August 17, 2017
volatility in the markets will come

Volatility in the Markets Will Come

Somone recently asked me, “What is volatility?” I explained it is simply the rapid rise or fall in price. The last little bit, the stock market has been steady and boring, nothing special or crazy. It hasn’t really been in the news lately and because of that, I’d say we as investors are a bit lackadaisical at this point. This isn’t going to happen forever though. While we have smooth sailing right now, that won’t always be the case. Volatility in the markets will come because that’s part of investing. A recent fishing trip reminded me these five lessons when it comes to dealing with a volatile market place. Go fishing!—While we are seeing smooth seas right now, rough choppy waters are ahead but don’t be afraid to invest because of that. If you do you may miss out on some of the best returns you’ll ever see. We don’t know what the market is going to do. It may go down or it may go up. So don’t miss it by going to a safety position. Don’t Jump Out of the Boat—When the waves come, don’t jump out. You’re better off staying in and riding out the rough waters of […]
August 14, 2017

The ONE Insurance a Small Business Owner MUST Purchase

RAs a business owner, you know there is a litany of insurances you need to protect yourself and your business from various mishaps. There’s home, auto, life, disability, business overhead, general liability, you get the point. We are insurance poor (business owner’s especially). However, there’s likely one insurance in particular that you may not realize you need. Most business owners tend to overlook this particular policy. Some may even dismiss it as an unnecessary expense. In spite of that, I’m going to tell you today that just isn’t true. It’s vital for your security. What insurance am I alluding to? Umbrella policies. A good insurance broker will often recommend a basic umbrella policy. These types of policies are available both personally and professionally. I would recommend obtaining both as a business owner. Why are umbrella policies important? They cover more than just a person. Let me break that down with this analogy. Often my wife and I find ourselves going out in a rainstorm. If we have a big umbrella, we can both fit under the umbrella. And sometimes, even one of our children, like our five-year-old Jude, can get under the umbrella with us. For the most part, we will all stay […]
August 10, 2017

Achieving Charitable Desires While Increasing You Net Gain

When it comes to philanthropic giving business owners are often at the top of the list. Giving allows them to experience personal satisfaction as well as shelter some of their proceeds from Uncle Sam. Not only do they give on a regular basis, but many of my clients want to give a portion of their proceeds to their favorite charity upon the sell of their business. These donors/business owners are firm believers that they need to give some of the proceeds to a charity. Those charities run the gamut. Some are based on religious beliefs, while others are merely philanthropic desires. Typically, the number that seems to always get tossed around is about 10%. So if they sold their business for $5 million, they’d give $500k of the sale to the charity of their choice. This is definitely a noble and altruistic action. It is also important to note that a lot of people take different approaches to accomplishing this. I’m going to give you a little insight on how you can do just that. All the while, maximizing the money that you end up pocketing. Let’s look at some numbers to give you an idea. Here’s an example of […]
August 8, 2017

Tips to Protect Taxpayers from Identity Theft

Eight Tips to Protect Taxpayers from Identity Theft Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they are victims of identity theft when they submit their tax returns. That’s because the IRS lets them know someone else already used their SSN to file. The IRS continues to work hard to stop identity theft with a strategy of prevention, detection and victim assistance. So far, the agency has stopped millions of dollars from getting into the hands of thieves. Check out these eight tips on how to protect against identity theft: 1. Taxes. Security. Together. The IRS, the states, and the tax industry need everyone’s help. The IRS launched The Taxes. Security. Together. awareness campaign in 2015 to inform people about ways to protect their personal, tax and financial data. Learn more at www.IRS.gov/TaxesSecurityTogether. 2. Protect Personal and Financial Records. Taxpayers should not carry their Social Security card in their wallet or purse. They should only provide their Social Security number if it’s necessary. Protect personal […]