Sierra’s formula is pretty simple. She sat down with her husband to determine a monthly dollar amount for their fixed expenses, such as car payments, utility bills, and so forth. That amount is deposited each month to their high interest bank account, where it sits untouched until the automatic payments remove it.  This provides a safety net, and allows her to focus less on due dates week in and week out.

The remainder of her income remains in a separate account. She can spend freely from it, knowing that her major bills are already secured. Sometimes the beauty of an idea is in how it changes the way we look at something, and this may be that critical tool to simplify your weekly finances.

Hustletown readers: Check out the entire  post, and let us know your thoughts. If you already use something similar to Sierra’s plan, feel free to share!

SCORE

The new eGuide, “Growing and Maintaining a Healthy Business Credit Score,” is now available for download under the “Financing Your Business” section at www.score.org. The eGuide is designed to educate business owners on the basics of their credit profile, as well as provide tips and resources about how business owners can effectively manage their credit.

“Making sure that your small business has a solid credit report is as important as maintaining a positive credit history in your personal life,” said Allen Anderson, president, Experian’s Business Information Services. “In fact, when creditors are reviewing the creditworthiness of a small business, having a solid business credit history becomes critical to that business’ success.”

Hustletown readers: Score.org offers many more tools and resources, it is definitely worth checking out! Read the full release for the eGuide here.

The New York Times

None of these options are entirely full proof from hackers, malware and phishing sites. Credit cards still garner a top recommendation because of the laws protecting against fraudulent charges:

“The strongest protections are when you pay by credit card,” says Carole Reynolds, a senior lawyer at the Federal Trade Commission. Under the Truth in Lending Act, consumers’ maximum liability for unauthorized use of their credit card is only $50, and when a card is used online, it’s zero.

Visit here for the rest of the article.

ExpertFlyer.com,

“ExpertFlyer’s new Market Affiliate Program is a great way for organizations in the travel industry to earn additional income while offering their customers access to a unique tool for business travelers and frequent flyers,” says Chris Lopinto, president and co-founder of ExpertFlyer.

Organizations interested in the program and learning how they can become a market affiliate should visit http://www.expertflyer.com/affiliate.

Hustletown readers: Do you use Market Affiliate Programs to generate an additional income stream? We would like to hear your feedback on what has proven successful for you. Sound off in our comments section!

In the Chicago area, the number of African-American businesses grew by 67 percent from 1997 to 2002, the latest year for which census data is available, while revenue growth lagged at 17 percent.

“There is a glut of new entrepreneurs out there all vying for the same opportunities and what little financing is available,” said Dave Thomas, executive director of the Chicago Minority Business Opportunity Center.

Research suggests blacks are 50 percent more likely to try to start a business than whites, yet they face an uphill battle in finding the capital and connections to make their companies successful, said Daryl Williams, director of research and policy for minority entrepreneurship at the Kauffman Foundation in Kansas City, Mo.

The Tribune examines additional challenges such as low employee rates, qualifying for loans from traditional lenders, and establishing solid business partner and mentorships. Link here to read the article in its entirety.

Hustletown readers: Does your experience as an entrepreneur mirror the Tribune story? Leave us your feedback in the comments section below!

According to new research, the decision to ‘settle’ may hold more myth than fact.

Economists Betsey Stevenson and Adam Isen, prepared the briefing paper for the Council on Contemporary Families. The two’s findings are based on data collected from 1950 to 2008 about women and marriage trends.

A few highlights include:

• Contrary to Conventional Wisdom, African-American women do not face a “marriage penalty” when they acquire higher education. In fact, black women who have graduated from college or completed some college are more likely to marry than less-educated groups of black women.
• College-educated women are more likely than any other group of women to report themselves happy in their marriage, whatever the level of their family income, and they are much less likely to think that “financial security is the main benefit of marriage.

You can find the full version of the paper here. Hustletown readers, do you believe the so-called marriage penalty is real? Please share your thoughts with us below!

Whether your past year spelled success, trial, or downright survival–the Hustletown Chronicles is here to help provide every possible extra lift to keep you energized and motivated through this year and beyond.

Willie Jolley is no stranger to supercharging our ability to excel. His new book, “Turn Setbacks Into Greenbacks: 7 Secrets for Going Up in Down Times” is currently available for download on Kindle. The hardcover is set to be released on January 26th via Amazon. Outside of his accomplishments as an author, the brother is also an astounding motivational speaker. You can see more of him here.

To achieve amazing goals this year means we must first think amazing thoughts. While there are tremendous difficulties associated with our current economic climate–opportunity also abounds, if we have the vision to grasp it.

Hustletown will continue to post exceptional reading opportunities for our readers’ growth as this year unfolds. Which authors have inspired you most in your life’s journey? Let us know, so we can be sure to feature their books in the months to come!

A new generation of online tools is available to serve your business and personal goals. Leading the charge is Mint.com, a free site that can help create a budget, monitor multiple checking or savings accounts, and even help determine investment planning.

One feature of particular use is Mint’s ability to show spending trends. The site will categorize your expenses (such categories include: Income, Business Services, or Dining Out) and display them in pie-chart format. This provides a strong visual reference of your spending habits.

Mint also offers text alerts for upcoming bill due dates, and is swiftly becoming an indispensable tool for web savvy entrepreneurs.

Safety and security amidst the perpetual threat of identity theft are of paramount concern to those considering a switch to online financial planning. Take a look at the video on security from Mint.com founder Aaron Patzer and weigh in with your thoughts.

Hustletown readers: Do you use Mint, Wesabe, Yodlee, or any similar online financial planning tools? Please share your experiences and preferences below!

On February 1, the US Department of Housing and Urban Development (HUD) will temporarily lift a rule that does not allow FHA financing to occur on home sales within a ninety day period.

The news followed HUD Secretary Shaun Donovan’s announcement of $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers. The Obama administration initiative is intended to reverse the effects of vacancy and abandoned homes.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently forbids insuring a mortgage on a home owned by the seller for less than ninety days. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity,” said FHA Commissioner David H. Stevens of the lifted restrictions.

The policy change permits buyers to use FHA-insured financing to purchase HUD-owned, bank-owned, or privately resold properties. This allows homes to resell much faster, while potentially stabilizing real estate prices and revitalizing neighborhoods.

There are several conditions in place to protect FHA borrowers against predatory “flipping” practices.
This and other details are available on HUD’s website: www.hud.gov

Hustletown readers, will this announcement affect your decision to buy or sell a home in 2010? Please respond in our comments section below!