Do As I Say, Not As I Did. Michael N. Marcus

personal possessions and fled to Southeast Asia where they can afford to live on what Social Security pays them. They seldom get to see their children in the USA.

      I used to think that their situation was both pathetic and avoidable. I’m not critical anymore and I wonder if they can find us a cabin and good doctors in Cambodia.

      •In retrospect I probably should not have used personal money and credit lines to finance my telecommunications business—but most owners of small businesses do just that.

      •In retrospect I probably should not have paid about $2,000 for merchandise displays that were hardly ever seen because most of our customers bought online.

      •In retrospect I probably should not have paid about $5,000 for signs because most of our customers bought online.

      •In retrospect, I probably should not have spent $1,500 on artwork and $2,000 on carpeting to make the office a nicer place to work than it would have been with bare walls and concrete floors—but we could afford it at the time.

      •In retrospect I probably should have used ceiling fans in the warehouse and office instead of spending $8,000 on air conditioning (which the landlord inherited when we moved out)—but we could afford it at the time.

      •In retrospect I probably should have spent $80, not $800, on an office refrigerator—but we could afford it at the time.

      •In retrospect I probably should have spent $500, not $2,000 for a backup battery system for our phones and computer network—but we could afford it at the time.

      •In retrospect I probably should not have paid $4,000 to business consultants—but we could afford them at the time.

      •In retrospect I should not have paid $8,000 per month on Google advertising—but we could afford it at the time.

      •In retrospect I probably should have fired an employee the first time I caught him stealing instead of giving him a second chance. (He stole again.)

      •In retrospect I should have replaced an accountant the first time he made a mistake that cost me thousands of dollars in IRS penalties.

      •In retrospect I probably should not have sent out beautiful color postcards to government purchasing agents—but it seemed like a good idea at the time.

      •In retrospect I probably should not have sent out beautiful color postcards to pizzerias—but selling “pizzaphones” seemed like a good idea at the time.

      •In retrospect I probably should not have let a bookkeeper decide that it was OK to pay bonuses to employees.

      •In retrospect I should not have bought 1,000 souvenir pocket knives to commemorate our 30^th anniversary—but it seemed like a good idea at the time.

      •In retrospect I should not have set up a wholesale division—but it seemed like a good idea at the time.

      •In retrospect I should have checked the computer skills of a guy who bragged about his skills—but could not use simple software.

      •In retrospect I should not have hired a salesman who was terrified to speak on the phone.

      •In retrospect I should not have waited so long to fire the employee who called in sick on at least one Friday or Monday each month.

      •In retrospect I should have fired a nasty, disrespectful employee who made me hate going to work in my own company.

      •In retrospect I should have gone to work earlier in the morning so I could have caught an employee who was running his own business with my inventory.

      •In retrospect I should have spent less money on my commuter car.

      •In retrospect I should not have tried to manage 40 websites for various facets of my business.

      •In retrospect, I probably should have stopped renting a warehouse and office, fired some employees and squeezed the business into my house sooner than I did—but I kept hearing that the economy was improving. I believed the experts.

      Some people say I should have just shut down the business—but it’s hard to abandon a business that provided a nice life for over 30 years, and still had inventory, customers, employees, websites and a good reputation.

      It’s very difficult to say “I messed up” and just walk away.

      Lesson: If someone offers you millions of dollars for your business, take the money and run.

      From the U.S. Dep’t of Justice

      Money

      Money can’t buy happiness, but it sure makes misery nicer.

      Lesson: It’s better to cry in the comfortable back seat of a luxurious Mercedes-Benz than while pedaling a broken bicycle uphill in the rain.

      My wife Marilyn’s cousin Manny was a printer and he offered us free wedding invitations as an engagement present. Unfortunately they arrived with my father’s name wrong. When Manny reprinted them, he got Pop’s name right, but he printed the wrong year.

      We didn’t want to ask Manny for a third freebie or insult him by taking our business elsewhere. (He kept a gun in a holster strapped to his ankle and I used to refer to him as Mafia Manny although I had no real knowledge that he was in the mob.)

      The wedding date was rapidly approaching so my future mother-in-law used a pen to correct the year on each invitation. It wasn’t very elegant—in fact, it looked like shit—but it was definitely a rare collector’s item.

      Lesson: Sometimes FREE is not a good price.

      Many years ago my “Grandma Del”—who endured the Great Depression—taught me something that I didn’t appreciate until I was collecting Social Security.

      Back in the 1950s, a ballpoint pen refill cost ten cents and sales tax was five percent. She needed two refills. If she purchased them together, she’d have to pay a penny tax. If she made two ten-cent purchases—no tax.

      Lesson: Pennies, nickels and dimes (either spent or saved) really do add up to become dollars, and more.

      One time I hosted about a dozen people for a meal at a restaurant. The check seemed a bit higher than I expected, but I paid it and gave a nice tip. The next morning I looked over the check and found out that the restaurant automatically added an “18% gratuity for parties of six or more.” I could not ask for the waiter to give me back the extra tip.

      Lesson: Don’t accidentally tip on top of a tip.

      It seems that every week or two there’s another company that promises to provide the absolute lowest prices for airfares, car rentals and hotel rooms.

      In one recent test for the same date and same accommodations in the same hotel, the price was $111 from Expedia, Hotwire and Kayak, $114 from Priceline and $118 from Orbitz. (Your experience may vary.) Trivago gathers and presents prices from other websites.

      Lessons: (1) There’s little or no difference in prices at the discount hotel websites. (2) Low prices may limit your rights to change or cancel reservations.

      Some cities and states have programs to reduce real estate tax for veterans, the elderly, disabled people, etc. Check with your local tax assessor’s office.

      Lesson: