If you have read any of my business books, then you know I recommend starting your own business in order to get ahead. A good solid business can be very profitable. However, if you have not planned everything out correctly your business can fall apart very quickly.
Every business, large and small, needs a good accountant. Your accountant will help you get the best results from your taxes every year. You don't want to pay more tax than necessary, and without a good accountant you could be giving too much money to the IRS. An accountant will help you minimize the tax you pay, and help you find all the tax deductions you are entitled to as a business owner.
When looking for an accountant to help with your business finances, make sure that they are up to date with all certifications. Also, make sure that they are someone that you can relate to and feel comfortable discussing your money with. You want someone that you personally like and can relate to. They should be able to explain everything to you in detail. Here are our top three tips to help you find a good accountant for your business.
Ask For Referrals
If you know someone else that has their own business already, ask them if they know a good accountant that they can recommend to you. Accountant's personalities will vary, and even though they are all well qualified, you want to find one that specializes in small business. An accountant needs to be up to date with all the current tax laws and will be working with you closely. You want an accountant that will work for you.
An accountant that takes a personal interest in you and your business will always do what is best for you. These are some of the reasons why it is often a good idea to find an accountant that people recommend. People will only be happy to recommend someone that they are happy with.
Hire A Firm or An Individual Accountant?
You might want to think about whether you are hiring an accountant who works for themself, or hiring an accounting firm. The advantage to hiring an accounting firm is that someone should always be available to take your call.
When you hire a firm of accountants you will have access to different accountants that specialize in different areas of business, and work with different types of businesses. By combining the strengths of different accountants, you will be receiving the best advice for all of your business needs.
Choose Software Carefully
If your business is on a very tight budget and you can't afford to hire an accountant, then you might want to think about accounting software. There are different accounting software programs available that are specifically designed for small businesses. These programs are usually reasonably simple to use and some will have live help available if you need to ask questions ( I recommend Quickbooks as all accountants can import your file and work on your books for you).
Please don't rush into hiring the first accountant you see in the phone book. Finding the right accountant to give you good business financial advice is very important. A good accountant will work with you and your business for many years. Take your time to find someone that you can trust adn build a great relationship.
It is the dream of many people to be rich! Or, if your plan is not to be filthy rich, at least be comfortable enough with your finances so that you can afford to buy the things you desire when you want to. Most people simply don't realize that in order to have lots of money in your life you have to put in a lot of work. Not only do you have to work hard at earning money, but you also have to work hard at managing your money once you have more than enough.
I'm sure you've heard the horror stories of people who have won the lottery, but in no time flat they have lost it all. When you have money, you also need to know how to protect it, and grow it. In order to do this properly, most educated people seek some independent financial advice.
First off, you don’t need to find someone that you simply hand everything over to and let them manage your money completely. That's a terrible decision! What you do need is an advisor that is paid by the hour AND can help you manage your finances.
There is always a lot involved when it comes to managing money. There are different types of investments that you will need to become educated on such as bonds, stocks, mutual funds, and ETF's. Some people get into property investments and lending money to others for various real estate projects. Most people simply don't have time to learn all the ins and outs about each type of investment. This is where an independent and professional financial advisor can help you.
How do you find a good financial advisor?
When looking for an independent financial advisor, it is difficult to know who you can trust with your money. After all, you don't want to trust your money with just anyone out there. You can start by asking for referrals from your friends, family members, and co-workers. If they have someone that they trust with their money then that is usually a good starting point.
There are also a number of financial advisor options on the internet. If you find an advisor online, I recommend that you find one in your local area so you can meet them in person first. They should have a reputable office location and credentials.
When you meet with a potential financial advisor, you should ask them whether they are an independent or a "tied" agent. A tied agent works for a specific company and will only recommend services or products that their specific company provides. It is usually not the best option for you. An independent advisor isn't biased to one company and is more likely to work with your best interests in mind.
Independent financial advisors work for a number of different companies, therefore they have a wider variety of products and services to offer you in order to meet your financial goals. I recommend a fee based advisor so your advisor will not try to sell you products or services that will earn them a high commission.
Ultimately, you want an advisor that is going to include you in all decisions and will explain all the options to you. You want an advisor that will help you to make a decision based on what is in your best interests. Always remember this is your money and your financial future at stake. You want to stay informed and keep tabs on your investments. Whatever you do, choose an independent financial advisor that you can trust and feel comfortable to help you with your investment choices.
One of the most common questions I get asked is, "How do you get out of credit card debt?" The answer is incredibly simple; financial discipline. You must learn to discipline yourself and your bad financial behaviors. You can not allow excuses for failure. No one can hold you accountable for your actions except you. If you are currently in financial trouble, then you are most likely in financial trouble because you are "living beyond your means" each month.
When someone uses the phrase "living beyond your means", the "means" part of the sentence is referring to the amount of money you receive for the work you do. This refers to your income after all taxes and insurance. In other words, your bring home pay. Your "means" is never the credit lines you have available on all those cards in your wallet. Credit cards are not free money to be handled recklessly. If you use that card to purchase something, you must pay it back at some point.
There are many ways to gain control of your credit card debt. You can cut your cards up and never use them again. You can try to stick to a budget each month. You can call a lender and try to consolidate your debt into one easier payment each month (if you go down this road, we recommend you work with Even Financial to get the best rates by comparing all your lending options). Hopefully, any of these three things will make it easier to get your balance paid down faster than ever.
Getting out of credit card debt is not rocket science, but it does take some serious dedication and financial discipline. Learning to tell yourself NO and constantly stopping yourself from making purchases is a hard thing to do all the time. Instead of spending extra money, plan out a budget or put money away in a savings plan.
Another option is to cut up all your high interest credit cards and throw them away. Keep only one credit card open (the one with the lowest interest rate and largest credit line) and use it only in an absolute emergency.
The best way to stop increasing your credit card debt is to simply stop using them. You must retrain yourself and the way you think about money. It all comes back to discipline. Go to the ATM and withdraw some cash for the week. Feel the dollars in your hands, smell it. Cash is something you can use and when it runs out so does the fun!
Long story short, credit card debt is a never ending cycle of charges and fees. If you don't pay your bill off every month, then getting out of credit card debt is the best thing you can do for yourself and your family's financial future. Cut them up, use a budget, or refinance your debt to pay it off faster. No matter the option, just get it done already!
Masters Investment Group, LLC
Donnie Masters, President
Masters Investment Group announces partnership with Even Financial.
***FOR IMMEDIATE RELEASE***
Martinsburg, WV – Masters Investment Group is pleased to announce that it has reached a partnership agreement with Even Financial to be the official lending partner at DonnieMasters.com.
“Even Financial is an online loan matching service that educates and helps consumers searching for personal loans,” said President, Donnie Masters. “Their technology and easy to use platform is a perfect match for our customers. Additionally, they work for the consumer, gathering a choice of loan options and let them pick what is best for their individual situation.”
Masters Investment Group is a privately held company based in Martinsburg, WV. The company invests in various business opportunities where value is available and their business acumen can add value to a project. The online blog, written by President Donnie Masters, can be viewed at DonnieMasters.com.
With the benefits and ease of fast communication in the world today, there are always few drawbacks. One of these drawbacks is the amount of financial scams that are circulating the global economy. We must all be aware of the tactics that are used in order to avoid them.
There are many scams that involve an imposter posing as someone they are not, such as an employee at your bank. Often they will ask you to confirm your credit card number, but then wait for you to read the whole thing to them first. Never give your financial information to someone over the phone who has initiated the call, no matter how legitimate the situation or person might sound. Please only call the number on the back of the credit/debit card for assistance with your issue.
If an old childhood friend or family member you rarely talk to sends you a second friend request on Facebook or other social media, be cautious. Often this "new friend" then sends you a private message filled with some awkward conversation, possible spelling errors, and a desperate plea for money. It is always wise to question whether or not they are legitimate. Contact another family member or mutual friend, or call the contact directly on the phone to see if their account might have been hacked or duplicated.
If your cousin is pressuring you to invest in a get rich quick, money making opportunity, don’t invest just to keep the peace in your family. Ask questions about the investment, and do your own research first. Money and family do not mix! Bad financial decisions will do more harm than good to your relationship because you didn’t want to offend a family member.
Most of us have already received these emails - you know the ones that tell you they have a relative who died and left them with a huge inheritance. They need someone to both send and deposit money, and in return for your help they will split the proceeds. It cannot be stressed enough that you should never answers these emails. Delete them, report them as spam, and move on.
Many individuals who are trying to scam you out of your money will give you a heart-wrenching story, and ask for your financial assistance to help get them out of trouble. Be forewarned, there is also a scam circulating who appeal to your desire to make quick money, and tell you they will let you in on some of their wealth if you send them some money first to get the business up and running.
If someone ever asks you to send money, simply refuse. Be especially cautious if their suggestion involves a cash transfer, such as MoneyGram or Western Union. Most new scams involve cryptocurrency such as BitCoin.
If something sounds too good to be true, it probably is. Does your stomach feel uneasy about the person on the other end of the phone? Don’t ignore your intuition.
Financial scams are everywhere. At any point in time, all of us are susceptible to these scams. Fortunately, if you use your head and think twice about what is going on, you can avoid almost all of them. Keep these tips in mind next time, and keep you and your family safe from any financial loss.