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Five Insurance Policies Every Small Business Owner Needs

This is the weekend you finally decided it’s time to start your own business.    You’ve had enough of the corporate rat race and now you want to take matters into your own hands.   After you determine whether you want to set up as a sole proprietor, LLC, S-Corporation, or C-Corporation, there will be a litany of items to strike off the checklist to make sure the business is up and running.   One of the key areas that most small business owners ignore is getting the right type of insurance policies set up as they initiate their new businesses.   Even as the business gets established, business owners often ignore getting the right type of protection in place to insulate their business in case of unforeseen circumstances.   Here are five insurance policies every small business owner needs. Disability Insurance– The challenge that most new business owners don’t understand is that if you show no verifiable income, you’ll have no chance of getting ...

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Six Financial Moves To Make When You Lose A Spouse

Almost 25 years ago, my father passed away.   My mother was a 5th grade school teacher and we had one of those households where dad predominantly took care of the finances even though both of my parent’s held down full time jobs.   When my father died, it not only left my mother in a complete state of shock, but she also had no roadmap provided to her on what steps to take to get the financial house in order.   In many households, one spouse usually controls and manages 80% or more of the family finances.   Should you have a spouse pass away, here are six financial moves to make that can help you during this difficult transition. Handle Funeral Expenses– Funerals can end up becoming a very expensive proposition. Did you make arrangements and prepay burial expenses?  Were their specific instructions around burial in the will?  It’s important that those who are helping you with final and funeral expenses understand ...

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Think Before You Click The Button

My Your Smart Money Moves Column has an underlying theme of always trying to get you to think.  While often it’s about money saving opportunities or financial planning strategies, I’ll throw in a different article here and there to make you consider what is going on in life.   One of the bigger worries I have for most of you, with the increasing amount of purchases you make through the internet, is catching the dreaded disease ‘clickyitis’. (Wouldn’t it be cool if I made the slang dictionary in a few years with this one?   Clickyitis is the trap that retailers get you into by clicking in a Pavlovian type response to the very buttons they want you to click without even knowing you are spending more money.   How does this happen? Go Daddy (www.godaddy.com) –  Now, when you register a domain with Go Daddy, they first automatically fill the extra $7.99 box (in the middle by the way) instead of the ...

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Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes here in 2013. He is one of the best tax management advisors that I know of in the industry. As I have shared before in my blogs, tax management will be as important if not more important than asset management over the next decade. With all of the recent fiscal cliff changes, the tax law has become even more complicated and requires a close eye here in 2013 when income to tracking your gross income, capital gain sales, and potentially triggering out things like stock options or selling a piece of rental real estate. One of the main questions taxpayers will face this this year is whether or not their home mortgage ...

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Will The Internet Change Medical Prices?

There was a time that when it came to buying our electronic devices, we would simply go to our local electronics store.   Then, the onslaught of electronics superstores came at us like Best Buy, Circuit City, and Fry’s giving us a virtual cornucopia of electronic choices.    In the late 90’s and then into the early 2000’s, the internet changed the game with websites like Buy.com, Next Tag, and Amazon where we could price compare quickly as consumers.   Between the internet and smart phones today, information is at our fingertips to quickly compare and contrast the pricing on whatever electronic devices we are potentially going to purchase. As most of us know, the health care landscape has changed over the past several years and should change dramatically when we get into 2014.   When January 1st comes, the most popular part of health reform will be the concept of guaranteed issue.   This means irrespective of pre-existing conditions health plans must be available ...

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What Does a Royal Childbirth Cost for Kate Middleton?

By now you have probably heard that the pride and joy of the UK are expecting their own first pride and joy.  The royal couple Prince William and his beautiful bride Kate Middleton announced recently they are about to experience one of life’s greatest pleasures in becoming parents.  As a fairly new parent myself, I am still recent enough to recall not only the joys of bringing a little one into the world, but also the shock of realizing the bill is a big one to boot. My son just turned a year old last month and I was looking through the folder I keep all of his special documents in.  Of course there is his birth certificate, the baby card showing his birth time/height/weight, our hospital wristbands, his footprints, and pictures from his childbirth that I will one day use as embarrassing blackmail to get him to keep his grades up.  Then as I thumbed through some hospital paperwork, ...

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