Kenneth Boyd's Blog, page 57
October 3, 2018
Where Do You Want To Be In Five Years?
“If you don’t know where you’re going, any road will take you there.”
This quote, by author, Louis Carroll, points out that everyone needs a plan to reach certain goals. Setting a goal requires you to think through life’s issues. If circumstances force you to change your plan, no problem- just make changes and keep moving forward.
Not everyone is comfortable with future plans, however.
No matter where you are in life, thinking about where you’ll be in five years seems crazy.
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But it’s important.
Creating a plan will increase your chances of reaching a long-term goal, and you’re more likely to make smart changes to your plan, if you think about it carefully.
Take that goal and then work backward to decide what to do. From changing careers to getting the home like that you want, it can work across many areas.
Career
Career is often the first place that people focus on when it comes to their goals. So, ask yourself, where do you want to be in five years? Do you want to get a promotion? Do you want to have your own company? Do you want to earn more? Unless you start thinking about it today and working on getting there, you’ll still be where you are now in five year’s time.
Relationships
Where do you see your relationship going? Do you need to improve it as Psychology Today says, or do you want to be married or have kids? And if you’re single now and you want both, you’ll want to assess who you are, and what sort of person may be a relationship fit for you.
Home
When it comes to your home, you need to have a vision. Do you want to buy a new house or your first? Do you want to build? Do you want to renovate? If you see yourself in a dream house in five years time, you need to be working for it today.
Money
What about your money situation? Are you doing well with your funds or do you need to improve them? Should you look to something like Blue Trust Loans or do you want to get out of debt? Maybe you want to start retirement planning? Either way, today is the day to start.
Yourself
And then, there’s the idea of where you want to be in yourself.
Much of the time, we all start to think about where we see ourselves, but we don’t always picture things like career, relationships, or money. We do tend to picture home, but we picture ourselves more than anything. So ask yourself, how do you want to feel? What is it that will make you happy? If you know where you want to be in five years, start taking the steps to feel that way from today onwards.
Small Steps
Thinking about all of these issues at once may seem overwhelming, so take one topic at a time. Ask friends and family for help, because these people know you best. Give it a try!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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Improve Your Credit Rating To Buy Your First Home
Your credit score has a big impact on your ability to get a home loan, and the interest rate you pay on your loan.
It may be difficult, however, for first-time buyers to secure a home loan, given that housing prices increase over time, while wages stagnate. Saving for a down payment is difficult, and the dollar amount of the down payment is a key factor in a lender’s home loan decision.
Many young people are in debt, given student loan debt, stagnate wages, and the cost of living in large cities where many young professional choose to live. You can, however, create a strategy to get that first home loan.
What’s a Credit Rating?
A credit rating is a score assigned to you, based on your income, debt payment history, and other factors. Banks pay close attention to your credit score, because the score has historically been an accurate way to assess a borrower’s ability (and willingness) to pay back a loan.
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How Much Do You Save?
It can be hard to save, especially if you earn a lower than average wage, but it’s essential to increase your monthly savings amount. The larger your down payment is, higher chance getting a mortgage loan approved. So, it’s important to start saving what little cash you can. It may take a long time saving small amounts, but you can eventually save enough for your down payment.
Get Advice
Rather than trying to apply for a loan yourself, it’s best to go through a mortgage advisor. They know all of the tricks of the trade that can help you get the mortgage that you need. It’s worth working with an advisor who uses a service like Consumer Portfolio Services as these specialize in financing first-time buyers with poor credit. Once you have a mortgage advisor on your side, he or she will be able to guide you through the whole application process.
Fix Errors
You can access your credit report online and review it, and your should go through it carefully to make sure the information is correct. Even spelling mistakes could cause your credit score to decline, because the creditor information may be misunderstood. Thankfully, errors are easy to fix, and you should do just that before you submit any new applications for a mortgages.
High Interest Rate?
You might find that some lenders are happy to lend to you, as long as you accept a higher interest rate. Of course, this means that your monthly repayments may be slightly higher than what you had expected. If, for example, you’re promoted and will earn a higher salary, you may be able to manage a higher payment. The same is true if you’re self-employed, and you increase your income by finding more clients.
The Payoff
It isn’t impossible for a first-time buyer with poor credit to buy a home. You just might need to jump through a few more hoops to get there!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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October 2, 2018
Alternative Investments: Consumer Lending, Distressed Property
Technology allows investors to access and consider dozens of investment options.
In addition to traditional stock and bond investments, you may consider alternative investments (“alt” investments), such as precious metals, real estate, and commodities. Investors consider alt investments, because the value of these assets fluctuate differently than the stock and bond markets. If the stock market declines by 15% in a year, for example, and alt investment may not decline at the same rate- or may even increase in value.
Becoming a Lender
There is a growing market that allows investors to provide non-traditional loans to individuals. Instead of borrowing from a bank, an individual works with a lending company, and the funds loaned to the individual are provided by investors.
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As an investor, you receive a competitive interest rate on the amount you invest for lending. Borrowers can access a licensed money lenders list.
What About Property?
One popular investment over the years is real estate. Generally speaking, real estate falls into the alt investment category, meaning that the value of real estate does not fluctuate in the same way as stocks and bonds. As a result, including real estate in an investment portfolio with stocks and bonds adds diversity and helps to reduce the overall portfolio risk.
Keep in mind, however, that investing in real estate may be more complex than simply buying a stock or bond mutual fund. Real estate is not a liquid, which means that it is more difficult to sell than a stock or bond security. Also, your real estate investment may involve complex contract language and legal issues, so do your homework.
A higher risk category of real estate investing is distressed property. While these properties have a lower than average price, the property is typically in disrepair, or in a poor community. Only investors who can afford to rehab or build on a distressed property should consider these investments. Also, it may take years to sell these properties and recognize a gain.
Investing is distressed properties can be profitable for people who are know the local real estate market, and who can spend the time and money to rehab properties and make them attractive.
For some people, an investment in distressed properties is the sort of thing they do again and again. These rehab experts see each property as their very own project, and they enjoy the challenge of improving a property so that it can be sold for a gain.
Successful investors diversify their overall risk, and many investors include real estate in a portfolio with stocks and bonds. If you have the patience and the dollars available, you may be able to buy a cheap property, put in time and money to improve it, and make a profit on a sale.
Do Homework
Regardless of what types of investments you choose, do your homework. Find useful information online and talk to experts. A well-designed investment portfolio can generate a reasonable rate of return and limit your risk.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
The post Alternative Investments: Consumer Lending, Distressed Property appeared first on Accounting Accidentally.
October 1, 2018
Don’t Bank On It: 3 Reasons To Switch To Online Banks
When was the last time you were in a bank lobby?
Many of us still rely on traditional brick-and-mortar banks, but switching to an online bank could be a better option. Online banks offer numerous advantages over regular banks. Here are just a few reasons to consider switching to an online bank.
Tech Advantages
Online banks lead the way when it comes to introducing new technology, helping to make banking easier and more secure. While many traditional banks now offer online billing services and mobile banking, many online banks have done it for years- and they’re better at it.
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You’ll find all kinds of new developments in online banking that regular banks are yet to explore. For example, online banks have been bringing in facial recognition technology as a new way of screening people when logging in, as well as voice command.
Specialist cryptocurrency banks have also started to spring up, allow you to collect cryptocurrency interest. If you like to stay current on the newest trends, switching to an online bank could allow you more options to explore.
Earning Interest
Online banks tend to have better savings account interest rates than traditional banks. The typical online bank doesn’t incur the overhead cost of running a physical branch, and they can afford to pay more interest.
If you’ve been thinking of opening up a saving account, make sure to compare online savings accounts and see what you can find. New saving options are constantly being introduced by banks, so it’s worth checking rates. Occasionally, brick-and-mortar banks will offer better interest rates, so don’t discount them completely.
Remote Service- Does It Work?
Online banks are better equipped for remote customer service.
While physical banks have now started bringing in remote options such as chatboxes, they don’t innovate as quickly as online banks.
In fact, regular banks may still recommend that you go into your local physical branch for certain services, while an online banks can handle any query or problem remotely. This could be much better for people that don’t have a local branch, or who have mobility issue. By choosing an online bank, you can handle all your banking from home quickly and conveniently.
Ignore Brick-and-Mortar?
Just about everyone can benefit from online banks, there are still advantages to brick-and-mortar banks that may make you think twice before cancelling your regular bank account entirely.
If you’re not IT savvy, you’re probably going to see online banks as an inconvenience, as they rely you to be competent with a computer. You also need to be sharp enough to separate phishing scams from regular emails.
Some people still prefer to have their money in a brick-and-mortar bank, so that they can go into their local branch for a more secure conversation on sensitive matters rather than having to communicate with someone they can’t see in person.
You may also want to keep your physical bank account for quick access to cash when you need it. Not all online banks offer debit cards, so you can’t just take your cash out from an ATM. This makes many online banks better saving options, rather than an option for your primary checking account. Make sure that your bank allows you to deposit checks remotely, because it’s faster and safer.
All in all, it’s best to use a mixture of online and brick-and-mortar banks so that you can get the advantages of both.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
The post Don’t Bank On It: 3 Reasons To Switch To Online Banks appeared first on Accounting Accidentally.
September 28, 2018
Common Insurance Buying Mistakes
Insurance coverage is a key component of everyone’s personal finances.
We all need coverage. The premiums you pay may seem expensive, but insurance protects you from uncertainty. Insurance coverage, however, is often misunderstood, so use these tips to avoid common insurance buying mistakes.
Cheap Insurance?
There is no such thing as “cheap” insurance.
Why, then, do you see so many ads about “saving money on XYZ insurance?”
Consider this explanation and draw your own conclusions…
First, understand that insurance is one of the most heavily regulated industries, and each state has detailed rules about how insurance is offered, priced, and sold to consumers. Second, insurance companies hire more college math majors than just about any other industry.
Why?
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Insurance is all about risk and probability, and these factors are evaluated by math majors- who become actuaries. Take car insurance, for example. The insurance company has a pool of people that are sold car insurance, and the premiums generated each month are supposed to cover insurance claims, business costs, and generate a profit.
What’s the risk that someone in the pool will have an accident? It’s based on historical data, probability, and other math calculations.
Given the heavy regulation and math component, there really isn’t “cheap” insurance- only insurance that covers less, or pays out less often. That cheaper insurance policy you see advertised may not cover all of your car’s damage if it’s totaled- only up to a dollar amount.
It’s not cheaper, it just pays out less in claims.
Low Deductibles?
Getting the balance right between premiums and deductibles can be difficult. Many people do not realize that they can adjust the features on their policy to reduce the amount of money they pay per month. If you set your deductibles at a higher rate, this means that your premiums will be lower as a consequence.
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For those who are unaware, your deductibles relate to the amount that you need to pay before an insurer will pay out. Therefore, you also need to make sure that this is at a rate that you can afford.
Gritty Details
You should never sign a contract without reading each and every word of the policy, and without fully understanding the terms and conditions and the full implications. After all, there are a lot of insurance plans that come with hidden fees and terms that you really need to know about.
These terms come back to bite you if you are not careful, so make sure you read the details. Take as much time as you need to find the right insurance plan for you. It may take more time, but it will definitely be worth it in the end.
The Benefit of Groups
In many cases, group insurance plans offer you a much better value than buying insurance on your own. Many employers offer group insurance policies as part of their employee benefits packages. This gives the employees access to cheaper insurance, and it also offers tax benefits to the business, it’s a win-win!
What About Online Reviews?
Take the time to do your research and make certain that the insurance provider has a good reputation, and read online reviews. After all, you want to make sure that the insurance company has a good record for paying out and that it deals with its customers well.
Make sure you read comments on independent review platforms, rather than directly off the company’s website. If you use the likes of Trustpilot, you can be sure that the comments are genuine. You need to consider the reviews as a whole, rather than focusing on one comment specifically.
You Got This!
Use these tips to avoid common insurance mistakes and get the coverage you need.
You got this!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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September 26, 2018
The Financial Aftermath Of Buying A House
Buying a new home is a huge financial decision.
It’s probably the most expensive purchase you will ever make, and borrowing such a large amount of money is a big responsibility. Your home may also be the biggest asset your will own, and making loan payments on time for 10-20 years will boost your credit rating.
But, what happens financially after you buy your home?
You need to sort out your finances as soon as you move into a new home. Your financial situation may have drastically changed- often for the better- but you still need to get your ducks in order. Here are some “financial aftermath” issues that you need to consider.
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What About Emergencies?
It’s important to start saving, so that you have a pot of money you can use as an emergency fund. A savings balance provides you with some cash you can dip into if you ever need to fund any emergency repairs. You never know when you might need to do this, because it’s impossible to know when a flood, fire, or other household emergency might occur.
It’s best to be as prepared as possible.
When you create a monthly budget, make room in your budget for a monthly savings amount- and have that amount transferred into a separate bank account. This form is self-discipline will help you find a savings account each month.
Budget For Decorating
You need to perform repairs and eventually make improvements, such as decorating and landscaping, in order for your home to maintain its value.
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If you want to redecorate your home and make some other minor repairs, you need to start adding them to your budget so that you don’t overspend. It’s easy to get carried away when decorating, but if you budget for it, you can spend within your means.
Have a Will?
Now that you are a homeowner, you have an estate that you need to keep in order. The best thing you can do is to contact a lawyer that deals with estate planning, such as Mobile Legal Services PLLC, so they can help you draft your last will and testament. This will ensure your new home goes to whomever choose in the event of your death.
In addition, a homeowner should have a life insurance policy that will pay off the loan balance on a home, in the event of the homeowner’s death. This strategy will allow you to pass on your home to your heirs without any remaining debt. Speak with an insurance agent about this issue.
Retirement Savings
In addition to your home, the biggest asset you may accumulate over your life is your retirement savings.
Buying a home may reduce the amount you’re able to invest for retirement. To remedy this, you should start saving again as soon as you are able to. Once your new home purchase is complete, start funding your retirement plan again, and increase the amount you invest over time.
Home Insurance?
In addition to life insurance, it’s important that you obtain insurance for your new home. Your homeowner’s policy can cover damage due to weather or theft. Even though you might think that the premiums are costly, they are cheaper than paying for repairs out of your own pocket.
Once your purchase your new home, use these tips to get your other finances in order. Then, you can really settle into your new home!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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September 21, 2018
Take Your Career in a New Direction on One of These Paths
Career paths can be very different.
Some people have the same career for their whole working lives, but many people change career paths at some point. It can happen naturally, without you really making an effort to change, but sometimes you need to find a new direction. Here’s how plan for a career change:
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More Schooling?
If you want to do something completely different, you should consider gaining some new skills and knowledge. Going to college, or studying to build skills in your spare time, can help you to learn something totally new- and help you access a different career path.
What About Your Current Employer?
Sometimes, you might like your employer, but you’re not too happy about your current role. If you want to stay with the same employer but do something different, see if there are any roles you might be able to move into using some of your transferable skills.
A job change within the same company may require some additional training or study, but the extra effort can allow your to stay with your current employer.
What Are Your Strengths?
You might know that you want a new career, but have no idea what you want to do. For somewhere to start, think about your existing skills and where else you could apply them. Many skills are transferable and can be used in a wide range of careers.
One popular (and free) self-assessment tool is the Myers–Briggs Type Indicator, which categorizes your test results into one of 16 personality types. Use your test results as a starting point to consider your strengths and weaknesses.
Follow Your Passion
If you want to continue doing similar work, but in a different environment with perhaps more fulfillment, you could consider going into the nonprofit sector. You can stay in the same career or do something close to what you do now, but for a good cause.
Here are some great options in the non-profit sector:
Infographic Design By USC Online
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
The post Take Your Career in a New Direction on One of These Paths appeared first on Accounting Accidentally.
September 20, 2018
Debt Is A Creature Of Habit
When you find yourself in significant debt, it can feel like it came out of nowhere.
However, nothing comes from nothing. Debt can creep up on you just as easily as it can be caused by huge, sudden expenses. What’s worse, is that a lot of debt is preventable, caused only by the habits and poor decisions.
Here, we’re going to look at some of the worst financial habits, and how they can get you in a situation that’s easy to fall into, but hard to escape.
Do You Budget?
Anyone who thinks seriously about their finances considers putting together a budget but, unfortunately, few people actually do it.
It take time and effort to calculate all your costs and put together a plan to reduce your spending and save a little extra. However, budgeting it’s critical- because it teaches you to scrutinize your expenses, think about how you spend, and fix past spending mistakes.
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As with all habits, if you actively pay attention to it, it’s a lot more likely to stick with you.
Are You on Autopilot?
If you don’t pay attention to a habit, you’ll never get control of it.
Automatic payments on bills can be extremely convenient. However, if you’re not in a great financial situation, you can be one forgotten automatic bill away from going past your overdraft limit, leading to more debt.
Paying your bills manually makes you a lot more mindful of them. Sure, it’s less convenient, but it might be a necessary step until you’re in a better financial situation.
Get free sample chapters from my book: Not Another Personal Finance Book.
Speaking of forgetting bills, more people are signing up to more subscription services, especially online. Check out lifehacker.com for a few tips to help you get a better look over all your bills, services, and subscriptions, helping you recognize when you need to cut a few.
Timing of Bill Payments
Some people might be hesitant to take their bills off automatic payments because they are concerned they will forget to pay them completely. That’s a justified fear. Forget your bills and you start building fees.
If it gets particularly bad and you miss the correspondence from the service provider, the arrears and collection processes can get started without you being fully away.
However, there are apps like prismmoney.com that can help keep you on the right path, reminding you of upcoming bills on a regular basis. You may, instead, consider having all your bills come out on the same day, so you have a lot less to remember and one simple date to manage.
On Impulse
One of the biggest issues with impulse spending is that so many of the people prone to it don’t even realize they are doing it.
It doesn’t necessarily mean spending large amounts of cash on frivolous things. You can spend a little at a time, and the purchases can be perfectly reasonable and justifiable.
The impulse, however, must be controlled.
Avoid impulse spending by checking out developgoodhabits.com. For instance, avoid going to retail areas unless you have a specific purpose. Keep a shopping list on you and make sure you don’t forget anything that might have you going back to the store later.
For items that cost over a hundred dollars, give yourself a week deadline to think about it. That will give you time to decide if it’s something you truly need- or want enough to justify the cost.
Credit Card Use?
Impulse spending and credit cards often go hand in hand, unfortunately. Your credit cards can be useful, mostly for building your credit, so you can later acquire loans.
However, many people misuse and overuse debt. It should not be used for regular expenses in place of funds already in your bank, for instance. Nor should it be used if you’re unable to pay more than the minimum requirement repayments.
If your credit card usage is starting generating more debt, consider visiting debtconsolidationloans.com for the programs that can help you tackle it early.
Credit card debt may become a snowball that’s hard to push back up the hill, so keep your use of credit under control.
Keeping It to Yourself
If you’re struggling financially, get in touch with your creditors, in order to explain your financial situation, and to get caught up with your payments.
Many people, unfortunately, are scared to get in touch with their creditors. The truth is that most creditors are open to negotiation and willing to cut you some slack. It costs them money to collect what is owed, after all, so they may accept new payment terms to avoid the expense of the collection process.
What About Emergencies?
The first habit you should tackle is the lack of budgeting. A budget doesn’t only help you control your expenses, it also helps you save money.
Figure out how much you can put towards your savings goals with every paycheck. As soon as that paycheck comes around, take that money out. A portion of it should immediately be going to an emergency fund that can cover unexpected costs like car repairs or HVAC fixes.
It’s easy to find yourself with nothing left to save at the end of the month, cut your expenses and start saving now.
You Got This
It’s much easier to prevent debt than to climb back out of it, so while that’s an option, do what you can to prevent taking on debt. However, if you do need to make your way out, you still have to cut the habits mentioned above from your life. As long as you’re indulging in them, you won’t ever be free from the risk of debt.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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September 19, 2018
5 Tips For Claiming Personal Injury Compensation
Recovering from an accident is physically and emotionally draining, and your recovery can have big impact on your personal finances.
You may have to take time off from work, and reduce your monthly expenses- which impacts your quality of life. This is all to accommodate for an event which wasn’t your fault.
While trying to cope with the burden of physical or psychological trauma, and the negative emotions as a result of the accident, your finances may suffer. Use these tips to gain the most from your personal injury claim and fix your finances.
Do You Need an Attorney?
Thankfully, there are personal injury lawyers to help alleviate the stress and time it will take to submit a claim. At a time when you are trying your hardest to put the pieces of your life back together, handing a case over to a professional can be quite relieving.
Personal injury lawyers work on a contingency fee basis, meaning they are paid when you win your case.
To find an attorney, ask your friends and family for referrals to law firms, and ask their contacts about personal injury lawyers that they recommend.
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Time Sensitivity
The statutes of limitations dictate the deadline for filing a personal injury claim, and the statutes may differ by state. This is a critical piece of information that an attorney can help you clarify.
You potentially miss out on a lot of money if you don’t file a claim within a set timeframe. Assume, for example, that you must file a personal injury claim within two years of when the accident took place or from the date you were aware of the injury.
This will, of course, vary from state to state, so don’t delay in seeking advice from a personal injury lawyer to ensure you don’t miss your opportunity to file a claim.
Shop Around
Personal injury lawyers can charge up to one-third of the compensation you win in a legal case. It’s worth calling a few lawyers and surveying law firm reviews online to ensure you’re getting the best service and a fee that is reasonable.
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Although one third may seem like a lot, it really depends on the value you are getting from your service. Before deciding on an attorney, consider how experienced, qualified and successful they are within the personal injury sector.
Negotiate Fees?
It never hurts to try and negotiate the fee as the worst the attorney can say is no. If your case is capable of a great return in compensation, the lawyer may be willing to negotiate a lesser percentage to ensure you don’t go to a competitor.
Insurance Coverage
Discuss your case with your insurance agent, because your insurance policies may cover some of your medical bills, car repair, and other costs- but maybe not all of them. Speak with an attorney before you sign any insurance documents, so that you don’t limit your ability to sue for damages.
The 5 tips above provide a broad guide to managing your personal injury claim. Please seek expert advice from a personal injury lawyer to discuss your claim in more detail.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
The post 5 Tips For Claiming Personal Injury Compensation appeared first on Accounting Accidentally.
September 18, 2018
Entrepreneurs: Managing a Business- And Your Money
Succeeding as an entrepreneur requires you to do two difficult things at once.
First, you have to manage and grow your business, and that includes creating a great product or service that solves a problem for your customers. You have to deliver a quality product or service on time, market your services, bill your clients, and manage people. These tasks are time consuming, and you may find it difficult to fit in other work.
But there’s a second job.
To succeed as an entrepreneur, you have to develop the skill of managing money. Savvy business owners create an annual budget and plan for company growth, and they also focus on customer billings and collecting money in a timely manner.
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To succeed you have to perform both jobs. Here’s how.
Not Just About You
There are no guarantees as an entrepreneur.
A competitor might draw business away from your firm by offering a cheaper alternative or a higher level of service. You may invest money in a marketing approach that doesn’t work, or lose money on a product that isn’t priced correctly.
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You make lots of decisions, and they carry risk.
Consequently, entrepreneurs develop a more strategic relationship with money than their workers. They need to plan not only for their own safety but also for the growth of the company and the retention of their staff. Money is the constant unknown in the equation, and it requires a number of different approaches.
Where a typical employee creates a personal saving plan to prepare for a future vacation, the entrepreneur runs multiple financial plans at the same time and for different times in the future. In the business world, from the moment you’ve launched a company, you need to create a long-term relationship with money that focuses on your personal wealth and the growth of your business.
They think ahead
Nobody stays at the head of a company forever.
Every owner leaves the business eventually, so it’s important to think of your wealth once you’ve retired.
Contrary to day-to-day finance advisors who specialize in investment and business returns, you will need an expert in business retirement and related financial know-how such as Durham Loyal to evaluate your position. Admittedly, there is no need for new entrepreneurs to plan their retirement already right away.
ON the other hand, if you’re considering stepping down in the next few years, you should discuss your strategy with trusted professionals. In addition to a financial advisor for your assets, you’ll need to think of potential successors for your business.
What About Risk?
Today’s mistake can come back to bite you where it hurts tomorrow.
Consequently, entrepreneurs should also surround themselves with specialists they can trust to avoid costly errors in day-to-day activities. As a business owner, you are required to pay taxes, for yourself and your business. To be on the safe side, you can use dedicated software tools that ensure you file your tax returns appropriately as an individual and as a company.
Failure to do so can put your business at risk, and the fines can be hefty when it comes to taxes!
Why You Should Plan
It’s easy to forget that entrepreneurs are individuals whose wealth exists outside of the business. While growth strategies tend to be focused on increasing the company’s revenues, many business owners are too overwhelmed to consider their own wealth plan.
When you start your business, sit down with a personal finance advisor to discuss how your individual assets can be best used.
You Can Do Both
Business owners have a two-track mind, and one half should be focused on the business affairs, and the other half needs to embrace their individual wealth. The duality can be challenging to manage. But failure to do so can affect both your business and yourself.
You can do both!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
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