In the event one of your goals is to save money for your child or children’s college tuition, this part of your financial plan may be of assistance. I have heard it said that when discussing college savings, you will never be able to save enough. In many cases this rings true, many of us […]

DETERMINING YOUR LIFE INSURANCE NEEDS So far we have looked at our balance sheet and accurately assessed where we stand on our income and expenses, now we need to discuss life insurance. If you have ever have spoken to anyone about financial planning, you knew this was going to come up sooner or later. How

Last week we began the series on developing a financial plan toward your financial dreams. Working on the premise that anywhere we desire to go in life takes planning, we will continue this week by looking at our income and expenses. But first, let\\\’s review… Financial Plan A financial plan is a detailed accounting of

I have a commercial that has run on the radio that asks the questions: What is your favorite thing to do? Do you have a favorite hobby? Or a favorite vacation spot? Then it goes on to ask: Years from now, when you are at the retirement age, will you still be dreaming those dreams

As in my article last week I mentioned that most all of us neglect to plan for natural disasters that may disrupt our business. This week I want to shed light on another risk our business faces: the loss of the owner or proprietor. Or in another manner of speaking, your employees wake up one

Recently I had the opportunity to speak with an old friend, Anita Foster, about the American Red Cross and small business. You’re probably wondering what does the Red Cross have to do with small business, especially financial planning? Anita is the Dallas-Ft. Worth Communications Officer for the American Red Cross. Whenever you see tornado or

A couple of weeks ago my associate and I sold our office building. I was planning on leasing space until I found a new place to reside. Yet, luckily by a referral of a friend I found a new facility that was reasonably priced, had sufficient room for me to grow and still near the

When establishing your business it is important to consider which business structure you wish to operate under. There are three issues to consider when establishing your business. First, are there any regulatory issues that may require you to operate your business under a specific structure? My case in point, broker/dealers must operate under a C

The Small Business Job Protection Act of August 20, 1996 established a simplified tax-favored retirement plan for employers with less than 100 employees. When it was made effective January 1, 1997, companies that qualified could elect to offer Savings Incentive Match Plans for their Employees (SIMPLE plans) in one of two forms: the SIMPLE IRA

The Simplified Employee Pension – Individual Retirement account (SEP-IRA) is the simplest, easiest, cheapest, and most common retirement plan available. Unlike other tax qualified retirement plans, there is not an expensive and cumbersome plan document. There is not an expensive tax form to file each year. Also, there are no complex discrimination tests. The business