Most homes are built with a general contactor who outsources or sub-contracts out each area of expertise, i.e. the plumber, electrician, carpenter, HVAC, etc. The future homebuyer talks to the general contractor and doesn’t talk to each sub-contractor. You may want to consider hiring a financial steward that manages all your money connections in order to simplify your financial life. It can be overwhelming for you to watch over ever aspect of your money and all the people it who manage it.  There are insurance companies that can sell you protection for your home, cars and your life, but the “bundling” approach doesn’t always deliver the best coverage for premium outlay. It may be better to shop each separately with independent insurance agents. Do you want to do that? Some insurance agents also sell various types of annuities for retirement. How do you determine which annuity is suitable for you and whether the insurance agent has a broad inventory of products to ensure you’re buying the best annuity? Are you going to shop for this on the Internet? What about financial advisers? Some are like architects who can design an overall blueprint for a comprehensive financial plan that integrates smaller   Read more…

When the laws changed in 2005, more restrictions were put in place to prevent bankruptcy abuse, including restrictions on how frequently you can receive a discharge. Dispelling some of the myths of bankruptcy is not intended to make light of financial obligations and creditors who suffer the loss of revenue from nonpayment of goods and services. Chapter 7 Bankruptcy was intended to help deserving filers, whose indebtedness is beyond their means to repay in any reasonable fashion. That’s not to say that some people, perhaps not as deserving, game the bankruptcy laws to protect their lifestyle. But for most, chapter seven can be a lifesaver. If filing chapter seven is a lifesaver for most, then there is life after bankruptcy. After the housing crash in 2008, many decent and well-intentioned mortgagee holders filed bankruptcy. Because the housing crash was so widespread and affected so many Americans, the social stigma of filing for bankruptcy significantly diminished. So the myth that life is over isn’t true, and you can start afresh again and may experience recovery within two years. Keep in mind however, a chapter seven filing is on your record for seven to eight years.  Another myth is that chapter seven   Read more…

Incredibly, many entrepreneurs and small business owners rarely know their financial numbers, stats and facts. They really don’t know their true valuation and are shocked to realize that their businesses have been nothing more than a hobby all along.  But properly prepared financial statements can set the record straight, define a business from a hobby and determine the real evaluation of a small business. Shark Tank’s Kevin O’Leary routinely humiliates entrepreneurs and small business owners for over evaluating the worth of their business and not knowing their numbers! Remarkably, many entrepreneurs and small business owners continue to come on the show without proper financials in hand to defend their evaluations, and they leave without an investment. There are several financial statements that you can generate, but here are the big three: Income Statements, Balance Sheet and Cash Flow. These three statements can help quantify predictable data, potential growth and maintain a running tab on the company’s value. Income Statement is your report card on your company’s ability to generate profits. It monitors your revenue and expenses to help you assess your company’s performance over a time period. Without it you can’t control your company’s budget. Balance Sheet demonstrates your company’s   Read more…