No shortcuts for home startups
Dear Bruce: Some time ago, you mentioned there are many businesses that can be run semi-absentee. My husband and I have been looking for a "legitimate" business for some time. It can be home-based or otherwise. Can you offer some pointers?
Reader, e-mail Dear Reader: The difficulty with absentee or semi-absentee operations is that you must understand the business. The owner who doesn't know the business intimately can easily be skimmed, and he'll never know it's happening. Cash enterprises are the main target, but they are not the only ones subject to abuses of this kind. It's my contention that before folks like yourself go into an enterprise, you would be well served to find a job on a part-time basis in that field. This way, you learn from the inside about how the business should be run and whether you have an affinity toward that type of an operation.
The hard fact is that not everyone is meant to be an entrepreneur. Whether or not you are running this absentee, if the door has to be kept open and a service performed, and your employee doesn't show up, guess who will be working? I would consider this before jumping in. When you see "opportunities" advertised for making a ton of money at home, run the other way. I would not encourage anyone to participate in a business pitched this way.
Dear Bruce: In 1998, we opened a trust at which time my husband was dying. After he passed, I had trouble with the trust and, after paying a lawyer $500, worked it out. I discovered that he had opened a quitclaim deed. I don't know what to do about it. I don't even know what a quitclaim deed is. I have a difficult time getting out of the house. I would appreciate your help.
Reader, e-mail Dear Reader: I sympathize that you are unable to leave your home, but I think you are going to have to find a way. Very few attorneys make house calls. In a quitclaim deed, someone gives up rights on a piece of property -- but not necessarily the responsibilities. If a mortgage is still in place, the person is still responsible for it -- but he or she no longer has rights. To whom your husband gave this quitclaim is a mystery to both of us. I believe you should seek counsel to help straighten this out, because it is not self-correcting.
Dear Bruce: It seems that a lot of people are in the same shape as I am -- deep in debt. I saw a show on television that claimed it would help me out, with testimonials from many who are now debt-free. I contacted the company and paid it some money, hoping for the same miracle, and I have heard from no one. In fact, in doing some investigative work after the fact, I discovered the firm is being investigated. Do I have any recourse?
G.J., e-mail Dear G.J.: The reality is that there are no easy, painless ways to reduce debt. At this moment, should this company be found guilty of wrongdoing, I know of no recourse. There are legitimate companies in the credit-counseling enterprise. None of those I describe as "legitimate" promise easy solutions. Debt reduction requires sacrifice and pain. Anyone that says differently is blowing smoke in your face.
(Send your questions to: Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to: bruce@brucewilliams.com. Smart Money