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Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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How Much Will It Cost When Your Son Or Daughter Starts Driving?

It’s hard to imagine for most parents that their son or daughter will be ready to get their driver’s license someday.    In fact, I think this ritual is a little bit like the birthing process.   Nature in part prepares you for very little sleep when the baby is born by making it very difficult to sleep in that last trimester.    As much as your stomach will go through the spin cycle the first time your son or daughter leaves the driveway all by themselves, there is also an overwhelming sense of relief for you to remove the chauffeur cap that you have rightly earned the years preceding your son or daughter getting their driver’s license.    While most families prepare for the magical day when their children get their rite of passage to begin driving, they often don’t consider the extra costs that may hit their family budget.   How much will it cost when my child starts driving? Learners Permit- This ...

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Are You Worried About A Stock Market Crash Again?

“Our imagination is the most important faculty we possess. It can be our greatest resource or our most formidable adversary. It is through our imagination that we discern possibilities and options. Yet imagination is no mere blank slate on which we simply inscribe our will. Rather, imagination is the deepest voice of the soul and can be heard clearly only through cultivation and careful attention”- Pat Allen (source: notable-quotes.com). Our brains are constantly being fed information about the stock market every day. The end is coming. The run will continue. Get in. Get out. For most of us, this noise can be information overload and send our brains into a virtual state of shock. With markets hitting all-time highs this year, many people have become concerned that we will see a repeat of dot-com bubble crash in 2000 and the recent 2008 market crash. So if you are worried about a 3rd Armageddon in the past 15 years, what smart ...

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National 529 Day

Today is National 529 Day.   Just another day on the calendar to get you thinking about how you will support your children’s college education.   I have noticed over the past several years that college education is one of the areas that people in their 40’s and early 50’s are WAY behind in when it comes to planned savings.   I’m also seeing much more discrepancies between spouses and partners alike about what is the best way to plan for this goal.  Should your kids go to an in-state school?  Should they go to the college of their choice?   Should you plan for an ivy league private school?   What happens if they just cross the border and go to a state school in a bordering state?   Imagine you get home from work one day and your child has the magical letter from that college or university that you both always dreamed they would attend?     Will you have a plan in place that ...

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Ziploc Bags, Walgreens, and $4.75 For A Small Drink

Our entire family went to see Iron Man 3 on Saturday night this weekend.  I didn’t realize that the real animation would be at the ticket office before even entering the theatre. With the price being $15 for an adult ticket (and those 12 and over become an adult), we were out roughly $75 before we even grabbed a set for the movie. For some of you who work hard on your family budget, that may be a week’s worth of groceries in your pantry!  I think it is fantastic that so many movie theaters have made upgrade to make the movie going experience better, and I can’t wait to see 4-D which I am sure will be coming soon. Maybe in those theaters, voices can sound off when we sit down in our chairs to laugh at us for paying $15 a head just to get into the movie. If you are bringing your family to the movies, here are ...

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Is Your Retirement Plan Full Of Swiss Cheese

Last year, I did a piece on retirement planning assumptions.    As I continue to see more and more plans done by other financial advisory firms, I become more concerned about consumers.    Most projections that are done in business or in your personal household need to carry assumptions.   These are the variables in the equation that allow to make a reasonable assessment about what needs to be done when you are trying to achieve your goals.  When you last did your projections for retirement through the tools offered from your 401(k) plan or the nifty 35 page book your financial advisor put together, are you sure the assumptions that were made were explained to you clearly?  You may have left feeling great about yourself only to realize now that your plan is full of gigantic Swiss cheese like holes.   Here are ten assumptions you need to consider within your plan.  I highly recommend as a smart money move you use conservative ...

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Financial Literacy Takes More Than A Month

I’ll bet that most of you don’t know that April is officially National Financial Literacy Month #finlitmonth.  In fact, almost a decade ago in 2003, the U.S. Senate designated April Financial Literacy for youth Month.   In March of 2004, the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month.    I almost thought for a minute that we had run out of months since every month seems to have designated some cause for us to heighten our sense to for the next 30 days. It’s ironic because I’ve been doing this for almost 22 years and I can tell you that I’m still constantly learning new strategies and techniques around planning for money.   Many Americans are highly educated but still not well informed when it comes to their money. Here are five smart money moves to focus on if you want to become more financially literate. Mutual Funds or Index Funds–  Many of the large mutual funds companies ...

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