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Divorce: Yes, it's Expensive

Sun, 06 Apr 2014 01:59:27 +0100

Divorce: Yes, it's Expensive

Divorce - especially if kids are involved - is among the most emotionally trying experiences a person can endure. More than just your feelings are at stake, however. Dissolving a marriage can also be a financial wrecking ball. If you're already behind with lenders, a divorce can make getting out of debt even more difficult. Follow this guide to making divorce as financially bearable as possible.

Divorce is rarely easy and often expensive.

Don't Represent Yourself

According to expert advice, people who represent themselves bring their emotions with them to the bargaining table. A professional brings judgement that isn't clouded by the emotional toll a divorce inevitably takes on the participants and will make clearer, less-biased decisions.

Avoid Court

Experts advise that court should be a last resort. Litigating in court is time consuming and expensive. Consider instead arbitration or mediation. In mediation, a neutral third party, or mediator, acts as a middleman and negotiates reasonable terms. In arbitration, a third party is hired to make decisions for the couple, the same way a judge would. Mediation and arbitration are often quicker and cheaper than court.

Hire an Accountant

Instead of a lawyer, hire an accountant. An accountant can breeze through your tax returns much more quickly than a lawyer; also, they are generally less expensive and bill for fewer hours. They have a better understanding of financial matters and are generally better at understanding money issues such as securities and assets.

Don't Squabble

It's easy for divorcing couples to get caught up in "that's mine, this is yours." Thousands can be wasted arguing over modest assets such as furniture, a television, etc. Not only will you save the larger expense and headache, but not squabbling over small-ticket items can put you in a position of greater leverage when it comes to the really important matters.

Be Organized

Respond to emails, phone calls and letters right away. Always fill out any requested documentation before any deadlines arrive. Try to keep records with extreme accuracy. Documentation is the best way to back up your word if you ever do go to court.

Divorce is emotionally trying, but it's in your best interest to remain civil.

Divorce is almost always going to be emotionally trying, exhausting and upsetting, but it can also be extremely expensive. Many people who live comfortably get divorced and never financially recover. Consult professionals before you agree to anything, consider an accountant instead of a lawyer and do your best to avoid court. Most importantly - especially if children are in the picture - be as agreeable and reasonable as possible. Try to get it over with. As soon as you do, your new life can begin.

Andrew Lisa is a freelance writer living in Los Angeles. He writes about legal and family issues.

Using Your Accountant for Business Advice

Sun, 06 Apr 2014 02:03:51 +0100

Using Your Accountant for Business Advice

Photo credits: Dennis Wong

Should you use your accountant for business advice? Well, this all depends on what type of advice you want to get. We're going to go over some of the pros and cons of getting advice on your business from your CPA. As you'll see, sometimes it's a good idea but other times you should avoid it if at all possible.

Pros and Cons of Accountants Giving Biz Advice

Here's a look at several pros and cons of accountants giving out business advice.

One positive is that accountants know about money and balancing the books. If you need advice on something specifically financial, it's probably a good idea to get the opinion of an accountant - either one that works for you or someone outside your company who won't share the information given to them.
On the negative side, you need to think about accountants as they are - people who specialize in the numbers, the cold hard facts. Sometimes you're going to want to know more than the answer according to the numbers. In these cases - especially when humans are involved - you're probably not going to want to get advice from an accountant.
Another plus is that accountants usually have other people in the accounting business that they can ask for advice themselves if you're asking a particularly difficult question. This networking can make it easier to ensure you come up with an answer that's honest and that will actually help you.
Still, if you need to keep certain information secret or confidential, you're going to want to NOT ask your accountant or allow them to ask others if you share the classified materials with them. This can make it tough to get advice sometimes, but it's important to keep the cards close to your chest sometimes - so to speak - in the modern world.
Experience is something else you should consider before you even ask for advice from anyone. If you're dealing with an accountant who just got a degree, they might not have enough experience to give you a really adequate (or even honest) answer to your questions. When seeking advice from an accountant, make sure you go with someone who has at least a decade of experience under their belt.

Looking at the advice above, it's easy to see that there are times when you might want to ask an accountant for business advice and other times when it's not going to be a good idea at all. Knowing the difference between the two is what separates the leaders from the followers in the world. If you've asked an accountant for advice before, please be kind enough to write a message below to let us know how it went for you personally.

Written by: Naomi Stillinger knows someone who used buddyloans.com and they were really happy with the entire process. When it comes to money, Naomi knows times can be tight and it can be hard to get through.

Evaluating the Pros and Cons with Offshore Investing

Sun, 06 Apr 2014 02:05:23 +0100

Evaluating the Pros and Cons with Offshore Investing

One very popular investment strategy being practiced in years is the offshore investing strategy. What this type of investing means is that, it capitalizes on various investment options that are readily available outside the investor’s country. This helps private individuals that are looking to invest somewhere safe to keep their money in another country without being charged of taxes or extra fees.

Why the need for offshore investing? For new or prospective investors, offshore investing is a way to help reduce your taxes, which most countries charge you irrespective of the type of investment you are into. Wouldn’t anybody like to reduce paying their taxes and earn more money?

Benefits with Offshore Investing

If you are asking a business consultant about the benefits of offshore investing, below is a list of benefits any investment firm or consulting firm would give you:

Tax Reduction

Most countries would offer tax incentives especially for foreign investors. Their main goal for their tax rates is to help promote a better investment deal to attract the outside wealth to be invested in their country. So if a certain country has only limited resources and the population count is low, if the country offers offshore investing to attract foreign investors, this will help the country’s economy. So this is actually a win-win situation for both.

Asset Protection

Investors that are worried on getting lawsuits or if a lender is trying to foreclose a certain outstanding debts, opting for offshore investing is the best way to go. Protect your assets as much as you can.

Confidentiality Compliance

Most countries offering offshore investment follow strict confidentiality compliance especially when it comes to banking. So how would this be an advantage for potential investors and companies alike? Well, as part of the offshore investing rules, they will allow the investor – as an individual or company, to protect their identity while they get the public shares of a public company that can be a great financial advantage at this point. If the confidentiality agreement is breached, then a serious consequence must be met.

Diversity of Investment

Most offshore accounts do not necessarily restrict foreign investors – a diversified portfolio makes it more challenging and be able provide more investment opportunities. Being flexible can bring in more unlimited access to international markets and exchanges for an investor.

However, there is a downside to offshore investing. Here are the things that you need to know before you opt for investing in a foreign country.

The Disadvantages of Offshore Investing

Imposing a Tight Tax Laws

Tax agencies in some countries are catching up on offshore investment strategies. When auditing and accounting starts, they are looking to check any offshore investing done – this is an old-school way of avoiding getting taxed. Although there are still loopholes in these tax agencies, but it will soon get caught up and there won’t be any options left to avoid getting taxed.

Fees

When you invest in something, there are always the charges - always involves money. Offshore investing does not come cheap. Fees vary for every investment goals and the area that they chose.

Security in Investing

Not all offshore companies have the reliability and security to offer their investors. It is highly advisable that before an investor start investing in a certain opportunity in a certain country, always consult with an investment adviser or an attorney that specializes in international investment.

It always helps to seek some advice from a reputable investment firm before you engage yourself with offshore investing.

Will The Stock Market Crash Again

Sun, 06 Apr 2014 02:07:09 +0100

Will The Stock Market Crash Again

Photo Credits: telegraph

Is a stock market crash a la 1929 Black Monday, Black Tuesday and Black Thursday brewing in the corridors of the Wall Street edifices? Or, the one that happened in 1987? What will happen if it indeed happens? Will a Great Depression follow in this case too?

Experts’ Speak

Looking back, a fall of 22.6% in Dow Joes Industrial Average came about on Oct. 19, 1987. If a similar drop takes place now, Dow will show a reduced figure of 3,400 points. The recovery in the last instance took two years to come about but experts like Xavier Gabaix, the New York City University finance professor, feels that it cannot always be the same. For, the average years of recovery is calculated at 10 years.

The Plunge rates

Investment strategies cannot completely derail if you reduce the portfolio in stocks. This is especially so if you reckon you have only a decade or so to recoup the losses. Or, maybe if you lack the gumption to attempt a bail out after a crash. The calculations show that there will be a drop of 20% daily every 100 years, a drop of 15% every 50 years and a plunge of 10% every 13 years. The stock markets of Hong Kong, Japan and U.S. were taken into account to examine the trends. The reason why markets take a nosedive is simple. It is the very large investors who dominate the markets everywhere and if they decide to pull out at a given time altogether, the market has to crash.

Greener Pastures Elsewhere

Photo Credits: fumat2011

Circuit breakers or trading halts cannot provide succor to the markets because the investors who had taken out their shares will turn to other markets to sell. One avenue open to them domestically is the private electronic transaction method commonly called “Dark Pools”. Or, they may opt to head towards foreign markets. Is a permanent insulation possible for your portfolio to escape the effects of a crash? Yes, but only if you have short investment horizon. You also need to be stoic and do not waver away from the set strategies. For example, in the 1987 incident, those who went seeking greener pastures out of the country saw their stock value dwindling as much they did in the U.S. markets.

Choose from Alternatives

Is gold safe? Unfortunately, no. Campbell Harvey, a Duke University finance professor and a former TCW Group commodities manager, Claude Erb have discovered that gold took as much beating as did the S&P 500. Do U.S. Treasury bonds hold any hope? You must remember that the interest rates are very low and the bonds may not live up to your expectations.

A crash may leave short term bonds and money market funds well alone and they may be able to provide protection for the conservative investors. You may end up all bankrupt like Ranbir Kapoor's character in the Bollywood flick Anjaan Anjaani! A lesson learnt from the 1987 crash has made a large number of investors go in for 40% cash and short term bonds in the 26 years since then.

Written By:

Sheila Kurdinger is working as a writer at ‘high cash offer’’. Other than writing she has interest in Mosei traveling, ID cracking and playing hockey. In past, she has worked as HR manager at AIE solutions, IEK marks and some others.

3 Tools for Managing Your Personal & Business Finances

Sun, 06 Apr 2014 02:10:39 +0100

3 Tools for Managing Your Personal & Business Finances

Staying on top of your finances is rarely as easy as you probably would like for it to be. With work and your personal life, as well as not enough hours to fit it all into, finances can sometimes find their way to the back burner. However, managing your finances should be a priority in anyone's life. If you hope for financial success in the future, the best way to get there is by arranging your finances now. Here are some tips and tools for managing your finances in your personal and business, starting right now.

Make A Budget

In order to make sense of your goals, it can first make the most sense to simply write them down. When you are making a budget, not only does it give you an idea of what your financial goals should be, but it also gives you an idea of what you can spend daily on certain things that may be considered necessities or pleasure items for yourself or your business. Making a budget will help you relax because you’ll have a better idea of your financial standing, and what you should do to get where you want to do. However, the biggest part of planning a budget, is staying on it once you have it.

Cut Down Debt

Debt can eat into the financial situation of anyone. Whether you have accumulated personal or business loans, it is important that you pay these down as quickly as possible. Not only are you having to consider the amount of debt you are paying monthly, but you will also be getting interest rates that eat into your finances as well. Also, you may be tempted to get a credit card to help you with your personal or business goals, however it is important to consider the repercussions of this decision. Not to say a credit card is always negative, but it certainly can be if you don’t use it the right way. Be sure to not to rack up tons of debt for yourself or your business in order to keep your finances more manageable.

Limit Expenses

If you work hard you should be able to spend your money however you want, there is no arguing that. However, if you are looking at managing your finances better and having a more organised outlook on your financial standing, it is important that you limit the expenses as best possible. This means that if you go out to eat lunch every day, those expenses can quickly add up. If you are downloading tons of apps or music for your phone, all of those one-dollar purchases can add up. And if you are a business owner, all of those dinners that you cover for your employees and partners can add up as well. If you really want to grab hold of and manage your finances, it is important that you limit the expenses that aren’t a vital part of your life.

If you follow all of these tips, you can have a much better grasp on your financial standing. Whether it is for your personal life or your business, your finances can mean the difference between success and failure, check out cbonline for more help on financial circumstances. Therefore it is important that you plan beforehand and continue a strict financial lifestyle as you work towards your goals.

5 Super Smart Ways to Save as a Family

Sun, 06 Apr 2014 02:12:46 +0100

5 Super Smart Ways to Save as a Family

Being part of a family means always having someone to borrow money off of, as well as having an emotional support network to rely on for when things go pear shaped (isn’t it strange that pears are used as the pinnacle of all things negative – surely the banana is equally out of shape?)

Of course having a few kids - necessary to form the traditional definition of a family - can be rather expensive. So once those tiny wee bumpkins pitter-patter along it is best to start saving and watch what you spend..

So here a few things you can start doing right now to turn those pennies into pounds and those pounds into more pounds.

NB: No actual magic is involved; the above sentence is entirely figurative.

Buy secondhand

Recycled goods get a bad rep and it’s true that procuring some tatty secondhand clothes or workbook is not going to do your kids any favours at school. However, shop around as there are plenty of secondhand goods that can make life a little easier and money a little larger. Sites like Freecycle, Beyond Retro, Rockit and Supermarket Sarah are a good place to start.

School books are expensive and there’s no need to buy them brand new (unless there is, make sure and ask the relevant teacher if secondhand books are an option).

Kids’ toys are another thing that can be purchased secondhand, especially the more expensive side of things: bikes, computer consoles and general outdoor goods. Of course, these days, secondhand clothes (also known by the more impressive title of “vintage”) are all de riguer.

Shop smart

OK, that title might be a little glib, but what we’re talking about here is specifically package plans that can be a constant strain on your resources. For instance, mobile contracts and TV packages are a right drain in the bank account. So make sure you shop around and don’t be afraid to negotiate a better deal with your current providers. Often companies are terrified of losing customers and will happily give you a better rate than what you are currently paying, it’s worth asking.

Board games

The golden age of the board game has probably slipped into the pre-digital past but there is a lot to be said for a competitive round of Monopoly or a shifty-eyed game of Cluedo. Board games are cheap, bags of fun (unless people take it too seriously and the police are called. Sad times.)and will kill boredom dead. Alternatively (and more contemporaneously) movie nights in, computer games and, hey, maybe talking, are all cheaper than spending money on things like the cinema and bowling.

Use your library

You should already be using your local library, lots. They’ve got books, computers, and quietness. What’s not to like? They are also a great way to save. Instead of buying a guide to vegan cooking, just borrow one from your local book depository; you’ll probably give up the diet in a few weeks anyway. Of course you can borrow basically any book: from King James to James King you can find it all in your local library.

You can be smart and reserve them too, so there’s no excuse to miss out on anything. Also you can borrow CDs, DVDs and other things that you are probably already downloading. But still it’s all entirely free.

Make the most of the internet

TV’s a weird thing; it sucks you in and you collectively wind up watching hours of mindless drivel – the kind you’d never actively choose to spend your time watching. And this is the problem for families – the default mode for family time is all about whatever is on the telly, ridding living rooms everywhere of the art of conversation and interaction (say what you will about online gaming consoles, but at least there’s some interaction in there). Some families aim to eradicate this completely by removing the TV, but unless you want your children to despise you and spend more time at their friends’ houses than they do at home, we wouldn’t advise it. Instead, do your family time a favour as well as your bank account and cut the cable/digital TV. This leaves you with online streaming entertainment, which means you have to actually SELECT what you’re going to watch together, and you can save on your monthly digital package and TV license. It might seem a bit drastic but pretty soon no one will bother with the traditional gogglebox at all, so you’ll be ahead of the curve.

Am I Getting My Money's Worth from HR?

Sun, 06 Apr 2014 02:14:22 +0100

Am I Getting My Money's Worth from HR?

Most human resource departments believe it is their duty to be a partner with management. Human resources can act as a buffer between management and employees—or sometimes the department gets in the way.

At the end of the day, it all depends on where you stand and the type of people in your HR department.

In order to get the most and best production out of your human resource department, keep the following in mind:

Partner in Business

You might wonder if you are getting your money’s worth from HR if you aren’t seeing results. One of the most important jobs of a dedicated HR department is to hire qualified employees. When your employees are not performing well, it could be due to a flawed HR strategy.

In many cases, human resources employees don’t have an HR-specific degree. Some don’t even have a business-related diploma. When HR staff doesn’t have the proper qualifications and education, it might be time to re-evaluate their performance and place in your company.

An employer and HR need to work together, however difficult it may be at times. An HR department that is focused more on filling out paperwork than direct interaction with employers and employees suffocates growth. Direction in a company often comes from HR, but when HR staff has no direction other than creating more red tape for a company, it is time to make a change.

Evaluate Performance

As with other departments in your company, human resources should have a job evaluation period that occurs at designated times – start of employment, mid-employment, and when job performance is suffering.

You may not be sure when a performance evaluation for HR staff is due if basing it on performance. A perfect gauge for this is when other employees are anxious or worried about their interaction with HR. When employees must go over the heads of HR staff for results, it becomes a concern.

Firing HR

There may come a time when you need to eliminate your HR department. After evaluating the department’s performance, if they are not performing to your expectations, it’s time to change how HR is handled. You may need to get rid of the department as a whole or cut down on the number of people with HR duties.

Your money is wasted by an HR department that is caught up in causing more delays than interaction. HR slowing down productivity is another waste. If an employee must jump through hoops in order to gain help for any problem, large or small, HR has become a waste of time, resources, and funds.

Keeping an eye on how employees react to HR rules will help you find out just how well your HR department is working for you.

Every company, whether a smaller start-up based in a small office or David R. Kiger's extremely successful corporation, needs to be able to depend upon its HR. Keeping an eye on how employees react to HR rules will help you find out just how well your HR department is working for you.

Bookkeeper OR Accountant - Which one do you choose?

Sat, 28 Dec 2013 11:18:32 +0100

Bookkeeper OR Accountant - Which one do you choose?

Let us put you out of your misery right from the start – it is a trick question because you may need both!

Firstly, let’s explore the difference between the two…

A bookkeeper, like the services offered by Books and Words, can be defined as a much needed time-saving exercise. We sort through, organise and create a spreadsheet of your finances from the financial year in question. We can do this on a monthly, ongoing basis or, like some of our clients, on an annual basis.

Many clients then take this data and information to their accountant. Magic happens here too; these guys take a long hard, analytical look at this information. Keeping in mind the latest regulations, guidelines and laws on various aspects of tax etc., they look at how they can save you money and what they can off-set against various aspects of financial accounting.

Not everyone has an accountant; not everyone has a bookkeeper; some people have neither, just one but some small businesses have both.

We do get asked whether having both is a waste of money. This depends very much on your view but we find that, depending on the size of your business, it current growth rate and financial health, that having both can be prove to be useful sources of specialist opinion:

Ongoing bookkeeping packages and highlight earlier in the financial year any areas of concern of overspend
Your accountant can not only save you money, but also suggest ways forward in tackling some of these ‘areas of concern’
Both an accountant and bookkeeper can save you money in the long run
Your bookkeeper will also save you time, keeping you and your accountant on top of the financial game when it comes to your business
Your bookkeeper will sound a warning bell if the budget appears to be spiralling out of control

There are many accountants and bookkeepers out there that choosing one can seem a nightmarish task. Choose people you can work with, people you can communicate with and, overall, people you can trust.

Maybe having both a bookkeeper and an accountant might be the way forward for your business – what do you think? Offering amazing flexible packages, Books and Words bookkeeping services dove tail perfectly with the service offered by Cheaper Accountant.

Books and Words is a small business based in north Wales, offering bookkeeping and blog writing services to start up, small and medium sized businesses. We believe in working in partnership with our clients and their accountants. Why not contact us to find out more info@booksandwords.co.uk

Time Management for Accountants

Sun, 06 Apr 2014 02:16:51 +0100

Time Management for Accountants

photo: trainersconference.co.uk

How often does it happen to you that you have too little time to cover all the things you want to do? Also, you know how to complete your work in a better way, but just do not have the time to make changes to your schedule. Well, that is a very common thing that happens to all of us. Here are some tips to manage your time if you are an accountant. You may want to earn a Cert IV in Project Management in Sydney or start your own practise, these pointers are going to help you manage that little time you have perfectly!

Make a list for all the work done already:

Its always great to make a to-do list but a ‘have done’ list would help you know what you have achieved all through this time in just an instance. This would motivate you to work even more and aim higher. You will be able to decide whats sucking up the most off you and you can henceforth use both your time and energy more judiciously. Its like analysing things and going in for better strategies.

Make your approach more systematized:

Find out a process that is a problem solver for you and pin them down. Thereby you would avoid the hassles of getting stuck in the circle where you keep solving the same kind of problems and tend to lose track of it later. You would find yourself saving a lot of quality time and boost your performance level in ambiguous or unfamiliar situations. In turn, you would be a lot less stressed. Look at the things that you’ve done already. They are better examples than any case study you would look into. Because they speak about your personality and the problems that you face.

Engage your right brain:

photo: mevvy.com

Put your creativity into use by engaging your right brain. Beware of the evil labeling called ‘left brain accountant’. Your mental skills are distributed all along the cerebral cortex with the help of which we possess the potential to develop every one of our skills. When you sit on untapped resources, your left brain is dormant. Do not let that happen.

Put your human resources to work in a smarter way:

Make your team, be it your partner, kids, or non-accountant friends work in a systematic way. This would mean even higher levels of synergy. Newer perspectives become available and moving these thoughts into words unlock a lot of difficult situations. Also in the process of aligning others, you find a discipline for yourself. And the motivation to keep others right, you self motivate your day throughout.

Avoid multitasking:

We tend to think that doing more than one thing is good in order to save time. On the contrary, this would make you do several things in an inefficient way rather than one in a right way. Set your priorities and follow them!

Place different activities at different locations:

If you have a television set, games and computer in your bedroom and plan to go for a serious working schedule in there, it would be a foolish decision to lt them all stay in there. Instead, make the library your working environment and keep your home for relaxation purpose.

Budgeting Tips for Retirees

Sun, 06 Apr 2014 02:17:57 +0100

Budgeting Tips for Retirees

In the course of our lifetimes, we always have to deal with the reality of the cost of living, because living costs. Just because someone ages and retires doesn't mean that the expenses stop coming. Sure, some expenses go away when you retire, but they are inevitably replaced by more age-specific ones.

Here are some money management tips for helping your budget come to terms with your retirement.

The Computer Is Your Friend

Whether it's going on the Internet to find senior-friendly deals and coupons or using budgeting software in order to better keep track of your expenses, your computer is your biggest ally in helping you get that pesky budget under control. And the beauty is, you don't even have to leave your house in order to do so!

Join AARP

Guess how old you can be before joining the American Association of Retired People. Try 50 years old. That's right, you could conceivably still be in the workforce when you become a member of an organization whose focus is retired folks. Joining AARP gives you access to a whole host of discounts. Yes, there may be a little twinge of the old ego if you're still in your fifties and going strong at work, but hey, a discount is a discount. And speaking of which...

Ask for Senior Discounts

Even if you're not a member of AARP, a lot of businesses offer a senior citizen discount. It varies with age, but it doesn't hurt to ask. For instance, Dunkin Donuts offers a 10% discount to customers in their mid-fifties. For some places, you have to ask—which, if you think about it, is good for your ego. After all, if you don't look like you're eligible, then you get a double-whammy of awesome: discounted goods AND an indirect compliment about how young you look!

Don't Get Nickel-and-Dimed

Check your credit card bills and bank statements, and see if you’re spending habits are no longer in line with your lifestyle. Maybe you have subscriptions to magazines you no longer read, or membership dues to clubs or organizations you no longer use. While it may seem that saving $10 or $25 a pop isn't much, if you have a bunch of these types of expenses, they add up to some significant savings.

Get an Energy Evaluation

Many utility companies offer a home analysis to see how your utility spending is going. When you consider that some of the biggest monthly expenses you incur have to do with utilities and the home proper, finding out if you're wasting energy (and how to correct it!) can be a huge budget saver. As a rule, these evaluations are free of charge, so you really have nothing to lose and everything to gain.

It's tough enough getting old and realizing that things you could once do you no longer can. Why add budget woes to the mix? By tightening up your budget, you can not only save money on the necessities—you could even have enough spending cash to spend on the things you want.

John Terra has been freelance writing since 1985, and he really hopes that 54 is the new 27.