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Does Your Business Need A Buy-Sell Agreement?

Entrepreneurs are generally good at one thing when they start their business and that’s generating top line revenue.  Once they create enough top line revenue then they begin to think about how to drive bottom line profitability in their business.  As the equity value of the company grows, most owners never consider some very important planning items because they believe they are invincible.  What happens if my business partner(s) get divorced? What if they die?  What if they become disabled?  Do I want to be working with my partners kids or spouse?   One of the key considerations for most business owners is whether or not to get a buy-sell agreement and get key person insurance. A buy-sell agreement is a legal contract that provides for the sale of an owner’s stake in a business at a ‘trigger’ event.  The sale of an owner’s interest could actually trigger for many reasons including retirement, death, disability, divorce, bankruptcy, or even a conflict ...

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How To Maximize Your Rewards Programs

Topic: How To Maximize Your Rewards Programs Taped 11/3/15 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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Five Money Moves To Make Before You Start A Home Business

Topic: Five Money Moves To Make Before You Start A Home Business Taped 10/27/15 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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Dating and Money

Topic: Dating and Money Taped 10/20/15 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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5 Reasons Gen X Needs To Build Their Own Wealth

At 46 years old, the statistics would classify me as Generation X.  The media defines this generation by people who were born between 1965 and 1979, although I would say practically it is more in the line of people born from 1960 to 1980.  For those that fall within these age brackets, I think you better start planning on not receiving much of an inheritance and focusing on building your own wealth.   I don’t say this because your parent’s bumper sticker says “I’m spending my children’s inheritance”, but really because of five trends I see happening over the next twenty years that may spend it for you. Your parents have reached the age of 65– According to the Center for National Health Statistics (www.cdc.gov/nchs), men who reach the age of 65 have a normal life expectancy of 82 years old.  For women it is even better with the average female who turns the age of 65 having a normal life ...

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The Biggest Financial Mistake People Make During Divorce

Divorce can often bring about tumultuous times for a family. Sometimes they can go very smooth and others can literally be the ‘War Of The Roses’. In the midst of being between the lawyers, couples often make financial mistakes that can lead to problems down the road. The number one mistake that I have seen amongst divorcing couples is their lack of consideration around liquidity of assets. It’s pretty common after a separation that one spouse will end up with the primary residence and in turn the other spouse may wind up with a commensurate amount of assets between brokerage accounts, retirement accounts, and savings accounts. While the math may show a true 50/50 split of the overall net worth of the couple, the reality is that one of the spouses will be stuck with a paper asset that could be tough to dispose of if cash flow becomes an issue. This can also occur when one spouse is the ...

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Can You Barter For Legal Services?

I wrote a few weeks ago in Your Smart Money Moves about how I found out through my research that the only people who can own or revenue share with a law firm are the lawyers themselves.  You have to give it up to the lawyers to be the only professionals who essentially blocked the rest of us out from owning a law firm.  But does the consumer lose with these sets of laws?    Over the years, I can’t tell you how many times I have heard clients utter the words, “I guess the only one who is going to win here are the lawyers.”    Mostly, I think people fear going to see a lawyer because of the unknown of just how much it is going to cost them to do work.  It doesn’t matter whether it’s estate planning, divorce, or doing contract review. I think over the next ten years we will see the legal field change its pricing ...

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A Short Sale Can Be the Answer You Are Searching For

If you choose to do nothing when effort is required, expect gravity to pull you under.  ~ Rhonda Duffy When you have a predicament that has come upon you either by your choice or not, you must take action to get to the best possible outcome as quickly as possible. Many homeowners are finding themselves in a predicament with their mortgage liability.  They have suffered hardships ranging from job loss, divorce, death and even being severely upside down in the property’s value.  With the rise of the hardships in place versus the hardships disappearing, home sellers must take action as quickly as possible to have options that offer them recovery as quickly as possible. There are solutions available that dissolve the debt owed to the mortgage holder.  The first of the solutions is a short sale that removes the debt owed with a satisfaction of mortgage with no money needed at closing from the seller.  After finding a buyer for ...

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