There’s often a debate over which retirement fund you should choose: a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”
If you’ve done any research about retirement planning, you know that it’s NEVER too early to start. In fact, starting to save during your college years is slowly becoming the norm! But what do you do when years turn into decades and you still haven’t started saving for your retirement? If you are in your 50’s and haven’t been able to build up the retirement fund, you’ll need to get started and fast. Here are some tips to help you out! Continue reading “Retirement Planning – I’m 50 and haven’t started yet!”
When it comes to saving for your retirement, every penny counts. Regardless if you are just starting to save or in the home stretch to retiring, making the wrong financial decisions could have a big impact on your retirement goals. With social security no longer being a sustainable retirement option, it’s important to make sure that you set yourself up for the future. Continue reading “Saving for Retirement? Here are some pitfalls to avoid”
You’ve probably asked yourself the question “Should I lease, or should I buy” in the past when it came time to get a new car or decide on where you wanted to live. But, it’s also a question to ask yourself if you own your own business. If you’ve been struggling to find a rent that fits your needs, dealt with increased rent year after year, or you’ve outgrown your current space – it may be time to investigate buying your own space. Purchasing commercial real estate is a big step that can have far reaching impacts on your business’ cash flow, balance sheet, and funding options, so it does require some serious thought. If you have the capital, here’s why now is the time to act.
If you are like most people, you typically don’t think about your credit score until you are getting ready to apply for credit. But more and more places are using your credit background to determine if you are an ideal and responsible candidate. Employers, landlords, and even insurance companies are now using your credit score to qualify you. On many levels, you are defined by your credit score – like it or not! Continue reading “Your Credit Score – Why you should be checking it often before applying for credit”
Over the past 10 years, you may not have noticed but there has been a quiet revolution transforming the 401(k) landscape. As a result, you’re probably saving more consistently and investing in a smarter mix of stocks and bonds without even knowing it. Employers have also been increasingly automating financial moves that you might otherwise drag your feet on – it’s not exactly a fun Saturday night in! Be honest, do you really remember to boost your contribution percentage every year? Continue reading “401Ks – Potential ways to maximize your dollars for retirement”
Kids think they’re going to live forever. When you’re 19 and at college, the idea of retiring seems like a distant event that will never happen. But, as anyone who is older knows, those years can go by fast, and when they do, you need to be prepared. Continue reading “Why College Isn’t Too Soon to Start Planning for Retirement”
It’s not often that the government gives you a break on your taxes worth thousands of dollars over several decades, and it would be foolish indeed not to take advantage of it. But that is apparently what a surprising number of Americans are doing year after year by ignoring the tax benefits of an Individual Retirement Account, or IRA. Although there are different types of IRAs with different restrictions, they all basically allow you to put away a sizeable chunk of your income each year and avoid paying taxes on any gains you earn on it for as long as you hold the account, which is usually until you retire. Continue reading “IRAs – Why You Should Have One!”
Conflicts are a normal part of every business, but family-owned businesses present a unique set of challenges. It’s quite common for business issues to spill to the family realm and vice versa, infecting both types of relationships.
Dealing with these complex relationship issues should be a fundamental part of your business plan. The problems are inevitable, so plan for them in advance. Continue reading “Handling Conflict in Your Family Owned Business”
For a family business, the transition from one generation to the next is perhaps the largest (and most overlooked) challenge it will ever face. The transition doesn’t just cause stress, controversy, and bruised relationships. Only 30% ever survive the second generation, regardless of industry, location, or the current economic landscape.
The transition from one generation to another is an issue of relationships and expectations of the family members and non-family numbers. The health and success of the business depend on careful transition planning and healthy communication. This means it’s wise to develop a Succession Plan as a fundamental part of your overall Business Plan. Continue reading “How to Transition a Family Business to the Next Generation”