Andrew Jackson

I learned something new today.  Andrew Jackson was the only President of the United States to have no deficit during his reign.  Jackson, who served from 1829-37, was an ardent supporter of keeping banks and government separated. He believed that banks would have...

Pay yourself first

As a small business owner when cash gets tight the first thing to go is the owner’s salary, or at least a portion of it. This may not always be the right thing to do.  I know too many who pay themselves so little in wages that their SS benefits are scheduled to be...

Post Retirement Navigator

Post Retirement Navigator was a piece of software originally designed by Phil Lubinski and developed by All America, sold to one firm and then another only to wither and die. I loved the concept of this software  for retirement planning and investing. While you are...

Financial Planning

Do you have a pile of investments you call a nest egg.  Or do you have a retirement plan? I have both. The bulk of my investments are in a balanced portfolio that rebalances every quarter and the holdings are reviewed every couple of years.  Then I have an E=Trade...

Chick Fil A Franchise

I am astounded, what a sneaky business model; Chick Fil A has a brilliant plan in place. Some of this information is directly from their website. Chick Fil A has an initial financial commitment of only $10,000.  Annually 60,000 people apply, but only about 80-120 are...

Land

He said, “Son, stocks may rise and fall, utilities and transportation systems may collapse. People are no damn good, but they will always need land and they’ll pay through the nose to get it! Remember,” my father said…         …land -Lex Luthor...

Franchises

Are you the type to invest in a franchise or a franchisor?  Or would you just like to use them on a as you please basis. I knew that when Chipotle first came out a number of people were looking into the requirements for a franchise.  These are not people who invest in...

Reverse mortgages

Reverse mortgages, you have seen the cheesy commercials where they get an old actor who hasn’t seen a payday on a decade or so, pitch the wonderful benefits to those who had not been lucky enough to plan for their retirement better. A reverse mortgage is a loan. A...

Financial Discussions

As a financial professional I am amazed by how many people refuse to have an adult conversation about their financial position or estate planning. My wife has told me repeatedly that she is uncomfortable with the topic and her family never talked about such things. ...

Transfer vehicles

You are retired or about to retire and you have all of these different accounts.  Some are qualified and some are unqualified, and your eyes roll to the back of your head when you think about untangling all of these accounts. One thing you may not have initially...

Loss of wealth

Do you have a significant net worth?  Are you planning on leaving a significant net worth? Do you have plans in place to maintain that net worth for future generations? If at the moment you don’t have a significant net worth and want to leave one behind, I suggest...

Degree or not a degree

Is a college degree worth the ever-rising cost to get one? This was a topic covered often by Professor Doom on his blog.  Unfortunately, he recently passed away from cancer, so there will be no further data from the Professor. According to some recent stats for most...

Minority owner

I was asked a question about a minority owner who was a FTE of a small company that was getting a 1099-NEC and not a W-2. I was taken aback, since if they are one of the actual employees of the firm working day in and day out as a employee and not an independent...

Corporate books and records

Are you a C-Corp, S-Corp or an LLC? If you are a C or S-Corp, you have corporate responsibilities that need to be addressed at least annually.  You need to have an annual meeting where directors are elected: President, Vice-President, Secretary and Treasurer.  If you...

Magic Relationships

Businesses and people tend to have professional relationships that should be maintained and cultivated.  Working closely with all five and address most issues well before those become problems. These relationships are: Banker Insurance agent Financial Advisor Attorney...

Anchor

It is said that taxes are the anchor, but not the value of a CPA relationship.  I have to agree with that statement. We look at our client relationship as their most trusted advisor, so we treat clients to a high standard. Not all clients want a “most trusted...

Everything is deductible

We started working with a new client and we were working through the company credit card charges.  A number of the items looked to be personal items. So, we contacted the client, and it was his stance that everything is deductible, and the chance of an audit is slim....

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