by Leif Jensen | Dec 16, 2020 | Rant |
No matter how hard it is to watch and experience, it seems to be in the best interests to allow people to fail, starting with children. While it may seem counterintuitive, it’s one of the best things a parent can do. According to Dr. Stephanie O’Leary, a...
by Leif Jensen | Dec 15, 2020 | Rant |
Delaying gratification, apparently is very good for kids according to studies, and the habits of childhood make us who we are as adults. In the classic Marshmallow Experiment of 1972 involved placing a marshmallow in front of a young child, with the promise of a...
by Leif Jensen | Dec 14, 2020 | Rant |
We have all had the old adage “Work hard and you will be successful”. Believing that with success comes happiness. But along with success, come the mental idea of goals, which pushes goals further away, so no happiness. So, in theory this is a broken formula. It is...
by Leif Jensen | Dec 9, 2020 | Uncategorized |
Illinois has collected more than $100 million in recreational marijuana tax revenue since legalizing sales Jan. 1, 2020 according to the state’s Department of Revenue. The tax revenue, which includes a cannabis tax, as well as state and local sales taxes, reflects...
by Leif Jensen | Dec 8, 2020 | Taxes |
Give to an IRS-recognized section 501(c)(3) charitable organization. You may be surprised who is not on the list. I know of one “Not-for-profit” who has been involuntarily dissolved by the IL Secretary of State’s office and are not listed on GuideStar.org, so I...
by Leif Jensen | Dec 7, 2020 | Taxes |
The IRS has made up some new fun just for 2020. Donate cash, to make use of two new tax rules that apply only for 2020. Nonitemizers can claim an above-the-line deduction of up to $300 for charitable cash contributions that they make in 2020. This means that for 2020,...
by Leif Jensen | Dec 2, 2020 | Uncategorized |
A tried and true year-end planning tip has been to donate valuable property, contribute appreciated investments, such as stocks or shares in mutual funds. Provided you have owned the property for more than a year, you can generally write off the full value if you...
by Leif Jensen | Dec 1, 2020 | General |
Shoplifting has essentially been decriminalized, by Progressives in California for years they have weakened property rights and retailers that apprehend thieves can be sued. In California, in short, trying to protect one’s property can be a criminal offense. Looters,...
by Leif Jensen | Nov 30, 2020 | Rant, Running a Business |
Radio was worried about tv, tv was worried about cable, cable was worried about streaming services. Now streaming services have a worry. Premium video services are increasingly worried about social media sites, such as TikTok, YouTube, Facebook and Twitch, where...
by Leif Jensen | Nov 24, 2020 | General |
Years ago, when I worked at WM my unit had a collector to collect on the smaller accounts that had past due amounts. We were the Hazardous waste unit, so our services were highly specialized, not to mention expensive and we dealt with small clients on one-off...
by Leif Jensen | Nov 23, 2020 | General |
I was reading an article about loans to the poor and I was appalled at what happens to these people. Apparently lending money to people who don’t have any is surprisingly profitable. In states where such stores are legal, such as Missouri, they are more common than...
by Leif Jensen | Nov 18, 2020 | Running a Business |
As the year winds down, I suggest that you take some time to work on your business, rather than in your business. Never mind that you should have already started your planning for 2021, since you are working to complete your tax and business goals for 2020. First...
by Leif Jensen | Nov 17, 2020 | Estate Planning |
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. Now from a practical...
by Leif Jensen | Nov 16, 2020 | Estate Planning |
I have been dealing with estate issues of late and it got me thinking about the different types of wills and where they fit into estate planning. They fall into four broad categories. Simple Will – you decide who will receive your assets, possibly name a guardian for...
by Leif Jensen | Nov 11, 2020 | Running a Business |
Has your business grown stale? Have sales leveled off or decreased and morale and systems are on autopilot? Have you developed no new ideas or concepts to test or implement? You may need the skills of an outsider. Either on your BOA, BOD or an employee. It helps to...
by Leif Jensen | Nov 10, 2020 | Uncategorized |
Banks are not your friend. They never were and were never meant to be. They are businesses that are run by very conservative greedy people. They will take a small risk, but only at great value to them. If you were a bank you would run the same way. So, when you are...
by Leif Jensen | Nov 9, 2020 | Running a Business |
It is time to expand the business to take it to the next level. You have reviewed your business, from top to bottom. Your ratios and measurables point towards the future, the market conditions are favorable, you discussed and debated the issue with your advisors and...
by Leif Jensen | Nov 4, 2020 | Running a Business |
Now, may be a good time to rework your “Financial Dashboard”. With all the changes going on, your ratio parameters may have changed. You may be working with your suppliers to get them paid which has your payables higher than your norm. Or clients may need been...
by Leif Jensen | Nov 3, 2020 | Money Management, Running a Business |
I was watching the American Express Summit where Shaq was describing a time when he asked a wealthy restaurant owner how he was able to maintain his wealth. Apparently, the answer was blissfully simple, if you have the where withal to be able to accomplish it. I am...
by Leif Jensen | Nov 2, 2020 | Running a Business |
In these troubled times your business may be heading in the wrong direction and you need a turnaround plan. Your bills may be piling up, but you still need their services. Call them up, talk to them explain the situation to a point. No need to give them every grisly...
