Financial Goals

Surety Bonds for the Entrepreneur

Posted July 5, 2010 by Matt Bruns

Surety bonds can make a world of difference for fledgling entrepreneurs.

They are key risk-mitigation tools that can insulate business owners from financial harm and reassure consumers that you’re committed to consumer protection. They’re also mandatory for scores of industries and business types, from construction and health care to travel agencies and janitorial services.

But they’re also often misunderstood, if they’re even considered at all.

How Surety Bonds Work

Surety bonds are basically three-party agreements among a principal (the company performing the duty), the obligee (the entity receiving or licensing the work) and the surety company that issues the bond. In the construction industry, contract bonds help ensure that projects get completed, subcontractors get paid and bids are legitimate.
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Posted in Financial Education, Financial Goals, Investing Basics, Retirement Planning, bonds | 2 Comments »

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.

accountant

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. (more…)

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Posted in Estate Planning, Financial Education, Financial Goals, Tax Reduction | 1 Comment »

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.

careercoach

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. (more…)

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

Emergency Fund: How Much Do You Really Need?

Posted June 23, 2009 by Bernz

Keeping an emergency fund available for unforeseen crises is a financial planning tip that is widely quoted. Any number of situations could come up where you may need to dip into this short term savings fund, such as loss of job (a more likely occurrence with the current economic situation), emergency medical expenses, or home repairs.

emergencyfund

But how big does this emergency fund really need to be? Some financial planners suggest three months salary is a good general rule. If you would ask Suze Orman, (yes I do watch her show especially the “Can You Afford It” segment) she will say 6-8 months or even one year if you can afford is more advantageous. However, the right answer for you will depend on your circumstances and the risks that you are trying to cover. Some of the risks that people put aside savings for can be covered less expensively with insurance.

Take home repair for example. If your air conditioner or furnace were to quit for good, the expense of buying a new one might damage your current cash flow. (more…)

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Posted in Financial Education, Financial Goals, Frugality, Investing in Real Estate, Retirement Planning, Saving Money, Wealth Building | 2 Comments »

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