It’s Always a Good Time for a Good Idea: But, whether or not you have what it takes to launch and sustain a business tied to that idea is a journey of careful discernment – getting a read on market viability, taking an inventory of your/your partners’ abilities and resources, and honestly assessing your propensity for risk and resilience to shoulder hard work and circumvent obstacles. Can you handle the heat and enjoy and thrive in the process?
The Conversations on Money within Relationships: Each of us brings our unique “Financial DNA” into any and all conversations about money in both our personal and professional lives – how we were raised to save and spend, value and evaluate, invest and manage risk – our money attitudes. It is critical for both partners to be aware, informed and proactive in managing finances, discussing openly and revisiting periodically each of their roles, to then be much better equipped to ride an economic roller coaster without dramatically impacting life plans.
Self-Change Before Tax Time Cometh: With federal and tax filing deadlines but a month away, those who have created systems to organize their information throughout the course of the year have a much easier time meeting the often stressful deadline. Create or pick a personal system that works for you – ledgers, spreadsheets or bookkeeping software – and commit to monthly or bi-monthly entries. Touching base with an accountant or tax advisor throughout the year, particularly when you are about to or have experienced a significant life change, can mitigate paying unnecessary taxes come year end.
Real Estate as Dough Rising: The allure to leverage real estate as part of an investment portfolio is based on an important almost counterintuitive premise – Make money when you buy, not when you sell. Like any investment, you must do your homework, particularly if your intention is to become a landlord and rent out investments, or you choose to invest, fix up and “flip” for a gain. Either scenarios call for treating these transactions as a total business – have a clear strategy in mind, know your boundaries, compliment actions with a system by which you create a budget and plan with options/recovery in the event of the unexpected.
Copyright The Larsen Group: Architects of Change 2008