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What is the revenue recognition principle?

As part of my business series on the blog, here is an info-graphic covering revenue recognition. As some of you know, revenue recognition has a special place in my heart as I audited revenue for a software company in the bay area.  I had to know these principles like that back of my hand. If you are hoping to run a business with investors, you may want to know some of this too. Without further adieu, the info graphic and intro by Ghergich & Co.

When it comes to plotting out your next steps as a business, there are a lot of factors that come into play. Of course, you need to understand expenses and employees and demand and customers, but you also need to figure out what to do about revenue — and by that I mean, what do you do about recognizing revenue.

There are a number of different established accounting principles that are acceptable and that can guide you in figuring out what’s best for your business. For example, you can recognize the revenue after you have completed the obligat…

Are You Frugal or Just Plain Ole Cheap?


Are You Frugal or Just Plain Ole Cheap?

If you’re not careful, it’s easy to cross the fine line between being a frugal person and just plain ole cheap. Frugal shoppers understand that higher prices don’t always equate to better value. A cheap person could care less about value, and therefore, never pays premium prices for anything.
Once the line is crossed, feelings tend to get hurt, costing you important relationships. You can also end up paying a big price as you run around time looking for ways to save money.
That’s time you could have spent doing something productive, like making money or hanging out with family and friends.

5 Signs You’re Cheap… Not Frugal

Check out these five signs that you’ve gone from frugal to cheap and why they are dangerous to your overall happiness:

1. You Insult Your Loved Ones’ Spending Habits

Do you spend time telling friends and family how you would never spend that type of money on item they’ve purchased? What about giving them unwanted advice about ways they could save their own money? They’re probably annoyed when they see you coming.
It’s okay to have a knack for saving a dollar. But it’s NOT your place to judge others’ priorities and spending habits.

2. Saving Money Is a Non-Stop Daily Devotion

There are only so many hours in a day. How many of them do you dedicate to finding ways to save money? Do you surf sale sites, hop into coupon clipping, then completely rearrange your budget each day? How time-consuming!
Bargain shopping and budgeting are great ways to keep your finances in order. But don’t make them obsessions. There are more important things in life that lead to ultimate happiness.

3. Wasting Gas to Save a Few Bucks

Have you ever driven 20 miles across town just to buy gas that’s 10 cents per gallon cheaper than near your home? Well, that’s not very smart.
Keep in mind that store hopping to find the best deals is only worth it if it’s worth the time… and the gas money.

4. You Turn to Unethical Choices to Save Money

A frugal person will shop for the best Wi-Fi prices and choose a package that meets the budget. However, a cheap person may resort to stealing Wi-Fi from the neighbor, which is unethical, dishonest and outright illegal!
This type of attitude leads to becoming that hard-to-handle customer who runs the waitress ragged and doesn’t leave a tip.

5. Even Important Events Can’t Beat Your Cheap Wrath

Cheap people tend to skip important events because they don’t want to spend any money. They don’t want to buy gifts or pay for parking or even buy a $10 ticket to a family member’s starring role play. This person will even let their own child down by insisting her birthday celebration be held at a restaurant where they have coupons!
Frugality means being money-wise yet putting the people you love first. If saving money always comes first, it’s time to re-examine the value you put into your personal relationships.

Save Money Without Being a Cheapskate

These days, many people are scrambling to find ways to save more and spend less. And with the government shutdown of 2019 still looming over us, it’s even more important to have a nest egg to rely on… just in case.
However, it’s still important not to take your quest for frugality too far. Time is money. So, don’t waste it. And personal relationships are key. Never jeopardize them for the sake of saving a dollar or two. Money without people to love and love you back does not equate to happiness.

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