I thought that if you are in the stormy North East today you might have some time to listen to this classic. It will stand the test of time. Take a few minutes and please comment below your thoughts.
Would you like a job in healthcare or IT? 2015 could be the start of a great career!
According to US News article, “The Best Jobs of 2015” the top jobs of 2015 will be in healthcare or IT. To give yourself the best chance, focus on health care. Seven out of the ten top jobs are in healthcare. As the baby boomers age, it only makes sense that jobs in healthcare expand. It has great prospects with huge growth potential.
If you aren’t a touchy, feely, people person, the IT field might be for you. Again the growth potential is huge. The job flexibility can be great and salaries just keep going up. Keep in mind computers aren’t going anywhere and we will always need them.
Maybe a job in IT for the healthcare industry would be ideal by combining the two industries!
Please comment your thoughts on the HOT jobs for 2015.
Taxes; The Good, The Bad and The Ugly
Just in case you missed it…A fantastic webinar, Taxes; The Good, The Bad and The Ugly with Kim Landry, CPA from Landry and Associates. Kim gave us some great tax strategies and planning techniques to be able to keep more of what you make.
What is a tax strategy that has saved you from paying more taxes than necessary? Please share.
Please use tools only as directed.
Credit cards cause a lot of pleasure that could ultimately cost you a lot of money and pain if used incorrectly. Our theory is to use credit cards as a tool only to make your life easier, BUT NEVER CARRY A BALANCE, EVER! If you can’t pay for the item you are purchasing by the time the bill is due, don’t buy it. This concept is very, very important. Many other finance specialists will tell you to never use credit cards, but I would like to believe there are some disciplined adults out there who can benefit from their use. Be sure to use them only if the total monthly payoff rule is ALWAYS, ALWAYS followed!
What type of cash back or rebate program does your credit card provide? Please comment.
Worth their weight in gold!
A CPA can be a very important member of your investing team who can guide you through the labyrinth of taxes. They are worth their weight in gold to you and your business. A true CPA professional can ease your stress and save you lots of money you may have given Uncle Sam because you didn’t know any better. Here are some tips when working with a CPA to make the most of your time and money.
Form a good relationship. Once you find a good CPA, stick with them. They become familiar with your business and they will ask important questions to lead you to a lower tax bill. Of course, telling the truth is very important because it may make your CPA terminate your relationship and will hurt you if you are dishonest.
Lower your annual bill by being organized. If you hand over a shoe box fill of receipts instead of a categorized report of expenses, your bill will most certainly be much higher.
Use your CPA in making decisions. Be sure to consult your trusted CPA regarding purchases and don’t make assumptions. Those assumptions could be very costly.
We are proud tonight to have our trusted accountant and friend Kim Landry, CPA with us tonight for our FREE webinar to go over the topic of taxes. Don’t miss it!
Please comment on what you learned from the webinar.
Capital gains, hopefully not losses…
Capital gains (or losses) are recognized when you sell a capital asset. A capital asset is almost everything you own and use for personal, pleasure or investment purposes.
Capital gains are categorized either as short term, held less than one year or long term, held for one year or more. Long term gains have beneficial treatment in the US tax structure since they are taxed currently at 15% where short term gains are taxed at the individual’s tax rate which can be much higher. One exception to the rule is the treatment of stock options under section 1256 where gains or losses open at the end of the year or terminated during the year are treated as 60% long term and 40% short term regardless of how long the contracts were held.
We all know taxes are very tricky so there are exceptions to most rules and we encourage always seeking the guidance of a professional. Check out our webinar on Thursday, January 22, 2015 with Kim Landry, CPA to discuss “Taxes; The Good, The Bad and The Ugly” and she will help clarify some of the tax laws for us.
What tax strategies are you planning on using in 2015?
Find a diamond in the rough
Do you like to turn the old and ugly into the new and improved? Then rehabbing homes may be for you. Here, you are looking at houses and get to figure out how to make them better . You can make a house into someone’s dream home. It’s a lot of fun! However with this strategy, you must make sure you have someone you trust go through the home to see what it needs to bring it up to full retail condition. Then you have to carefully estimate your rehab costs, making sure that you have considered your error factor (at minimum 10% of total rehab costs), holding costs (interest, electric, heat, water, taxes etc. while rehabbing) and your minimum profit (of course) to see if the deal is doable. It may or may not be. Don’t be so anxious to make a deal you get emotional and buy it anyway thinking it will all work out. Carefully run the numbers and do your due diligence. You are looking for a blue diamond in the rough and it can take a long time to find one. Be patient, my friends. Good things come to those who wait.
Do you have a favorite “Diamond in the rough” story? If so, please share.
Games are fun, right?
We recently came across this quote from Coco Chanel: “In order to be irreplaceable one must always be different”. It is so true, but of course in a positive way.
If you blend in with everyone else, you will get what everyone else gets. Focus on what your job is. Work on how to do it faster and better than everyone else. Make it like a game. Play against yourself and your previous performance. If you finished a certain task within 5 days, next time maybe you can improve your performance and finish in 4 days.
Always meet your deadlines. If there is a reason why you cannot, be sure to explain why prior to the deadline. This will show that you are a professional and can be counted on. Be irreplaceable!
What have you done to make yourself irreplaceable?
Where are your eggs? Asset Allocation Webinar
Just in case you missed it, here is a copy of our webinar from Thursday, January 15, 2015, “Where are your eggs? Asset Allocation”.
Join us this coming Thursday at 7:30pm EST on January 22, 2015 for a very informative webinar entitled “Taxes; The Good, The Bad and The Ugly” with our friend Kim Landry, CPA! If you have tax questions you would like answered, please send them in to questions@financialfreedomclassroom.com and we will do our best to include them.
If you haven’t already, sign up to get an invite to the webinars on our website. We hope you can join us!