Shortcomings in Personal Finance

I want to discuss a weak area for a lot of people when it comes to business and finance. I want to discuss the lack of training and effort put into their personal finance. Unfortunately, I believe that this is due to an overall “consumer attitude” in America. Instead of thinking about how we can manage our money in the best way, and be smart with our money, and make our money work for us, we think about how we can spend our money. We think about what we want to buy. We think about how THINGS are going to make us feel better, so we buy and buy and buy.

Some people even get as far as taking a personal finance class. Some sit through it in college or wherever, but fail to put into practice what they have learned. It stretches from the consumer attitude, to lack of education in general, clear to pure laziness. Either way, it is clear that the typical American is completely financially incompetent. Why do we do something about it?

There is a lot we can do, but start by paying attention in your next lesson in personal finance. You may learn about how to save on your mortgage, what to invest in, or how to sell gold. Anything you learn you will be able to directly apply to your personal financial situation.

The Ups and Downs of the Oil Industry

I may not know everything, but I do know a little about the oil industry. I’ve worked in the oil industry since I was about 14 years old. One of the main things investors need to understand about the oil industry are the cycles it goes through. Coming from a small town that depends completely on the oil field for survival and prosperity, I can tell you that it goes up and down at random. When its up, there is more money to be made than you would ever imagine. When its low, it can be hard for small companies to survive and grow.

Just like anything, business in the oil field is a relationship business. Companies tend to seek to build solid relationships with new clients and produce quality and timely work as to remain in business. Most businesses in the oil field are conscious of the ups and downs and know that the only way to remain solid in tough economic times is to produce their best work.

For example, in Minnesota construction companies are effected by the oil industry indirectly. When the oil feild is booming, new people are moving in, which brings in the buying and building of houses, which increases the size of the city, so restaurants start getting more business, etc. Everything is tied to the oil field when it is the major driver of a city.