I'm real excited about tomorrow - my co-host on both the Retirement Report and the Financial Lifestyle Show, Hank Parrott and I are holding a free financial planning seminar and so far the response has been great. We have 70 people signed up, and here's hoping we can turn this into new clients and new people we can get to know and help.
Mum and dad are coming to help set up and I think dad's going back to the office but good ol' Gigi and I, we're a team and I think she'll be sticking around for moral support.
We're going to be discussing the pros and cons of the services provided by Brokers vs. RIA's, and for my part, a Tax Preparer vs. a Tax Planner. I am the latter, and I cannot stress enough how different both are. Yes, we work with your taxes and we're super busy in the months of March and April. However, a tax preparer is someone who just puts the right numbers in the right columns and boxes so you don't get in trouble with the IRS when you file your taxes.
Tax planners like myself, well, we do much more than that. I try to get to know my clients and their objectives, whether it's personal or with their business. Like I always say, I'm here to maximize your income and minimize your taxes. I will help make objective decision in your best interest, come up with ideas and I work with you in mind. At the end of the day, you're happy and I'm happy. And that's what matters.
Monday, September 28, 2009
Friday, September 18, 2009
Mommy and Me
Author Linda Gordon and Susan Shaffer wrote the book Too Close for Comfort? Questioning the Intimacy of Today's New Mother-Daughter Relationship.
They were interviewed this week in the Life section of the Tennessean, and according to the article their viewpoint is that a mother cannot be a friend to her daughter and vice versa. In fact it goes as far as to say that a mother can undercut the daughters self esteem. Even though I can only speak of my own relationship with my mother I do think that is just baloney.
Why would a mother that gave you life or, in my case, build my self esteem by believing in me and educating me want to undercut all of those years of work? Gordon says in the article,
"They're struggling with how to be a loving, generous mother and "Where do I draw the line between letting her be her own person?" There is one type of mother that is also too dependent on her daughter. The daughter really starts to feel guilty and feels like she's carrying Mom on her back."
How many of us haven't had to struggle saying yes or no to our platonic friends? One must wonder if these ladies have any sort of relationship with their mothers. They also say that any relationship between two women of different ages cannot be equal because they are not at the same point of life. Again, I call baloney. What they are missing is that throughout time women have learned from each other and who better to ask than someone who has been already there? My life and my mother’s life might be completely different - she chose marriage and children over career, I choose career over family. But it doesn't mean we haven't had any similar experiences in our lives.
This article is mostly about daughters that are too lazy to do things for themselves and mothers that will do anything for their child. In the real world if a mother and daughter are to work, live and play together they need respect, trust and most of all they need to be able to talk and to build dreams together. That is what a true mother and daughter friendship is all about.
I would love to hear your thoughts on this!
They were interviewed this week in the Life section of the Tennessean, and according to the article their viewpoint is that a mother cannot be a friend to her daughter and vice versa. In fact it goes as far as to say that a mother can undercut the daughters self esteem. Even though I can only speak of my own relationship with my mother I do think that is just baloney.
Why would a mother that gave you life or, in my case, build my self esteem by believing in me and educating me want to undercut all of those years of work? Gordon says in the article,
"They're struggling with how to be a loving, generous mother and "Where do I draw the line between letting her be her own person?" There is one type of mother that is also too dependent on her daughter. The daughter really starts to feel guilty and feels like she's carrying Mom on her back."
How many of us haven't had to struggle saying yes or no to our platonic friends? One must wonder if these ladies have any sort of relationship with their mothers. They also say that any relationship between two women of different ages cannot be equal because they are not at the same point of life. Again, I call baloney. What they are missing is that throughout time women have learned from each other and who better to ask than someone who has been already there? My life and my mother’s life might be completely different - she chose marriage and children over career, I choose career over family. But it doesn't mean we haven't had any similar experiences in our lives.
This article is mostly about daughters that are too lazy to do things for themselves and mothers that will do anything for their child. In the real world if a mother and daughter are to work, live and play together they need respect, trust and most of all they need to be able to talk and to build dreams together. That is what a true mother and daughter friendship is all about.
I would love to hear your thoughts on this!
Friday, September 11, 2009
Ask Dr. Friday
This is the first in a series of questions I've received from people that I've met, work with and even from Twitter.
The first comes from @lifealamode, a local blogger:
How do I keep myself and my little business organized through the year so I'm not scrambling when it's time to file my taxes?
The easiest thing is to first set up a computerized program (Quickbooks is good or Quicken) so every day or month or however you schedule your banking, you are assigning accounts to whatever you’re spending money on so at the end of the year you have everything totalled.
I think Quicken might be free, at least for first year, and there are online programs you can use on the run too so you don’t always have to be strapped to your computer. Definitely scan documents - organize your receipts or anything you have to show if you ever have to justify your cost of goods or supplies. That way if/when the government decides to audit you, you're ready to show them what they need to see. Most of us can barely remember what we did last month, let alone what we've spent every penny on in the past year, so it's just best to keep documents scanned and eliminate any chance of misplacing or losing things.
You can then use the scanned documents and start the way you plan to continue. Now, I'm not personally big on spreadsheets because those can get overwhelming. Plus you have to manually input details into it. They don’t download easy from bank accounts either. For example, SunTrust statements download right into Quickbooks so that's extremely helpful.
So that’s the easiest way to keep a small business organized - Get computerized.
The first comes from @lifealamode, a local blogger:
How do I keep myself and my little business organized through the year so I'm not scrambling when it's time to file my taxes?
The easiest thing is to first set up a computerized program (Quickbooks is good or Quicken) so every day or month or however you schedule your banking, you are assigning accounts to whatever you’re spending money on so at the end of the year you have everything totalled.
I think Quicken might be free, at least for first year, and there are online programs you can use on the run too so you don’t always have to be strapped to your computer. Definitely scan documents - organize your receipts or anything you have to show if you ever have to justify your cost of goods or supplies. That way if/when the government decides to audit you, you're ready to show them what they need to see. Most of us can barely remember what we did last month, let alone what we've spent every penny on in the past year, so it's just best to keep documents scanned and eliminate any chance of misplacing or losing things.
You can then use the scanned documents and start the way you plan to continue. Now, I'm not personally big on spreadsheets because those can get overwhelming. Plus you have to manually input details into it. They don’t download easy from bank accounts either. For example, SunTrust statements download right into Quickbooks so that's extremely helpful.
So that’s the easiest way to keep a small business organized - Get computerized.
**
What advice would you give to someone starting their own business?
I work closely with individuals who are entrpreneural as well as people who are starting up their own businesses. The three main things to keep in mind are:
1) Create a business plan - know what you want, where you want it to go, have an outline. How are you going to make money with your business? Immediate, short and long term goals? What do you have to offer that makes you unique? Figure that out, put it on paper and you're setting yourself in the ideal direction.
2) Make sure you sit down with a lawyer or an accountant. I will know all the taxes and licensing required when you open a business, and obviously the lawyer deals with legalities of owning a business. This way you are fully aware of what you're about to get yourself into and you avoid ever paying paying penalties and/or interests. What a lawyer may tell you vs an accountant is different so if you can, meet with both. It really is worth the up front investment rather than paying a lot more later on.
What kind of business are you running? Sole propriertorship? LLC? Employee? Draw? What kind of taxes go along with that? Will you need a sales tax number? Federal tax ID? All those things need to be established before you open your doors. Know how you’re going to do those things so you know what’s going on.
The initial investment in a good lawyer or accountant will save you more time and money in the long run.
* When you make good decisions in the beginning you’re going to pay a lot less taxes later. This applies to every single business, small or big. Lastly...
3) How are you going to afford to go into business? Along with your business plan, make a financial outline. Have an idea of what you can vs. what you need to spend, same with what you expect to make. Lately, a lot of people are losing/closing their business because they weren't prepared to slow down. You can't expect to make money consistently 100% of the time and you have to have fall backs. Can you afford to make employee reduction? What is your Plan B to keep your doors open and your business running. Can you, if you need to, get back to the bare bones of the company if business dropped off enough and what steps would you take to keep going? How are you going to pay your own bills?
These are what I personally think and it's not all of the advice I have for budding business owners but they are the three that really stick out when I'm asked that question. I hope this helps your endeavors! And come back soon for more Ask Dr. Friday!
1) Create a business plan - know what you want, where you want it to go, have an outline. How are you going to make money with your business? Immediate, short and long term goals? What do you have to offer that makes you unique? Figure that out, put it on paper and you're setting yourself in the ideal direction.
2) Make sure you sit down with a lawyer or an accountant. I will know all the taxes and licensing required when you open a business, and obviously the lawyer deals with legalities of owning a business. This way you are fully aware of what you're about to get yourself into and you avoid ever paying paying penalties and/or interests. What a lawyer may tell you vs an accountant is different so if you can, meet with both. It really is worth the up front investment rather than paying a lot more later on.
What kind of business are you running? Sole propriertorship? LLC? Employee? Draw? What kind of taxes go along with that? Will you need a sales tax number? Federal tax ID? All those things need to be established before you open your doors. Know how you’re going to do those things so you know what’s going on.
The initial investment in a good lawyer or accountant will save you more time and money in the long run.
* When you make good decisions in the beginning you’re going to pay a lot less taxes later. This applies to every single business, small or big. Lastly...
3) How are you going to afford to go into business? Along with your business plan, make a financial outline. Have an idea of what you can vs. what you need to spend, same with what you expect to make. Lately, a lot of people are losing/closing their business because they weren't prepared to slow down. You can't expect to make money consistently 100% of the time and you have to have fall backs. Can you afford to make employee reduction? What is your Plan B to keep your doors open and your business running. Can you, if you need to, get back to the bare bones of the company if business dropped off enough and what steps would you take to keep going? How are you going to pay your own bills?
These are what I personally think and it's not all of the advice I have for budding business owners but they are the three that really stick out when I'm asked that question. I hope this helps your endeavors! And come back soon for more Ask Dr. Friday!
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