If you work for yourself, your income naturally depends on how much you charge. So how do you know if you’re allowing yourself to be fairly paid and when you should (and shouldn’t!) raise your rate? Here are some tips: When You Should Raise Your Rates 1. Your skills or service have improved. If the value you provide has increased, raising your rates to reflect that is reasonable. 2. Supply and demand have changed … Read More
So at first, you might think attitude has nothing to do with personal finance. Oh, to the contrary! Your attitude is one of the most important factors you have for success in all areas of life. A bad attitude gets you no where, while a good one can propel you far beyond your dreams. Now, maybe you feel you already have a success-mindset, but I think we can always benefit from strengthening and reviving … Read More
Question: Our son and daughter in-law have asked us for a loan. What should we do? Answer: It’s not uncommon, especially in difficult economic times, to have a family member or a friend ask to borrow money. While some people decide against the idea altogether, there may be circumstances where you feel it’s worth the risk. I’m going to give you a few points to keep in mind when trying to decide whether to … Read More
Question: What are your thoughts on giving kids an allowance? Answer: This is a tough one because what works for one family may not work for another. Personally, though, I believe allowances can be a great way to teach your kids how respect and manage money if you can implement the right allowance system or a combination approach. I’ll explain three basic allowance systems and how they work. Taking the time to learn wise … Read More
If you’re like most people, you probably dream of having a job that’s enjoyable and fulfilling. The solution maybe closer than you realize if you consider turning something you love to do into a way to pay the bills. You may be thinking, “There’s no way I can make money from my hobby.” But you might be surprised! Just think how great it would be if you could make money from the one thing … Read More
Maybe you’ve seen headlines reporting that a particular index is up or down. But do you actually know what an index is and how it works? Do you know why understanding the nuts and bolts of different indicies can make a difference in your investment portfolio? An index is simply a way to measure and report the fluctuations of a particular securities market or segment of a market. An index is developed by a … Read More
More folks are starting to ask me to explain the Alternative Minimum Tax and how to know if they’re subject to it. I find in my practice that most folks aren’t even aware that this tax exists unless they get hit by it. So I thought it was a good time to run an AMT-101 lesson for you. What is the AMT? The AMT is essentially a separate federal income tax system with its … Read More
Question: How can I be certain that I’m having enough tax withheld from my paycheck? Answer: Now that we are in November, it’s a good time to take a look at your year-to-date paychecks and properly estimate your tax bill for the year. This way you’ll know if you are in a safe withholding range and you’ll still have time to make adjustments if necessary. If an insufficient amount of taxes is withheld, you … Read More
Question: Can I get disability insurance if I’m self-employed, and if so, should I? Answer: Yes, and if you’re self-employed, disability insurance is even more important for you than for the average employee. If you are injured and are unable to work, you don’t have the built-in luxury of paid sick leave to tide you over. This means you need to take a serious look at your financial situation and decide whether you have … Read More
In some cases, bad credit is a result of irresponsible money management. But it often occurs because of unexpected financial hardship. One day you might have all of your bills current, and the next you could become disabled or lose your job. And if you fall behind on your debts, it will wreak havoc on your credit rating. Credit repair agencies claim that they can remove bad entries from your credit report. But did … Read More