Jerry talking, Google, Target and Staples, and planning for you.
When Jerry talks… people listen.
The Chairman of the Federal Reserve Bank, Jerome Powell, testified in front of the Senate Banking Committee this past week for two days.
No offense to Mr. Powell, but no amount of economics is exciting for two days.
At any rate, at the end of the two days, the gist of all of the speaking was not a question of if the Fed would drop rates but when.
Really.
Oddsmakers have moved the rate drop to the September meeting.
Along the same lines, Morgan Stanley just put out a 5.5% six-month CD offer.
Better lock in those rates while you can.
Oh, and the CPI – Consumer Price Index – dropped a teensy-weensy little bit.
It’s down to 3% year over year from 3.1%.
And that’s good news all around.
Russell Rants
I checked Google to see what time Staples opens on Saturday morning. It was 9:10, and many stores don’t open until 10 on Saturdays. Google said it was open.
It was not. Don’t believe everything you see on the internet.
Since it was closed, I went next door to Target and got what I needed there.
And since it was Saturday, only 2 cashiers were open.
But wait, you say, don’t they have self-checkout? They do. Eight of them.
They were roped off.
I asked the cashier about that; she said it depends on the store manager on duty. Oh, well.
On a separate topic, the California legislature is pondering a bill that will require one store employee for two self-checkout registers open unless the store is a membership store.
Hmm. I’m thinking Unions are involved and Costco has a good lobbying team.
Sometimes, it should be all about YOU
As a business owner, you put off your personal goals and/or responsibilities to focus on your business.
I met with a business owner this week who was looking at retirement in three years.
He didn’t bring it up, I did. He really hadn’t given it a thought because he is so wrapped up in keeping his business going. But three years was his number.
That’s what business owners do – keep focused on their business.
He is in his mid-50s and lives with his girlfriend, and they have no children or family to speak of.
There is no estate plan, trust, or will. He does not have an attorney or CPA who has asked him about this. And his banker left to work somewhere else.
If you are a business owner, please utilize the professionals that work for you. By professionals, I mean accountants, attorneys, insurance brokers, and, yes, your banker.
They all have differing levels of experience, but the more opinions you get, the better your decision will be.
If you are a professional who serves business owners, resist asking what price they are looking for and take the responsibility of at least asking the question: “What are your long-term goals?”.
Here is a shameless plug: at my bank, that’s what we do.
It’s all part of knowing your customer.
There are a few takeaways this week.
One: Mind the details. If you change your store hours, let Google know. It’s not hard to do.
Two: Focus on the customer. If you can make it easier for them, do it.
Three: Stop to monitor your personal goals from time to time and check your progress. Just like you do for your business.
Five months until year-end.
