Five Ways to Protect Your Business Assets from Changes in the Economy

Assets (Photo credit: LendingMemo)

Despite bursts of positive news in the media about the economy, there is still a lot of contradictory news that counters this optimism. The more uncertain the economy, the more important it becomes to protect your business assets.

Your business assets include your office furniture and fixtures, your computers and electronic equipment, your real estate and vehicles. In other words, your business assets are the things that you used your start-up capital to purchase so you could run your business.

A Simple 5-Point Protection Plan

1. Get an asset protection plan. Don’t wait to see what happens, as this will usually result in unexpected expenses and losses you’re not prepared to deal with, let alone cover. Plan ahead, even if your asset’s future seems secure. Use asset preparation to counter any possible claims against your business. You can’t predict the future, but you can do everything in your power to protect your assets before a process server shows up at your doorstep.

2. Get liability insurance. Although you might feel safe now that you have an asset protection plan in place, you should still get professional insurance. An asset protection plan will supplement your insurance plan. It also works the other way: your insurance plan will supplement your asset protection plan. Liability insurance is one of the best ways to protect your future finances—compensation payments can be astronomical and having a plan which will cover these can mean the difference between failure and stability for your business’ future.

3. Get clear on your finances. Separate your personal finances from your business ones. This will help you differentiate between your personal and business assets. Protect your personal assets through a trust and protect your business assets through an LLC, partnership, or corporation. Even if you lose your business for whatever reason, you should take measures to be able to fall back on your personal assets.

4. Begin tax and estate planning. While your asset protection will do a lot for you, there are some things that it cannot do. For instance, you cannot make gifts with asset protection—this is a fraudulent transfer. However, with tax and estate planning, it is not a problem and you will be able to use these resources as you wish.

5. Think of getting a self-directed IRA. One way to maximize your investments is through a flexible checkbook IRA. After a custodian opens up an account for you, you can buy precious metals, stocks, real estate, trust deeds, mortgage deeds, energy investments, promissory notes, and a lot more investments than a traditional IRA would allow. 

If the currency, for example, continues to hyper-inflate at its current rate, wouldn't it be nice to own precious metals? With a checkbook IRA, a Medicine Hat financial planning specialist says, you can diversify your portfolio, invest in assets you understand, access alternative investments, and lean on commodities to protect yourself and your business against any changes in the economy.

Keep in mind that your business assets include any and all items listed on your company’s balance sheet as the things your business owns. The security of these assets can make or break a company, depending on how well-protected they are. Changes in the economy can endanger the assets of any business, of any size, so it is always wise to be prepared for periods of recession, even in the midst of an economic boom. By using these five strategies, you will be able to protect and retain ownership of these assets.

Informational Credit to Thomson Schindle Green Insurance & Financial Services Ltd

Five Things Newly Retired People Should Consider

You have worked hard your entire life, and the time for your retirement is finally close at hand. Your retirement years should be a time of relaxation and enjoyment for you, but there are a few things you should be considering for this new phase of your life.

1. Staying Fit

Once you are no longer on your regular work schedule, you may find yourself packing on pounds. This can lead to numerous health problems, so it's important you find an activity that will keep you active and fit. This doesn’t always mean you have to become a gym junkie, just stay active. If you’re able, and you golf, walk instead of ride in a cart. If you enjoy riding your bike, plan out a route or two and get out and ride! Its common sense, but you’d be surprised at how many people who are recently retired, just sit around the home watching reruns of Mash or Golden Girls. You can't enjoy your retirement years if you are sick.

2. Budget Well

Whether you plan to use your retirement years to travel the world or stay close to home to be near your friends and family, you need to make sure your new retirement budget can support whatever lifestyle you have chosen. You will want to carefully plan for each thing you want to do, so you don't find your savings depleted after a single trip. Remember, everything tends to cost way more than you expect. 

3. Stay Involved

Many people struggle with retirement. They find it difficult to just enjoy fishing, golfing or gardening. You should try to stay as involved as possible with your community. Hobbies life golf are made a little easier to do for seniors. Senior discounts, senior leagues etc… there aren’t too many excuses that you can come up with for not getting out and getting involved. Most every city has community centers and senior centers that would welcome you with open arms, and there are always volunteer opportunities available that would allow you to stay busy while helping others. 

4. Final Arrangements

This is a wonderful gift to leave your children. Most funeral homes will work with you to lock in current prices, so you can completely plan and pay for your funeral services in advance. This isn’t always the most fun topic, but it should be addressed and once it is, retired life will be that much better knowing that when that day a loooooong time in the future comes, you and your family will be able to focus on other things. You will be able to ensure your children aren't left with this financial burden, and you will have the added benefit of knowing your final wishes will be honored.

5. Prepare Your Will

While it hopefully won't be needed for many years to come, this is the time to hire a competent attorney to write up your will and set up any trusts you may have in mind for your children or grandchildren. Zachary Law Group, PLC a lawyer in Gilbert AZ, has said that this can be a tricky process and having a good attorney to walk you through things is a good idea. You can relax knowing this is all taken care of, and your family can grieve properly when the time comes without having to worry about what to do with your estate, belongings etc..

These few tips should help you to enjoy your retirement with peace of mind. Now is the time for you to put work and worries behind you, and simply enjoy a time of rest and leisure that you so richly deserve.

8 Ways You Can Save Money After Being in an Accident

Being involved in an accident can result in emotional and physical harm that has lasting effects. For many people, the trauma and shock of the incident can be difficult to recover from. If personal injury or damage occurs, it can result in extreme financial loss that takes months to recover from. Fortunately, there are ways to save money and prevent further loss from occurring in the process. 

1. Sell Old Jewelry

Most households have old jewelry, antiques, or valuables that are unused and are simply collecting dust. Visit local pawn shops or consignment stores to sell old belongings that are no longer needed, but may be of high value.

2. Use Coupons

To significantly reduce your grocery bill, opt for cutting coupons in the Sunday newspaper and with online coupons. Subscribe to coupon blogs and websites, which will inform you of large savings that can be obtained when pairing both manufacturer and store coupons on a single product.

3. Hire an Attorney

Many people don’t often think of hiring an attorney because they think it will save them money, but rather it would help them gain money especially if they were not at fault for the accident in the first place. However, according to the attorneys at Braithwaite Boyle Accident Injury Law, hiring an attorney after an accident is one of the smartest moves a person can make as they can help a person save, gain, or prevent loss of your monetary funds. They can help make sure that you are getting all of the money you need in order to make a comfortable recovery both mentally and physically. An attorney can also help protect you from those who might like to bring a lawsuit against you whether or not the accident was your fault. 

4. Refinance

Refinance a home or an auto loan, which will allow you to continue paying off the debt, but obtain a lower interest rate. This will immediately lower your payment each month and make it easier to save long-term.

5. Pay Off Credit Card Debt

Any outstanding balances on credit cards will cost more due to the interest being charged each month. Pay off the debt as quickly as possible, starting with the highest balance, which will allow you to save more annually. This will ultimately allow you to save money in the long run and hopefully give you some kind of peace of mind.

6. Participate in Ridesharing

Reduce the cost of transportation with ridesharing, which is available in most areas and is the modern way of carpooling. Several different services are offered locally for a convenient way of riding in passenger seats with one-time trips or daily commutes.

7. Purchase Generic Brands

Instead of spending more on brand-name products, opt for generic brands, which often use the same ingredients and recipes for prices that are often 30 percent cheaper.

8. Participate in Surveys

Allow your voice to be heard with surveys that are available online for compensation. Many different companies want reputable consumers who can review products or services. By completing a few surveys online each day, it can make for a convenient way of earning extra cash right from the comfort of your home.

Although it can be financially devastating to recover in the months following an accident, there are several ways to stay afloat and remain in control of your budget. By cutting back on luxuries and saving on products or services that you already use, it's possible to regain control of your financial situation for a complete recovery.

Why Calling A Professional For Home Repairs Can Actually Save You Money

When it comes to home repairs, you may be tempted to do the work yourself to save money. However, this isn’t always the most cost-effective option. In fact, it may prove to be cheaper to just hire the professionals in the beginning. 

Specialty Tools Are Costly

Professionals like plumbers use a range of specialty tools to help them do projects quickly and safely. These tools can be costly. It’s not cost-effective for you to purchase the welding tools and other equipment to do one job, but your neighborhood plumber already has everything they need.

Accidents Can Be Avoided

Walking into any work site can be dangerous. Laying a vinyl floor may seem like an easy project, but have you considered the medical bills if you accidentally slice your hand with a razor blade? It’s impossible to foresee an accident, but you can easily avoid injury by letting the professionals do the work for you.

Better Prices On Supplies

Contractors get discounts and work with special supply houses. They can pass those savings on to you, so you’ll wind up paying less for the raw materials. You may be cringing at the thought of the labor costs, but you’ll be impressed with the high-quality work offered by the professionals.

Done Right The First Time

When you do the work yourself, you cannot be certain that you’ll be pleased with the finished product, or that it will pass any inspection. If you make a mistake and forget a key component, you’ll wind up paying far more to have the problem corrected later.

The Risk Of More Problems

The professionals know what steps to take to avoid further problems. They shut down water and power before working, call before they dig and put protective pads down in their work areas. You may not think to take these steps, and that can lead to additional damage and more costly bills.

Time is Money

Many people fail to account for the value of their own time. What takes a professional two hours to do will probably take you four or six hours. Compare the cost of hiring the expert with the value of your time based on your hourly rate. It’s also important to consider the fact that you may not ever have the necessary time to finish a job yourself.

You may not like the idea of calling in a licensed contractor, but it’s far cheaper to do it right the first time. You’ll save time and frustration. You’ll avoid higher repair bills down the road and costly accidents, and you’ll also be more pleased with the quality of work. In the end, you’re likely to decide that the professional was worth every penny spent.

Informational credit to Hill Crest Plumbing & Heating.