Business And Finance

Are you Tired of having NO money to Grow your Business?

2009-11-07T01:28:00.001-08:00

• Are you tired of being turned down by your friends and family when you ask for money to help you get your dream business off the ground?

• Are you tired of your paycheck not being enough to pay both your personal and business bills?

• Is your financial security in danger because you can’t fund your business needs?

• Do your credit scores stink because you are overextending your personal credit cards to pay for your business expenses?

• What is it that stops you from having the money you need to make your business a success?

• How do other people get money to get their company off the ground?

Are these 7 questions at the core of your frustration? Do you feel like all you really need is just some business advice to get going on the right path? I think I can help you.

I’ve written an e-Book that spells out step-by-step instructions on how to get your business established so that you can stop using your personal credit and destroying it by overuse.

My e-Book explains the critical factors in business entity set up that are required by most lending institutions. Leasing companies, vendor credit (like Home Depot), and financial institutions are all looking for a certain “picture” of a business when they are considering lending to a company. If you don’t fit in this “picture”your business will be denied credit.

Take a moment and check out my website http://www.susansbooks.com. You will see what I offer to assist you in understanding the sometimes confusing, and always frustrating world of business creditworthiness.

How to Avoid Phishing

2009-10-27T03:39:00.000-07:00

Phishing scams are a type of scam that involves tricking an unsuspecting user into divulging account information to the scammer. Typically this happens when the scammer sends an email disguised as a legitimate business, usually some sort of financial institution. The email will look official, including the official graphics from the legitimate business that is being copied. And the message will normally contain some kind of distressing news, like the detection of suspicious activity on your account.

Readers see the official-looking message, are worried by the message, and immediately click on the link to take action, like dispute false charges on a credit card, or try to get an account re-opened that has been temporarily closed. Keep in mind that there really are no false credit charges, or the account has not been closed. But readers are worried, so they click to fix the situation.

They will be taken to a very official-looking site...one that looks exactly like the real site of the business the scammers are copying. For example, if the scammer claims that your PayPal account has been temporarily suspended and that you need to 'click here' to login and correct the situation, the screen to which you will be taken will look just like the official PayPal site. There, the reader 'logs in', by entering their login and password onto the screen. Once that information is sent, the scammer then has captured the reader's login and password. (The form was not really a login form, but a form to store the login and password into the scammer's database for use later.)

So, how can you avoid these clever phishing scams?

It is simple.

Never, never, NEVER click on a link from an email.

Let's assume that you received an email that looks like it is from your specific credit card company, stating that some fraudulent charges have been detected and they need you to 'confirm' that the charges are not yours. DO NOT CLICK from the email!!

If you are really worried about the contents of the message, why not just call the Customer Service number on the back of your card? Or login directly (NOT through clicking a link) to the site. All of the financial institutions, or places like PayPal and eBay, have internal messaging systems. If they want you to receive an important message, they send it to that mailbox, too.

Protect yourself from phishing scams...never, ever, click on a link from within an email message to respond to a business message.

Search Finance - Tips You Must Follow to Succeed

2009-10-27T03:36:00.000-07:00

When you are looking for sources or information on finance, it is advisable that you conduct thorough research so that you have all the accurate facts. There are various sources where you can search finance. One of best places to start is the Internet. You will have access to various alternatives and get a lot of information that will cover all the aspects of finance. You need to have a reliable Internet connection and know how to use the search engines to your advantages.

When you want to do research on finance, all you have to do is go to the Google website and type in specifically what you are looking for. When you do this, you then get a list of the different aspects of your topic. It is now up to you to choose the one that matches your search closest since each one of them have a brief description of the topic.

So if for example you are looking for finance firms, you will get a list of the firms that are available. You can also look for information regarding where to get funding for a business that you want to start or even where you can get money to buy a home. The Internet will offer you a variety of choices that will help you get a deal that works best for you.

You can also learn about the different investment choices that are available and how to invest wisely in the short and long term. If you are not too keen on the Internet, you can also choose to access finance information in finance magazines and books. There are experts here who can give you great advice on how to make wise decisions in regards to your finances. Depending on your need to search finance ensure that you get all the facts so that you are able to make informed choices.

Finance Class, Knowledge is Power

2009-10-27T03:35:00.000-07:00

For anyone seeking knowledge in different aspects of life, it is important to understand that it is an unending cycle since it keeps changing and growing. This is to say that even if you are an expert in a particular subject, there is always going to be something new to learn. This also applies in finance. Anyone can enroll in a finance class for a variety of reasons like to get the basics about finance, to learn how to manage their finances better or even as part of a degree course.

If you have some free time and you want to expand or polish on your knowledge, then a finance class is a great investment of your time and money. If you have no idea of how to manage your money, make investments and save then these can be a good place to start. It is important that before you start these courses, to do some research so that you are in a position to select the class that will give you the most benefits.

You can look for the institutions that offer these services online and the particular courses that are on offer. In addition, there are online classes available and you no longer have to leave the comfort of your home to learn something new. There are classes for students and even for the consumer. In addition, you can also choose to go for an online personal finance class, which can be really good especially for young people who want to prepare themselves for their financial future.

These courses are tailored for the day-to-day consumer activities unlike the college ones that concentrate on the business side. Finance classes are a great way to enlighten yourself on how to manage and grow your money but the real lesson is given by the materialistic consumer world.

Mercy Maranga writes content on Finance and Finance Management. Visit her site here for more information on Finance. Finance Class

Capital Finance, The Way to Go When You Need Funding

2009-10-27T03:28:00.000-07:00

At one point or another, many people require funding to start up a business or project or even to purchase an asset. However, most of the times they do not have the required capital to do so. Sourcing for resources can be nerve racking and hectic. You should not give up though there are many sources of capital available if you do some research. If you want to achieve financial freedom you may have to take some risks but they should be calculated. You should always look at your finances before you venture out to look for alternative means of funding.

However, if you do not have a lot of money saved, you may have to borrow. Many people approach banks and other lending institutions when they need capital finance. You will need to have a solid business plan, accurate cash flow projections, collateral and in addition they will scrutinize your credit to see if you are a risky venture. You can choose to apply for a state grant.

What you need to know is that hey are highly competitive and you have to strictly adhere to the rules and regulations of how the money should be spent. The chance of you getting one of this is limited so it is advisable that you keep other options open. Venture capitalists have been known to also be a good source of capital finance. There are specific qualifications that they look for when they want to invest in your business.

You need to have a good management team and a rapid growth plan in order for the venture capitalists to be interested. It is not too difficult to get financing for your business or personal projects since there are many options available. You have to choose the option that suits you best based on the repayment, liabilities and flexibility arrangement.

Mercy Maranga writes content on Finance and Finance Management. Visit her site here for more information on Finance. Capital Finance

Finance Data - Where to Get It

2009-10-27T03:21:00.000-07:00

There is information on finances in many areas you just have to know where and how to look. Finance data helps you keep up-to-date on matters that deal with money. When looking for information, it is advisable that you check online. Here you will have numerous options available to you and all you have to do is sift through and get what you think is important. Financial experts can also give you information on various aspects of finance that can help you when making decisions regarding your money.

They will also give you facts and statistics about investment opportunities that you may be interested in. These experts are there to make the whole finance mystery easier for you to understand. You can also visit your local library and look up books on finances. In addition, there are many magazines and publications with a lot of financial data that has been written by qualified experts.

The information that you gather from these sources guides you when you want to make certain decisions regarding your finances. When dealing with personal information regarding your finances it important that it is protected so that it does not fall into the wrong hands. This is because the information contained is sensitive and it is not a good idea if too many people know about your finances.

You should store your data in a secure yet accessible location. If you do not have a safe place in mind you can acquire the services of a financial firm that you feel can take care of your financial portfolio. Your data also gives you an idea of how you are progressing financially and will let you know where how to improve.

Mercy Maranga writes content on Finance and Finance Management. Visit her site here for more information on Finance. Finance Data

Many Find Free Grant Money

2009-10-27T03:19:00.000-07:00

Since the start of the recession, more and more people have been trying to find free grant money and some of the lucky ones succeed. The government allots billions of dollars each year for different grant purposes, but most of us have no idea that they are even available.

We all know that the government is very good at doing a lot of talking and saying nothing. And this is also what they do when it comes to giving out grant money. Sure they have a bunch of that money put back just waiting for the right person to apply for it, but they forget to let most of us know anything about it, leaving it up to us to find free grant money by ourselves.

That is why it is important to follow these steps, if you want a chance at some free government cash:

Decide exactly what you need a grant for. Is it for school, to help you start a business, to buy a home?
Find out the exact qualifications for the grant. Is the grant you want based on income, nationality, or location?
Be sure you qualify for the grant money. Don't start applying for a grant that you do not even qualify for, as you do not have a chance at getting it.
Find out what the deadline is for the grant you want. Nothing would be more frustrating then finding a grant that you qualify for, filling out the application only to miss the deadline. Even if you miss it by a day, you have missed it.
Make sure you fill out the grant application exactly as stated. Even one spelling or grammar error, could disqualify you.

Remember, it is up to you to find free grant money, as no one will come knocking on your door with a check just because you qualify.

And since many of us are unable to find free grant money by ourselves, maybe due to not having enough time or the right resources, there are grant finding kits, which can assist you in your search.
Take advantage of the free trial membership from the top grant kits available. One of them may be the help you are looking for, but if you don't try, you will never know.

Tough Financial Times - 3 Key Questions

2009-10-27T03:18:00.000-07:00

Times are flat out tough right now. Everyone knows it. Sure, some are out there doing just fine in the chosen line of work, but a big majority of the people are really stretched right now, many to the point of losing everything they may have.

The first step to surviving these times is to evaluate 3 simple questions.

What do you have? You must identify what you have right now. All material and financial resources need to be identified. If it is an object, can it be sold? For how much? Financial resources include insurance policies, retirement accounts, income from jobs, money that is owed you, etc. How much is there that can help you out of your current situation?

What do you owe? This is the next, and it's just as big as the first. Who, what and how much do you owe. House, car payments, student loans, etc. But, you absolutely must also include your monthly costs...utilities, gas for your car, grocery money, money for the kids at school, etc. Everything that is an outgo financially must be identified.

What do you need? This is the biggie. You must now, after answering the first two questions, answer this third one. What are your priorities? What do you really need? Are you making a payment on a fancy TV? Come on, really? Get rid of it. Do you have two cars, but really only need one? Get rid of the extra. Are you living in a house that you can't afford? It's time then to make that difficult decision to move on.

These questions, and your honest answers, hold the key to your financial future. But don't fool yourself, because you are the only one that can provide yourself with help you need to survive these tough financial times.

When You Give, You Save

2009-10-27T03:16:00.000-07:00

Even though it may seem counter intuitive, giving is saving. When you give something away to an organization that can distribute items to someone else in need, you save money in two different ways.

The first way you will save money is in your taxes. This is no secret, everyone knows about tax benefits but they forget to calculate the significance of the savings. If you are in a tax bracket of around 25% you can save $25 for every $100 you give away. The savings can really add up if you have a whole bundle of clothes, an old dining room table, a working television, and an ugly microwave that you do not need any more. When you give these items to Goodwill or some other organization that takes donations, you can save hundreds on your taxes. Did someone just say, "God bless America?"

The second way you will save money is by de-cluttering your life. How does this save you money? Think about it. Have you ever found something that you forgot you owned while cleaning out a drawer or a closet? Have you ever paid full price or more than full price for something because you waited until the last minute instead of shopping around before hand? People who are disorganized and live cluttered lives are the kind of people who end up spending more money on things they thought they did not have or end up buying things last minute on impulse because they were not organized enough to plan ahead. When you live an organized and clutter-less life, you will reap the rewards.

It does not matter what you give or who you give it to, you will save money when you give away the things you do not need. There is nothing wrong with taking advantage of the tax benefits that the American government has made available to us. Milk it for all it's worth. Then, take the time to get your life organized and de-cluttered. You will not regret it. Sometimes in order to save, you have to start giving.

Become a Millionaire in a Bad Economy

2008-11-26T00:12:00.000-08:00

Fortunes are made (and lost) in a bad economy. Of course, they can also be made and lost in a good economy. I hear from families who are struggling every day who blame the economy. I however tend to see so many opportunities every day, it is sometimes overwhelming. I love small business, but Christine will only let me have one.

The opportunities to make money, and even a fortune, are everywhere. Be honest with yourself and read this line:

IAMNOWHERE

What did you see when your mind read this series of letters. The bible says that out of the abundance of the heart the mouth speaks (Luke 6:45). Let me break it down another way for you to see if your mind sees the same thing.

I AM NOW HERE

Is that what you saw the first time? If not, your mind probably is not open to new opportunities and you have to think a different way. You can turn a great investment today into a million dollars or more in the future, but you have to seize the opportunity.

You can also start a business that could become a multi-million dollar company in less than a year. If you listen to family and close friends they will likely try to keep you back from reaching your dreams. That is the case of a new friend and client of mine who is starting down the path towards her dream of owning a thrift store. Even her CPA tells her that in this slow economy it would be a bad time to start a business!

This CPA does not seem like someone I want in my corner. Look for the opportunities in your life, because they are literally everywhere!

Budget For Success With A Debt Consolidation Loan

2008-01-13T00:57:00.000-08:00

Before you look for answers to these questions, you would need to understand what a no equity debt consolidation program is, in the first place.Basically this program would help you get a loan of US $30-50000 in cash as it would be calculated as if there is no equity on your home. If you have reached the point where you are considering debt consolidation services the obviously your credit rating is probably the last thing on your mind but down the road you may be sorry if you know you can save your credit rating and you did not even try. The basic purpose of debt consolidation is to combine all of the debts that you owe into a single bill so that you have less to worry about.

Student debt consolidation follows a different set of rules even if it is the same principle. A good relationship will help things along. Each loan can be drawn on a different company or bank based a variety of criteria like when were you enrolled and what was accessible for you at the time. The reason you want an existing relationship with a financial institution is because unsecured debt consolidation loans are not backed by collateral as they are based solely on your credit and your income history.

Debt Relief
The next step is going to be for you to determine whether or not you are qualified. Today' s new rules require individuals to participate in budgeting guidance before they can seek bankruptcy relief and since there art no debt relief grants from the government, firms that advertise as such are most likely considering the court as a way out of debt.

But some people get in over their heads with credit cards and they need some type of credit card debt settlement in order to get out from under the heavy debt. If you are bluffing then settle for whatever they offer but that can be your first step towards credit card debt reduction. They provide you with a line of credit or lump sum that you can use to be able to get out of debt. Balance transfer deals is how many people wind up so deep in the hole they cannot get out so if you are getting ready to do your second or more transfer than just stop and talk to a professional credit counselor.

In most cases they would be able to freeze the interest, reduce and even waive part of the compound interest charged - thereby providing you with great savings as well. It is quite common for most people that have fallen into credit card debt to consider eliminating such debts through using debt consolidation services, though before also taking this path it is necessary to pause and consider whether such a course of action is indeed the correct way out of your debt problems.

Article Source: http://www.articlesbase.com/finance-articles/budget-for-success-with-a-debt-consolidation-loan-302990.html

Getting the Most Return from Your Sales Time Investment (ROI)

2007-04-02T21:45:00.000-07:00

Let's face it: you are probably working for far less than you need to. And the sad thing is, you may not even be aware of it or the options you have! As of now, we're going to change that for you, and possibly share with you not only a thought but a vehicle that can change your financial life.

We are going to show you how to get much more out of your sales time investment.

This probably applies more to the part time, home based business person than the professional...but we have seen, met, and talked with professionals who really are under- valuing their return on time investment. I know.. we are using that "time investment" word alot all ready. But you MUST consider it just as you do a cash or money investment.

In fact, it's even more important because once spent or invested, you can't ever get that particular moment or minute back. It's gone. You can always invest more money, but you only have so much irreplaceable time. Your sales time investment is one of the most precious ones you can ever make.

As we look at business models, we find on one end, the model that proposes high volume but low profit per sale.

Walmart has certainly shown this works, and many, many, many supermarkets work this same way. It will work if you have the ability to create large volumes of sales. The question is: Do you. If you are a individual sales rep or a small business, just how much of an opportunity do you have to create really large volumes. The appeal to the small business person is to do this by creating some type of a multi-level (also and probably incorrectly referred to as a pyramid) sales organization. In the ideal world, IF you can do this, you can create volume. But this could take years to accomplish, and still never guarantee any income or security because (1)The company behind it could go out of business, be taken over.. or any number of things, (2) The pay plan could change, or (3) The group suddenly dissolve, particularly if or when a heavy hitter or group leader decides to switch to another business and takes his distributors or sales force with him. Did you make a good sales time investment if you chose this model?

Of course you still have the ability to sell the product or service yourself, but (1) Can you do volume, and (2) Is the profit per personal sale worth your time?

The second business model, at the other end of the spectrum, is one that provides a relatively high profit or earning per sale. Sometimes we think of real estate people and car sales people in this category, as well as sales people of specialized capital equipment. But that's not the majority of us.

The downside here is that if we are thinking about selling a high ticket/high profit item, we have to ask (1) Is there a large market and prospect base? and if we are thinking in terms of an ability for a part time person--possibly a "stay at home mom", can this high ticket, high profit product or service be first mastered in terms of the technology, and second, is the customer prospect base readily accessible?

In most cases, the answer to those two questions is "no, not available".

But if it is or was, then here's a fact that can be virtually carved in stone:

IT TAKES NO MORE TIME OR SKILLS TO SELL THE HIGH PROFIT PACKAGE THAN IT DOES TO SELL THE MASS PRODUCT WITH ONLY PENNIES OR DIMES IN PROFIT!

Think about that! This is ALL relative to your sales time investment, and once more: It's the MOST IMPORTANT investment y ou have to make.

Ask yourself: "Am I working for pennies or dimes when instead with the right vehicle I could be working for dollars?"

If the answer is yes, and this is so true of particularly home based business entrepreneurs who are involved in sale of nutritional supplements, skin care, fad gadgets, etc., then ask yourself, "Am I doing this because I want to earn a nice income, and do it as quickly as possible... or am I kidding myself about that goal and I just want to get products wholesale or discounted and have some fun?"

Nothing wrong with that, by the way, if you have an hones assessment of what you are doing and why.

But..... If your goal is in the area of $4000-$5000 a month or more, and you also don't want to spend all your waking hours "working your business", then it's time to change.

As your article writer, I can tell you this is an article written from the school of hard knocks and one that really had us so emotionally involved with the businesses. Rah rah rah; recognition, pins, etc. Amway. Free Life. Primerica.

Herbal Life. Been there, done that. Made some money? Yes, but far, far, far less than in other options. And that's just the part time side of things we did to supplement our "real" job. Made some money, but had no security, and worked for far less than we could have been doing. Plus we just sold our time for money there. No residual income.. but that's the subject for another article.

We hope this has helped you focus some thinking and our resource block will point you to one tool that will let you change your life.

About The Author

Joe Leech has been involved in both conventional and home based businesses for over 40 years. He offers sound advice from his experience and at his website at http://www.wideworldinfo.com/abundant/opty.html he offers a way to do what he writes about.

Credit Card Fee Increases

2007-03-31T20:58:00.000-07:00

This month on our two credit card statements are notices informing us that as of Oct. 1st we may be charged "more than two" late fees or over the limit fees" per month. What's going on?
Gwen

It's estimated that Americans charged $1.8 trillion in 2005 on the 690 million credit cards outstanding. According to a Government Accountability Office study released in September, 2006, 13% of credit card users were assessed over-limit fees and 35% were assessed late fees in 2005. So Gwen has a lot of company.

Let's try to do three things. First, understand what these fees are. Next, see how fees are changing. And, finally, what Gwen can do to keep from being hurt.

Credit cards have always had fees. Some, like for a late payment, are understandable. Others came along as credit cards took on new capabilities. Think cash advance and balance transfer fees. Still others, like over-limit fees, seem like they shouldn't be possible. You would think that they wouldn't allow you to borrow more than your limit.

There are also 'penalty interest rates'. If you're late with a payment or go over your credit limit you could see your rate bumped to 30% or more.

The 2006 GAO study looked at fees and penalties. It said that not only were fees increasing, but the credit card companies were doing a lousy job of informing consumers about those fees.

The credit card companies are obligated to tell you about any fees or penalties and how they're triggered. Some fees, like paying your credit card bill by phone, are sometimes not clearly disclosed. What Gwen received with her statement was a notice of a change in how fees would be charged. And, as long as she's notified they can get by with almost anything.

Late fees have nearly tripled in the last 11 years. And many cards have adopted a 'universal default clause' that says a late payment on any card will trigger the penalty interest rate.

Credit card companies say that the higher interest rates and fees are appropriate based on risk factors. If it weren't for the higher fees, they claim that they wouldn't be able to offer credit to riskier consumers.

In fairness, the GAO's survey found that (at least among 6 of the largest card issuers) 80% of accounts paid interest rates of less than 20%. So the vast majority of card users are not paying penalty rates.

But the study also found that the disclosures were written well above the eighth grade reading level and (surprise!) featured small print. They recommended that the Federal Reserve Board revise rules on credit card disclosures.

Now that we understand what's going on we can try to help Gwen avoid problems. The first thing is to recognize that the card issuers get to make most of the rules. And, whether those rules are fair or not isn't relevant. The best she can do is to avoid getting hurt by those rules.

Get familiar with each account. The only way to know exactly what's allowed is to read and understand the "Card Member Agreement." Tough duty. But necessary.

Watch out for unexpected fees. Like for balance transfers or increasing your credit limit. Know what could trigger fees or penalty rates.

Know exactly when your payment is due. Keep a list of due dates for your credit card accounts. If you don't get the bill, it's your responsibility to contact the company and still make a timely payment.

If possible, the best thing to do is to join nearly half of the cardholders who paid little or no interest. That's because they do not carry a balance.

Obviously, for many people that's not immediately possible. Then it's important to send in your payment as soon as possible. Being seven days early is better than being one day late.

If you find it difficult to get your payment in on time, you might want to authorize the credit card company to automatically debit your checking account for the minimum payment each month. You'll probably pay for the service, but that way the payment can't be late.

Talk to your card issuer. If your due date falls at a bad time of the month, they'll move it.

If Gwen is near or over the limit on any card, she should try to shift part of the debt to a different card. Some fees are even being assessed when an account is merely getting too close to the limit. Your best bet is to keep balances to less than half the available credit.

Although the higher late fees are infuriating, they do minimal damage. The real problem is in the universal default clause. Most credit card accounts now have a universal default clause.

Suppose your rate went from 15% to 30% on every open credit account. For every $1,000 you owe, an extra $150 interest would be charged each year. So if you're the type of person carrying a $10,000 balance, that one late payment could cost you $1,500 per year. For as long as you have the balance!

Gwen is right to pay close attention to her credit card accounts. With newer fees and penalty rates in place, it becomes more important to manage your credit. In fact, it's critical to your financial wellbeing.
_______________

Gary Foreman is a former financial planner who currently edits The Dollar Stretcher website . If you'd like to stretch your day or your dollar visit today! You'll find hundreds of articles to help you "live better...for less".

About The Author

Gary Foreman is a former financial planner who currently edits The Dollar Stretcher website . If you'd like to stretch your day or your dollar visit today! You'll find hundreds of articles to help you "live better...for less".

View their website at: http://www.stretcher.com

Are Your Strengths Under Control?

2007-03-31T20:57:00.000-07:00

I first learned of this particular concept of strengths and excesses in the context of annual performance appraisals. Periodic performance feedback, coupled with an annual performance appraisal, is an integral part of a well-run business. Honest appraisals which inform the employee of his or her development needs are critical to helping the employee improve. They also help the business improve because its employees are improving their performance. It’s a “win-win” proposition.

Unfortunately, not all appraisals are honest. The one for the outstanding employee is easy to conduct and is a pleasure. The one for the marginal employee can be difficult because the discussion can become argumentative and contentious. I have seen too many managers avoid the tough performance appraisal by simply deeming an employee’s performance to be satisfactory and avoiding any discussion of development needs.

This is unacceptable because it is unfair to the marginal employee. Sooner or later the true assessment will come to light and it will be a shock to the employee. Perhaps it will come in the form of a layoff notice. Perhaps it will come with a new manager who believes in giving honest performance assessments. Whatever the form, the day will come and it won’t be pretty.

I never understood why many managers don’t give honest appraisals. Again, the employee deserves honest feedback. If a manager can’t conduct an honest discussion, he should not accept a position as a manager.

In one particular staff discussion this subject was being discussed. The general manager stated that he expected his managers to conduct honest performance appraisals with their people. He further stated that there is no need for the discussions with marginal employees to be contentious if the discussion is in terms of strengths and excesses.

The theory he was discussing is that no one inherently has any weaknesses. We develop weaknesses when we carry strengths to an excess.

Self-confidence is a trait we admire, we strive to have, and we count as a strength. If we carry the strength of self-confidence to an excess, it becomes arrogance, and a weakness.

Consider one’s ability to trust others. This is a strength and one which you need to develop as you need to delegate more to others. If you carry trust to an excess it becomes gullibility.

Being strong and forceful are strengths.
Carry them to an excess and you become a bully.

Being cautious is a strength. Carry it an excess and you become indecisive.

Being cooperative is a strength. Carry it to an excess and you become a pushover.

Taking risks is a strength and a necessary ingredient to being an entrepreneur. If you carry risk-taking to an excess you can become reckless.

Having ambition is a strength. In this case I’m thinking of the person with the desire and ambition to get ahead. You’ve recognized that in some people and you admire their drive. However, I have seen some people carry their ambition to an excess. They become obsessed with getting ahead and start doing some pretty dumb things which have hurt their chances. They carried their strength right into a weakness.

Again, this was presented in the context of having performance discussions with marginal people in a positive manner.

Like many of the lessons I’ve learned I have thought about them long after and have extrapolated them beyond their original context. In this case I have tried to self-assess my weaknesses to see if they are indeed strengths carried to an excess. Not surprisingly, the theory fits the case.

I feel one of my strengths is the capacity to speak out when I don’t agree with something being said. In other words, I am not a “yes-person.” I think of this as a strength which adds value to the organization.

In my later years I came to the realization that this strength was of value to me if I utilized it in moderation. If I carry my outspokenness to an excess I become argumentative. I have learned to speak out more sparingly and with more caution. I will speak out when I think something is wrong or if I think something can be done in a better way. However, I don’t play devil’s advocate as much as I used to and I’ve learned to pick my fights.

I think it is a very healthy exercise for everyone to periodically make a list of his or her strengths. You should know yourself pretty well and should be able to easily list your strengths. Which of your characteristics make you proud? What do you do well and which characteristics contribute to your doing that well?

Once you have your list spend some time thinking about what those characteristics would become if they were carried to an excess. Then ask yourself, “is there any characteristic on the list that I might be carrying to an excess? Are any of these strengths becoming weaknesses?” If there are, you need to consider what you are going to do about them.

From time to time you must ask yourself, “are my strengths under control?”

From the book “IT AIN’T OKAY TO FAIL”
By Brian Strachan

Visit http://www.brianstrachan.com for more information about “IT AIN’T OKAY TO FAIL”

About The Author

During the past forty-four years, Brian Strachan worked for the Navy Department, General Electric, AMF and Leggett & Platt. For almost four decades he has managed organizations in engineering, sales, marketing, and manufacturing. His leadership experience has ranged from leading a unit of six engineers to general management of four different businesses.

He is retired from GE and is currently continuing his career as Corporate Director of Program Management for the Leggett and Platt Aluminum Group in Fayetteville, Arkansas.

Year-end Health Savings Account Tax Strategies

2007-03-31T20:53:00.000-07:00

Year-end Health Savings Account Tax Strategies

2007 is just around the corner, and there are several issues to consider if you currently have a Health Savings Account (HSA), or are planning on getting one in the near future.

100% of the deposit you place in your HSA is deductible on your federal income taxes. All but four states also make HSA contributions tax-deductible on state income taxes. If you are looking to reduce your 2006 tax burden and put away more money for retirement, your HSA is the first place you should put your money if you have not yet maximized your contribution.

The maximum you can contribute to your HSA in 2006 is the lesser amount of your deductible, or $2,700 for singles and $5,450 for families. Individuals who are 55 or older may contribute an additional $700. Note that contribution limits are pro-rated, based on the number of complete months during the year in which you have a qualifying HSA health insurance plan.

You have until April 15 (or later if you file for an extension) to make your 2006 contribution. If you do not fully fund your account for the current year, you cannot make a catch-up contribution for 2006 after this deadline. However, you can reimburse yourself in later years for qualified expenses incurred in 2006, even if you do not have the funds in your account to reimburse yourself at this time.

In 2007, the maximum annual HSA contribution will go up to $2,850 for individuals and $5,650 for families. Individuals 55 or older will be allowed to contribute an additional $800.

To maximize your tax benefit for 2007, it is important to have your HSA-qualified health coverage in place no later than January 1.

In order to pay for a medical expense from your HSA, it must be a qualified expense. Some of these qualified expenses include dental expenses, eyeglasses, chiropractic visits, over-the-counter medications, and sometimes even nutritional supplements.

Now is a good time to make sure you have an accurate record of your medical expenses for the year. Make sure you separate the expenses for which you have reimbursed yourself from your HSA from those that you paid for out-of-pocket. You'll want to keep receipts for all medical expenditures paid from your HSA with your 2006 tax records. Place the "non-reimbursed medical expenses" in a separate file, keeping them with the concurrent year's tax records in whatever year you decide to reimburse yourself.

The penalty for over-funding your HSA is a whopping 6%. You have until April 15, 2007 to withdraw excess funds for the 2006 tax year to avoid the penalty. Your HSA administrator may notify you of any over-funding, but they are under no obligation to do so. It is your responsibility, so make sure you check into this if you think your may have over-funded you account.

The minimum deductible for HSA-compatible health insurance plans in 2006 was $1,050 for individuals and $2,100 for families. In 2007 this will increase to $1,100 for individuals and $2,200 for families. If you currently have an HSA-qualified plan with the lowest eligible 2006 deductible, that deductible will automatically go up on January 1 to the new minimum.

Strategies to Maximize Your Tax Benefits

There are basically three different strategies you can take when deciding how to fund your health savings account.

1. Put no money in the account, except when you incur a medical expense. This strategy allows you to legally "launder" any money used to pay medical expenses. In other words, by depositing money into your HSA, then immediately withdrawing it to reimburse yourself for medical expenses, you are making your medical expenses all tax-deductible. You may want to use this strategy if you are on a tight budget and want to keep your cash outlay as low as possible.

2. Fully fund the account, or at least put in as much as possible based on your budget. Take money out of the account any time medical expenses are incurred, and let the rest grow tax-deferred. This strategy will maximize your tax deduction, while making your HSA funds available to pay any non-covered medical expenses before your deductible is met.

3. Fully fund the account, but pay all medical expenses from a non-HSA account. Reimburse yourself for medical expenses at a later date. This strategy will allow you to maximize your tax deduction, and will also allow you to maximize the tax-deferred growth of your HSA. You can then reimburse yourself, tax-free, at any time in the future for medical expenses incurred over the ensuing years.

To maximize the potential growth of your funds, you may want to make your 2007 deposits as early in the year as possible. Any growth in your account is tax-deferred, like an IRA. If possible, you should plan to make your deposit the first week in January.

About The Author

The Article is written by Wiley Long - President, HSA for America (http://www.health--savings--accounts.com) - The nation's leading independent health insurance firm specializing in Health Savings Plans that works with Health Savings Accounts.

Copyright information.... This article is free for reproduction but must be reproduced in its entirety, including live links & this copyright statement must be included. Visit http://www.health--savings--accounts.com for Health Savings Plans and Health Savings Accounts.