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HomeMy WebLinkAbout2012 May 20 - Cape Cod Times Article: Sole ProprietorCape Cod Times Wall Street Journal E6 Classified ads E8 BUSINESS FINANCE v F,ditor: Bryan Lantz, 508-862-1220 Ilk blantz@capecodonline.coni capecoof Is a coni/lk ft A Fax: 508-771-3292 Net investment Go to www.capecodonline.com/business to get up-to-date quotes for stocks and mutuals, day or night. Itall comes down to CASH ASHINGTON — Every year I like to provide advice to college graduates. By the time I graduated, I had in place some pretty good money habits thanks to my grandmother Big Mama. Because of her, I've made it my mission to pass on the financial wisdom she taught me. For college graduates this year, I offer an acronym to help manage your money. It's CASH. The "C', SINGLETARY in CASH stands for credit. I won't say don't get a credit card because many of you already have one. And I'd be a hypocrite anyway, since I use credit. But credit is a dan- gerous financial tool because it often lets you live beyond your means. I've worked with so many people who thought, as you might, that they could handle credit wisely. They couldn't and are struggling to dig out from under credit-card debt for things they can't even I N S I D E Off the network Amid the hype over Facebook's IPO, many still steer clear of the social site. E2 SUNDAY, IAAY 20, 2812 Cleaner Windows Walter Mossberg evaluates Microsoft's new "Signature" series computers. E2 STEVE HEASLIP PHOTOS/CAPE COD TIMES Bob Hagopian stitches a leather item in his shop off Old Main Street in South Yarmouth. A cobbler for 38 years, he has spent 23 of them at the Bass River Shoe Repair shop. His old-fashioned business is filled with antiques on display, including musical instruments. before you use creair ana consider what would happen if your next paycheck didn't come. Don't use your credit card if you can't pay off the purchase by the following billing cycle. The moment you swipe and buy something that you can't pay off the next month, you are in danger of becoming trapped in a cycle that can lead to a lot of financial grief. The "A"in CASH stands for assets. If you're fortunate enough to have a good -paying Don't delay in getting a handle on how much you've borrowed in student loans. job lined up, you might feel entitled to get stuff.You want new clothes to wear for your new job.You want a car, or a better car. But this sense of entitlement will leave you broke with stuff of dwindling value. Did you know the moment you drive a new car off the lot it loses 11 percent of its value, according to Edmunds.com, an online automotive informa- tion website? Although not all cars lose value at the same rate, by the end of the first year, a new car depreciates an average of 21.8 percent, Edmunds.com estimates. Spend more of your money accumulating appreciating assets, such as a retirement account that has the poten- tial to increase in value. Big Mama taught me that you'll put youraalf in a precarious situation if you don't know the difference between buy- ing things that improve your net worth and stuff that just makes you look wealthy. The"S"in CASH stands for student loans, which many of you have. Don't delay in getting a handle on how much you've borrowed. If you have private loans, contact the lender to be sure you're clear on what you owe. Go to the National Student Loan Data System at www.nslds. ed.gov to get information about your federal loans. This site is the U.S. Department of Education's central database see SINGLETARY, page 5 For Bob Hagopian of Bass River Shoe Repair, success is measured by the foot By ROBERT GOLD rgold@capecodonline.com OUTHYARMOUTH — Sun rounded by stacks of shoes, a buffing machine, gobs of glues, polishes and other equipment, Bob Hagopian tackles his projects by the handful. "I have about 10 things going on at one time," said Hagopian, a cobbler for 38 years, including 23 years at Bass River Shoe Repair. a There are heels to level, stitch- ing to replace, leather to polish and soles to sand. There are shoes gnawed on by dogs that need tender care. There are customers to console when they learn mod- ern shoe soles start to crumble after six or seven years. There are adhesives that need to be matched up perfectly with different types of footwear. Sometimes a customer will bring in a $600 pair of dress shoes. J Hagopian says he's not afraid to tell a customer when a shoe isn't worth saving, but some have feet that make a well -fitting shoe valuable. Ferry captain f Richard Smith takes us to the Vineyard and 1 • e capecodonline.com/atworkl. iW- e • blacksmith Rusty Griffin's creates • e masterpieces in •S. 7191. ''- com/atwork2. e • I` tai �a I • e s. For Bob Hagopian of Bass River Shoe Repair, success is measured by the foot By ROBERT GOLD rgold@capecodonline.com OUTHYARMOUTH — Sun rounded by stacks of shoes, a buffing machine, gobs of glues, polishes and other equipment, Bob Hagopian tackles his projects by the handful. "I have about 10 things going on at one time," said Hagopian, a cobbler for 38 years, including 23 years at Bass River Shoe Repair. a There are heels to level, stitch- ing to replace, leather to polish and soles to sand. There are shoes gnawed on by dogs that need tender care. There are customers to console when they learn mod- ern shoe soles start to crumble after six or seven years. There are adhesives that need to be matched up perfectly with different types of footwear. Sometimes a customer will bring in a $600 pair of dress shoes. J Hagopian says he's not afraid to tell a customer when a shoe isn't worth saving, but some have feet that make a well -fitting shoe valuable. Customers' boots stand in line on a shelf, above. Below, the structure was built in 1860 as a general store. Sometimes it might be simple boat shoes. Hagopian isn't afraid to tell a customer when a shoe's repairs are too costly for what it's worth. But some customers have feet that leave them searching high and low for shoes that fit them well. "If they find it, they really want to keep that shoe alive,"he said. Hagopian learned his craft in San Francisco from an uncle. "I liked the idea of working inside and having a bench and work area all at hand,"he said. Wingtips, loafers, boat shoes, high heel shoes, he's seen it all. He even connected regular shoes into clown shoes. His quaint, old style shop is filled with antique shoes he and his wife collect. A fan of boat and work shoes himself, Hagopian has a simple rule for when he starts to fix his own shoes: "Whenever I notice I'm starting to lean a little in my heels," he said. CAPE COD AT WORK Go to the online version of this story at www.capecodonline. com/business for a video of Bob Hagopian at work, and www.capecodonline.com/media for a photo gallery. PREVIOUS INSTALLMENTS E Ferry captain f Richard Smith takes us to the Vineyard and back: www. capecodonline.com/atworkl. iW- Chatham blacksmith Rusty Griffin's creates masterpieces in •S. 7191. ''- com/atwork2. ' I tai �a I Customers' boots stand in line on a shelf, above. Below, the structure was built in 1860 as a general store. Sometimes it might be simple boat shoes. Hagopian isn't afraid to tell a customer when a shoe's repairs are too costly for what it's worth. But some customers have feet that leave them searching high and low for shoes that fit them well. "If they find it, they really want to keep that shoe alive,"he said. Hagopian learned his craft in San Francisco from an uncle. "I liked the idea of working inside and having a bench and work area all at hand,"he said. Wingtips, loafers, boat shoes, high heel shoes, he's seen it all. He even connected regular shoes into clown shoes. His quaint, old style shop is filled with antique shoes he and his wife collect. A fan of boat and work shoes himself, Hagopian has a simple rule for when he starts to fix his own shoes: "Whenever I notice I'm starting to lean a little in my heels," he said. CAPE COD AT WORK Go to the online version of this story at www.capecodonline. com/business for a video of Bob Hagopian at work, and www.capecodonline.com/media for a photo gallery. PREVIOUS INSTALLMENTS E Ferry captain f Richard Smith takes us to the Vineyard and back: www. capecodonline.com/atworkl. iW- Chatham blacksmith Rusty Griffin's creates masterpieces in Damascus steel. Find him at www.capecodonline. com/atwork2.