Strategies

Everyone has a strategy for something, some successful while other strategies experience little to no success. In the 80s and 90s Michael Jordan was a problem for every team in the NBA and many teams established a strategy of how to stop him or slow him down. At the turn of the century, Peyton Manning came onto the scene and every team in the NFL has devised some type of strategy to slow him down.

What is your strategy concerning retirement? Will you have enough money to provide for your family? Or will you need to continue to work well past the age of retirement? Well our government’s strategy for retirement seemed to have been working for the past thirty to forty years. But it also appears that their strategy (social security, Medicare and pensions from corporate America) is quickly fading and failing. It is predicted that by 2010 both social security and Medicare will be bankrupt. That is an amazing and discomforting thought being that 2010 is only three years away.

What have you done to ensure that you will be able to stop working at the age of retirement if not earlier? If you are like most people the answer is, nothing. It is not too late though, no matter the age, you are able to get on the road to financial security and independence.

In the coming entries to this blog I will share some thoughts on “righting the ship” in your life.

Until the next blog…..

Home Based Business

So everything is good in the land of home based business. You have started your business, you are meeting clients, making some connections, hopefully generating revenue, but definitely creating a lot of expenses, you file your Schedule C and all is well.

Think so? Think again.

Did you know that the IRS can disregard all of your home based business expenses? Well they can, even if your business is legitimate.

Here are some steps to prevent that from happening or to show proof that the home based business is legitimate:

(1) If at all possible develop written agreements between your business and your clients.

(2) Develop a written business plan that shows how you plan to make money, identify your target market, identify the products or services you plan to provide and possibly a price list.

(3) Document all business expenses and revenue (an accounting system of some kind would be great to have here).

(4) Open a separate bank account for your home based business that way your personal funds and the funds of the business are separate.

(5) Engage in working the business on a consistent basis.

(6) Be sure to follow these five points of advice and if you need further assistance visit www.thetowlesgroup.com.