Tax Information
An individual taxpayer can deduct un-recovered amounts from personal loans that have become totally worthless. Reminder: Claim the write-off as a short-term loss on Schedule D. This information is taken from the Small Business Tax Strategies newsletter, Vol. 2, No. 4 April 2007.
Exit strategy for small business owner
Many small business owners feel it is best if they put all their money back into the business. Over the years, I see that the best decision is to diversify into others things rather than just in one place. While a small business may not have a lot of extra money, take a modest salary and have a surplus to establish a SEP or and IRA. After all, if your business can not through off at least this much money, you are not in aa position to be a successful leader in you business, and your are not going to set a good example for your employees.
Adjustable Rate Mortgage Time-bomb
We are told 25% of all loans last year were sub-prime. With ARMS coming due at an increasing rate, I am asked often what to do? If you don't have your loan docs handy, get them. Read them. Make a summary list of all the information, for example: rate changes when, how much and what will be the new payment? Is there a PPP? PPP is a pre-payment penalty. When a person can't pay the increase mortgage payment, the best option I know is to "sell-short". Find someone who has cash and is willing to pay something and sell it to them contingent upon the lenders approval. Then bottle all this up and approach your lender. Cash in the bank is better than them carrying the paper upon foreclosure. So, often times the lender will agree and you are off the hook. Learn what selling short is and how to do it, much better than a BK or waking away and completely trashing your credit.
Why Few People Should Be Allowed to Have Anything to Do With Managing Their Own Money Until They’ve Received Financial Coaching…
Only Three in 100 Americans is Ready For Retirement. A Financial Coach Will Keep You from Being One of the 97 Other People Who Just Doesn’t Get It.

Have you ever wondered why you can’t get your debt completely under control? Or why you can’t manage to save anything for retirement? Or why you feel confused and frustrated about how to invest in the stock market? Do you ever find yourself thinking that you’re missing important information that would make your finances come together and finally make sense but don’t know where to find it?

You’re not alone. Millions of people feel hopelessly confused about how to manage their money. That’s because they have never been taught the way to truly master their finances. It isn’t taught in schools or at home, and it certainly isn’t shared by the gurus on Wall Street. Most of the financial world preys upon your ignorance and frustration, taking advantage of it by selling you investment, insurance, or debt reduction products that sometimes alleviate some symptoms, but don’t address the real underlying problems.

To get to the heart of those problems, you need a coach. Athletes, top executives, and Hollywood stars all use coaches to help them perform at their absolute best. A personal financial coach can help you discover what your strengths and weaknesses are and give you the perspective you personally need to put all the pieces of your financial puzzle together so it makes sense to you.

A Money Mastery Coach is the Secret to Piecing the Puzzle Together
There are many financial advisors, gurus, and experts out there who are willing to share pieces of that puzzle. But unfortunately, many of them do not understand how to put all the pieces together so it makes sense, or to use another analogy, they do not know the proper “recipe” for true financial mastery. Some advisors provide all the ingredients for this recipe but don’t tell you in which order to “bake” them. Others know the order, but don’t know how much of one particular ingredient to include. In addition to those who don’t know the recipe for success, there are those who know it but are unwilling to share it because they are intent on making you dependent on their advice and in selling you expensive financial products rather than giving you the principle ingredients that will allow you to manage your own money. While these products will often earn the sellers of them a hefty commission and seem to help create a perfect outcome, they rarely solve the overall problem and can sometimes make finances worse.

Money Mastery coaching is different. Our financial experts know ALL the ingredients required to get in complete control, increase cash flow, and begin building real wealth and prosperity. They are willing to teach you about each of those ingredients, what order they will need to be added to your financial life, and how much of each ingredient you will personally require to eliminate your debt, control your spending, maximize your savings for retirement and protect your wealth from over taxation and market downturns. Our coaches are committed to educating and training you so YOU can take charge of your own money.

Personal coaching with a Money Mastery mentor is a powerful alliance. Our coaches aren’t biased by commissions or dollars earned from selling products or investment advice. They are motivated by a desire to teach you correct principles that will allow you to govern yourself, play complex financial games on an even playing field with others, take the emotional confusion and frustration out of your financial decisions, empower you to make lasting and significant changes, and help you make your money work for you so it can generate much, much more.

Tax Refund Spells
Just out today the IRS says the refunds are mostly being spent a little to catch up on credit card debts and then to fund a much needed vacation. Especially among those making less than $45,000 a year, they spend it all. Just a thought.