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Getting the Most from Your Accountant

Posted February 24, 2010 by Bernz

If you’re like most people, the only interaction you have with your accountant occurs at the end of the year at tax time. Most of the time, this exchange involves discussions about missing receipts, tax write-offs, and filing deadlines. It is rarely fun and, more often, painful.

A good accountant, however, can be worth his or her weight in gold- literally. Here are some important tips on choosing the right accountant and getting the most out of the relationship:

1) Choose a qualified accountant. The word accountant is not standardized or protected. Anyone can call themselves an accountant and it can be difficult to assess an accountant’s credentials. A Certified Public Accountant in the US or a Chartered Accountant in Canada and the UK, however, must undergo certain levels of education and examination to be able to use those titles. Selecting a designated accountant will give you comfort about the level of expertise your advisor has. Read More »

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Posted in Estate Planning, Financial Education, Financial Goals, Tax Reduction | No Comments »

Investing For the First Time: What to Do in a Shaky Market

Posted December 20, 2009 by Bernz

The past year has represented one of the most volatile and risky eras in investment history in the United States, especially in the stock market. For those with existing investment portfolios, watching the decline in market value every day has been demoralizing. Retirement asset values have been slashed and many investors are wondering if they will even be able to afford to retire.

But what do you do if this is the very first time that you are investing? You may be just graduating from university or trying to put away some money for your children’s college tuition. How can you ensure that you make good decisions in this shaky economy?

1) Find the right advisor. An effective investment advisor knows the current state of the market and can help you understand the risks and rewards of each of its sectors. Choose an advisor who does not earn income based on how much or what types of investments you buy. Your investment advisor should also be experienced. This recessionary financial market is no time for you to try out a wet-behind-the-ears advisor. Read More »

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Posted in Investing Basics, Investing Strategies, Stock Market Investing | No Comments »

Hiring a Career Coach- A Path to a Higher-Paying Job

Posted December 8, 2009 by Bernz

In today’s constrictive job market, contemplating a job change can be a scary proposition. Employers are laying off workers on a daily basis and more and more job seekers are searching for fewer and fewer jobs. Most employees simply want to hold on to the jobs they have for dear life and ride out the destructive wave.

However, this difficult employment market may be the perfect time to seek out a better job and the best way to do that is with a career coach. When the job market is contracting, it is the positions that require knowledge and skill that will remain the longest. Upgrading your education and skills can not only bring in a bigger paycheck but can solidify your position in the market and make you more attractive to potential employers.

It can be difficult to know what you need to upgrade and how to market yourself to potential new employers. That’s where career coaches come into play. A career coach’s job is to obtain a clear understanding of your strengths, weaknesses, and aspirations as it relates to the employment field. A career coach can help you fill in the gaps in your skills in your chosen profession and can lead you to leveraging your existing skills in a new direction. For example, if you have done general office work- filing, responding to email, and organizing for a small veterinary office, a career coach may help you realize that those skills are in great demand in the government sector, where wages can be substantially higher. Read More »

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Posted in Career, Financial Education, Financial Goals | No Comments »

Is Mortgage Insurance Worth the Cost?

Posted November 11, 2009 by Bernz

When applying for a mortgage for your home or vacation home, it is likely that your bank or mortgage company will bring up the issue of mortgage insurance. In fact, they may even require that you take out a mortgage insurance policy. Mortgage is often explained by those who sell it as inexpensive insurance that will pay off the mortgage in the event of your death. That would free up your spouse’s remaining financial assets and reduce the burden on him or her.

But is mortgage insurance really worth the cost? In order to make that assessment, it’s important to understand what it really is. Mortgage insurance is a form of life insurance. Unlike life insurance, however, whose proceeds can be used for any purpose, mortgage insurance only pays down the balance left outstanding on the mortgage at the time of death. There is no flexibility to use the proceeds for any other financial obligations.

A mortgage may be one of your largest financial debts and would likely be paid off with the proceeds of a life insurance policy anyway. There are a few differences between life insurance and mortgage insurance that make the former a better choice for insuring your mortgage. Read More »

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Posted in Investing in Real Estate, Mortgage Insurance | 1 Comment »