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Review Category : Entrepreneur Series

Noise

R.E.L.A.X…..  Aaron Rodgers made this statement several years ago as the famed Green Bay Packers got off to a rough start in their season.  The fans, the local media were all over him, everyone doubting.  Sure enough, as if out of a Disney movie, Rodgers goes on to lead them into the playoffs.  RELAX…ha, that’s easier said than done, so how about adding-  “Stop, Drop and Roll”. There is certainly no shortage of NOISE today: a 24 hour news cycle, social media, expanded media, a dysfunctional political system, the list goes on.  My hope is to give you an easy way to keep your sanity and stay focused on your goals and dreams.   Whether it be fretting over the ongoing political environment, an ‘impending’ market correction, or the latest gripe on social media, Relax – take a deep breath and Stop, Drop and Roll – Early in my corporate life, I was taught the Bucket Philosophy: Bucket 1 are issues/actions ...

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What Do You Want to Be When You Grow Up?

Steven B. Goldstein, CFP®, CRPC®, RICP® Vice President, Private CFO® What do you want to be when you grow up? You were probably asked that question many times when you were a kid.  I always dreaded that question because I wasn’t one of those kids who had a special talent or somehow knew they wanted to be a doctor, lawyer, or whatever.  Sure, I dreamed about being a baseball player when I was little but, as I grew up, I knew that wasn’t going to happen.  Later I dreamed about becoming a rock star (what teenage boy didn’t?) but it was obvious a musical career was never going to be in my future.  So, I was like many kids and went through school racking my brain to choose a career I would enjoy, be proud of, and most importantly, would enable me to support myself as an adult.  I ultimately chose business, economics, and finance, and here I am many ...

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Should You Delegate Everything?

For many years I have had the opportunity to coach and train numerous financial advisors and high net worth entrepreneurs. One of the biggest challenges is helping them calculate what an hour of their time is worth. Truly understanding this concept is incredibly valuable for executives.  Something all these successful folks have in common is the keen ability to delegate. Successful people are productive because they are able to spend their time on mission critical activities. In order to accomplish this, they need to pass off some of the more tedious, but necessary work. If you are an incredibly busy and productive individual but you spend two hours a day driving to the office, it may make sense to hire a driver. Maybe you’re realizing how long you spend maintaining your house each weekend, for a small expense you could consider hiring a maid, and free up that valuable time. My family has given me a hard time over the ...

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Should More Companies Offer a Holiday Bonus?

We know that the holiday season is coming down the home stretch, but there have been some amazing stories of companies whose generosity has gone above and beyond the call of duty.  Two out of three companies say they will give some sort of holiday bonus, but St. John Properties in Maryland surprised their employees beyond belief with handing out $10,000,000 in holiday bonuses https://bit.ly/36B7pfL. The bonuses were handed out based upon your length of service with the company. So, even though the average employee bonus was $50,000, the lowest bonus was $100 and one employee who worked for the company for 44 years received a $270,000 bonus?  anta, do you hear us calling you? The news continued over the past week with a giant insurance company called the Integrity Marketing Group who paid out a $50,000,000 bonus to its some 7,500 employees, but their bonuses were skewed to the overall performance of the individuals rather than tenure or the ...

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Why Your Parents Financial Advice Might Be Wrong (Sort Of……..)

A recent study that came out on CNBC showed that when it comes to debt, Gen Xers are now at the top of the class.  Especially in the category of personal debt where the average Generation X individual (ages 39 to 54) has racked up $36,000 of personal debt.  This is on top of the student debt that is still lagging in the background and potentially taking on new college debt for their children. I think about the advice I got from my parents and the advice that I am giving today.  We all need to consider that as life evolves, so may some of the traditional financial advice that we give when it comes to money decisions.  Here are four areas where parents’ financial advice may be (kind of) wrong: Go To College And Get A Degree:  Let me say up front, I’m not advocating that a college degree is a bad idea.  But we need to consider what’s ...

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The October 1st Deadline For Small Businesses

After an owner makes heads or tails at the end of the year, they will usually determine whether or not money is left behind for setting up some sort of long-term retirement plan within their business.   Since there are so many people setting up individual LLC’s or home-based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA.   The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you? A SIMPLE IRA (Savings Incentive Match Plan For Employees) was first available to small business owners in 2001. A SIMPLE IRA plan is an IRA-based plan that gives small employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or ...

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Here’s The #1 Reason People Cheat On Their Taxes

Cheating.  It’s a morality question we talk about with our kids, our work colleagues, and even with ourselves.  It is OK to cheat.  In a recent poll, 10% of Americans say it’s OK to cheat here and there on your taxes and the number of people that say it’s OK to cheat is up 3.5% versus one year ago.  In fact, in a Credit Karma survey that interviewed 2,000 people, only 6% of the people actually confessed to the fact that they have cheated on their taxes in the past.  So, what’s the number one reason that people cheat on their taxes? Let’s talk first about what cheating really means.  There is a big difference between tax avoidance and tax evasion.  Tax avoidance is perfectly legal.  These are strategies such as using your 401(k), tax deductible IRA’s, pension plans, health savings accounts, and many other legitimate legal tax strategies that you can use under the current tax code.  Tax evasion ...

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Could E-Sports Earn Your Child A Scholarship?

There has probably been an afternoon or evening where your child was playing Fortnite with their friends and you could hear screams and yells, thinking to yourself, “what in the heck is going on in there?” You’ve probably had to yell once or twice before dinner or bedtime to get off the gaming system, and it’s likely you’ve had a family discussion about how to stop your child from playing the gaming system as much as they do today. WAIT! Maybe it’s time to switch gears and start thinking about how this could provide a FREE RIDE for your child to college! 30 million dollars.  That was the prize money for the Fortnite World Cup that took place at Arthur Ashe Stadium in New York last weekend.   And yes, the stadium they chose to host the finale was actually larger seating-capacity wise than Madison Square Garden.  E-Sports is now a $900 million-dollar industry with nearly 400 million viewers worldwide.   Gamers ...

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Why Facebook and Instagram Will Make You Spend Money…And There Is Nothing You Can Do About It!

A few weeks ago, my family was walking through the food hall in Ponce City Market on a Saturday morning.  It was about 30 minutes before everything actually opened up, but the place was buzzing with walkers and talkers already.  What was most interesting more than the strollers, were the dozens of Instagrammer teams that were out and about with their snazzy outfits, portable lighting kits, and super high def digital cameras, snapping shots that were sure to hit Instagram with the latest and greatest of what you need to know. Our imagination is the most powerful thing that we all have in our possession.  Seventy-nine percent of smartphone users check their phone within 15 minutes of waking up, and the most popular time for using Facebook and Instagram is in the evening. About half the time we spend is on our news feed or checking the Instagram stories for the day. (source bizjournals.com).  Every time we look at these ...

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Slip The Maître D a $50 Bill

What’s your worst nightmare on a Saturday night?  We live near a massive outdoor shopping and eating complex called Avalon.   Filled with 20 or so restaurants, it’s generally buzzing on the weekends with couples and families walking around, spending money in the stores and grabbing a bit of the cuisine of their choice.   My worst nightmare on a Saturday night is taking the family out or meeting some friends and stepping up to the hostess who tells me it is going to be an hour and a half wait to get a table, and puts our name into the software so we can track how far back we are in the line to eat.   Nightmare, nightmare, nightmare!! A few weeks ago, a friend of mine flew into town and we went to grab dinner at a hot spot in Buckhead, where they told us our wait was going to one hour and fifteen minutes.   When I heard the hostess shout ...

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