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Have you paid more for your printer’s ink cartridges over the past year than you did for the printer itself?

Then it’s time to ditch your color printer and get a black and white printer instead. Here’s why.

I’ve had my Epson Workforce 600, a color printer, for about a year.

Up until now this was the only printer we used to serve the needs of our office and a family of five. The printer was one of those all-in-one devices capable of scanning, copying, faxing and wireless.  However, there was one really irritating problem that just kept gnawing away at my hubby.

To hear him say it:

“I understand that if your printer runs out of black ink, you can’t print a black and white document like a short letter, a contract, anything. But when you only want to print a black and white letter, why do I need cyan, magenta, yellow or any other color other than black to do so?..…Grrr!!!”

You see, our printer had the nasty added feature of refusing to print anything, even in black and white, if any one of the color cartridges were empty.

Having grown weary of falling victim to what we call “the toner trap,” my husband went on eBay to find an old, used, black and white printer.

We we were expecting to buy some five-year-old, monster-sized, outdated machine — even an old dot matrix printer. However, anything would be better than paying through the nose per color cartridge or spending as much as 60 to 80 bucks for a “convenient” multicolor pack.

To his surprise, not only were there many monochrome printers available for sale, but they were new, slick looking, and some were even wireless. And not just on eBay but on online shops like Amazon (his favorite).

So, with a quick Amazon one click, the top selling monochrome printer was on order and should be arriving shortly.  Not surprisingly, many of the reviewers on Amazon.com purchased their monochrome printers for the same reason that we did…to save money on printing black and white documents.

If the majority of what you are printing is in black and white…get a monochrome printer. Especially if you have a home office and want to save a few bucks in the long run.

When we desperately need to print in color, for a really short project, I’ll keep my Epson 600 around. For bigger projects, we simply get color printing done at FedEx Office.

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When my husband, Earl, left his job as a national accounts manager for book publisher John Wiley & Sons, the very last email he sent from his corporate account carried the subject line “Independence Day.”

Like many people who leave a job, Earl (shown at right, and above with me) used his parting missive to wish his colleagues well, to thank his mentors, and to relay his future contact information.

He also took the opportunity to declare – emphatically – that he was freeing himself from working for someone else, once and for all. “I’m happy,” Earl’s email said. “I’m going to start my own business and take my consulting activities to the next level.”

And just like that, he bid his colleagues farewell.

That was in July 2002. Earl will soon be coming up on his tenth year of freedom from corporate bosses, long meetings, a 9-to-5 schedule, a grinding commute, and all the other stresses that typify life in Corporate America.

Having his own business and answering to no one (except maybe God and family) has become his new reality. And that’s what Independence Day means to Earl.

Seems my husband and I are kindred spirits.

I met Earl in 2003, the same year I went through a downsizing and lost my job as a Wall Street Journal reporter for CNBC. And I wasn’t alone: 200 of my colleagues received pink slips, too, casualties of slumping advertising revenues and fiscal challenges at my former employer Dow Jones & Co, which was the parent company of the Journal at the time.

At first, I thought it was all so unfair. But once I resolved to move on with my life – which happened pretty quickly – I decided to start my own business.

My last day on air at CNBC was March 1, 2003. That very same month, I launched my own company and began working as The Money Coach.

Thus Independence Day is also about freedom to me. Freedom in my career choices. Freedom to say “yes” to certain clients and work opportunities — and the freedom to say “no” to others. Freedom to spend my time busily writing, doing speaking engagements or promoting my books in the media. Or the freedom to do nothing at all. Read the rest of Lynnette’s article on WalletPop.

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Need a microloan and live in IL? The Springfield Black Chamber of Commerce offers funding

Springfield Black Chamber of Commerce taking applications for microloans – Springfield, IL – The State Journal-Register

Q.  Do you suggest attempting to take out a business loan to finance a business that you have invested in although credit may not be good, personally?

A. No, I don’t suggest trying to get a business loan to finance your business operations when you know your personal credit isn’t good. You’ll simply wind up generating an inquiry on your credit report, which will further hurt your credit rating, and still wind up getting turned down by the bank for a loan.

Read: How Inquiries On Your Credit Report Hurt Your Credit Score

Banks have gotten a lot stricter about to whom they extend loans and credit. And that goes for small business owners too. Invariably, your personal credit record is reviewed when a bank is considering a loan application, and you also are often asked to sign a personal guarantee for that loan.

Here are six quick tips for entrepreneurs trying to finance a start-up or expand existing operations:

1.     Do seek “trade credit” from vendors and suppliers. Too many entrepreneurs dream of going to a bank and getting a business loan or line of credit for their enterprise, but maybe you don’t need a traditional bank loan at all to launch or grow your business. If you can get your vendors and suppliers to agree to provide you with trade credit — i.e. the ability to pay for goods and services over time — you can creatively and more frugally run your operation.

2.     Do request major funding long before you need it. Realize that getting money from “angel” investors and venture capitalists can be a longer-than-expected process; it often takes 6 to 12 months to secure. See the “How to Get Funding from Angel Investors” article from the Wall Street Journal.

3.     Don’t feel compelled to buy everything. Ask yourself: Do I really need to purchase equipment, furniture, computers, etc? You may be able to get by, temporarily, by bartering, or even by renting and leasing equipment. And that’s OK!

4.     Do get “buy in” from your spouse/partner. Many new (and veteran) entrepreneurs will tell you one of the biggest dream killers they’ve encountered is an un-supportive spouse. Make sure your partner is on board with your entrepreneurial ambitions. If not, you’ll face a host of financial arguments and money-battles that will be counter-productive to you building a business.

5.     Don’t let your personal credit rating lapse. Amid the current environment, your credit standing is more important than ever. Guard it jealously. Pay all bills on time. Only take out loans/credit when you truly need it. The higher your FICO scores, the better loan rates and terms you’ll get when it is time to do business with a bank —or even just getting a corporate credit card. See more on how to get your financial house in order.

6.     Don’t “bet the farm.” Smart entrepreneurs don’t “roll the dice” and risk everything. They take risks, but they’re calculated risks. Don’t gamble everything: 100% of your savings, your credit, putting your home up, etc. in the hopes that you’ll create a successful business. Be willing to invest in your business of course, but not foolishly, and not at the expense of everything else.

Recommended Reading: Perfect Credit: 7 Steps To A Great Credit Rating

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