The Good Life

Recession Readiness -11 Ways to Sail Through Your Next Business Downturn

Every business has ebbs and flows. Some are seasonal, like landscapers, busy all summer with little income in winter. Other businesses are more tied to the economy, like dentists whose clients think teeth work is optional in a recession. There will be times when income is growing and your company is profitable and times when conditions for growth are not so good. The astute business owner tries to get ready for the next downturn. While some of these ideas may be quite simple in concept, the real trick is developing the discipline to put them into practice.

Your Business Emergency Reserves – Ranked First to Worst

Recessions are normal, and when they occur your business might incur a downturn along with many others. Thankfully, most pundits are not expecting one anytime soon.  Let’s hope they’re right. That makes now a great time to orchestrate your emergency reserve buckets so that you can strive to be prepared when the next recession or potentially other unexpected business downturn occurs.

Use New Tax Law Changes to Help Build Your Retirement – Your Way

The new tax law that went into effect December last year has many changes. What an understatement. Some changes are simple to understand while some have tax preparers still scratching their heads working to puzzle through. Now that we’ve had a few months to digest, let’s see how it might be possible to use some changes to your advantage.

Don't Let Market Corrections Distract you from Your Business

In February, we’ve just seen big intraday price swings in the stock market that we have not seen for a number of years. On Groundhog Day, (February 2nd) the Dow dropped 670 points. Then on Monday, February 5th, dropped 1175 points. Then Tuesday, up more than 560 points from the beginning of the market that day. As I write this article, swings continue.

While remarkable, those large swings barely made it to a ‘market correction’. Investopedia defines ‘market correction’ as:

Nothing says Love Like a Financial Plan

Welcome to February! Valentine’s Day is just around the corner. I once had a couple come into my office who wanted to do a financial plan as a Valentine’s Day present to each other. I’ve created hundreds of written financial plans for people; this couple’s plan was novel merely because of the date (pun intended) they selected.

Having a lifelong commitment to a spouse or partner necessitates creating answers to many financial questions. Commitment means taking care towards your shared goals and persistent actions that hopefully make those goals come true.

Out With Old – In With New 2018

Happy New Year! We business owners want this year to be better than last year, of course! So let’s create a plan to pursue making this year more profitable, easier, and more fun. As a business owner, business coach, and financial planner, I use the following wrap up / ramp up process to build my own progress and recommend these steps to my business-owner clients as well.

HSA as a Financial Planning Tool

A Health Savings Account (HSA) allows for tax deductible contributions into an account specifically for Health Care expenses. Typical out-of pocket medical expenses include paying for deductibles and copays.  If you and your family are relatively healthy, an HSA can help build a substantial reserve for your older years where health care expenses are likely to be much greater.

Business Owners: What’s your plan?

We’re talking your lifetime financial plan, that is. Having completed over 384 written financial plans and calculated numerous ‘back of the napkin’ plans, each family’s lifetime financial plan for first accumulating and then distributing income (into then out-from) various investment vehicles, is unique.  Collectively, however, financial plans for business owners differ fundamentally from our friends with paycheck jobs.

Time-Saving Tax Saving Tech Tools

In this month’s article, I’ll be sharing some of the tech tools that I have found that make my life easier and faster, so that I can spend my time making my business more profitable. These tools are easy to use, and often free or inexpensive.

How Savvy Business Owners Pay for College

Most parents planning for college are familiar with the mainstream ways of saving and paying for college.  These include 529 plans, Savings accounts, life insurance among other common methods. Awesomely, business owners have a few additional tools in their arsenal.  Here are a few ways savvy business owners can save and pay more easily for college.

Recession Readiness -11 Ways to Sail Through Your Next Business Downturn

Every business has ebbs and flows. Some are seasonal, like landscapers, busy all summer with little income in winter. Other businesses are more tied to the economy, like dentists whose clients think teeth work is optional in a recession. There will be times when income is growing and your company is profitable and times when conditions for growth are not so good. The astute business owner tries to get ready for the next downturn. While some of these ideas may be quite simple in concept, the real trick is developing the discipline to put them into practice.

Your Business Emergency Reserves – Ranked First to Worst

Recessions are normal, and when they occur your business might incur a downturn along with many others. Thankfully, most pundits are not expecting one anytime soon.  Let’s hope they’re right. That makes now a great time to orchestrate your emergency reserve buckets so that you can strive to be prepared when the next recession or potentially other unexpected business downturn occurs.

Use New Tax Law Changes to Help Build Your Retirement – Your Way

The new tax law that went into effect December last year has many changes. What an understatement. Some changes are simple to understand while some have tax preparers still scratching their heads working to puzzle through. Now that we’ve had a few months to digest, let’s see how it might be possible to use some changes to your advantage.

Don't Let Market Corrections Distract you from Your Business

In February, we’ve just seen big intraday price swings in the stock market that we have not seen for a number of years. On Groundhog Day, (February 2nd) the Dow dropped 670 points. Then on Monday, February 5th, dropped 1175 points. Then Tuesday, up more than 560 points from the beginning of the market that day. As I write this article, swings continue.

While remarkable, those large swings barely made it to a ‘market correction’. Investopedia defines ‘market correction’ as:

Nothing says Love Like a Financial Plan

Welcome to February! Valentine’s Day is just around the corner. I once had a couple come into my office who wanted to do a financial plan as a Valentine’s Day present to each other. I’ve created hundreds of written financial plans for people; this couple’s plan was novel merely because of the date (pun intended) they selected.

Having a lifelong commitment to a spouse or partner necessitates creating answers to many financial questions. Commitment means taking care towards your shared goals and persistent actions that hopefully make those goals come true.

Out With Old – In With New 2018

Happy New Year! We business owners want this year to be better than last year, of course! So let’s create a plan to pursue making this year more profitable, easier, and more fun. As a business owner, business coach, and financial planner, I use the following wrap up / ramp up process to build my own progress and recommend these steps to my business-owner clients as well.

HSA as a Financial Planning Tool

A Health Savings Account (HSA) allows for tax deductible contributions into an account specifically for Health Care expenses. Typical out-of pocket medical expenses include paying for deductibles and copays.  If you and your family are relatively healthy, an HSA can help build a substantial reserve for your older years where health care expenses are likely to be much greater.

Business Owners: What’s your plan?

We’re talking your lifetime financial plan, that is. Having completed over 384 written financial plans and calculated numerous ‘back of the napkin’ plans, each family’s lifetime financial plan for first accumulating and then distributing income (into then out-from) various investment vehicles, is unique.  Collectively, however, financial plans for business owners differ fundamentally from our friends with paycheck jobs.

Time-Saving Tax Saving Tech Tools

In this month’s article, I’ll be sharing some of the tech tools that I have found that make my life easier and faster, so that I can spend my time making my business more profitable. These tools are easy to use, and often free or inexpensive.

How Savvy Business Owners Pay for College

Most parents planning for college are familiar with the mainstream ways of saving and paying for college.  These include 529 plans, Savings accounts, life insurance among other common methods. Awesomely, business owners have a few additional tools in their arsenal.  Here are a few ways savvy business owners can save and pay more easily for college.

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