Review Category : At The Workplace

Should You Lend Money To A Co – Worker?

Here’s a situation I heard the other day…what do you think you should you do. Ted, I’ve got a co-worker of mine and we’ve known each other for more than 10 years. I have always known them to be a pretty responsible person and one that never brings drama to work. We are both in our late 30’s. I have a pretty good idea what they make because we have reasonably similar jobs. It was strange, but the other day as we hit the breakroom, they asked me if I would consider loaning them $7,000 for just a few months some money so they could pay off some of her debts, and then they would pay me back after they get the upcoming bonus we should be receiving in a few months. Details: They specifically told me there were some unexpected family medical expenses that caused this 7k of debt and they didn’t get into too many more details beyond ...

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Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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Five Jobs You Can Outsource Today

Growing up in a small town, we used to handle all our own chores.  There were no cleaning services that came to the house, no extra special coaches for lessons (the high school coach did it all), and nobody brought groceries to the house.  People banter about the impact of technology and how that has affected our society, but not often have people talked about the changing dynamics of outsourcing.  If you really don’t want to do something, there is a person waiting in the wings to get paid to do it for you.   Here is my list of five things you can outsource today. Waiting In Line – taskrabbit.com – Task rabbit will allow you to outsource a ton of different tasks, but if you want to pay someone to wait in line for the next Star Wars move that comes out, no problem they can find you your man (or woman) for the job. Walking Your Dog – ...

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Big Financial Pitfalls If You Plan On Working Longer

There are more people I meet every day who tell me that they aren’t planning to retire early, but instead enjoy life a little bit more and succumb to the fact that they are going to have to work later into their lives.  While on the surface this all seems fine and dandy, the harsh reality is that there are some major pitfalls with trying to work past the age of 65.   This strategy is often filled with some pretty unrealistic expectations and can have close to retirement families grasping for straws if their plan isn’t executed successfully.  Here are my pitfalls and tips to be thinking about if you want to work past the age of 65. Reality vs. Fantasy – In a recent study by the employee benefit research, 38% of the workers in the workforce expect to retire at the age of 70 and only 4% actually retire at the age of 70.   So, many workers are ...

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How Life Insurance Made Jim Harbaugh, Not Nick Saban, the Highest Paid Coach in the NCAA

Most that follow collegiate athletics are familiar with Nick Saban, arguably the most successful head coach in NCAA history. Heck, even if you don’t follow college sports, Saban has become a figure that is well known throughout the country for his Alabama teams and their ferocious defenses. But did you know that despite his track record on the field, he is not the highest paid coach in the NCAA? That distinction belongs to Jim Harbaugh, head coach of the Michigan Wolverines. Despite not having reached the pinnacle of the sport yet in terms of national championships, Michigan made Harbaugh the highest paid head man in the country in August of 2016. The avenue in which Harbaugh and the University accomplished this is not commonly seen in professional or amateur sports. After his first season with the Wolverines, Harbaugh and the leaders at Michigan entered into a Split-Dollar Loan Agreement under which the University agreed to make seven loan advances, of ...

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VIDEO: What To Do If You Receive A Severance Package?

When the consulting companies are done offering advice to your corporation on how to make it more effective, the one word you don’t want to hear from upper management is “reorg”. Reorg, short for reorganization, if often a labor intensive process where a large organization systematically eliminates a section of the workforce to streamline their overall processes, people, and systems. When these reductions in workforce happen, one of the possibilities that may occur is to offer you a severance package. The problem for most families is that decisions have to be made so quickly that people often make poor choices on how to best maximize this package. Here are five smart money moves to make when you are offered a severance package. Read Full Article at: https://shar.es/1xFXsV ...

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How To Use Periscope In Your Business

If you have not been paying attention over the last year, a new app call Periscope (bought by Twitter in 2015) is gaining a lot of popularity.  This is a live streaming application.  Users can broadcast a live feed from their mobile device.  The company has not released its current number of users, but they have access to parent company Twitter’s 310 million users.  Their blog site states that over 200 million broadcasts have been streamed and over 110 years of live video are watched every day. So what can you do to integrate this technology into your business. Start by taking viewers behind the scenes of your business. People like to connect on a personal level.  Interacting with your customers and prospects to show them how your business works gives them a glimpse of who you are. Invite customers to have a live conversation. One of the features of Periscope is that viewers can leave real-time comments.  Hold a ...

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Five Smart Money Moves To Make When You Are Offered A Severance Package

When the consulting companies are done offering advice to your corporation on how to make it more effective, the one word you don’t want to hear from upper management is “reorg”.    Reorg, short for reorganization, if often a labor intensive process where a large organization systematically eliminates a section of the workforce to streamline their overall processes, people, and systems.   When these reductions in workforce happen, one of the possibilities that may occur is to offer you a severance package.    The problem for most families is that decisions have to be made so quickly that people often make poor choices on how to best maximize this package. Here are five smart money moves to make when you are offered a severance package. Double Dip On Pay If your company offers you six months or one year as a severance package, this is not the time to take an extended vacation.   Every month that you can work for a new employer ...

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How Did Apple Get A 14.5 Billion Dollar Tax

In the past week it was announced that the European Commission completed its investigation and concluded that Apple would need to pay back a 14.5 billion dollar tax to the EU.   While 14.5 billion only represents about 6% of the cash and investments Apple has on hand, the big question is what kind of precedence this might set for the future of big business overseas in light of the upcoming Presidential Election.   So, in simple terms, how did this tax even happen? This all started when Apple struck at tax deal with Ireland to locate their European Headquarters in Ireland in 1991.   Ireland create tax arrangement between now two Irish companies, Apple Sales International and Apple Operation Europe.    The profits that came from European sales for Apple were recorded in Ireland some of which were taxed and the majority of the profits were recorded through something called a “head office”.  In simple terms, this was an offshore company that wasn’t ...

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Trump vs. Clinton Tax Plans

While the election is kicking into high gear, there may be many reasons why you may choose one candidate over the other.  Or, you just may choose to vote for one of the independents this year.   Since I write a column mostly about smart money moves, it might be in the best interest of your family to understand the basics of what the candidates are proposing for tax overhaul and reform.  Here is the high level of Trump v. Clinton for income taxes. PERSONAL INCOME TAX Trump is proposing we move to four tax brackets 0%, 10%, 20%, 25%. More importantly, he is wanting to make the standard deduction for single people at $25,000 and for married couples $50,000 which means those families will pay no tax at all. Clinton is going to hold the same general similar tax bracket structure we have in today’s world. However, she is looking to make two major changes: one being a 4% surtax ...

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