Financially Simple

I'm sure you've heard the old adage, "money doesn't grow on trees". Don't you wish it did though? However, since it doesn't how do you decide the best way to spend or save the money you do make? "There's more than one way to skin a cat," right? Let's review the decisions parents face today. Should they save for a child's college education or knock out their mortgage quicker? Or do both?Making the choice that's best for you and your family comes down to priorities. Prioritizing Here's the thing. Both paying down the mortgage and saving for college are noble causes. However, there is one particular priority I'd suggest placing above all else. RETIREMENT! You can fund college a lot of different ways. There's financial aid, student loans, scholarships, etc. While those can help put your child through school, they won't get you through retirement. Funding your retirement accounts also won't count against your college student when it comes to financial aid too. If it's a Roth IRA, you can even use the money for qualifying educational expenses. Now as for whether your focus should be college or your mortgage. I'm gonna say college and this is why. Most people don't […]

Hey, guys! Have you ever wondered if it’s possible to start a business today and retire in 10 years? It is. I call it the “10 and Out Plan”. If you’re ready to tackle it I’ve got tips on how to make it happen for you. 1. Find a business that carries a good multiple factor. 2. Develop a business plan 3. Drop your lifestyle to NOTHING! 4. Invest all your cash! 5. Hire an Exit Planner 6. Only sell if you’ve fully met your goals! Tackle these six obstacles you’ll be more likely to accomplish the “10 and Out Plan”! Thanks for watching guys! Let’s continue to make our lives “Financially Simple”.

While visiting an out of state client recently, I noticed a show on the Discovery Channel called, “Naked and Afraid”. The premise of the show is there are a bunch of people are running around naked trying to survive. I’m not an avid television watcher; I prefer reading and other methods of entertainment. However, as I pondered thought behind the show, it brought me to ask, how many of you are investing naked? I’m not talking about the physical state of your clothing. Nor am I referring to naked investing, which is a slang term for owning stocks without an option contract. Basically, you’re not in a covered position that would protect you from a downward movement in the shares you own of a particular stock. What I’m talking about is your emotional investment in your investments. How to stop investing “naked” Right now I see mixed emotions about the market. I’ll have some clients come to me, taking the position that the markets are going to continue climbing the way they have over the past few months. On the opposite end of the spectrum, I see those terrified the market is about to take a major dive. Both extremes […]

Tax help and information is available whenever needed on IRS.gov. Find publications, handy apps and full instructions on many topics. Here are a few good reasons to visit the IRS website this summer: Summertime or Anytime: Get Tax Help 24/7 Use IRS Free File. Taxpayers who still need to file a 2016 return can use IRS Free File to e-file for free. Free File is available through Oct. 16. Those who earned $64,000 or less can prepare and e-file taxes with free tax software. Taxpayers who earned more can use Free File Fillable Forms. This option is the electronic version of IRS paper forms. Check on a refund. The Where’s My Refund? tool is a fast and easy way to check on a tax refund. Use the IRS2Go mobile app to access it or click on the “Refunds” tab. Try IRS Direct Pay. Taxpayers who owe taxes can pay them with IRS Direct Pay. It’s the safe, easy and free way to pay from a checking or savings account. Just click on the “Pay Your Tax Bill” link on the IRS home page. Apply to make payments. Those who can’t pay all they owe at once may apply for an […]

Being a small business owner means you work hard to increase your bottom line and drive income into your pocket. The problem with that is most owners forget that’s not the driving force behind the value of a business. So, what actually makes a business valuable to potential buyers? In order to actually figure out the value of your business, there are few factors that increase the multiple or valuation. One of those is the tangible assets. That encompasses the desks, computers, equipment etc. However, most, if not all, of the business is incorporated into intangible assets. The Exit Planning Institue states as much as 80% of the value of the business could be wrapped up in intangible assets. They put together four “C’s”, which are four different capitals, that actually drive the value of the business through the roof. Human Capital These are your team players; your executives and employees. There are several things to consider here. Look at how they’re positioned. Are they close to the same age as the potential buyer? Do they plan to retire soon? Do they have good credentials? How much experience are they bringing to the field? Think about a football team. There […]

Don’t worry about the market! Keep your eye on the prize!