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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…

Thrifting Your Way to Abundant Living


It takes an adventurous spirit to take the plunge into the realm of thrifting, but there are tons of great reasons to take it up.

Being on a journey of spiritual exploration and just part-time self employed, I was put in a financial situation where I had to really get creative to source the things I needed in life, for a fraction of the cost. Through my journey of frugal living, I have grown to love both the fascinating process and exceptional outcomes of thrifting.

I started with the basics, and over time have accumulated a wealth of fantastic finds. By now, I have mastered the arts of scouring online marketplaces and sifting through various thrift stores in my city to find everything I need. My cheap laminate furniture has all been replaced with gorgeous, solid wood, previously-owned furniture, I have upgraded my kitchenware, and I have even brought in quality second-hand home decor and lighting for my Airbnb suites.

Most significantly for me, however, was having completely replaced my polyester-filled closet with quality cotton and linen apparel that work for both my lifestyle and my budget. I now go about my day in well-made, comfortable garments that I feel great wearing as I go about my life and work.

I’m here to share with you today the best things about buying second-hand clothing, and how it can help create a life of abundance that suits you.


1. IT’S CHEAP

Let’s start with the reason most of you are reading this article: for those who have more time on their hands than money in the bank, shopping for used items can mean huge savings. You can create a life of blissful abundance without always having to wait for the next paycheck to go shopping.

In addition to the already-affordable prices at second-hand boutiques, many of them have different loyalty programs, coupons, and sales. If you keep track of the different discount schemes, you can score yourself some great hauls for next-to-nothing.


2. ITEMS LAST LONGER FOR LESS

Some might argue that they prefer the sales racks at the mall to digging through thrift stores, but how long are those cheaply-made sales rack items really going to last you?

Not that there isn’t the odd great sale at a store with durable attire, but I find that most mall clothing tends to disintegrate rather quickly in the wash. Whenever I have bought a sale item in the past, I have purchased it largely because of the price, not because of the quality, or that I feel it really suits me specifically.


3. EXPRESS YOURSELF

Especially for people like us on a tight budget, it’s a little too easy to end up with a dresser full of things that “mostly” fit and look “ok”. If you were to take an honest look at your closet, would you be able to tell me that you appreciate all the items you own and enjoy how you feel wearing them?

Unplug from those trivial trends of expectation based on what everyone else is wearing. Just feel into what YOU love! Be your own person, and let your personality shine through your clothes! If you transform your wardrobe, from a mall wardrobe to a thrifted one, full of unique threads that were handpicked by you, you can be a fascinating, walking display of beautiful YOU!


4. GET CREATIVE & TAILOR

If you want to take your creativity and self-expression to the next level, why not choose some inexpensive and interesting thrift store picks to weave into your own pieces? Mending, tailoring, and altering is a great way to use what the thrift stores offer in a way that works for you, particularly if you have a unique body type (don’t we all!). I am extremely flat chested, but have a lot of junk in my trunk, so for a dress to fit me, I just get one that is loose enough to fit the biggest parts of me, then take it to the sewing machine! (On another note, my sewing machine was also second-hand!) Some of my favourite items are ones I have found in a size too big, then altered it to fit me the way I like.

If you ever want endless inspiration as to the boundless things you can do with some used clothes and a sewing machine, just check out the many videos by “Thrifted Transformations” on YouTube! Sewing is a valuable skill to develop, whether you are using it for recently thrifted finds, of even for maintaining what you already own. It’s also good to be able to transform items into different reincarnations as they wear and tear.


5. SUPPORT GOOD CAUSES

If you buy items through online marketplaces, you are often supporting people who are selling some of their items to get a little much-needed income, so if it’s a reasonable price and not too far of a drive, why not support them directly by purchasing items from them. Some people even post several clothing and shoes items at once, so if you’re the same size as the previous owner, you can save yourself time searching for things to fit!

Something admirable about a lot of thrift stores is they give back in various ways, like by donating a portion of their proceeds to charities, supporting low-income citizens, or offering employment to disabled workers. Check into what you are supporting by buying your items at different places.

6. THE PLANET WILL THANK YOU

The cause that you will be supporting no matter where you get your second-hand items is the environment.

With the consumerist mall culture of “the latest this” and “the must have that” and “more is better!”, it’s easy to keep buying and buying. And most of this clothing that is getting pumped out to be sold on a mass scale is made with non-biodegradable fibres, like polyester.

Even if you later donate these gently-used clothes (or more often than we would like to admit, never-used clothing”), thrift stores can’t keep up with everything they receive; they only manage to resell a small percentage of the clothes they receive.

What happens to the clothes that end up in landfills? Well, no-matter how small it breaks down, plastics like polyester can never fully decompose, so these microplastics circulate continuously in the Earth’s various ecosystems and water bodies, causing massive, permanent pollution.

If more and more people stop supporting these ongoing mass-producers of fast fashion, the demand will eventually reduce, and so will the environmental impact of clothing production and waste.


THE BEST OF ALL WORLDS

By purchasing clothes that are already in existence, and learning to mend and take care of those items, you are not only doing your wallet a favour, but also helping in much bigger ways, saving the environment from unnecessary pollution and helping those in need.

So get out there, create your unique style, and save the world doing it!




By Katrina Krogstad
Self-Employed - Sparkle Within

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