Separate Your Business From Your Personal Life Now!

Running a business is the dream that many people have, and it’s definitely a good dream. So when you finally get a chance to make it a reality, you’ll probably want to take steps to protect it as much as you can. After all, why would you want to make any type of mistake that’s going to keep you from enjoying the type of life that you’ve always wanted? Thankfully you do have a lot more options than you might realize to protect your business.

It all starts with making sure that your business life is separate from your personal life. Again, this might seem obvious, but we’re always surprised to see people that aren’t incorporated. Incorporation is something that’s pretty straight forward, and it tends to make your life a lot easier than if you were just trying to group everything together. If you aren’t incorporated and you don’t have all of your business life separated out from your personal life, you’re going to end up risking a lot more liability than you should.

This is because when your business life and your personal life have no separation, you’re basically opening up your personal items to seizure if you lose your case! That’s something that no one wants to go through.

The more separation you can build in, the more obvious to the IRS that you’re running a business. This means that the IRS is a lot less likely to throw out all of those expenses that you’ve claimed, or other things that are designed to lower your bill. If they feel that all you’re doing is a hobby, then you’re not going to be able to do much of anything when it’s time for tax season — you’ll lose every time.

Save yourself the trouble — separate things out. Here’s what we suggest:

Incorporation would be the first thing that we suggest. It makes getting bank accounts and even business credit so much easier. If you lump everything together, then you’re going to have the problems that we already listed. However, if you incorporate properly, you’re going to be able to shield your personal assets in case you have to declare bankruptcy with your business or even if you have to deal with litigation.

Make sure that anyone can go back and see what your personal money is and what the corporate money is. If you are incorporating, that means that you will want to have an obvious salary being paid out to you. Once you grow, you can invest in payroll software that computerizes the whole process. This way if you’re audited you have to only go through a few screens and print out exactly what money went where.

Staying organized is just one more facet of running a business — are you ready for you? Start separating your business life from your personal life for the best results around!

The Trouble with Skipping an IFA for a Pension

Trying to think about the future when it comes to your pension needs or even an annuity down the road? You’re not the only one. Many people in the UK today are more concerned about retirement than ever before. Many are waking up to realize that if they don’t plan ahead as much as possible, they’ll actually end up without a comfortable retirement. This means working until they die, and who really wants to wake up to that type of future? No one that we know, of course. So if you’re really serious about making sure that you’re going to have the best future possible, then you definitely owe it to yourself to start thinking through what you’re going to do.

Some people skip over hiring an IFA (independent financial advisor), because they’ve been told that the IFA will charge a commission in order to work with them. They work on commission and they will give you advice — that’s the way it works. But if you’re thinking that you’re better off skipping over them completely, then you might want to think again. The truth is that you actually get more out of going with an IFA than directly to the pension provider.

Why is it this way, you might wonder? Well, it’s really simple — you will have to calculate in the fact that the pension providers aren’t trying to give you the type of advice that you need to really determine what’s right for you. Even if you’re trying to avoid the commission, you might find that they’ll charge you just as much even without the commission. And you’ll go without the independent advice that could help you avoid making a huge mistake.

Even though it’s true that you can transfer your pension around and around if that’s what you really want to do, the reality is that there are fees involved every time you transfer. There could be stiff penalties for messing with that money. Therefore, you’re much better off finding the type of policy that you really can count on. It’s better to do that than try to figure out everything on your own without the adviser’s help. Keep in mind that this is exactly what they do for a living. If you don’t spend your days mulling over annuities and pensions, then what chance do you have of surpassing what they can do for you? Internet research is important, yes — but there is something special to be said about professional advice.

You have to realize that there are limits to the IFA’s. You can get compensation if the advice they give you is faulty, but that doesn’t mean that you get compensated if your pension pot goes down due to the market. It’s something that you have to deal with as par for the course. Losses do happen but you stand to gain a lot more if you explore the pension world carefully. Good luck!

New Data Shows That Lottery Winners Aren’t as Happy As We Once Thought

What would your life be like if you won the lottery? What would you buy first? Who would you bring into your life…or push out of it? Most people assume that their lives would be incredibly amazing if they could just win the Lottery. However, a new story out indicates that all that glitters really isn’t golden after all.

It starts with a cluster of 12 bus drivers who pooled their money to buy lottery tickets. They won and they had to split the prize pot.

Sounds good, right? Well, many of the bus drivers have had to deal with outright strangers asking them for money, along with family members getting into the fights. The rising stress has turned many back to old habits — such as smoking and drinking. Hospital visits have become common. The overall stress of having a lot of money to manage tends to make things very difficult for people. If you have negative thoughts about money, coming into a lot of money isn’t going to necessarily change anything. You will suddenly be part of a group that you used to envy. This is a pretty painful thing for a lot of people. There’s no need to fall into this trap though.

First and foremost, you need to think about a solid plan for the money. Quitting your job when you have no idea what you’re going to do with your life isn’t going to make matters any better. You’re just going to make yourself tired, lonely and confused. Why would you want to put yourself through that type of pain if you could avoid it? Why would you want to make yourself miserable?

You want to sit down and have a good discussion with your spouse. One of your spouse’s highest fears is losing you to a new life of wealth and power. If you make sure that they know they are still one of your highest priorities, you will be good to go. Don’t change anything for a while. Have money, but make sure that you are in control and not the other way around. The trouble comes from people thinking that money has to change them. There’s nothing that says that your life has to suddenly become focused with luxury cars and travel. If that’s to what you really want out of life, you don’t have to pursue it.

Let the money sit and collect interest — there’s nothing wrong with that. And if you’re trying to become entrepreneurial and let your money grow, going with an independent financial adviser is really the best way to go.

Trust in your own instincts. This is a sad tale for the 12 Lottery winners, but that doesn’t mean it has to be YOUR story, either. Good luck!

Overlooked Points to Consider With Respect to Your Employer’s 401(k) Plan

If there’s one way to build up your retirement, it will definitely be form your employer’s 401(k) plan. There’s nothing that says that you can’t build wealth this way, but one of the biggest mistakes that newbie investors make is that they glorify the 401(k) a little too much. They assume that all they will need to is just pour in money and let it grow. While it’s true that you can essentially set it and forget it, Ronco style, the reality is that you always want to start thinking about the type of retirement you ultimately want to have. You need to be aware that nobody is going to think more about your best interests than you. It’s tempting to just assume that everyone’s going to have your best interest at heart, but this isn’t the case. If you don’t monitor your retirement account, you’re not going to be able to hit your goals at all.

The best thing that you can do is actually read those retirement documents that come with your account. Study them well. See how the funds actually get handled — your funds, in particular. What is their plan for growth and preservation of capital? What is their risk profile? How are the assets allocated? These are all questions that need to be handled before you really start putting away your hard earned money.

While employer matching is good, you always want to make sure that you understand the terms and conditions. For example, what happens to the money if you leave the company? Remember that no employer is ever going to give you something just for the sake of giving you something. There’s always a price that needs to be paid for that — and for the matching, it usually means a certain number of service years with the company. So before you get excited about employer match, you really need to make sure that you have the right information about it. If you are not planning to stay at the company for very long — and let’s face it, jobs are getting shorter and shorter these days — you might not actually get to enjoy that match.

You need to also think about rollover possibilities — if you were to lose your job, how do you move your savings from that account to another account without facing penalties. It can be a lot more complicated than it needs to be, so this is something that you want to tackle up front while you’re in the “era of good feelings” with a company.

Overall, it’s a lot to think about, and we totally understand that you might be a little confused. Take the process slowly, get help when you need it, and refuse to deal with confusion — you can overcome anything with time, patience, and information! Hang in there!

Opening Up Health Savings Accounts For Your Family

Every day, it seems like it’s getting harder and harder to actually take care of your family’s day to day expenses. If there’s one category that definitely stresses a household budget, it would definitely have to be medical expenses. Even if you have insurance, that doesn’t mean that your problems with medical expenses are over. These days, the deductible on your health insurance is probably so high that you hardly use it. Does that mean the medical expenses stop piling up? Of course not. So what can you really do?

Well, there is one thing you can think about: health savings accounts (HSAs). An HSA is an account that gives taxpayers a bit of relief from being taxed on every dime they spend, especially if those dimes in question are for medical care. Now, this sounds a bit like a flexible spending account (FSA), but there are some differences. You see, with an HSA, you have the ability to set aside money, but the money rolls over from year to year. If you have an FSA, you must spend all of the money that you set aside in the account for that fiscal year — or you lose it.

In order to have an HSA, you must have a high deductible health plan (HDHP). Like most things set by the government, there are rules for this type of plan. In order to be considered “high deductible”, you must be paying at least $1,200 for yourself and $2,400 for yourself + the rest of your family. That’s a pretty high deductible, so yes; it’s safe to say that if you’re paying that much you could use some relief.

What is really nice about HSAs is that the money you deposit is actually exempt from federal tax liability. This means that you can focus completely on taking care of your family’s health expenses without worrying about paying tax on the money. This essentially gives you a boost in buying power, but it’s not without restrictions.

You must make sure that you are paying for qualified medical expenses through this account. These are things like braces, birth control pills, durable medical equipment, and other things of that nature. It’s just a matter of figuring out what your family needs, and getting them those supplies. You will need to make sure that you save the receipts so that if you are audited for any reason, you can prove that you really did spend the money on a qualified medical expense. If you had to tap the account for things that don’t qualify, it would be treated the same way as if you had taken out money from an IRA — there would be penalties that would have to be paid — yikes! Better to focus on qualified medical expenses, then.

Overall, it’s definitely a good time to start thinking about contributing to a health savings account. The money that you shield from federal income taxes is definitely a good thing, because it frees up more money to give your family the high quality of life that they deserve!

Add Instant Long Term Value to Any Portfolio – Just Buy Gold Bullion Online!

A lot of investing articles are pretty short sighted. There, we said it — and it’s not because we run our own investing site. It’s because we’ve noticed that other sites, as good as they are, often focus far too much on short term gains rather than long term plays. So when people come out against buying gold, you have to understand what their perspective really is.

In terms of long term portfolio value, gold is a very smart option. Even though there are a lot of things you might disagree with us on, you can’t disagree with the fact that the world is become more and more uncertain. The economy is becoming more and more uncertain. We have developing countries that might give us a run for our money and change the game completely — requiring re-calculations and plenty of different analysis trips down memory lane and back again.

Sometimes, you don’t need a lot of data, just a little bit to see that gold really is one of the answers. Now, we say “one of” rather than “the” because you want to have a well balanced portfolio all of the time. You want to be able to step back and really make sure that your portfolio is off to a great start. You don’t want to look back and see that you’re overly invested in stocks without any consideration towards bonds.

Going to buy gold online usually means that you will want to step back and choose what type of gold that you ultimately want to buy. If you ask us, you should just buy gold bullion online. This is the type of gold where it’s represented in coins rather than bars. We think that gold bullion is easier to collect, because you can buy smaller runs. Everyone should feel comfortable investing in gold, not just people with monster bankrolls to spend. You want to start small when you go online anyway just because there’s a lot more selection.

Buying gold bullion online is also easier than ever before — if you can buy clothes, shoes, and technical gadgets, you can surely buy gold coins. You just need to look at what country you want to start with first. Be sure that any type of gold bullion you purchase is one that you want to hold on to for the long run, because that’s where the value is! Why not start today?