Financially Simple

Getting on the path to simplifying your finances, depends on where you are.
Choose which one best describes you?

August 9, 2017
Hands on Investing

Is it Time to Sell? Business Readiness

Selling your business is a major step many business owners take when they are ready to retire. When the question, “Are you ready to sell your business?” comes up though it can send a business owner into panic mode. The truth is no one really knows if they are ready in that sense. What am I getting at? Well most of the time, people assume being ready is making the decision to sell your business. In reality, being ready to sell isn’t the readiness of whether you want to sell it; readiness is a state of fact. In other words, do the facts and figures indicate you are ready to sell your business? It is not a state of mind. It’s important to drive this point home so that you truly understand how to answer the question when you hear it. When dealing with readiness, there are two ways to look at it. The first one deals with the owner. Are they personally ready? (Remember we are not talking about a mentality. We are dealing with a physical state.) The second way to assess readiness is to know whether the business is fiscally ready. Let’s dive in and explore each […]
August 8, 2017

Building the Right Team for Business

If you own a business then you know how hard it can be to hire the perfect candidate for every job. So exactly how do you position your company’s team for maximum productivity? One theory is do so based on personality profiles. Recently I came across a study done by Kenneth J. Sanginario, the founder, and president of Corporate Value Matrics, LLC. In this study, he uses the DISC principle. The DISC principle is a behavioral assessment tool based on the theory of William Marston. The principle centers around four different behavioral traits: the dominant individual who loves to sit in the driver’s seat; the influencer who is an extrovert, a people person; the steady individual who is supportive to those around them; then finally compliant individual, they’re very much rule-oriented, yet non-assertive individuals.  Basically what the principle tries to explain is that all individuals demonstrate certain traits. For instance, I am a dominant influencer. Those are my two main behavioral traits. On the other hand, my business partner is a compliant supporter. So, we work hand in hand together for the success of our business. My wife is also a compliant supporter, which helps us work in unison.  Now, […]
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 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 […]
August 7, 2017
Choosing a Financial Expert

Wall Street versus Main Street

When it comes to managing your investments, navigating through the sea of the various financial professionals can be overwhelming. There are financial advisors, wealth managers, stockbrokers, etc. Each of these could be fee-only, fee-based or commission only. Then you get into the licenses—Series 7, Series 24, Series 6, Series 66 and Series 63. After all that, you’ll see designations like CHFC, CFP®, CPA, CFA. I think you get the point. It sure seems like financial professionals are a dime a dozen. So when it comes to investing, knowing who to trust your money to can be confusing. Do you go with a broker? What about an advisor? Or would a CFP® be a better choice? With all the choices out there many choose to settle for the big name brokerage-firm because of familiarity. (It could also be the multi-million dollar marketing budgets which lead folks to these large firms.) That might be the right choice for some, but not everyone. Here’s why selecting a small, local independent firm could serve you better. The Reasons Contol of your money If you want to hand your money over and forget about it, then a big firm is often good at managing money […]
August 4, 2017

Preparing for Long Term Care

Most Americans aren’t prepared when it comes to long-term healthcare. Whether it’s the care of a loved one or your own, long-term care is something we should all be prepping for. In previous generations, elderly parents and grandparents could count on moving in with relatives when they were no long able to live alone. However, today’s ever-changing family dynamics means many Americans are reluctant to burden their families with caregiving duties. Long-term care are services needed to support someone who is elderly, chronically ill, disabled, or unable to care for themselves for a long period of time. Most long-term care is focused on helping people with daily activities like dressing, bathing, cooking, and using the bathroom. The associated costs are quite alarming as well. One study projected that healthy 65-year-old couples could expect to spend $260,000 on healthcare in their remaining years. Though we cannot fully cover a topic as complex as long-term care in a single post, here are several questions to help you start assessing your future needs. 1. What are the costs of long-term care? Most Americans can rely on Medicare for mamy routine medical issues and hospital procedures after age 65. However, there are limits to […]
August 3, 2017

A Business Exit Plan: How Many People Are Involved?

A business exit plan isn’t something you develop overnight. Positioning your sale to make top dollar in the marketplace takes years of preparation before you ever sign on the dotted line in the actual transaction. You’ll want to employ a dedicated team that will take the time and effort to maximize your gains leading up to the sale. You’ll want to strategically plan your exit.  Let me explain. Recently, while speaking with a prospective client, he told me of his intention to sell his business. He said, “I have an interested buyer, and I think I can negotiate this particular deal myself. It will net me more money than hiring a team to the do the negotiations.” So I began to go through all the scenarios he may encounter. I asked some very basic questions. As our conversation progressed, he quickly realized he was outgunned and didn’t know what he was talking about. I wasn’t trying to discourage him from selling, nor was trying to throw him under the bus. I merely wanted him to realize how important the sale was. Getting a team together to make sure there were no mistakes was the best and most efficient way to […]
August 3, 2017

What is a CEPA?

If you’ve ever wondered “what is a CEPA?” In this vlog post, I am answering multiple questions.  Check out my latest video to learn more! A Certified Exit Planning Advisor is a credential that you earn after going through an MBA style program. First, you need to know what exit planning is to understand what they do. Exit planning is preparing for the sale or transition of your business and fulfilling this desire. The technical definition  that the Certified Exit Planning Institute uses is  “Exit planning asks and answers all of the business, personal, financial, legal and tax questions involved with transitioning a business by combining  planning, strategies and concepts with a process. A process is vitally  important.  Ultimately exit planning relies on a very simple strategy to grow your business so that it’s transferable. Let me break that down for you. We need to grow our businesses so that we can sell them or give them away. It’s that simple. How do you do that? We’ll explore that in later videos. Here’s why exit planning is important. The Breakdown Currently out of the 20 million business in the U.S., there are six million employer companies or companies that have employees. As I was researching to […]
August 2, 2017

Freebies to Make Life Financially Simple

Free stuff. I hear you. Your thinking, “Yeah right!” While getting something for nothing these days just doesn’t happen very often, it does happen. The best part is there are freebies out there that span the free world! They run the gamut from stocks to diapers. Take a look at these and see which ones you want to pocket. Free Stock Trades Since I’m a financial guy, obviously the one I want to start with is stocks! Yep, free stock trading. No need to hire someone, you can absolutely do it yourself (although there are good reasons not to). You can use fee-free trading platforms like Loyal3 or Robinhood. All you do is open an account (both come in apps or you can use a web browser), give some required information and start trading your funds. You can invest as little as $10 on Loyal3, while Robinhood requires no minimum balance. You can also check with more-traditional online brokers to see if they’re running promotions. So get your trading shoes on and go! Free Samples Whatever you’re looking for, there’s likely a free sample somewhere. Many blogs and sites offer free samples. You can nab anything from toiletries to clothing to food, […]