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Committed for Better Business

Have you ever wondered if your finances are looking as good as they should? Do you have a nagging uneasy feeling that things aren’t as solid as they could be? Have you overindulged recently and are trying to lose some extra weight? If so, it’s time to stop, take a deep breath, look in the mirror, and decide to make the most of the financial resources God has given you. Don’t punish yourself. Making positive changes can be as simple and enjoyable as watching your favorite television show.

Hope and faith

Significant declines in the stock market have left some wondering if there is still hope for their future and others praying for an investment miracle. With the dust of corporate collapse and fraud still hanging in the air, the challenge is knowing who to trust and where to put your faith. More than 400,000 people in the United States call themselves financial advisors of some kind. There is no shortage of bad apples offering pies of bad advice. Investing can be a complex activity and a daunting task if left alone. Turning to a counselor for advice and guidance can be a great idea, but don’t let your faith be blind. Does your advisor only call you when she wants to sell you something? Did all her eggs fall into a basket of aggressive tech stocks? Are all her investments in products that put her advisor’s commission schedule ahead of her best interests? Do you feel like your instincts are telling you there must be a better plan? If you hear the word “Yes!” echoing in your head as you read these questions, it may be time to dress up, call a boardroom meeting, do your best Donald Trump impression, and tell your adviser “You’re fired!” Make sure you have an advisor who uses a process and compensation structure that allows her best interests to be served. Look for professional designations and experience. Find out how she can meet her unique needs. Find out how she has helped others like you. Ask if they pay you by fees or commissions. Make sure your risk tolerance and financial goals are understood. Have a written action plan that coordinates your overall financial situation. Go to a specialist, not a generalist. Take the necessary steps to ensure that your money is in good hands.

Desperate housewives

“Tom took care of everything. I don’t know what to do now that he’s gone.” I could see fear in Marsha’s eyes when I first met her. Her husband had recently passed away and she was overwhelmed with dealing with a long list of problems that she had not had to deal with before. A flurry of paperwork from lawyers, accountants, and financial institutions whirled through his mind. Trusting a spouse or friend to take care of finances can bring a sense of relief. But if she is not up to date with the basics of her financial affairs, she may be left in the lurch at a crucial time. Death, divorce, and sudden financial emergencies often bring a need for introspection. You don’t have to get a degree in finance, but take the time to educate yourself on household assets and liabilities. Know where copies of important documents like wills, trusts, powers of attorney and insurance policies are located. Identify key contact information for tax preparers, financial advisors, attorneys, and employer benefits departments. Know where your financial documents are kept and review them at least once a year. Taking a crash course in financial management during a stressful situation is not a good time to learn the difference between a 401(k) and an IRA. Simple steps taken now can save you headaches later and help you make clearer decisions in difficult times.

budget danger

Have you looked at your checkbook at the end of the month and wondered where the missing digits went? Have you opened your credit card bill and noticed? There is never a shortage of ways or reasons to spend money. The family’s needs may be laundry, appliances break inconveniently, and your outdated outfit doesn’t fit as it should. But before you go into a spending spree, take a moment to look before you jump. Itemize your household expenses. Ask yourself if what you are about to buy is a need or a want. Simply use a budget to control the direction of your cash flow before it walks out the door. Pay yourself first with systematic savings in personal or retirement accounts. Create a reward system to pamper yourself when you’ve stuck to your plan. Budgeting isn’t sexy, but it will have a dramatic and empowering effect on your life.

Extreme Makeover: Home Finance Edition

Many people have an overloaded filing cabinet, messy financial documents, and a desk drawer full of bills waiting to be paid. All this clutter can lead you to spend time fantasizing about next year’s root canal to avoid dealing with business files. Knowing why you need to keep financial documents will go a long way in knowing what to keep. Tax returns provide a good financial history, but they also carry with them a host of documentary evidence. You can discard tax-related documents after 7 years, as the IRS has three years to dispute the information on your return and 6 years to audit if you have underreported income. However, if you have committed fraud, keep your file filled: the IRS can challenge your return at any time. If you receive an annual statement from your investment firm that summarizes the previous year’s activity, feel free to send monthly or quarterly statements. Keep trade confirmations for seven years after you report the sale of a security on your tax return. Save bank and credit card statements that may be needed to support your tax return. Keep statements for large purchases like jewelry or major appliances in case of an insurance or warranty claim. Buy a scanner to scan important financial documents. Make several backup copies of your electronic records and keep them in a safe and easily accessible place. Simplifying your financial records will provide a sense of inner serenity and a real makeover in your home.

a life to live

Not everyone has the same amount of money to invest, but we all have the same 24 hours every day. How we invest this valuable asset will have a significant impact on our lives, our future and those we love. Use the time in your favor. Start saving early and often. Benefit from the power of compound interest. Take the time to teach your children fundamental values ​​about money, no matter their age. Set aside weekly, monthly, and yearly time to track expenses, organize finances, and assess your progress. Finally, don’t let the pursuit of wealth keep you from investing in valuable relationships with the people who matter most to you. You have one life to live, spend it wisely.

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