around your community to see which agents are listed on for sale signs so that you can contact them. You can also search for agents online. Ask your potential agents if they have experience working with buyers who are also selling a home. Finally, ask them for references from previous clients who've gone through the same process.
Question : I'm a first-time home buyer. What should I expect from a realtor, other than finding me a home?
Answer : First-time home buyers have some special benefits when buying a home. Your agent should spend time reviewing these, your needs and wants, and discussing your financial strength (down payment, deposit money, the closing cost, etc). On top of that, you have to consider property taxes and home insurance. Once you're comfortable, you'll be referred to a mortgage broker, if you don't already have one. Once you get pre-approval, the search for the home with the best fit for your finances and needs will begin.
Question : How do you tell an agent you do not want their services any longer?
Answer : Let them know over the phone you want to go with a different agent. Thank them for their time, but explain to them it's simply not working out.
Question : My realtor agent is being really pushy. How can I tell if they are only in it for the money?
Answer : A pushy agent is usually a bad sign. A good agent will want you to have a good experience renting from them and will be willing to give you time to think it over.
Question : How much does a real estate agent cost?
Answer : If you are listing your property then the listing agent charges a percentage commission to list, market and advertise, show, and negotiate through the process of selling your home. If you are a buyer looking for a home with a buyer's agent, you don't pay your real estate agent directly. The buyer's agent receives their commission through the seller's transaction for getting a buyer for their home which is based on the percentage set by the listing agent.
Question : How can I get a 3-month contract for selling my home? It is hard to find anyone willing to work hard enough to do this?
Question : Answer : The length of listing agreement is negotiable between you and the real estate brokerage. Since you are the owner and you are the one who is hiring and paying, it should be your decision as to how long you want to be in agreement. However, allow sufficient time to market your property and get you good price. If your realtor is not doing as agreed or if you are not satisfied (obviously some solid reasons for that), you can always cancel or terminate your listing. Some agents only suspend your listing, hoping to win back your listing. Insist for getting it terminated and find the right agent.
Question : Is it advisable to use the same agent to sell your home as well as buy a home?
Answer : It can be a big benefit because your listing agent will have all of the necessary information to keep the buying side of the new home going along smoothly. A lot of agents who have a seller who is also buying with them will negotiate their commission differently since they will be getting paid on two sides.

Tips.

If the Realtor has an assistant, this could mean they'll have more time to focus on your needs rather than paperwork. However, make sure that the assistant won't be undertaking work that you expect to have done by your agent.

July 02, 2020

How to Start an Investment Club

How to Start an Investment Club.

If you're interested in investing but don't want to go at it alone, you can join an investment club or even start one of your own. An investment club consists of members who study stocks, bonds and other investments. The goal is to have each member take an industry and report to the group why they think it is a great investment. Knowledge is power, and wisdom from many helps assure success. Many times they will pool their money together in order to make joint investment decisions. It's a great way to give and get wisdom. Working with others will help you and others make intelligent investment decisions.

Part 1 Getting Your Club Together.
1. Find potential members for your club. They can be local, so you can meet in person, or they can live far away, and you can meet online. Aim for a club with 10 to 15 members, but anything from six to 20 is workable. When you have fewer people you might have trouble getting enough funds together to invest (some investments favor the larger investor). However, with a large group, both maintaining high-quality discussions and finding a place to meet become concerns.
Spread the word. Tell family, friends, and co-workers about your club-in-the-making. Put together a flyer describing what you have in mind, and pass it out, post it on message boards, send it through e-mail, etc.
2. Hold a preliminary meeting. Get together with the people who are interested, provide snacks and refreshments, and discuss the formation of a club.
Define goals. Are people more interested in the club for its educational value, or for the financial returns? Are they interested in short-term or long-term investing? (Most investment clubs use a buy-and-hold strategy.) Will your members share a general investing philosophy and approach?
Determine how much each member can contribute financially.
If people make different contributions, their returns should be proportional.
You can either pool your investment funds and invest together (a common practice) or invest through individual accounts (self-directed).
Consider starting your club through BetterInvesting.org, an organization that can provide education, support, and online tools and resources for your club.
Determine if your club needs to register with the SEC. You can find more information on the U.S. Securities and Exchange Commission at: https://www.sec.gov/investor/pubs/invclub.htm
3. Gauge member interest level. In other words, decide whether you really want to invest with these people. An investment club will involve significant risk for those involved. The risks, and consequently the rewards, are shared among all members. This means that everyone involved should be equally interested and participate similarly. Be on the lookout for red flags among your potential members. For example, consider carefully members that might.
4. Hold an organizational meeting to iron out the details. Have another get-together with the people who are still interested to discuss and implement the club's policy and organization. The first step should be to decide on an official name for your group. Next you'll want to decide when and where to meet (a living room, library, church, or coffeehouse, depending on the size of the group). Meetings should last an hour or two. After defining these basic rules, consider also doing the following.
Defining and appointing roles within the club (president, secretary, treasurer, investor). What are their responsibilities? The terms should be one or two years, and the treasurer should have an assistant who can move up later.
Writing out how the club will manage payouts, divestiture (reducing assets or investments), or dissolution.
Laying out the policies on gaining new members and figuring out what happens when a member wants to leave the club.
5. File the necessary paperwork. In order to pool your money and invest together, you will need to incorporate your investment club into what is known as a general partnership. You will have to write out the rules of this partnership and its operation and have each member sign it once you all agree.
You should also write a club operating agreement. This would outline all the policies discussed in the previous meeting and should be signed by everyone in the group (as well as others who may join later). There are sample contracts and agreements available online and in books.
To pay taxes, you also have to apply with the IRS for an Employer Identification Number (EIN) and file a "Certificate of Conducting Business as Partners" form with a local jurisdiction (such as a Secretary of State office). Contact your local jurisdiction (city, county, or state) for more information.

Part 2 Investing with Your Club
1. Open a brokerage account or bank account. Most clubs start with both a checking and a brokerage account. Choose a broker who suits your needs (full-service, discount, or online). A full-service broker will provide advice and may attend a few meetings, while a discount or online broker will leave you to your own devices. Many investment clubs end up choosing the latter.
2. Develop an educational agenda. In most cases, investment clubs are formed by people who are still learning about investing. Not everyone is on the same page in terms of his knowledge base. Ask each member what big Question : s they have about investing. Having them submit Question : s anonymously is a good option. Choose the topics you feel should be addressed as a group. Make a "syllabus" and decide who will be doing the research and presenting the topic to the group.
You may also wish to provide a list of good, reliable sources for research. In general, you should stick to reputable financial news services and online investing encyclopedias.
3. Research potential first investments. After a period of time, when contributions to the club have been made by group members, you're ready to start looking at first investments. Have each club member research potential asset purchases like stocks, mutual funds, or investment properties and defend her choices with research. Then, you can have the group vote on their favorite choices and determine how much money to allocate to each.
Remember to keep some of your initial money uninvested in case the market presents an opportunity.
4. Invest as a group. Finalize your choices for your first investment and take the plunge. As your club continues operating, evaluate new and old investments during your regular meetings. These will typically be held once a month, although market conditions may dictate more frequent gatherings. In these meetings you should also:
Review club finances (overall gains or losses, individual investment progress and cash balance available for investment).
Make sure you have designated a single, trustworthy member who has the authority to buy and sell on behalf of the club.
5. Have fun. Celebrate your victories and commiserate your losses. This is one of the biggest reasons people join investment clubs. You could even set aside some of your gains for group outings or events. The idea is to keep everyone entertained and involved in the group so that they keep contributing funds each month and don't get bored over time.

Community Q&A.

Question : Can a group of my friends start a club where we focus on trading Futures contracts?
Answer : Yes, you can focus on any sort of investment you like. Find a full-service broker who's very experienced in that area unless you know what you're doing, in which case you can use an online brokerage.
Question : I have an existing Investment Club of 20 years and now our broker is asking for an updated membership list. We have had numerous changes in membership that we have not made officially through our by-laws. What should we do?
Answer : It is not necessary for your by-laws to list your members by name. It's a good idea, however, to keep a current membership list. Let it include identifying information such as Social Security numbers. Share that list with your broker. He may be required by law to have that information on file. If your club has a secretary or treasurer, it can be that person's responsibility to keep your membership list current along with all individual contributions and earnings.
Question : Can whole life insurance be a viable investment tool for investment clubs?
Answer : No. Life insurance could potentially be a decent investment for an individual but not for a group.
Question : We are forming an investment club for stocks, real estate, etc. How do we register and what type of account do we need?
Answer : "Registration" is not necessary. You are simply private parties making private investments. If you'll be making group purchases, you'll want a checking account for the club, as well as trading accounts with one or more brokerages. (You don't have to work exclusively with one broker.)
Question : Why, when we leave the investment club, do we only get 95% of our money?
Answer : Read the by-laws of your club. There may be a provision stating that the club retains 5% of your money for maintenance purposes.
Question : In this era where investing in stocks is highly risky, what other investment windows would you advise?
Answer : Bonds are usually considered to be less risky than stocks. You can invest in certain mutual funds that own an array of bonds. Some mutual funds invest mainly in stocks, and that's a way of diversifying your stock investment and taking on less risk. Money-market instruments such as certificates of deposit (CDs) are safe investments, but they don't pay very much interest. Unfortunately, that's usually the case: the safer the investment, the less it's likely to pay you.
Question : There are six of us. We want to pull our funds together each month and ultimately invest it. Would we need to register our group as a limited partnership the state's secretary of state office?
Answer : Probably a general partnership. Re-read Part 1, Step 5 above.
Question : Are we limited as a group to investing in stocks, bonds and real estate? Can we also invest in things like buying and selling cars, boats, auctioned-off storage units, estate sales, etc.?
Answer : A club is free to choose its own investments without restrictions.
Question : How should the profits be shared among the club members?
Answer : Profits are commonly shared in direct proportion to the amount of each member's investment, but you can agree on other arrangements if you like, such as recognizing certain members' investing prowess or willingness to do administrative work on the club's behalf.

Tips.

Don't invest immediately. Give the group a couple of months to deposit money. This will weed out those who aren't really committed to the club or who can't afford it.
When an investment goes wrong, keep your pointing finger to yourself. Use the experience to learn what not to do. Go back to the drawing board and change things if need be.
Trust has to be established for the club to be effective.
Limit investments to cash with no leverage. If margin accounts are used, every partner may be liable for the full debt.

Warnings.

Make sure that everyone understands that they might not make money and could actually lose money. Not all investments are profitable. If they were, everyone would be doing it.
Proper planning, a supportive group, and an understanding leader are vital in promoting cohesion and optimism within the group
Some members may be tempted to embezzle funds. This is why having an operating agreement and ironing out the details is important. So is your choice of club officers.
Be ready for the fact that your group will experience emotional highs and lows in the course of investing their hard-earned money.

July 02, 2020

How to Write a Marketing Report

How to Write a Marketing Report.

Your business may spend a large amount of time and money on marketing. A smart business owner needs to assess how well their marketing plans are working. Specifically, your marketing efforts should get the attention of prospects. Eventually, a percentage of those prospects should become clients. You can perform market research to ask your clients about the effectiveness of your marketing message. Companies summarize the results of their research in a marketing report. Use the results of the report to make improvements in your business.

Part 1 Evaluating Your Marketing Efforts.
1. Consider why you should perform market research and write a report. What information is important to you? What will you do with the marketing report after it is created? This process requires an investment of time and expense. Make sure that you have a clear plan for using the information that you collect.
Market research is the process of evaluating how well your marketing efforts are working. Specifically, does your marketing get the attention and interest of prospects? Are you converting enough of those prospects into clients?
2. Identify your customer. Before you can identify your customer's need or problem, you must identify your target or typical customer. Your target audience is the specific customer profile your are trying to reach. This could be people of a certain gender, age, profession, interest set, group, or any other quality that you think makes a customer want to buy your product. In other words, these are the people who are most likely to buy your product and the people that you tailor your marketing to.
The more specific you can be about the identity of your customer, the better you can address their needs. Ask yourself, "Who am I targeting with this product?" and "What do they want?"
Look at your current customers. What's the average age? Gender? Education level? Personality? Lifestyle? Hobby? Occupation? Marriage status? Values?
3. Evaluate your customer’s problem. Consumers buy products to solve a specific problem. Your customers will only buy when they feel that solving the problem is urgent.
For example, based on customer surveys and your industry knowledge, you uncover a customer problem. In this case, customers are losing time working or studying when their cell phone dies. If they forget their charger, they may lose hours of productivity.
4. Detail your solution to the customer's problem. Think about how exactly you went about responding to the customer's problem. Why did you solve it that way? What make you think about the problem in this way? What exactly does your product or solution do or include?
For example, to solve the problem of dying cell phones, you create a phone charger built into a backpack. Your customers use backpacks to store computers and other work or school items. As a result, the worker or student can always charge their phone.
5. Determine how well your product solves your customer's problem. Figure out whether or not your product has reduced the impact of the problem you saw. This is also a good place to determine whether or not your problem needed solving in the first place. If sales are consistently low, this may be a sign that your solution was unnecessary.
Over time, more customers buy your backpack and like using the built-in phone charger. These clients also believe that your product is different and better than competing products. You are building brand equity with your customers. To find out more about brand equity, see how to build brand equity.
6. Identify your competitive advantage. Examine your competitors' products and how the solutions that they provide differ from your solution. In other words, look at what your product is able to provide to customers that your competitors' products cannot. What makes your product unique and better? The goal here is to identify a competitive advantage and focus on that advantage with marketing efforts. If this advantage can be sustained, it will lead to higher sales and greater customer retention.
7. Examine how you currently market your product. The idea of market research is to understand how you market now and how well clients respond. Analyze the steps you currently take to market your product.[6] For example, if you market your product online, you may be using some of the following strategies:
You continually add blog posts, articles and other content to your website. Adding content drives traffic to your site. Your content also keeps a percentage of your audience coming back for new content.
Your site offers an opt-in button for readers to subscribe to additional content that is emailed to them. This group gets a weekly email from you with new content links.
You have an attractive home page that includes a picture of someone using your backpack phone charger. The site allows the user to easily navigate to your content page and to web pages with product information.
You provide an e-commerce option for customers. Clients can buy your product online and receive their backpack in just 2-3 business days.
This should also include information about the sales channels used, like online, bricks & mortar, types of retailers, etc. Analyze how well your product is doing in each of these channels.
8. Evaluate the effectiveness of your marketing. Is marketing doing a good job of getting your product information to potential customers? If you are using blog posts or articles, are they actually being read? Determine if your marketing efforts are actually leading to traffic to your website and then if this traffic is converting into sales. If not, you may want to include ideas for a revised marketing strategy in your marketing report.
Note your market share compared to competitors and market share trends. Are you gaining market share, losing it, or holding your own?
For more on market share, see how to calculate market share.
9. Summarize your findings for your marketing report. The results of your market research should be compiled and detailed in a market report. A market report includes a 1-2 page executive summary and a longer detailed report section.
Your report should include such items as definition of the market size, competitors and their marketing size, as well as estimates of market share.
You can use the market report to make changes to your marketing process. These changes can help you get more business from the time and money you spend on marketing.

Part 2 Writing Your Executive Summary.
1. Think about the purpose of an executive summary. You need to provide a one page, or at most two page, summary of the results of your marketing research. Be sure to hit all of the major points of the rest of your report in this summary. Many people will read the summary first, to get a quick overview of your results.
The summary should include specific, numeric details from the rest of your report. These details should be condensed into bullet points and made prominent on the report.
2. Describe your company. The summary should provide a basic account of what your company does, where it is located, what type of employees (if any) you have, and any other organizational details. Also describe your products and goals for your future products or sales.
For example, if your backpack charging company had plans to expand into purse chargers or another similar product line, include these plans in your summary.
This should also include the sales channels being used by your business, as well as competitors and their sales channels. Are you different? Why? If not, do you have a competitive advantage that can be exploited in your marketing and sales efforts?
3. Detail the objective of your research. Your report should specify what exactly you were trying to determine in your marketing research. This could be whether or not your marketing was effective in content, whether or not it reached the right audience, whether or not it properly informed customers about your product, or any other determination you wished to make.
4. Evaluate how well you are reaching your intended audience. Typically, the objective of your market research is to assess how well you are convincing people in your target audience to buy your product. You need to be making sure that you're reaching an audience that will actually be purchasing your product. If you're not doing so, explain why you think this is the case and offer suggestions for different courses of action.
For example, you could be examining how well advertisements for your backpack are reaching college students, as they would be a likely audience for your product. If your ads are primarily reaching adults, who don't generally carry backpacks, this would be an issue to raise in your evaluation.
5. Display marketing conversion data. This figure represents how many potential customers or visitors to your website actually purchased a product. This can be evaluated with site traffic counters. If this number is particularly low, you should offer explanations as to why this might be the case and how you can improve on it.
For example, if only 1 in 20 of your site's visitors actually buy one of your backpacks, you may want to reconsider the design of your websites, the ease of purchase, or the price of your product.
6. Admit any data collection difficulties or incomplete sections. Your executive summary should also include a section where you explain whether or not you had any difficulty attaining the data within. This could help explain incomplete or omitted sections or topics. Sometimes, there's no way to obtain a certain set of data reliably. If this is the case, explain why it is so in your summary.

Part 3 Completing Your Marketing Report.
1. Forecast future trends. Rather than just analyzing the effectiveness of past marketing techniques, you should also look at how effective these campaigns will be in the future. Explain any factors that you think might come into play. This can include more people coming online, more traffic coming to links to your website, or any other trends that you think might help or hurt your marketing techniques.
You should also consider the fact that other competitors will arise if you are successful. Significant returns attract more competition, so if you don't have direct competitors now, rest assured that you will in the future. Have a plan in place to sustain your competitive advantage in spite of new entrants to the market.
For example, perhaps you perceive that college students may be carrying backpacks less often as they switch to an all-digital education. You could remark on how this will hurt your business and explain how you will respond to it.
2. Calculate marketing return on investment. It's also important to know if the money you're spending on advertising is increasing your revenue enough to make it worth it. Simply total your expenditures on certain marketing campaigns and compare that to how much your sales have (or have not) increased in the time since beginning those campaigns. Keep in mind that there may be a significant delay between implementing your marketing campaign and the resulting bump in sales. Consider the value you are getting for spending your money on advertising.
3. Conduct surveys and compile the results. You can conduct surveys on your website or by using a email marketing campaign. You can also get information from focus groups. Your focus group should include people in your target audience.
To get the most out of your focus group, carefully plan the exact series of Question : s you want to ask. Your marketing report should include the Question : s you ask and why those Question : s are important to you.
In your survey or focus group, ask people how they first heard about your product. If you’re the backpack company, you might determine that most customers find you when they read a blog post or article that is posted to your site.
Document the results of both your surveys and your focus groups. Your report should provide both Question : s and responses. Give the reader the percentage of each type of response. For example, maybe 40% of respondents first learned about the backpack company by finding a blog post or article that was posted on the website.
Your qualitative research (survey and focus group Question : s) may be 5 to 10 pages of your report. The responses to those Question : s will also be 5 to 10 pages of material.
4. Use your marketing report to make changes in your business. The purpose of your market research is to find out what is working and where you need to improve. If you can make the right changes, you can market more effectively without increasing your marketing budget.
Evaluate the extent to which your customers view your product as different and better than the competition. If they don’t see a difference, dig into their responses and find out why.
Say, for example, that most clients see you backpack and built-in phone charger as about the same as a competitor’s product. In fact, your phone charger includes a reinforced case that makes your charger much more durable.
Decide on some conclusions. You conclude, for example, that your website needs to emphasize that your phone charger case is much more durable than the competition.
You decide to make changes to your website and your other marketing communication pieces. After a period of time, you can assess these changes to see how they have impacted your market share. Perform more market research to evaluate the impact of your changes.

Community Q&A.

Question : How many pages must my market research consists of and what should be on those pages?
Answer : There is no set length for a market research report. However, your research should be in depth, covering every conceivable aspect of your target audience and the market for products of your type. For example, your report should include such items as a definition of the market size, competitors and their market size, as well as estimates of market share.
Question : How do I write my market research?
Answer : Market research should be summarized in an easily digestible way. For example, you can show percentages of demographic groups or interests in a certain area or a pie chart showing the percentage of a certain group that has an interest that pertains to your product. The longer section of your market report should contain all of the results of your research, organized neatly.
Question : How should I market a new product?
Answer : Your first step is to identify your potential customers. Who will be interested in your product? How many of these people will actually purchase it? Narrow your target audience. Then, tailor your advertisements to this group. Place ads in magazines, newspapers, and on websites you think they are interested in. If your plan doesn't seem to be working after a few months, take time to reassess your target.
Question : How should I handle difficult customers?
Answer : Empathize! The best way to serve any customer well is to switch roles. This mean you should assume the position of a difficult customer and think of the way you would want to be attended to, this way you will be able to serve any kind of customer.

June 25, 2020

How to Set up a Fundraising Event

How to Set up a Fundraising Event.

Whether you want to get involved in activism or you need to raise money for a cause close to you, a fundraising event is a fun and effective way to do it. Choose a cause and an event type, then find somewhere to hold the event. Schedule the event and organize all the necessary supplies, services, and staff so you have the logistics taken care of. Market the fundraiser and sell tickets to get people to actually come. On the day of the event, make sure to set up for the fundraiser well in advance to ensure it runs smoothly. Soon enough, you’ll be raising money for something important to you and helping out others!

Part 1 Choosing an Event Type.
1. Define the cause of your fundraising event. Choose a cause or issue that is important to you if you want to raise money for a charitable cause. Write down the reasons you want to raise money if it’s a personal cause, such as raising money for your sports team.
For example, you could choose to raise money for the fight against cancer, the humanitarian crisis in Sudan, or the battle against wildfires in Australia. Pick just one important issue at a time to fundraise for to avoid getting overwhelmed.
If you aren’t sure what you want to raise money for, but you know you want to get involved with fundraising, try talking to organizations in your community. Homeless shelters, veterans organizations, schools, and libraries often need funding, and you'll make a real impact right there in your own community.
2. Set your fundraising goal. Determine the amount of money you want to net, which is the amount of money you are left with after you subtract expenses, by calculating how much you need or want to raise for the cause. Having this number to work towards will help you plan the rest of the event.
For example, if you are raising money to combat wildfires in Australia, you could set a net goal of $10,000 to donate to charities that help that cause. This means that you want to raise $10,000 for the cause plus enough to cover the expenses of the fundraising event.
If you are raising money for something like a sports team, you can calculate how much money you need for things like new equipment or travel expenses to help you set your goal. If you need $1,000 for new jerseys and $4,000 to travel to a tournament, you would set a net goal of $5,000.
It’s best to be completely transparent with your donors and supporters about where the money you are raising will go.
3. Choose a target audience based on who you think cares about your cause. Think about the purpose of your fundraising event and decide if it will be geared towards a general audience or if it will target a more specific audience, such as friends and family of your sports team members, business people, or parents. This will help you choose the type of event and determine who and how many people to invite.
For example, a big charitable cause, like raising money for children in Sudan, can have a large, more general target audience because it is a world issue rather than a local one.
If you are raising money for a more personal cause, like a pet’s veterinarian bills, it would make more sense to limit the audience to family, friends, and close members of the immediate community who the cause is more relevant to.
4. Create a budget. Make a list of all the things you know you will need to spend money on for the event. Include things like staff, event space, food and drinks, invitations, guest speakers or entertainers, and any other items or services that will cost money.
If you don’t know the exact price of everything you will need to pay for just yet, that’s OK. You can make a spreadsheet with all the expenses listed, then fill it in with the estimated costs of each item as you continue planning.
You may be able to get services, items, and even event space donated by local businesses or organizations. Explain to them that you are hosting a fundraising event for your charity and that they can help a worthy cause and get exposure for their business by donating to your event.
5. Select what type of event to hold based on your audience and budget. Choose to hold something traditional like a car wash, a silent auction, or a dinner if you aren’t feeling too creative. Try something different like a race, a water fight, or a dodgeball tournament if you want to do something more unique and fun.
For example, if you're running a fundraiser to benefit your school's band, you could set up a school bake sale or carnival.
Make sure the event is an experience that is fun to participate in. You could have guest speakers, a band, activities after dinner, or anything else you can come up with that will keep guests entertained and engaged. Get creative!
When you’re brainstorming ideas for the event, you can choose between service-based events, like car washes, and competition-based events, like sports tournaments.
Tip: Remember to consider the purpose of the fundraiser, your budget, and the target audience when choosing what type of event to host. For instance, you wouldn’t want to throw a water fight if your target audience is seniors.
6. Find a place to hold the event. Look for large indoor event spaces like schools, wineries, restaurants, or conference centers if your event will be held inside. Search for outdoor spaces like parks or sporting fields if you are hosting an outdoor event.
You could try to find out where other similar events have been held and ask about the availability of those places.

Part 2 Scheduling the Fundraiser.
1. Schedule a date and time. Make sure the space you want to throw the fundraiser in is available on the day and time you want and reserve it. Leave enough time between now and the date of the event for invitees to respond, if applicable.
Don’t schedule your event on the same days as major holidays or other big events to avoid conflicts and maximize the number of attendees.
2. Tour the chosen location’s facilities to plan for the event setup. Make sure there is adequate space and find out what supplies are available to use, if any. Make a map of the space and draw in where different things will go on the day of the event.
For example, if you are hosting a fundraiser at an event space like a conference center, they probably have things like microphones, sound systems, and other electronics available to borrow or rent.
If you’re hosting an outdoor fundraiser, make sure you plan out where things like parking and concession booths will be.
3. Notify the proper authorities and complete any required paperwork. Research online or talk to other people who have hosted fundraisers in your area to find out what permits are necessary. Fill out any required paperwork and pay any fees to ensure your event is legal and avoid any fines or other problems.
For example, if you are holding a raffle, you may need to speak with the gaming authority. If you're selling food, you may need to check with the health department.

Part 3 Organizing the Event.
1. Purchase all the necessary supplies. Refer to your list of items that you made for your budget. Purchase as many supplies as you can ahead of time and make sure you know where to get anything else you need to purchase right before the event.
For example, for a silent auction, you will need things like tables, clipboards, paper, pens, and donated goods and services to auction off.
If you are having a meal at your event, you’ll need things like food, drinks, glasses, plates, and cutlery.
Tip: You can rent larger items that you will only use once, like tables and chairs, from an event supply rental company.
2. Book any services you need for the event. Hire any staff you need, such as security or wait staff. Schedule food service, entertainment, and anything else you need for the fundraiser.
For example, if you want to have live entertainment at the event, book a band in advance. If you want to tightly control entry, hire a security guard to attend the front door. If you are serving food, reserve a team of caterers to supply the food and serve guests.
3. Assemble a team of volunteers to work the event. Talk to friends, family, people you know who support your cause and ask them if they are willing to help out with your fundraiser. Gather enough volunteers to help you with pre-event activities as well as help run the event itself.
The number of volunteers you need depends on how big the event is. You can make a list of all the different roles and responsibilities you want help with to decide how many volunteers you need.
4. Delegate leadership tasks and other responsibilities to your event team. Once you have a team assembled, assign tasks to your team members and make sure everyone understands their particular job or task. Encourage team members to ask Question : s if they're unclear about their assignment or responsibilities.
For example, if you’re holding a silent auction, you might need 1-2 people to help you out with marketing and ticket sales before the event. Then, you might need 1 person to receive donations and handle money on the day of the event, 1 person to direct guests in the parking lot, and 1 person to usher guests to their seats.

Part 4 Marketing the Fundraiser.
1. Promote the fundraising event online. Use social media, email, and possibly a website to market the event. Create pages for the event on Facebook and Instagram to advertise it.
If you’re just doing a one-off fundraiser, it might not make sense to go to the effort of creating a website for the event. However, if you see yourself throwing more, it’s worth it to spend the time and effort on creating at least a basic website that you can use as a landing page with information about the event.
Tip: Ask friends, family, and supporters of your cause to promote the event through their social media channels. You could also try asking local businesses if they would be willing to promote your event through their social media.
2. Do email blasts to all your contacts. Create several emails including an initial announcement and 2-3 follow-up emails advertising the event that include links to all the event’s social media channels and information about how to buy tickets, donate, and attend. Send these emails to all your personal contacts.
You can also ask your friends, family, and supporters to forward or send each email to their contact lists as well to spread the word to more people.
3. Use traditional media to advertise the fundraiser. Take out advertising space in a local newspaper if you can afford it or contact the editorial department to try and get news coverage of the event. Reach out to local radio and TV stations to see if they will give your event news coverage.
You could consider other forms of traditional media, such as posters and flyers, but keep in mind that these methods are not very environmentally friendly. Only use them if you deem it absolutely necessary to get the word out.
4. Pre-sell tickets to the event. Use a free website, such as EventBrite, to sell tickets online. Ask local businesses if they are willing to be points of sale for physical tickets and advertise where the tickets are available as you market the event.
You can offer an “early bird” discount to encourage people to buy early.
You can also offer a group discount to encourage people to tell their friends and book in larger groups.
Consider a VIP Early Access event. For example, if you are hosting a silent auction, you can charge extra for VIP tickets that let holders get in to the auction early and scope out the goods. Or, if you're hosting a benefit concert, you could have a pre-concert meet and greet for VIPs.

Part 5 Preparing Finances.
1. Open a bank account if it is required in your area. In many US states, for example, you must establish a bank account for your charity if you want to receive donations from the public. Do some research online to find out if this is necessary where you live.
Put a name on the account to be sure it is clear for tax purposes. For example, if you are raising funds for a child named Susan Baker, who is getting treatments for cancer, name the account something like the “Susan Baker Donation Fund.”
2. Get a lockbox and change if you plan to receive cash and check donations. Store the cash and checks you receive in the lockbox. Keep change in the lockbox as well or have the person in charge of donations keep change in a fanny pack or cash bag.
If you will receive donations by check, print or write a large, clear sign letting donors know to whom the checks are payable that you can place somewhere visible during the event.
3. Acquire the right equipment if you want to receive credit card payments. Get a credit card machine or a mobile payment device, such as Square, that works with mobile phones if you want to receive payments by card.
Be aware that Square has fees attached and credit card companies take a percentage of each sale as payment.
You can also set up a PayPal account to help you take donations.

Part 6 Setting up and Running the Event.
1. Start setting up the day before or very early on the day of the event. There are always last-minute glitches that cause delays, so make sure you start preparing well in advance of your event's start time. Ask if you can set up the day or night before the event if you are hosting it at an indoor space, or get there first thing in the morning to start setting up on the day of the event to make sure everything goes smoothly.
Try to get a team of volunteers to help set up by asking friends, families, and big supporters of your cause if they are willing to come help you set up.
2. Do a practice run of the event with any event staff after setting up. Make sure everyone knows where they are supposed to be during the event and what their responsibilities are. This will ensure the event runs smoothly and there is no confusion among the helpers.
For example, if there is parking at the event, have one of your helpers practice directing imaginary traffic. If someone will be seating guests, have them rehearse how they will do this.
3. Provide clear instructions for guests. Make sure that attendees know exactly where to go and what the function of each space is. Create signs or handouts with details about the event, such as a timeline and a map.
For example, if you are running a silent auction, make large signs specifying where bids can be taken, where people go to pay, and any other necessary information.
Tip: If you need to provide verbal instructions during the event, make sure to set up a sound system and a microphone and test it out before guests arrive.
4. Put someone in charge of receiving and handling donations. Set up a donations table and assign a volunteer to man the table at all times to collect donations and handle the money. Provide them with a lockbox for cash and checks as well as the equipment needed to take any other forms of payment, such as a credit card machine or Square system.
Make sure that you have someone watching the money and donations table at all times. If the main person in charge needs to get up and go to the bathroom or something, ensure that someone replaces them temporarily.
5. Engage with guests during the event. Be positive and energetic. Ask guests if they are having a good time and if they have any feedback. Let them know how thankful you are for their attendance and generosity.
Think about ways to get guests engaged online, too. For example, you could create a hashtag for the event and ask guests to share their experiences via social media with the hashtag. You could also create an event filter on Instagram and have guests upload pictures using the filter while in attendance.
6. Send thank-yous to supporters and guests after the event is over. Publish general messages of gratitude to supporters, donors, volunteers, and guests on social media as soon as the event is over. Send personalized thank-yous via email to anyone you have the contact info for 1-2 days after the event.
Make sure to include info about how much money you were able to raise and remind everyone what the money will go towards.
Provide any relevant information about how people can continue to support the cause. For example, links to charities that receive ongoing donations for something like world hunger.

Community Q&A.

Question : Can you be too young to host a fundraiser? I am under 13.
Answer : You may need adult help, but you are never too young to do a fundraiser. My daughter did one when she was 8 years old.
Question : What should I write on the flyers?
Answer : You should only write eye-catching key points, such as the name of the events, and what will be offered (Games! Raffles! Food!) etc. Make sure to include the name of who the event is for and the name of who is running it. Possibly include sponsors.
Question : Where can I hold a fundraising event?
Answer : Some options are a local gym, park, church, or community center.
Question : Is selling food a good fundraising event idea?
Answer : Yes, and many organizations have raised needed funds through things like bake sales.
Question : How can I find someone who is a good fundraising planner to plan one for me?
Answer : The internet is usually a good place to start. Make sure to check around and make sure that whoever you're looking at has an established record as a good planner. Feel free to run a quick google search on anything you find. Look for things like customer testimonials and reviews if you can. Remember that the little, less well-known guys are sometimes just as good, so you could try taking a chance.
Question : Can I hold a fundraising event outside?
Answer : Outside events are a great idea as long as the weather is good, and you own the property. If it is on property you don't own, you will need permission from the land owner before you can proceed.
Question : Do I need any legal documents to set up a fundraising event?
Answer : It depends on the specific events that will take place at the fundraiser. For example, if you're holding a raffle or selling 50/50 tickets, you should check with your local gaming authorities. Also, if you're serving or selling liquor, you should look into a liquor license.
Question : What should the decorations be like for a raffle?
Answer : You can put out signs, posters, and other forms of advertisement on the stand you are selling the raffle tickets from. Use lots of color, and, if possible, have the prizes displayed.
Question : Can I hire dancers, musicians and artists for my fundraising project?
Answer : Yes. You have to make sure the performers are appropriate for your event, and make sure you have their payment and any needed materials, supplies or equipment. You may even be able to find some artists willing to donate their time for your cause.
Question : Is it possible to hire volunteers, musicians, dancers, comedians and the like for these events?
Answer : Yes. Ideally, you should try to find entertainers willing to donate their time to support your cause so that you don't spend too much money.

June 25, 2020

How to Deal With Losing Your Wallet

How to Deal With Losing Your Wallet.

Losing your wallet can be frustrating, embarrassing, and, if it falls into the wrong hands, a threat to your finances and your good name. If you cannot quickly locate your lost wallet using sensible search strategies, acting promptly to secure your identity and credit can save you a good deal of aggravation down the road. Consult this article to help take back control of what you’ve lost.

Part 1 Handling a Lost Wallet.
1. Search for 24 hours before canceling credit cards or requesting a new ID. You have 48 hours to report a missing card before you are liable for any charges, so use the time wisely. If you know the card is stolen, move on to the next step immediately.
Search all clothing, bags, and pockets.
Call recent locations, like restaurants and bars.
Search your house systematically, circling from the perimeter of rooms to the middle.
2. Go online and check for any fraudulent charges. Check your bank and credit card accounts online to see if any purchases have been made since the card went missing. If there are charges, this likely indicates the card was stolen.
3. Inform your bank of the missing card. Call your bank and let them know the card is gone. Report any fraudulent charges immediately. Log the date and time of every interaction in case there is a dispute.
4. Cancel any credit or debit cards. Call the institutions involved and request a new card. If you have any alternate copies, cut them up and discard them. You may need to provide bank information to verify your card is missing.
5. Call the major credit bureaus and to request a fraud alert on your credit line. This helps prevent serious changes to your credit score.
6. Apply for a replacement ID. Call, visit, or go online to check your state DMV's policy on new licenses. Many let you get your first replacement online, though it does cost money.
7. Call your insurance company and request a new account number. You should do this for medical, dental, and auto insurance to avoid potential identity theft.
8. Report potentially stolen property to the police. They will let you know if something comes up. Having a police report will also make it much easier to deal with disputes from your bank or credit cards if something goes wrong or your identity is stolen.
You should file a police report online no matter what, providing a paper trail for your bank in a dispute.
9. Photocopy all of your cards and IDs for future reference. It is much, much easier to remedy a lost wallet if you have copies of all the documents and cards. Never carry your Social Security card in your wallet, even a copy.

Part 2 Searching for Your Wallet.
1. Relax, focus, and think. Have you ever gotten angry because you can't find the remote or the Corn Flakes, then gotten even angrier because nobody in your house can put things back where they belong, then eventually calmed down and realized the remote or Corn Flakes are in fact exactly where they belong and you just missed seeing them?
When we panic about losing something, especially something important like a wallet, we lose focus and can easily overlook obvious clues -- or even the item right in front of us.
Take several deep breaths, and try to clear your mind. Try not to think about all the problems you'll have to face if you can't find your wallet. Focus only on the wallet, where it should be, and where it could be. Then begin your true search.
2. Look again in places it would normally be. Your first search was probably increasingly panic-stricken and thus increasingly useless. Now that you are calm, pick out the most obvious spots where your wallet would be -- the pocket of your pants hanging on the chair, your nightstand, your desk at work -- and give a proper search.
Search in proximity to the obvious places as well -- the floor around your nightstand, your other desk drawers / pants pockets, etc.
3. Retrace your steps. Think about the last place you remember having your wallet -- paying for coffee downtown, picking it up from your nightstand, etc. -- and work backwards until reaching that point.
Go through all the clothes you’ve worn in that period of time, and check all the pockets carefully. Be sure to include coats and bags as well.
Working your way back through your routine may help jog your memory, so leave no stone unturned even if it seems an unlikely place to have lost your wallet.
Consider whether someone may have (without bad intent) picked up your wallet -- a curious child? a friend trying to help? Contact anyone who may have had inadvertent contact with your wallet.
4. Call places you visited recently. Did you visit a restaurant, theater, an office, or even a friend’s house? Call and ask if your wallet has turned up.
You may need to describe your wallet. Knowing the name on your ID and credit cards will probably suffice to prove it’s yours, but being able to describe a family photo or ice cream punch card might help as well.
Don’t assume a business will call you if they find your wallet. They might place it in lost and found and forget, or they may have a policy not to call for privacy reasons -- they may not want to disclose where you were without your permission by calling your home.
5. Look carefully in places it would not normally be. Expand your search radius further away from the most likely places your wallet would be -- your whole bedroom, your whole second floor, your whole house.
Pick out high-traffic areas in your home/workplace where you wouldn't usually place your wallet but could have -- the kitchen, the restroom, etc.
Search a room methodically by using a grid search (breaking the room up into small segments and searching each one-by-one), or a spiral search (searching around the perimeter, then working inward to the center).
For more search ideas, see How to Find Lost Objects
6. Assume your wallet is stolen if not found within a day or so. No, don’t call before making a good effort searching for the wallet, because it would be very frustrating to go through the process of canceling cards, etc., only to find it in your jeans pocket. That said, it is better to be safe than sorry if you can’t track down your wallet relatively quickly.
Your liability for purchases made with a stolen debit card begins after 48 hours (at $50), and other lost cards may have deadlines for reporting as well. And even if you are not liable for credit card purchases, it is much easier to stop fraudulent charges before they can happen than deal with them after they do.
Begin making the notifications indicated in the relevant Part of this article.

Part 3 Protecting Your Identity and Finances.
1. Call your bank(s) and report your debit card(s) as missing. Because laws governing debit cards and credit cards are different, you should make this call first and within 48 hours of losing your wallet to protect yourself from fraudulent charges.
If you alert your financial institution within 48 hours, you maximum liability is $50; within 60 days, it is $500; after that, your liability is unlimited if someone is using your card.
Because your debit card is linked to your checking account, and your checking accounts may be linked to other accounts, expect to receive not only a new debit card / number but also new account numbers. You will also need new paper checks.
Keep in mind any automatic payments you may have through your debit card or checking account (phone bill, life insurance premium, etc.). You will need to update the payment information on these when your account number changes.
Yes, this is a hassle, but it is better than having your bank accounts drained and then having to jump through hoops to have your funds restored.
2. Report your credit cards as missing. You don’t actually need to cancel them, which would necessitate applying for cards all over again. By reporting them as missing / stolen, you will get new cards with new numbers but be able to retain your current account status.
You maximum liability for fraudulent credit card charges is $50, and is $0 if you contact the company before the card is used fraudulently, but it is easier to prevent fraudulent purchases before they happen than work to erase them afterward.
Program the customer service numbers for your credit card companies (as well as your banks) in your phone so you can contact them quickly.
Don’t forget store-issued credit cards as well.
3. File a police report for a lost or stolen wallet. No, finding your lost wallet isn’t likely to be their first priority, but making a police report is an important way to protect yourself regardless.
Filing a report creates an official documentary record of the loss and your recovery efforts. This can prove quite valuable for any insurance claims, fraud liability resolution, identity theft problems, or other issues that might arise.
Provide as accurate and detailed an account as possible, with specific time frames and locations. Keep a copy of the report for your records.
4. Call the major credit bureaus to protect your credit rating. In the U.S., contacting one of the three major agencies -- Transunion, Equifax, and Experian -- should suffice, since they are required to share this information, but it can’t hurt to notify all three directly.
A fraud alert will be placed on your accounts, meaning that any attempt to extend further credit will require identity verification.
Anything you can do to avoid the mess of cleaning up damage to your credit score caused by fraud is well worth your time and effort.
There are pay options for fraud monitoring services, sometimes offered through your credit cards, that can alert you immediately of possible fraudulent activity.
5. Replace your lost identity cards. No one looks forward to visiting the Bureau of Motor Vehicles, but you shouldn’t expect the police to buy your story of a lost wallet (and driver’s license) if you are pulled over.
Each U.S. state has its own policies and procedures regarding replacing lost or stolen driver’s licenses, but expect to have to visit in person and pay a replacement fee.
Other ID cards -- school, work, etc. -- will need to be replaced as well.
6. Make a list of everything that was in your wallet. Try to remember as much as you can, and see if you can come up with anything else that needs to be reported or replaced.
Don’t forget about store discount cards or even a library card. These may seem like small potatoes compared to debit and credit cards, but they may permit access to personal information that you don't want in someone else's hands.
Basically, you want to start over from scratch in order to make the contents of your lost wallet as worthless as possible, both financially and in regards to your identity.

Community Q&A.

Question : I have lost my wallet and I am 12, I have looked everywhere. What do I do?
Answer : Don't panic. Keep looking and retrace your steps. If you went anywhere, check to see if your wallet was turned in by someone. If you still can't find it, tell a parent, they will help you replace whatever you had in your wallet (if possible).
Question : How would I find my child's wallet?
Answer : If a child has lost their wallet, retrace their steps until you find it. More likely than not, the child has simply misplaced it. If you still can't find it, you may want to report it missing to the police. Also, if the child had any credit cards inside the wallet, freeze them online immediately.
Question : How do you handle it appropriately if you lost your wallet at school?
Answer : Don't panic. Your first reaction might be that someone stole your wallet, but you should check everywhere before jumping to that conclusion. Check everywhere you might have left it. Pockets, backpack, classrooms, and your locker are all places where you might have left it. Dig deep in that bag! Retrace your steps. When was the last period you remember having your wallet? Go to the room where you remember having it. If it is not there, contact the teacher you had during that period and ask them if they or any students took it to give to you. Go to the lost and found. Ask the Public Safety or Main Office if anyone has brought in a wallet. They will take it from there.
Question : I lost my purse, but I believe it was stolen. Is there a possibility of finding it?
Answer : The chances of finding it are very low. Someone probably has seen it and taken it. Still, try checking if it's been handed in.
Question : What should I do if a customer's wallet was found, but returned with missing cash?
Answer : You are not responsible for missing cash.
Question : My wallet was stolen; it had all my identification in it including my social security card. What do I need to do to get the DMV to issue me another ID?
Answer : You'll have to check with your local DMV for exact instructions, but usually they need two forms of ID, most commonly social security card, birth certificate, and/or passport. If you don't have a passport, you may have to use your birth certificate to get a replacement social security card before you can replace your license/ID, but like I said, check with the DMV.
Question : If my wallet is stolen in Europe, should I report it when I get back home?
Answer : No, report it to the local authorities. The police in your home country will likely not be able to help.
Question : I lost my wallet in school today. How can I figure out if my friend stole it?
Answer : If you really think someone stole it, tell a teacher, principal, guidance counselor, etc. They might be able to review security footage, and/or talk to the person or people you suspect to find out the truth.
Question : How do I get someone to give me back my wallet if they stole it?
Answer : If you know the person, ask them to give it back. If they don't, that is stealing. If you don't know them, file a police report and freeze all your credit cards immediately.

Tips.

Don't keep all your cash in your wallet. Get a money clip to hold some of it in, or keep some at home in a safe place and only carry what you think you may need. This way, you reduce the amount of cash you may lose if you lose your wallet.
Periodically during the day, make sure you still have your wallet. It takes only a second to do, and it gives you a better chance of finding your wallet if you have just lost it. Get in the habit of checking regularly: every time you get up to go, while you're walking, etc. A light touch of your back pocket or a quick look in your purse will give you a clear indication.
If you keep your wallet in your back pocket, make sure the pocket is not stretched out. Your wallet will most likely stay in your pocket if the wallet is not too thick and your pocket is tight.
Keep your cards separately in a card holder. When you lose a wallet you can still use your cards, and when you lose cards/cardholder, you will still have cash.
If you regularly keep your wallet in your back pocket, try to wear pants that have a button on the back pocket, and use it.
Do not keep your wallet in your back pocket when you travel, or are in crowded places, unless it is secured with a chain. This extra level of security nearly eliminates the chance of someone taking it from you. Or, for even more security, use a money belt.
Write your phone number and small message on a piece of paper or card and put it in a visible compartment of the wallet. Make it easier for an honest person to return the wallet to you.
Make sure you write down important account numbers before you lose your wallet, or check your paper or electronic bills for the account numbers and contact information. In the case that you do lose your wallet, these numbers will be critical to know.
Good places to check for your wallet include recently worn clothing (pants pockets, etc.) and your clothes dryer.

Warnings.
Never store pin numbers, passwords or your Social Security number in your wallet.

June 25, 2020