Property do you own it?

I theoretically own a few properties.  I say theoretical for good reason. In reality, I may have had to paid or am paying for them, but I don’t feel that I really own them. Think I am incorrect? The government really owns it and let’s us think we own it.  Think I am...

Starting a business

When I started my business, the goal was to regain control over my future.  It seemed that every time I had a child, a position was eliminated out from under me. So, I ventured forth with an idea more than a plan.  Luckily, I had help all along the way. As I gathered...

Taxation in another form

The Lottery. It exists legally now in many forms from weekly drawing to scratch offs. The Illinois Lottery began operations on July 1, 1974, when lotteries in the United States were confined to areas of the Northeast and Midwest.  This was also a maneuver to take over...

Prohibition still has its hold

The Eighteenth Amendment of the United States Constitution established the prohibition of alcohol in the United States. The amendment was proposed by Congress on December 18, 1917, and was ratified by the requisite number of states on January 16, 1919. Shortly after...

Credit Card Interest

How much did you pay in credit card interest, last year? Was it in the hundreds or thousands? I have recommended to clients “zero interest” credit cards for faster debt repayment.  These cards typically do not have balance transfer fees. These cards typically have...

Crypto and the racial divide

I have been reading that In the beginning of the Crypto revolution, most Black Americans were much less likely to own cryptocurrencies than white Americans. That has changed with Cryptos growth in popularity in recent years. A report from the Federal Reserve Bank of...

Transfer Vehicles

Rental properties can be great transfer vehicles when held individually till death. Upon death the property gets a step up in basis to the market value at the time of death, if held in the owners name. Once a property has run through its depreciable life and paid off...

Rental Property

Rental property is a great idea and can generate a decent income stream.  I have seen it done with many clients. I have also seen some seen some lose money, by having the rents too cheap to cover the costs of the property. They fear that no one will pay them true...

Self-Funding the sale of a business.

I had a client who was desperate to sell his business, to the point that he settled on self-funding the purchase. It is recommended that you exercise a certain caution and be truly careful with whom you self-fund for the sale of your business. I was not made aware of...

Manager

I have had meetings with those reviewing the possible purchase or those already owning of turn-key business. One thing I have found is that the idea of a turn-key business pivots on the manager hired to run that business. If the manager is a great success, the...

Value based billing

When you go to your doctor, dentist or even plumber, they do not bill you by the hour.  They bill you based on the service they are performing. I was surprised when the orthodontist told me, that he and all the local orthodontists get together annually to set prices. ...

Commercial Property

Are you in the market for a commercial property?  I have a client looking in the O’Hare corridor for a place with a minimum of 20,000 sq ft. They are running into a number of obstacles. The limited amount of buildings available, not buying outright in cash and Hedge...

Running a business

I recently had a client meeting where I have been telling the client he is under billing for services, especially when he needs to utilize outside specialists. I gave him a basic formula to follow, it is far from perfect, but should set him up to get a better handle...

Running a business – two approaches to paying employees

I always love to find out how businesses run, especially with hands off owners looking for a more turn-key approach. I find it more fascinating when there are multiple departments, and they are treated differently. One that I was able to observe for a few years was...

Trusted advisor – influencing lives

I have an appointment coming in today, she started working with us last year.  Her previous CPA retired, and we purchased his book of business. Even though we don’t have a long-term relationship, we have become her “most trusted advisor”.   She is working with a...

Unemployment Death Correlation

I was watching “The Big Short” again, I don’t know why I keep putting it on, beyond it is an interesting and well-done movie.  It is about the Great Recession, and it’s causes, if you haven’t seen it yet.  What are you waiting for go watch it, now! At one point in the...

Two step authentication

There are times when having a unique password is just not enough security to protect you and your data. A number of sites use a two-step authentication process.  This is a curse and a blessing at the same time.  I hate that is takes forever to get the process...

Passwords

Do you have one password that you use for everything? I have very unique passwords for the money sites, banks, credit cards, purchasing sites. For the damn sites that I have to keep retyping on my TV for streaming services I try to keep short and sweet, TV typing is...

Common passwords

I was on a webinar by Fox Rothschild LLP and the presenter showed listings of the 25 most popular passwords for 2020, 2019 and 2018: Most-Used Passwords of 2020 123456 Unchanged 123456789 Unchanged picture1 New password Unchanged 12345678 Up1 111111 Up 3 123123 Up 3...

Telephone scams

I guess if you are a criminal looking to do evil, calling people on the national do not call list is only a minor offense. It is astounding the details they have and don’t have on who they are calling.  I know several seniors in the family who have gotten the calls...

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