Given the state of the economy, job losses which can result in significant life changes and the inevitable struggle to pay bills are expected. However, the biggest culprit seems to be overspending and the lack of a financial plan.
Every time someone says: I’m broke… I don’t know how I’ll make it to payday…I need to make more money… I can’t keep living like this…. I ask them so how much did the 6 happy hours this month cost you?
How about the weekend trips to the club or random shopping sprees cluttering your closet with things you don’t need? So let’s think about that for a moment.
What are you doing to sabotage your own financial success?
How much longer will you pretend that you can afford to hang out with your friends? That you can continue shopping for things you can’t afford to keep yourself occupied, fulfilled and free from boredom? Meanwhile your bank account is on it’s last dollar? You can’t, it’s that simple.
If it isn’t necessary then you can’t afford it.
Action items:
• Pull all of your transactions into Yodlee.com and start there.
• Categorize them and then take a look at how much you are really spending.
• Get a piece of paper and note your total income. Create 2 columns, one for bills/necessities and another for unnecessary items.
• How much are you spending on bills? Subtract that from your total income.
• How much are you spending on unnecessary items? That’s how much you could be saving and/or putting towards debt reduction.
This leads to my next point….
Sacrifice
Now that you understand how much money you’re wasting, redirect your spending to sacrifice in order to get ahead No one wants to hear this, not even our government, but we have to start some where. Continuing to hang out with your friends after work and on the weekends sacrifices your financial goals. Think ahead to whether not the good times now are worth the continued pain of being flat broke with no safety net now.
You can make it to pay day if you get out of your own way and sacrifice to get there.
Action items:
• Start cutting back on happy hours, eating out and random shopping sprees
• On payday, pay yourself first to a bank account that you don’t access to. The amount that you spent on unnecessary items, take at least 50% of that and put it into savings OR debt reduction and allocate the other half to savings, checking account cushion or emergency fund.
Focus on Your Goals
Laser focus. Everything you spend, consider for a moment whether it is a bill or not? If it isn’t a bill being paid or a necessity then you don’t need it. This applies for those of you living paycheck to paycheck with no money 4 days before payday. Yes, I am talking to you You don’t have money for entertainment or frivolous purchases. Focus. Look back at the silly purchases made last month and be mindful of the ones you are making this month.
Action items:
• Once you have all of your transactions loaded into Yodlee, check it every day. Every day you make a purchase, log in to make sure it has posted.
• Categorize the transactions
• Create your budget thresholds
• Monitor throughout the month, your spending on all categories, paying special attention to the Bills Vs
Wants categories. I wish there was a way to group transactions but I haven’t figured out a way to do this yet.
So what do you think? What kind of changes can you make to make it to payday and have some leftover?
Zynga plans to raise around $850 million to $1.15 billion at a $5.9 billion to $6.99 billion valuation in an initial public offering that will be priced on Dec. 15 and begin trading the next day. Counting options, the value would be $7.6 billion to $8.9 billion.
Finally setting its long-awaited initial public offering in motion, social game maker Zynga has named a price range for its offering and unveiled its investor roadshow pitch for why company executives think it is a good investment. Zynga originally filed to go public in July 1.
Moments ago, Zynga filed new papers with the Securities and Exchange Commission that set the price range for its IPO at $8.50 to $10 a share. The company is reportedly planning to issue 100 million shares (about 14.3 percent of its shares) and go public on Dec. 16. Total shares outstanding after the offering will be 699.3 million. Zynga may issue 15 million more shares than it indicated it would raise when it filed its original papers.
[Update: Zynga has 200 million or so options issued as well, which means that the fully diluted valuation is higher, at $7.6 billion to $8.9 billion.]
The valuation is much lower than the $15 billion to $20 billion that was rumored as Zynga’s expected valuation when it first filed. By comparison, rival Electronic Arts is valued at $7.7 billion today. And Activision Blizzard is valued at $14 billion. The pricing shows just how volatile market valuations have been.
Mark Pincus, chief executive, isn’t planning on selling any of his own shares. Pincus will control about 36 percent of the voting power of Zynga after the offering is complete.
The price of the offering is subject to change, given that Zynga will now begin a nine-day roadshow to pitch investors about why it is valuable. Still, the expected valuation is below previous estimates. Zynga’s profit growth has slowed and its user numbers have declined. AppData reports that Zynga’s monthly active users are about 215 million, compared with 232 million in July.
Zynga will trade under the stock symbol ZNGA on the Nasdaq stock market. In its offering statement, Zynga said it has 227 million monthly active users and 54 million daily active users. The company’s social games such as CityVille are played 2 billion minutes per day.
Just two weeks ago, the company said a third-party analysis had valued Zynga at $14.05 billion, which is about the same as Activision Blizzard, the largest video game publisher, with four times Zynga’s revenues.
But Zynga is still on top of the Facebook charts. CityVille, which is a year old today, still has 49.7 million monthly active users. And the newly launched CastleVille has more than 20.8 million users, making it one of the fastest, if not the very fastest, growing games in all of history. CastleVille launched just 17 days ago. Zynga said its games are played by more daily users than the next 14 social game developers combined.
Zynga was founded in 2007 and has been riding the wave of Facebook’s growth and the popularity of lightweight social games, which are free to play. In those games, such as FarmVille and CityVille, users play for free and pay real money for virtual goods.
Zynga has made money this year, but its growth slowed in the September quarter. Zynga has already waited a long time for its IPO, but the market window hasn’t been right. Companies such as Groupon and Angie’s List have gone public, but the market has been volatile due to uncertainty in Europe.
The company reported net income of $12.5 million in the third quarter ended Sept. 30, down 54 percent from $27 million a year ago, according to an updated S1 filing with the Securities and Exchange Commission. The performance isn’t stellar, but it’s not so bad as to suggest Zynga’s planned initial public offering is in trouble.
Revenue was $307 million in the quarter, up 80 percent from $170.6 million a year ago. In other words, Zynga is working harder for the profits it gets by generating a lot more revenue compared to the past.
In the second quarter, Zynga reported only $1.4 million in profits on $280 million in revenue, so the third quarter report is an improvement on a quarter-to-quarter basis.
Pincus closed the video by saying that Zynga is launching more new games than at any time in its history.
“We’re excited and we hope you are too,” he said in closing.
To view the video, click on this link.
Correction 12/3/2011: The valuation calculations in the update have been corrected.
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