Category Archives: Finance & Business

How To Avoid The Post-Holiday Financial Blues

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Holiday Tip! You don’t need to climb ladders and hang millions of lights all over your house to make a happy holiday statement. You can create an enticing ‘Welcome Home’ atmosphere by simply placing a special emphasis on your front door, surrounding it with colorful lights and garlands of greenery.

Are you financially prepared for the Holiday Shopping Season?

Will you be making your purchases with cash or credit?

Do you have a planned amount of money you will be spending on gifts?

Holiday Tip! Attend a holiday concert or festival of music.

If you owe $5,000 of more on your credit card or know someone who does, who only pays the minimum payment each month, you are not alone. The levels of consumer debt are increasing rapidly around the world.

A Debt is Not Just for Christmas

Christmas is the time of year when many consumers fall into the trap of spending too much money on expensive Christmas gifts. Most of these purchases are made on credit cards rather than using cash. This means these consumers often end up with large credit card debt in the New Year. The New Year is also the time when bills for other expenses, such
as holidays, school fees and taxes come due.

Credit cards are an expensive convenient source of money and many people don’t realize just how expensive they can be. Remember gifts purchased on your credit card that you will not be paying in full, will become a debt. This debt will be with you long after Christmas is gone. The most damaging part of this process is the interest you pay on your holiday purchases over time will be more than the cost of the gift. This interest
payment you are making will also become someone else’s investment return.

Holiday Tip! The mantel or entertainment center- Add a string of lights and if you wish, you can also vary the string of lights by color best suited for the coming holiday theme. Wall hangings can be changed around this area temporarily as well.

Tips to Avoid the Post-Holiday Credit Card Blues

1. Make a budget for Christmas spending – add 20% to the amount and stick to that number.

2. Write a list of everyone you plan to buy presents for and the amount of money you can afford to spend on each person’s gift.

3. Pay for presents using cash or lay-away rather than credit cards – if you have to use credit cards use only one.

4. Use a card with the lowest interest rate and credit only what you are able to pay off in one payment or within three months.

5. Give yourself time to shop – avoid last minute impulse buying of whatever you can get your hands on.

Holiday Tip! Anticipate the food: Reflect on past Holiday foods that are always provided to you within your social circle. Predetermine what you WILL eat and what you WON’T eat.

6. Write down everything you buy for the seasons, food, decorations, cards etc, and their cost – keep a running total.

7. Consider opening a Christmas Savings Account, so that you will be better prepared next year – for $10 per week, you will be over $500 ahead of the game next Christmas.

8. Gather all of your bills and obligations in one place and write down what you owe, to whom and at what interest rate – Now! Be complete and honest with yourself.

Get a Jump Start on Holiday Planning for Next Year – Invest in Yourself!

Make a present to yourself this Holiday Season by investing in yourself – eliminate your debts and start your wealth creation plan.

Holiday Tip! Financial strains- Forty four percent of Americans feel pressure to spend more than they can afford at holiday time. Discuss spending limits with your family.

1. Take any “downtime” during the holidays to make a list of your financial goals for the next year, two years after that, then five years and longer.

2. Add up household expense budget for this year and add 5% to that amount. Start a monthly program to set aside 10% of the amount for the next 10 months starting in February of 2005.

3. Read a self-improvement book such as “The Automatic Millionaire” by David Bach.

4. For some people depression comes with the holidays – tame the depression with the knowledge that you can make 2006 a more fulfilling and enjoyable year financially.

Holiday Tip! Too many small items in a small space tire the eye and overload the brain. Don’t go over the top with holiday decorations.

5. Take time to assess how financially secured you are – review your insurance needs, emergency fund, wills and overall debt and wealth balance.

Real Worth

Remember your Real Worth is not only measured by the material gifts you give.This Holy Season is a profound and powerful timeto commit yourself to new beginnings, to startnew practices and to choose what you want your financial life to be in the coming year.

Very few people choose financial clarity as one of their new practices. Plan for your expression of love not only through gift giving to others, but also a gift to yourself for a secured Financial Future. Make a painless New Year’s resolution that will give you the “Holiday Feeling Financially” for many years.

Copyright 2005 Joan Peterkin. All rights
reserved.

Joan helps families transition from debt to financial security. Get her FREE report “The Top 7 Reasons to Live a Debt-free Life” – mailto:wealthinitiators@sendfree.com. For more info, visit http://www.WealthInitiators.net or call 1-866-410-6099.

How To Find Unclaimed Missing Money

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You may have seen the advertisements. The government is holding money, could it be yours?  Unclaimed tax money is waiting; do you know if some of it could belong to you? It sounds like another scam, but quite honestly, it is possible.

Many people are due missing money that they never knew was theirs. This happens for a variety of reasons.

It happened to my family. I saw that my state had a website with a database of missing money. On a whim, I put in my name. Nothing, of course. Just for fun, I started putting the names of other family members, and low and behold, my mother-in-law’s name popped up. I soon learned that she had forgotten about two checking accounts many years ago. It wasn’t a lot, but it was her money and she should have it.

You may have missing money out there, and you may not know it. You may have been named in someone’s will, and were never notified. Usually this happens when you cannot be found.

Don’t get too excited if you see your name pop up however, because the amount of the missing money is usually small. It’s yours though, so go ahead and take the proper steps to claim it.

Another reason missing money is floating around is due to tax refunds. Believe it or not, some people forget to put in a change of address, and their tax refund checks are returned to the government.  You too may have also forgotten about an old savings account or checking account.

There are plenty of resources out there so you can search to see if you are owed some missing money. Most of these services should be free. In most cases, your state should have a searchable database online.

If someone sends you an email saying you are due some money, and then asks you to pay them for the information, ignore it. That is most likely a scam. You can find your missing money on your own.

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How To File Your New York State Income Tax

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When April comes each year you can always rely on one thing. You know it’s time to pay your taxes. April isn’t all bad news; some people get a refund, and love to have the extra money. Whether you are paying in, or getting money back, you still have to file by the fifteenth of April. Not only do you have federal and local taxes, if you live in the Empire State, you also have to file New York State income tax forms. 

You should file your New York State income tax at the same time you file your federal and local taxes. In most cases, a tax preparer will do this for you when they tackle your receipts and W-2s. If you are attempting to do your taxes on your own, make sure you know what you are doing. If you need help, you can buy software like TurboTax to help you along. The rules, regulations, and rates should all be in the software, but check before you buy. TurboTax may only cover federal taxes.

Like most other states, New York asks for a certain percentage of your paycheck to help pay for expenses. It’s almost like paying your electric bill. The funds raised by New York State income tax helps pay for the upkeep and running of the state. It pays for the salaries of government, police, and other services, as well as roadway repairs, education, and public services like Child Protective Services. 

Some people don’t have a clue what to do with their New York State income tax refund. Many go on a shopping spree and spend the entire amount. They treat it as if it wasn’t money they earned, but rather a bunch of free money. What they don’t realize is that this is a great time to plan for the future. While it’s perfectly wonderful to spend some money on things you need, and a few extra things you don’t need, you should put at least half of it away. This allows you to save for retirement or your children’s education without it taking a big bite out of your budget.

If you don’t know what to do, never fear, there is someone who can help you. Go to your bank and ask for help. Most banks have someone who is hired to do just that. Tell them you have a New York State income tax refund, and you would like to put some into savings. They will tell you what your best options are for the amount you have, and give you great suggestions on how to make your money grow. Even a simple savings account can accrue interest over time.

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How To Go About An Effective New Car Search

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When you need a new car, you can spend countless hours looking for the perfect vehicle for your needs. A new car search can be daunting if you don’t know what you are doing.

There are so many offers, specials, sales, and promotions out there to get you to buy, it can leave you feel confused and exhausted. There are also so many different types of cars, features, and price ranges from which to choose. To make sense of this mess, you have to know how to go about an effective new car search.

Your first consideration should be your personal needs. This means you have to decide what you want in a car. Do you have a family? If so, you will want something with four doors, or possibly something even larger.

If you are single or don’t yet have children, you should consider the near future. Will you be having kids soon? Are you ready to marry? These questions will determine what you need in an automobile. Once you have some of these answers figured out, it will help you to narrow your new car search down a bit.

Next, decide what features you need. Safety should be your number one concern, so you may want to do some research to find out which are the safest models available. You may already have a particular brand in mind, so this will definitely help you narrow down your new car search even further. Once you have gotten this far, you are ready to look at some cars and take a few test drives.

You can conduct your new car search in two places: online or in person. Many people choose to look online first, even if it only gives them a general idea of what they want to take for a test drive.

This will help them locate dealers near by, and may also gives them an idea of what the asking price might be, and if this is something they can afford. If you take your new car search to the dealership, make sure you ask a lot of questions, and test a number of cars.

Don’t be afraid to ask for a better price, and take some time to think it over. Leaving the dealership without a purchase is a good idea. When deciding on a new vehicle, you want to sleep on it. This way, you can be certain you aren’t falling victim to the salesperson’s pitch.

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How To Find The Current Money Exchange Rates

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When going on vacation to a distant country, you have to worry about how you are going to carry your money, and you also have to learn about money exchange rates. The currency in each country is remarkable different from your own, and this fluctuates on a daily basis.

Even though Canadian currency is found in the United States quite often, many people will not accept it. This is because the value of a Canadian quarter is not the same as the value of an American quarter.

When traveling, you have a few options. You can almost always find a place at the airport to exchange your currency for that of the country you are entering. Due to the fluctuations in money exchange rates, the amount you got for five hundred US dollars the year before may not match what you are offered today.

You can get a general idea by searching the web for money exchange rates, and you can find a calculator to help you convert your currency into another one, but this will only give you the rate at that particular moment.

Quite often, when you exchange your money for another currency at a bank or airport, you will be charged a fee for the service. Many people skip this fee by using credit and debit cards when overseas. The only problem with this is that you may not find an automatic teller machine that will accept your card. Before you leave, talk with your bank about your trip, and they should be able to find out if you can find ATMs in your point of destination or not.

Another consideration when using another currency on vacation is the huge difference in value. Yen and pounds are vastly different than the US dollar, and it may be very easy for you to become confused. Add the constant flux of money exchange rates, and you double your confusion. Pay attention to the value of the money you are receiving as it relates to your own currency, so you have a general idea of what things should cost, and when you are being ripped off.

Even making purchases online can be tricky. If you are ordering merchandise from another country, you will have to worry about money exchange rates. This is important if you are using an international money order. In this case, you must figure out the exchange rate before you buy, and hope it hasn’t fluctuated too much before the payment arrives. Many people will not accept international money orders for this reason, and also because there may be a huge fee involved for them when they cash it in.

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How To Identify Landlord Responsibilities

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As a renter, you may have more rights than you know. Owning a home is a great dream, but it does come with a lot of responsibility. When something goes wrong on a rental property, you may be inconvenienced, but it’s not up to you to fix it. As a renter, it is always a good idea to know about landlord responsibilities.

Beyond the normal wear and tear, many things can go wrong. Many apartments or rental homes have appliances that come with the property. When something happens to the washer or the stove, you don’t have to fix it. This is one of many landlord responsibilities.

In the past years, there are have been devastating storms that have ravaged the southern part of our country. The most notable have been Louisiana and Mississippi. Many of the homeowners have lost everything and don’t have the money to rebuild.

For those in the damaged areas who were renters, they don’t have the financial responsibility to rebuild, though they do have to find a place to live. Rebuilding those homes are landlord responsibilities.

Besides appliances, the general upkeep of the exterior of the house is also part of landlord responsibilities. This might include wind damage to siding, peeling paint, broken steps or gutters. You should have a look through your lease, but usually part of landlord responsibilities includes the upkeep and maintenance of the yard, if you have one, and any trees or shrubs. The landlord may pay you to take care of lawn mowing, or they may hire a landscaping company.

Landlord responsibilities also extend to your heating and water systems. They should have your heating system inspected each year before it is turned on. If there is a problem with the plumbing or heating, they should fix it, or contact someone to fix it, as soon as possible.

If you have any questions about landlord responsibilities, refer to your lease. If the lease fails to help you understand, don’t be afraid to call your landlord and ask for specifics. Simple communication is often the key to avoiding huge issues between landlord and tenant.

Perhaps one of the biggest landlord responsibilities is to keep records and making sure your security deposit is returned to you when you vacate the premises. Your lease should spell out what is expected when you move out. If you are sure everything is as it should be, and you haven’t received your money, you can file a complaint.

As a last resort, you can get legal help in regards to landlord responsibilities. If you feel you are mistreated or that your living situation is dangerous and your landlord won’t do anything about it, don’t be afraid to ask for legal help.

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How To Make Better Investing Decisions

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There might be nothing more pleasing that watching your money grow with little effort on your part. There are a number of ways to do this, but the most common way is by investing your money in a variety of stocks, bonds, or ventures.

When you dive into the investing world, you may find it is difficult and complicated, and you may not want to handle it on your own at first. You need help and advice to make better investing decisions, and to make more money as you go.

If you aren’t happy with simply earning interest on your money with a savings account, you need some better investing options. The next step up would be a money market account. These are something like savings accounts, but they earn a higher interest rate. The difference is that you have to have a minimum amount in your account at all times. You are essentially giving your bank permission to use your money for their investments, and they then split some of their profits with you. If you aren’t willing to take a huge risk with your money, this is one of the better investing options you can take.

For those who are into stocks and bonds, you have to keep a closer eye on your money. If you find you are lost, and keep losing money, you might need better investing advice. You can find any number of consultants to help you, and some will do all the work for you. They charge a commission, so if you have very little money to invest, this might not be your best option. You can also look online to find better investing tips and tricks for those who choose to handle their own investment portfolio.

When planning for retirement, you are always looking for better investing advice. You can use your companies 401K plan to save, or you can open an individual retirement account at your bank. Remember that these are both considered investments, and are not covered by the FDIC if you were to lose money. Talk to your bank representative for more information on IRAs, and call your human resources department if you have questions about your 401K.

You can also find tips for better investing by doing some research online. There are many sites devoted to better investing, and how to get the best return on your money.  Don’t forget about investing in property. This can mean you become a landlord, or you buy land in hopes to sell it for a profit at a future time. No matter which route you choose, you can find tips online to help you get started, and to help you remain in the black.

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How To Conduct Background Checks On Potential Employees

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The term “background checks” is used to refer to activities concerned with investigating the background of a company or an individual. Most companies conduct background checks on potential employees to determine whether they have criminal records.

Such background checks will be important if the employee will be working closely with customers or will be handling money or financial information. Imagine the liability that you may be exposing your company to, if you negligently recruit a person with a history of forgery and fraud.

Conducting background checks is also a way to confirm the validity of information in a resume or employment application. This way, companies can stay assured that the employee can perform the job well and is reliable.

Some companies also conduct background checks on clients in order to screen non-payers and other kinds of potentially problematic clients. Such checks save the companies a lot of time and resources.

Many web sites and companies offer to do background checks on the Internet. They typically offer services such as criminal record search, employment verification, education verification, driving record, and credit check.  The reports they provide can range from the verification of an applicant’s Social Security number to a detailed account of the potential employee’s history and acquaintances.

While conducting background checks, there are many laws to abide and many guidelines to follow. In the context of U.S., some important laws concerning background checks are:

• the Fair Credit Reporting Act (FCRA)
• the Driver’s Privacy Protection Act (DPPA)
• the Gramm-Leach-Bliley Act (GLBA)

The Fair Credit Reporting Act defines the standards for employment screening. This was developed by the federal government to ensure that accurate and updated information is used when credit-reporting decisions are made. The Driver’s Privacy Protection Act (DPPA) regulates how information from DMV records can be released and shared. The Gramm-Leach-Bliley Act was developed to regulate the release of information maintained by financial institutions.

Although several regulations and controversies are attached to background checks, more and more companies are resorting to scrutinizing potential employees’ background because they realize that having qualified honest employees is critical to their success.

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How To Start A Coffee Shop

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If you’ve thought about owning your own business, but you don’t know what kind – there all kinds to choose from in the business world. A lot of people have bought franchises with famous names and you can too. One of the most hip and profitable is to start a coffee shop. Check out the benefits of going franchise with your idea to start a coffee shop, and know that if you stick it out, you?ll succeed.

It takes a lot of up front money if you want to start one that’s independent. If you don’t have a business degree with finance and marketing, you’ll most likely be in for a rude awakening. It could take years just to study and understand what you’re doing before you ever start building a business. The advantage of using a franchise to start a coffee shop is the business support you’ll get.

Before you step foot into the store, you’ll go through a lot of work. You’ll begin your journey by working with the franchise company on where you’ll need your store located. Most companies will help you with customer demographics to start a coffee shop. At times a company will send someone to your area to tell you where the best place is to place the shop. Others will expect you to study and understand your real estate area, and then send in proposals to start a coffee shop.

After the site selection is approved, you won’t have to worry about building or stocking your store either. All of this is handled by the franchise that you want to start a coffee shop with. Another great benefit is that you don’t have to spend countless hours at the computer designing marketing or merchandising materials.  Advertisement is the most expensive short and long term outlays to start a coffee shop.

Don’?t feel intimidated either if you don’t have any retail business experience. The franchise will give you all of the training that you need. Of course, what one company expects out of you as compared to another is different. Some companies will train you to be only the operator and will bring others in to manage when you want to start a coffee shop. Lead managers are placed inside your store to help it run smoothly for a certain period of time too.

If it’s your dream to start a business like this, then go ahead and push forward toward it. Remember though that you need to have a good credit rating, so you’ll be able to be approved for financing. Take note too that there will be an outlay of cash on your part because bank financing will only cover so much of the debt to start a coffee shop, but it can be done.

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How To Prevent Theft In Your Business

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Insider Threat: Protecting the Enterprise from Sabotage, Spying, and Theft

Every business wants to do all it can to stay safe, crime-free and prevent theft. Employee theft is a serious problem in most retail establishments. In fact, theft from dishonest employees can account for almost two-thirds of loss in a store. The higher a store’s loss, the less profit a business can enjoy. This causes the costs of the theft to be passed on to the customers. Therefore it is obvious that every business needs to prevent theft.

If a company wants to ensure profits, they must take positive steps in stopping theft. The average percentage for theft varies for each business. It depends on what is being sold and the mark up of the product as well as the desirability of the product. For example, a store that sells high-ticket items such as computers, stereos, and televisions will have higher rate of loss than an establishment that sells paper goods such as envelopes, and copy paper.

One goal of every business should be finding effective methods that prevent theft. Your most important front line to prevent theft is honest employees. An employee with integrity is worth his or her weight in gold. This does not mean however that effective theft deterrents and tracking down dishonesty are unnecessary. Employees need to know that you will take any actions necessary to prevent theft.
Before your hire an employee, screen them carefully to ensure you are maintaining the integrity of the business. Go ahead and check the prospective hire’s background; do a credit check, look into personality screening and psychological testing. This can prove to be most helpful to prevent theft. When you have hired someone, don’t assign him or her highly sensitive tasks until you are sure you can trust them. Hiring a dishonest employee can affect a business for many years so being choosy about employees is not a personal preference it is a necessity if you wish to prevent theft.

Remove the temptation to steal in the first place. If you provide uniforms for employees, consider assigning uniforms without pockets. Make sure only a select few know the combination to the safe. Install cameras over the cash register to ensure the honesty of the cashiers. You may think these are expenses you cannot afford but it they will pay for themselves by helping you to prevent theft.

You also must set the tone for honesty in your business by example. How can you expect your employees to be honest when you are dishonest? Be sure to be fair in all your dealing with employees, customers and vendors. Employees will also greatly appreciate your efforts.

Set clear, reasonable rules and expectations for your employees. Provide incentives for the employees to follow the rules and prevent theft. Reward those whose job performance is outstanding. No one likes to work hard without notice of his or her efforts. This will go a long way to prevent theft.

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