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Should I Loan Money To Friends and Family

Every quarter the Federal Reserve reports on national household debt, and every quarter we’re reminded of the trillions of dollars that Americans owe in credit cards, student loans, mortgages and more. But what about FF debt — aka loans from the Bank of Friends and Family? (source: finder.com) Getting by with a little help from your friends is nothing new, but especially with peer-to-peer lending and digital wallets making lending to people we know easier, we wondered how much do we rely on our loved ones? And how much do these loans contribute to our national debt? (source: finder.com) What Finder found is that we borrow money for much bigger expenses than to cover lunch (despite what your Venmo feed may say) — to the tune of $184 billion annually. That’s a figure that is more than student loan and credit card debt combined and deserves a closer look. (source: finder.com) How did they calculate how much we borrowed from friends and family?  ...

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Can you Fund your HSA from your IRA???

If you have an HSA (Health Savings Account), you know the great value is that you can use funds from the account Tax-Free to pay for medical expenses.  Unfortunately like most government created financial instruments, there is a limit on how munch you can contribute to the account each year.  But even with a contribution limit, Employee Benefit Research Institute (EBRI) reports that in 2017 only 13% of all HSA accounts were fully funded and 36% of HSA accounts were not funded at all. Typically, the reason accounts are not fully funded is the owner is either not educated on how the accounts work; or they do not have the cash flow/income to make the contribution. So, there is a strategy that most people do not know about, where you can take dollars from your IRA and move them to your HSA.  And most importantly you pay no tax or penalty to do this.  It is called a QHFD (Qualified ...

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Lending Money

Has a friend loaned money to you … or worse, asked you for a loan? How much is too much? Ted Jenkin has some tips for keeping friends. ...

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Atlanta Small Business Profile – Amanda Wilbanks, Southern Baked Pie Company

On this week’s episode of the Atlanta Small Business Profile, our host, Ted Jenkin, caught up with Amanda Wilbanks, CEO of Southern Baked Pie Company. Amanda talks about how she began her pie baking business and how it all started by baking pies out of her home for her neighbors. After learning to make her first pie from her mother-in-law and moving to a new neighborhood she thought the best way to meet her neighbors was by bringing them homemade pies. Not only was she right but her husband suggested that she begin to sell them at an upcoming festival in the area. After beginning to sell her pies at the festival on a Tuesday she had set up a tent and begun to design business cards and a logo by Thursday. Amanda also shares with us some of her strategies for social media, attracting new customers, and the best way to attract the right talent to her business. She ...

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Be Careful About The New Trend: Drunk Shopping

A new CNBC and Acorns study found that while nearly 90% of both men and women sometimes make impulse purchases, nearly a quarter of men said they shelled out more than $100 the last time they made an impulse buy, compared to just 16% of women. The Invest in You Spending Survey was conducted by CNBC and Acorns in partnership with SurveyMonkey from June 17–20. A diverse group of 2,803 Americans was polled across the country, ranging in ages from 18 to over 65. Of the total, 1,320 were men and 1,498 had a college or graduate degree. This survey may be surprising to many of you, but not to me.  You see, women are browsers by nature and men simply are not.  You’ve never heard of three men who are talking amongst themselves and say, “You know George and Bill, do you guys have any interest in heading in town tomorrow to do some window shopping?”  In fact, that is ...

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The Atlanta Small Business Show on CBS46 and Peachtree TV: Episode 16 – [07.6.19]

On today’s show, we first take a look at the Atlanta Small Business Profile, where our host, Ted Jenkin, interviewed Jamie Bodner, Owner of Pinnacle Fitness. We then sat down with Hailley Griffis, Head of Public Relations for Buffer at the U.S. Chamber of Commerce’s Small Business Series: Atlanta. We also caught up with Shep Hyken, customer experience expert and New York Times Best-Selling author of “The Amazement Revolution”. Rounding out the show is Mark Collier, Business Consultant at the UGA Small Business Development Center in Dekalb County…Check it out. ...

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