Forward to "Gibbon's Secrets"

Many of the incidences in this story are true, but there are also some, although strictly fictional, definitely are appropriate for the time frame of the 1940's.  Many of the individual characters in the story were truly a part of this story but some of them are fictional, and their resemblance to actual individuals is strictly coincidental.  Some of the names have been purposely changed or added to the story to complete the fictional picture.

With the 'Great Depression' nearing its end, and the war in Europe appearing to be getting stronger; the small town of Gibbon, in the middle of Nebraska, acquired a look of change.

The Phelps family lived in the last house on Park Street.  Their house was across the street from Gibbon's North Side Park.  Reg and Addie Phelps had lived in their small, comfortable home for over ten years, and were good examples of the hard-working Nebraskans.  The family consisted of a precocious daughter Jean and an energetic son Bud; plus two sets of grandparents, Frank and Alice Phelps, and Erskine and Jenny Claar.

Even though the war was far across the Atlantic Ocean, it had already impacted the everyday routines in Gibbon.  The newspapers and radios added to this war influence through pictures on the front pages and the speeches on the radio.

Reg Phelps, my father, started collecting pictures and stories about the war at the beginning of 1940 - thinking that it would be a collection of true to life living history for me, his son, Bud.


The pleasure I get from reading about history and remembering the everyday happenings of my youth has prompted me to write this story.  I feel enriched by the heritage of my family and the love that was shown throughout my early years as a boy in Gibbon Nebraska. . .

I therefore dedicate this story to my family and friends.  Read and enjoy my enhanced remembrance of the 40's.

Cover Your Nut Book Information

The information in the last two blogs came from my book "Cover Your Nut" - Practical Accounting in Plain English for the Real World.

The reference should have been:
     Section 1 - Accounting 101
          1.1 Accounting and Business Questions and Answers

Sorry about that - I should have given you the reference as part of the posting.

The book "Cover Your Nut" is available on line @ Amazon, AuthorHouse, or Barnes & Noble and can be ordered from any book store.  Check out the information on my web site - www.budsbooks.com

1.1 - Accounting & Business questions with answers.

Section 101 - Accounting and Business Questions with Anaswers


01-Do I have what it takes to own/manage a small business!


02 - Which Business Should I Choose?


03 - What is a business plan, and why do I need one?


04 - What do i need to succeed in a business?


05 - Do I need a computer and telecommunication equipment?


06 - How much money do I need to get started?


07 - What are the alternatives in Financing a business?


08 -What kind of Profits can I expect?


09 - What should I know about accounting and bookkeeping?


10 - How do I set up my accounting and bookkeeping system?

11 - What Financial statements will I need:

12 - What does "Cover Your Nut" mean.

1.1 - Accounting & Business questions with answers.

01 - Do I have what it takes to own/manage a small business?


     You will be your own most important employee, so an objective approaisal of your strengths and weaknesses is essential.

• Am I a self-starter:
• How good am I at making decisions:
• How well do I plan and organize?
• Am I willing to make sacrifices?
• How will I handle stress

     You are the only one who can answer these questions, but having a better understanding of accounting will certainly help you  in the area of making decisions, planning and organizing.  In this book, I will cover the basic accounting ares that you should study and understand to help you in you decisions.

Books Availability - "Cover Your Nut" & "Gibbon's Secrets"

"Cover Your Nut" can be purchased at Amazon, Barnes & Noble, or AuthorHouse


"Gibbon's Secrets" can be purchased at Amazon, Barnes & Noble, or Authorhouse




You can go the my web site, www.budsbooks.com for all information needed for ordering the books.  Thanks for the interest.

Practical Accounting - Special Story - "Cover Your Nut"

                                                   "Cover Your Nut Principle"

A peddler came into town with a wagon full of goods.  He drove his team up to the front of the General Store and when the Innkeeper appeared the peddler said "I need a room for the night: and I have all of these goods to assure that I'm covering the cost of the room."  The Innkeeper said, "you take off the NUT holding the wheel to the hub .

The peddler took off the wagon wheel nut and handed it to the innkeeper and said, "You may keep the nut until I sell me goods and have the need to move the wagon"   


The Innkeeper said, "When you have sold enough goods, you have               "Covered Your Nut"


This explains the principal that the "Cover" = the Revenue                            "Cover"
                                                                                                                       _________ Break-even


This explains the principal that the "Nut" = the Expenses                                "NUT"


Therefore to Break even in business you must Cover Your Nut.






RG Bud Phelps