Jacob Sensiba, Author at The Free Financial Advisor

How You Can Help Your Brain Heal

February 24, 2021 by Jacob Sensiba Leave a Comment

Your brain, my brain, everyone’s brain could sustain damage throughout life. The brain is incredibly resilient and has tremendous healing qualities. We will talk about what happens to a damaged brain and how you can help your brain heal.

My accident

Back in January, I got into an accident. Here’s what happened:

I went ice fishing with my dad. I pulled my car into a snow-covered parking lot. We got done fishing. I attempted to back out and my car was stuck. I pushed from the front and my dad hooked up his ATV to the back of my car, and I put the vehicle in reverse to help it out.

With my pushing and (mostly) my dad’s pulling, we got the car out. Unfortunately, the car didn’t stop rolling. I rushed to get into the car to stop it because I was in a parking lot and I was going to run into another car. As I attempted to get into the rolling car, I slipped and hit my head on the inside of my door.

I stopped the car though.

Aftermath

I definitely got a concussion. I’ve had a few before so I know what they feel like. You’re disoriented. Your equilibrium is off. Your brain is not firing on all cylinders. Sometimes you’re dizzy. Sometimes, it can knock you out cold.

I went to my parents’ house instead of going home because I had my son. I needed someone to watch him while I rested.

The following weeks have been interesting, to say the least. The week after required time off of work. I was dizzy, nauseous, had headaches, and had annoying brain fog.

The headaches and brain fog persisted for weeks to the point where I couldn’t take it anymore and got a CT scan. Thankfully, the scan came back normal, but I still have bad days. It’s going to take time.

While I rest and get better, I found ways to help myself.

Brain injuries

They’re incredibly common. Per the CDC, there are 2.8 million traumatic brain injuries per year. That number, though, is not accurate because the majority of people that experience a brain injury don’t get diagnosed. They don’t seek treatment.

A brain injury can result in physical ailments like brain fog, forgetfulness, trouble with day-to-day activities, and drowsiness. It can also lead to psychological illnesses like anxiety, depression, bipolar disorder, and mood instability.

Healing the brain

As I mentioned, the brain does an extraordinary job of healing itself. 90% of people that experience a traumatic brain injury recover without any long-term effects.

Here are some other things that I’ve implemented and some things I would like to do to help my mind and my body:

Meditation
Exercise
Eating healthy
Listening to music
Learning something new
Getting enough sleep
Brain stimulating games/activities

Exercise, eating healthy, and getting enough sleep to establish an imperative foundation for healthy living, but also helps tremendously when recovering from a brain injury.

Brain stimulating games, learning something new, and meditation are methods to help create new neural pathways

I believe establishing these practices in my daily life will help my brain in the short-term and the long-term.

Red Flags When Choosing a Financial Advisor

February 17, 2021 by Jacob Sensiba Leave a Comment

Finding a qualified, trustworthy financial advisor can be very tough. Not all of them are created equal. What requirements and/or rules they follow are not the same. There are some financial advisor red flags you need to be aware of when shopping. We’ll explore those in today’s post.

How was the first meeting?

What kind of vibes did you get from the person you met with? Did you have a good gut feeling or a bad gut feeling? Was there good rapport? Did the conversation flow naturally? Did they answer your questions?

These are all great questions to reflect on after you met with your first prospect. You have to trust your gut. If the conversation was good and flowed naturally, but you just didn’t get a good vibe from them, shop elsewhere.

If you think they were walking a line of honesty, whether they held back on telling you things or they made contradicting statements, I would either address it directly or walk away. This is your financial future we’re talking about. You have to make the right decision.

How are they governed?

Do they operate using the fiduciary standard or are they only required to do what’s suitable? As a fiduciary, the advisor is legally obligated to do what’s in your best interest.

For example, when making investment recommendations, an advisor that operates using suitability is only required to make recommendations based on what’s optimal for your investment objective, time horizon, and risk tolerance.

With the fiduciary standard, they use that same suitability but take it a step further. If there are two options for investment – one charges 1% and one charges .50%, the advisor will use the lower of the two because that’s in the client’s best interest.

What are they offering?

If you meet with a potential advisor and they say that they’ll beat the market, run the other way. If an advisor recommends annuities or variable products, I’d either stress that you’re not interested or move along. These are insurance products and there could be a conflict of interest.

How are communications?

Are they honest with their pay schedule? When you asked them about what they charge, were they clear with their answer? This is important. A wishy-washy answer is enough grounds for you to walk away.

Do they talk a lot or do they take time to listen to you? Advisors that talk more than they listen are often pitching a narrative that they believe instead of listening and creating a plan customized to your needs/wants.

How are they with following up? Does it take them forever to get back to you? An advisor that doesn’t make you feel important is a red flag.

Are they a “yes person”? Do they always agree with you? A key characteristic of good advisors is the ability to correct you or express their opinion about your financial plan. If there’s something that you would like to do, but they don’t think that it’s a wise move based on the plan you created, they need to tell you that.

Conclusion

Are there financial advisor red flags? Absolutely. We illustrated them here. Keep them in mind when you’re shopping and trust your gut. There are fantastic advisors out there, you just have to do a little work to find one.

Crypto, Reddit, Stock Market Thoughts

February 10, 2021 by Jacob Sensiba Leave a Comment

The last couple of weeks have been crazy in the stock market. With Reddit putting a short squeeze on Wall Street, crypto assets going gangbusters, and speculation about what inflation will do in the near future, there’s a lot to talk about.

Reddit vs Wall Street

Gamestop and AMC Entertainment are the two biggest names when we talk about Reddit investors.

A large number of shorts were put in by hedge funds and other big players on Wall Street. A specific Reddit account “recruited” its following to pile into the two companies named above. This group of “retail” investors drove the stock price up (as well as other investors that caught wind of their efforts).

Those hedge funds were forced to cover their shorts so they didn’t lose more money. The stock price for those two companies plummeted in the following days, but that doesn’t negate what Reddit did – they beat the big guys.

What’s a short?

A short is a type of trade. What you do is you borrow shares of a stock at a specific price in hopes that the stock price will drop. If it does, you buy back those shares at a lower price and collect the difference.

For example, if you bought shares of XYZ company at $20 and the share price of XYZ drops to $10, you would cover your short and earn $10 per share as a return.

It’s not for the faint of heart because stock prices effectively have no ceiling, so you could lose A LOT of money.

Crypto

Cryptocurrencies gained traction over the last few years as investors saw potential. After Bitcoin rose to $20,000 per BTC and crashed, it lost its allure.

Social media brought it back, thanks to Elon Musk. Slight changes in his Twitter bio moved the needle very effectively. Bitcoin is now hovering at $50,000 per BTC. Tesla invested a healthy sum in Bitcoin and will now accept payments in Bitcoin.

I believe other companies will adopt this policy and we will see Bitcoin used for purchases more regularly. There is a place for cryptocurrencies in this world, but it’s uncertain what kind of role it will play.

Short-term Thoughts

I go through quite a bit of research each week to get an idea of what the market environment looks like, what the economy is doing, and where there are risks and opportunities in the market.

With that said, the amount of times I’ve read the word “bubble” is alarming. The comparisons to the Dot Com Bubble and the Great Financial Crisis (GFC) are also a cause for concern.

Pundits are using the word “euphoria” more often.

There are a few things to pay attention to:

The divergence between the stock market and the economy. Typically, near the end of the business cycle, a difference between how the market is doing and how the economy is doing grows. Eventually, things will revert to the mean. That’s to say, the difference between the two will shrink.
Inflation. The Biden Administration is taking a different stance from past presidents. Inflation and overstimulation of the economy were areas of concern. President Biden is taking the other side of this argument, saying that he’d rather do too much, than not enough. Look for increased stimulus and less regard for inflation. If inflation starts to run hot, expect the FED to cool it down somehow.

Conclusion

Short-term policy changes and speculative movements in the stock market have little to no impact on the long-term performance of your portfolio. The one thing that really moves the needle is your behavior and how you respond to the news.

If you keep your long-term perspective in mind and keep your emotions in check, you should fare better than those that don’t.

What Is the Difference Between Strategic and Tactical Asset Allocation?

February 3, 2021 by Jacob Sensiba Leave a Comment

We’ve talked a lot about asset allocation on this platform. It’s my preferred method of investing and is often the one I recommend to my clients. There are different types of asset allocation, though. Tactical and strategic. What’s the difference between strategic and tactical asset allocation?

Asset Allocation

Before we explore the difference between those two, we should define what asset allocation is.

Asset allocation is a simple, but effective approach to investing your money. It takes into account your risk tolerance, investment objective, and time horizon (also known as suitability).

Using those three pieces of information, you divvy up capital to three (sometimes more) asset classes. Those are stocks, bonds, and cash. Other asset classes that can be included in your allocation include precious metals (i.e. gold and silver) and real estate.

For example, if someone has a moderate risk tolerance, an investment objective of using those funds for retirement, and a long term time horizon, an adequate asset allocation could be 60/30/10. 60% stocks, 30% bonds, and 10% cash.

The goal is to balance the risk/reward dynamics in a way that’s comfortable to you as the investor, using those three suitability items as the barometer.

What is strategic asset allocation?

Strategic asset allocation uses a long term approach. Uses your risk tolerance, investment objective, and time horizon to create the optimum asset allocation that balances risk and reward to fit the above criteria.

What is tactical asset allocation?

Tactical asset allocation uses a short to mid-term approach. Requires more flexibility as you will move in and out of securities as they fall in and out of favor. Strong discipline and understanding of markets are required to utilize a tactical approach.

The difference between strategic and tactical asset allocation

For the everyday investor, strategic allocation makes the most sense. It accomplishes what you’d want in any portfolio – it balances the risk and reward, and creates a portfolio that maximizes return potential while minimizing any inherent risks tied to those asset classes. It’s a “hands-off” approach to investing.

For a more experienced investor that doesn’t mind putting in the time and effort required to analyze and understand the market, trends, etc. tactical asset allocation makes more sense. Proceed with caution, however, as market timing can be very risky.

There are two key differences between strategic and tactical asset allocation. Tactical allocation requires more work, more knowledge, and more experience. Tactical allocation also requires the investor to be more disciplined and more tolerant to risk.

Additionally, tactical allocation takes more of a micro view of economics and the markets. Macroeconomists and strategists view investing from 30,000 feet. Tactical investors look at capsize (the size of a company based on shares outstanding and share price), industry, geographic location, etc. What’s performing well, what are the trends, what industry, location, etc. is likely to outperform in the near term.

Moving Back to the House

January 27, 2021 by Jacob Sensiba Leave a Comment

For today’s personal reflection, I’m going to talk about moving back to the house that K and I are currently renting.

K is my son’s mother and we are getting back together. I’m excited to grow with her and to make our relationship into something even better than it was before. But that’s not the point of today’s post. Today we’re talking about moving back to the house that’s being rented.

Current living situation

As a result of K and I getting back together, we had a conversation about where we wanted to live and raise our son. My current place that I’m renting was an easy choice because it’s within two minutes of my work and has a large enough basement that our son can play when it’s cold and/or rainy outside.

We’re moving!

After we had a conversation and I had time to reflect, the better choice is to move back into the house we own together. Our renters are moving out at the end of their lease and mine is up at the same time. I feel more at home in that house and in that city than I do currently. The drive is significantly longer, but I enjoy driving. It gives me time to either get into work mode or get out of work mode (depending on the time of day).

At the house, our son has a yard to play in, there are two playgrounds/parks within a few blocks, and we are near some water. What also played a role in the decision is where our son is going to school. We decided to enroll him in a private school, which makes the location of where we live a little less important.

Besides the drive, the only other thing I don’t like about this house is the basement. It’s a very old home. Over 100 years old, so the basement is very short and uneven.

The short-term plan

What we decided to do is to stick it out. We’re going to live in this home for a few years, pay down some outstanding debt, and save for a down payment. When we’re ready, we’ll look for a new home that checks all of our boxes.

There are some big and exciting changes coming down the line, and I’m very excited to take them on with K.

Are Business Gifts Tax Deductible?

January 20, 2021 by Jacob Sensiba Leave a Comment

How do you strengthen relationships with customers and/or business partners? A tried and true way is using gifts. However, gifts cost money, so the next question is, are business gifts tax deductible?

The straight answer is yes, but it’s much more nuanced than that.

There are limitations

Business gifts are tax deductible, up to a certain dollar amount. You can deduct no more than $25 of the cost of the gift you give to each person through the course of the year.

Incidental costs such as engraving, packaging, and shipping are not included in the $25 limit as long as it doesn’t add substantial value to the gift.

Gifts that cost $4 or less are not included in the $25 limit IF the company name is permanently placed on the item and the gift is widely distributed.

Entertainment

Any item that can be considered a gift or entertainment is usually considered entertainment and is deducted at 50% of the value of the gift. For purchases that fall under both categories, use the “gift deduction” on lower-cost items and the “entertainment deduction” on items larger than $50.

Gifts to others

If you and your spouse give gifts to the same person, you’re treated as one taxpayer. The same rule applies to partnerships.

Gifting to a customer’s family counts as a gift to that customer, unless the customer’s family member(s) is a client as well.

The $25 limit only applies to gifts given to individuals. Gifts given to other companies, generally, don’t apply and are fully tax deductible.

Gifts to employees are taxable compensation.

Other relevant information

Keep adequate documentation that includes the purpose of the gift, what was spent, the date of purchase, and the business relationship.

Gifts given to a 501(c)3 non-profit are tax-deductible. Up to 25% of taxable income for a corporation.

A large majority of the information I have listed above came from the IRS publication about “Gift taxes”.

The FED, The Dollar, and Opportunities

January 13, 2021 by Jacob Sensiba Leave a Comment

My post for today was supposed to be a personal reflection, but in lieu of that, I’m going to lay out my thoughts on the market and the economy. Which includes the FED, the dollar, and inflation. In addition to that, I want to explain where I see risks and opportunities right now.

The dollar

We can expect the Federal Reserve to continue an accommodative monetary policy. They will invest in the fixed income market and they’ll resume the low-interest-rate stance.

If they continue this response to the Covid crisis, the dollar should go down in value. There are some risks and opportunities that arise if that happens.

Gold and cryptocurrencies should increase in value. A devaluing in the dollar is, normally, the right landscape for “alternative currencies” to do well.

International securities, especially emerging markets, do well when the value is priced lower. A large majority of international transactions take place using the USD. The value of their home currency goes up in relation to the USD.

The technology sector also has a negative correlation to a falling dollar. When the dollar goes down, that sector tends to outperform.

If the dollar, indeed, goes down look at these areas for possible investment opportunities.

The FED

As I mentioned earlier, the FED will continue to create an accommodative environment for the economy…until they don’t.

At some point, the recovery will gain momentum. GDP will go up and the population will gain confidence in that recovery. At this juncture, inflation will pop onto people’s radars.

If inflation runs too hot, the FED could possibly stop, or reduce, QE. They could halt the bond-buying program and they could raise rates. If that happens, keep your eyes out for a pullback.

We saw this happen at the end of 2018. The FED started raising rates until they went too far, and we had a 20%-25% decline in Q4. Then they reversed course and began easing again. We had a run-up in the market until March of 2020 when Covid hit.

Long term

I believe tech and healthcare will be the two sectors to watch over the next decade or more. With technology getting more advanced every day, investment opportunities will present themselves in these two areas.

Green energy, especially with the incoming administration, is also an industry with big potential. Technology will play a large role in the advancement of renewable energy.

My biggest concern

And I’ll preface this by saying I’m concerned because I truly don’t know the implications of it. MMT looks as likely as ever at this point.

The favorable stance by the FED plus the democratic party holding the House, the Senate, and the Presidency leads me to believe printing money is going to pop off.

An aggressive agenda to provide relief for Americans struggling because of Covid, a push for expanded Medicare/Medicaid benefits, possible student debt relief, as well as other initiatives.

It appears that reducing the national debt is not a concern. To be fair, it wasn’t a concern for the Trump administration either.

The bill comes due for everyone, and if other countries (namely China) are no longer buying US Treasuries like they were, I do not know how we can fund policies, branches, or even service the existing debt. Only time will tell.

Conclusion

I will close by saying that these are my opinions. Granted, I do a lot of research to come to these conclusions, but what I said above are still my thoughts and not foregone conclusions. Do your own research.

How Much Cash Is Needed to Start a Pawnshop?

January 6, 2021 by Jacob Sensiba Leave a Comment

So you want to start a pawnshop. Where do you start? What do you buy? How much is this all going to cost?

A pawn shop can be a very cash-positive business. While doing research for this post, I stumbled onto a Quora thread that showcased how much money can be made with such an operation. The profits ranged from $30,000 per year to $60,000 per month.

But, you have to get started. In today’s post, we’ll highlight what you need and what it’s going to cost.

What do pawn shops do?

First off, we have to talk about what a pawnshop actually does. Pawnshops buy, sell, and trade items. These items can come from the owner’s personal collection, something they acquired via purchase or something they acquired via loan collateral.

When someone comes to a pawn shop to borrow money, they have to bring something of value for collateral. When the pawnshop lends money to this individual, they retain that valuable item until the principal (plus interest) is repaid. If they fail to repay, the pawnshop keeps the item.

Legal and location

There are many things you need to obtain when you start a pawnshop.

You need to take care of the legal requirements first. This includes licenses, articles of incorporation for your business entity, and permits.

Licenses include pawnbroker’s license, precious metal dealer license, secondhand dealer license, Federal Firearms License (if you plan on selling firearms) from the ATF.

The next thing you need is space. Where you set up shop is an important decision. The right location can bring in a lot of traffic and improve your earning potential. However, the right location comes at a cost.

Areas with high foot traffic cost more. Often, pawnshops will choose a space that’s close to a popular area, far enough away that it’s not too expensive, but close enough to make it convenient for the consumer.

Assets

There’s a minimum asset requirement needed to open. That number depends on the municipality, state, and country you plan on setting up shop in. For example, Texas has a $150,000 minimum requirement.

What do you need?

After you have all of the proper licenses and permits and pick where you’ll operate, you need to buy things to be operational.

These items include a computer (computer system/network), cash register, signs, equipment to display your products, record keeping, insurance, lockable cases, and a state of the art security system.

What you’ll also need is an adequate amount of capital to purchase more inventory and lend money to consumers.

What’s going to cost

Depending on the size of your pawnshop and the anticipated foot traffic, your start-up costs will vary. If you’re a larger shop with a high probability of having a lot of visitors/customers, your starting capital could be between $50,000 and $75,000. A smaller shop with lower projected traffic can get by with $15,000.

Last bit of advice

When you start a pawnshop, you need to refine and learn some new skills. You have to educate yourself on how to assess the value of goods so you can acquire sellable items, but not at a cost that eats into your profit margin.

Also, you have to come up with a business plan. What interest rate will you charge on your loans? How much will you mark up the items you sell? How much are you willing to pay for inventory?

All of these questions need answers. Keep in mind, this planning process should take place prior to buying the necessary licenses and other items to get the business started.

5 Steps to Care For an Older Car

December 30, 2020 by Jacob Sensiba 32 Comments

As of 2019, the average car age is 11.8 years. People are driving vehicles longer (source). That’s great news for everyone’s pocketbook. When people drive their cars longer, the possibility that they have a loan payment for that car goes down. During that period between making their final payment and buying a new car, they can save more money! To improve the longevity of your vehicle, you have to take care of it. In this post, we’ll go over the steps to care for an older car.

Change Fluids And Filters Regularly

There are several different types of fluids your car uses. Oil, coolant, brake fluid, transmission fluid, etc.

It’s important to regularly change those fluids, and clean out the paths that those fluids travel in. You should change your oil and oil filter every 3,000 – 5,000 miles (depending on the car and the oil you use).

The recommendation for your transmission fluid is a full flush every 30,000 – 60,000 miles. You should flush your coolant every 30,000 miles.

Your brake fluid should get flushed every 20,000 miles. Bleed the fluid by removing the end that supplies the brakes and stomp on the brakes until nothing comes out. If the liquid coming out is an amber color, you’re good. If it comes out looking dirty, then a flush is in your best interest. (Step by step process provided by Brake Performance)

It’s also important to inspect your air filters during every oil change. You can probably go 2-3 oil changes until you have to change your air filter.

Another piece of advice I saw while doing research for this post was to use high-octane fuel once per year. High-octane gas runs hotter than normal gasoline but also has more additives and detergents that help clean out the engine.

Inflate Your Tires

It’s incredibly important that you keep your tires properly inflated. On the inside of the driver’s door, there’s a sticker that says what the desired tire pressure is for your car. The correct tire pressure will help with the handling of your vehicle and will also improve your miles per gallon (saving you money).

You should also regularly rotate your tires. How often you do this depends on the brand of tire you use, but the standard recommendation is every 3,000 to 5,000 miles.

Keep It Clean

Frequent wash-and-wax of your paint job keeps the car sparkling and prevents rust. It also helps hold up the resale value for that day when you’ll finally sell the vehicle. Don’t forget the interior. Catching spills quickly, vacuuming the interior, and shampooing carpets can keep your older car looking like new.

If gauges fail, have them repaired immediately. For someone caring for an older car, checking engine gauges often is your key to successfully keeping your ride on the road.

Find A Good Mechanic

Similar to visiting a doctor for a yearly physical, you should take your car to a qualified mechanic regularly to check out and avert any potential problems. Remember the key here: the longer your older car runs, the longer you’ll avoid costly car payments.

Paying a few dollars to the right mechanic is a small price to pay to keep your vehicle healthy and avoid much more expensive new car costs.

Spark plugs

The last piece of advice, with regard to taking care of an older car, I’ll leave you with is to replace your spark plugs. The recommendation for this is to replace every 30,000 to 90,000 miles (depending on the make and model of your car).

A bad spark plug can lead to a misfire in one of your cylinders. If you have a 6 cylinder car, but only 5 are firing, your engine is working harder than it needs to. That can lead to problems down the road.

By practicing good care for an older car, you’ll help your dollars stretch so you can use them for more important items on your agenda.

If you’d like an in-depth breakdown of repairs and costs, Edmunds has a fantastic article.

Why Are Fixed Expenses Difficult to Reduce?

December 23, 2020 by Jacob Sensiba Leave a Comment

When you’re making a budget, there are two columns: income and expenses. A large majority of those expenses don’t change from month to month or change very little. These are fixed expenses. If you’re trying to cut costs, you may find that the fixed expenses are difficult to reduce. Why is that? How do you reduce fixed expenses?

We’ll explore the answer to those questions, among others, in today’s post.

Types of expenses

There are two types of expenses. Fixed and variable.

As the names suggest, fixed expenses don’t change or rarely change. Generally speaking, fixed expenses are the largest, recurring expense. Things like your rent or mortgage, utilities, internet, streaming/cable, debt payments, and insurance are all part of your fixed expenses.

Variable expenses, on the other hand, are constantly changing. There isn’t a bill or invoice you get every month. A variable cost is paid by your own directive. Things like groceries, “fun money”, and the like are variable expenses.

Fixed expenses rarely change or vary slightly, and someone or some entity is looking for a payment. Variable expenses constantly change and are voluntarily paid.

Why are they so difficult to reduce?

When you first “sign up” or “agree” to these expenses, more often than not, you’re already shopping for the lowest price for that item.

What else? Internet, streaming, and cable have a pretty standard rate when compared to competitors. Debt payments are structured by the length of the term, interest, and (when referring to credit cards) minimum payments.

Basically, the costs are what they are, and they don’t vary a whole lot.

Methods for reducing fixed expenses

Mortgage payments could decrease if you refinance at the right time. Utilities could go down if usage goes down. Insurance premiums could go down if you mess with coverages and deductibles, but I advise you to talk with an agent first.

Cable/dish generally increases after one year. Often, you get an introductory rate for the first 12 months. If it goes up too much, call and complain or threaten to leave. Normally, they’ll oblige and agree to lower your monthly bill.

If you have a debt to pay and money is tight, talk with your lender or credit card company. Let them know about your situation and they might be willing to work with you.

My accident

Aftermath

Brain injuries

Healing the brain

Related reading:

How was the first meeting?

How are they governed?

What are they offering?

How are communications?

Conclusion

Related reading:

Reddit vs Wall Street

What’s a short?

Crypto

Short-term Thoughts

Pundits are using the word “euphoria” more often.

Conclusion

Related reading:

Asset Allocation

What is strategic asset allocation?

What is tactical asset allocation?

The difference between strategic and tactical asset allocation

Related reading:

Current living situation

We’re moving!

The short-term plan

Related reading:

There are limitations

Entertainment

Gifts to others

Other relevant information

Related reading:

The dollar

The FED

Long term

My biggest concern

Conclusion

Related reading:

What do pawn shops do?

Legal and location

Assets

What do you need?

What’s going to cost

Last bit of advice

Related reading:

Change Fluids And Filters Regularly

Inflate Your Tires

Keep It Clean

Find A Good Mechanic

Spark plugs

Related reading:

Types of expenses

Why are they so difficult to reduce?

Methods for reducing fixed expenses

Related reading: