Almost everyone has some sort of debt and economic data shows that this is the case. Between mortgages, student loans, credit cards, business debts, and auto loans and leases (yes, a car lease is debt), many people find themselves allocating large portions of their income towards debt payments. When you are in a position to […]
Budgeting
3 Ways to Turn Around a Struggling Business
After the Great Recession there are still some businesses that may be struggling and don’t know what to do about it. Here are a few ways to turn around a struggling business: Upgrade: The rate of change nowadays seems to be accelerating at a pace that has not existed in the past. This includes technology, […]
So You Want to Flip Homes?
Buy a house, put in a few improvements, and then sell it for a much higher price. Do it again and again. It sounds so simple, but here are a few pointers to keep in mind if you want to succeed with house flipping: Experience: If your experience in real estate is performing repairs on […]
5 Financial Truths
There is a lot of information out there about finances, and it’s hard to figure out what is exactly true or not true. Always seek the truth, especially from someone that is not trying to sell you something. Here are some examples: College: We are led to believe that all of our children must go […]
IRS and NJ Taxation Highlights
Yesterday I attended a continuing professional education seminar with speakers from both the IRS and the State of New Jersey. Here are some highlights after all of the recent Federal changes and also many New Jersey changes that most people are not aware of: Your paycheck may be under withheld: After the new Federal […]
Does Money Really Matter? 3 Different Views
People tend to fall into 3 different categories of how they view money, which ultimately impacts how they manage it. How important should it be to you? Love of money/materialism: Thus is the most extreme view whereas you practically worship money. Earning more and obtaining more just to earn more and have more. It can […]
Why Everyone Should Start and Run a Business Even if it’s Just Part-Time and Temporary
Why should everyone start a business? Because it will completely change the way you see the world, view people, money, and everything else. Not to mention that it will humble you. Just to be clear, not everyone should be a business owner full-time or for the long-haul. However, by starting a part-time business or even […]
How and Why to Strengthen Your Personal Finances to Increase Profits
Most people view their business to be a completely separate entity from their personal finances, and rightly so. This is generally true from a legal, tax, and accounting standpoint, whereas your business operations and finances should be separated from you personally. However, most small business owners are completely dependent upon their business to support them, […]
Cost of College = $1,000,000?
If it costs approximately $30,000 per year to attend college, although that figure can be much higher, then the cost of college for my children will be over $1,000,000 when the time comes, especially as rates keep on rising. In case you are wondering about the math, here it is: 7 children times $120,000 (for […]
Don’t Be Embarrassed if You Have Financial or Tax Problems
There is a stigma attached to having financial and tax problems, but it doesn’t have to be that way or it may make the problems worse. Sometimes these problems develop as you become more successful, which easily happens with both celebrities and business owners. Other times they develop due to a quick downturn in business, […]