Why Does Warren Buffett Always Pay In Cash?

The answer is both simple and important for your company’s future. February 17, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. If Warren Buffett ever walks into your store or restaurant, he’s likely to pay for his purchases in cash. “I’ve got an American Express card which I got in 1964,” Buffett, who’s worth more than $88 billion, told Yahoo Finance last year. “But I pay cash 98 percent of the time. If I’m in a restaurant, I always pay cash.” That’s right. Warren Buffett — one of the richest guys in the world — prefers to pay in cash. In fact, he says that he pretty much always carries around about $400 with him. Is it because he’s afraid of credit cards? Does he have security concerns? Is he avoiding those annoying late fees and penalties in case he doesn’t pay off his balance? Actually, it’s […]

Read more

How America’s Retirement Dream Became a Nightmare

It’s not too late to protect yourself from being left out in the cold. February 12, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. A recent report by the Economic Policy Institute (EPI) makes it clear: The 401(k) plans Americans rely upon for retirement income are “inadequate and unequal,” and have increased gaps in retirement preparedness based on income, race, ethnicity, education and marital status. Moreover, the net worth of households approaching retirement fell by half in wake of the Great Recession and has only slightly improved since then. The report states unequivocally that 401(k) plans have “proven to be a disaster” since the government authorized them 42 years ago, underscoring something I’ve been saying for years: For many participants, government-sponsored plans have turned out to be less effective than stuffing cash in a mattress. As the EPI report explains in detail, “The shift from pensions to account-type savings plans has been […]

Read more

A Beginner’s Guide to Qualifying for an SBA Loan

Know what you’re getting into before you start the process. February 6, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. If you’re looking for financing for your business, loans backed by the Small Business Administration (SBA) can be a good place to start. However, it can be daunting with so many different types of SBA loans. It’s worth it to dive into the details of each program in order to understand what program and lender are right for you. In this article, we’ll cover the basics you can take action on now to improve your chances of qualifying for funding through an SBA-approved lender. 1. Improve your personal credit scores According to the SBA website, even individuals with bad credit may qualify for funding. Having great credit scores, however, will significantly increase your chances of approval. Remember that SBA-approved lenders can add certain qualification requirements to […]

Read more

7 Helpful Financing Options for LGBTQ+ Entrepreneurs

Discrimination and disadvantages have been the norm, but that is beginning to change. February 4, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. Are you a business owner who identifies as LGBTQ+? If so, then you know that discrimination can run rampant, and there aren’t always legal protections. Part and parcel, the LGBTQ+ community also struggles with financial instability, experiencing particularly high rates of poverty and homelessness and commanding lower incomes than the general population.   Nevertheless, you can still succeed as an LGBTQ+ business owner, and here are seven helpful financing options to get you started. 1. Join the National LGBT Chamber of Commerce The National LGBT Chamber of Commerce (NGLCC) is a national organization serving as the voice of over one million American LGBTQ+ business owners, and it offers a certification program to majority-LGBTQ+-owned businesses. The NGLCC Supplier Diversity Initiative (SDI) is a tool for businesses to connect with top […]

Read more

How to Effectively Assess Property Value for Investment

Big data and other tech innovations have made it easier to put your money into a diverse range of real estate. January 31, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. Real estate investment retains the twin traditional appeals of stability and an almost guaranteed return, but there have been a lot of innovations in recent times that have made it even more worthwhile. The ability to access and analyze data more comprehensively makes it easier to make informed decisions and invest in a diverse range of vehicles. Whichever investment method you choose, however, one constant is that you’ll need to value properties as you work to decide where to put your money. Here are the best ways you can do that efficiently and accurately. The Sales Comparison Approach This is the most common approach adopted by real estate investors, and it essentially means comparing the sales prices of similar properties […]

Read more

5 Questions Entrepreneurs Should Ask Their CPAs to Reduce Audit Risk

You don’t need to approach this spring in fear of the IRS. January 29, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. To help reduce your fears of a government audit, February is the best time of year to meet with your CPA to review your tax strategy, review your documentation requirements and ask key questions about how to reduce your chances of an audit. What’s clear from my 35 years of experience as a CPA is that people fear a government tax audit more than death and public speaking combined.  The good news is you can sleep at night by being more proactive. The number one thing the government wants is compliance, so your job is to make sure you’re following the rules. Schedule a meeting with your CPA early this year, and ask these five direct questions to reduce your anxiety. 1. Are you afraid of […]

Read more

4 Ways to Smartly Invest in Cryptocurrencies

The worst thing you can do is put your money into options you know little or nothing about. January 27, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. Investing in cryptocurrency is one of many options for investing your money today. In fact, it’s pretty hard to avoid hearing about the crypto market and its opportunities. Still, all this buzz doesn’t mean it’s the safest way to invest your money; it’s just an option.  Last week, I was completely knocked out by a friend’s reaction when I simply asked, “How much do you have in your bitcoin wallet?” He suddenly wore a disdainful look. What happened? He replied, “It’s a long story. I heard glowing reviews on how cryptocurrencies have turned many into millionaires overnight, so I thought it wise to invest all I had on November 27, 2017. Little did I know I was throwing debt a welcome […]

Read more

The Best Way to Borrow From Friends and Family to Grow Your Business? Here’s How to Do It Right

Getting a loan from loved ones can pay off — with some parameters. January 10, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. The first time I borrowed money from family to start a business, I made a complete fool of myself. I asked my dad for $2,000 to secure a position in a multi-level marketing (MLM) scheme that was sure to earn me millions. I was young and naive, but he trusted me and agreed to help me out. Sorry, Dad. How was I to know that hawking magnets with magical healing properties wouldn’t make me rich?  A few years later, I founded a legitimate business repairing commercial signs. I had some success, but my complete lack of credit history meant I couldn’t secure the financing needed to take it to the next level. Once again I went to my dad, and once again he came […]

Read more

Learn How to Tell Your Business’ Financial Story

If you’re a CFO or in a position where you need to effectively communicate beyond the profit and loss of a business, this webinar will give you the direction you need to be more successful. January 6, 2020 2 min read Your business has a financial story—one that goes beyond the data, P&L statements, and the predictions and forecasts. Your business has a financial story that has the potential to create momentum, inspire loyalty, and drive change. Do you know if you’re telling the best version of that story, to the right audience, at the right time? Do you have the right tools in place to help communicate the facts, figures, and data that are integral to your story? Do you have real-time access to information that allows you to confidently lead and manage your business? Join us for Learn How to Tell Your Business’ Financial Story, a free webinar […]

Read more

The 12 Tax Days of Christmas: Day 12

Charitable taxpayers are rewarded with powerful incentives, but there are lots of options and rules to keep in mind. December 29, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this 12th and final tax day of Christmas, it feels appropriate to remember that it is ultimately the season for giving. But it’s just as importanbt to bear in ind that the deadline for last-minute charitable deductions is December 31, and there are myriad options and rules to keep in mind. Now, […]

Read more

The 12 Tax Days of Christmas: Day 11

FSAs may be more common for bigger businesses, but the savings don’t have to be small. December 28, 2019 1 min read Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. Related: The 12 Tax Days of Christmas: Day 10 For the 11th tax day of Christmas, we’re going to break down a year-end tax-savings strategy that’s typically more applicable in a corporate enviornmnent than among smaller businesses. Nevertheless, Flexible Spending Accounts, or FSAs, can be a great way to get reimbursed for expenses related to the job that shouldn’t have to come directly out […]

Read more

The 12 Tax Days of Christmas: Day 10

Clearing up confusion about RMDs. December 27, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For the 10th tax day of Christmas, let’s turn our focus to those over 70 1/2 with traditional IRAs, or those who have inherited an IRA. Anyone in either of those two groups is required to take a required minimum distribution (RMD) from their account each year. The deadline for RMDs is December 31. If you miss the deadline and don’t follow the rules, there is a hefty penalty of 50 percent on […]

Read more

The 12 Tax Days of Christmas: Day 9

If you’d rather be taxed on your retirement savings now than later, considering converting to a Roth IRA. December 26, 2019 8 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this ninth tax day of Christmas, take heart: This could be the perfect time to convert your traditional IRA to a Roth account. Regardless of your income, you can convert as many dollars as you want. The tricky part is that you must make the election and choose the dollar amount you want to […]

Read more

10 Women Leaders In Finance Shares What Is Required to Make the Industry More Gender-Balanced

“A company needs diverse internal viewpoints to best serve their consumers,” shares one exec. December 26, 2019 15+ min read This story originally appeared on Authority Magazine In the past, Wall Street and finance used to be an all-white “good ole boys club” akin to Mad Men. This has changed in recent years and great progress has been made. Despite this progress, we still have a lot more work to do to achieve in terms of parity. According to a recent report, less than 17 percent of senior positions in investment banks are held by women. Authority Magazine recently ran a series called “Meet The Female Leaders Of Finance.” In the series we asked dozens of prominent women leaders in finance about the improvements in gender bias, so far, and what can be done to sustain this progress. Here are 10 highlights from the series. These interviews have been edited for length and clarity.  Kirstin Hill (Strategic […]

Read more

The 12 Tax Days of Christmas: Day 8

Pre-paying expenses this year and pushing income into next year can save thousands. December 25, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this eighth tax day of Christmas, consider pre-paying expenses this year and pushing income into next year — one of the tried-and-true year-end tax strategies that can save business owners thousands of dollars. It may sound simple and straightforward, but it’s important to discuss key points before making a financial move. That’s why I’ve created the 10 Commandments of moving […]

Read more

The 12 Tax Days of Christmas: Day 7

The Tax Cuts and Jobs Act has allowed for amazing auto deductions from now until 2023. December 24, 2019 9 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this seventh tax day of Christmas, it’s time to celebrate vehicle deductions, including autos, trucks and SUVs, which are the best they’ve been for business owners in almost 40 years. This area of tax law changed big-time with the Tax Cuts and Jobs Act (TCJA), and the auto/truck/suv deduction through 2023 is amazing.  Now if you didn’t acquire a new […]

Read more

The 12 Tax Days of Christmas: Day 6

How the HRA essentially allows you to reimburse yourself for all your health-care expenses. December 23, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this fifrth tax day of Christmas, it’s time to highlight the Health Reimbursement Arrangement (HRA), which essentially allows you to set up your own “benefit plan” for health care and reimburse yourself for all your health-care expenses. Most Americans don’t get a tax deduction for extra medical expenses. They can’t itemize (it’s usually not worth the effort with AGI limits), […]

Read more

The 12 Tax Days of Christmas: Day 5

By teaching your children about small business, you can save money and pass on a legacy. December 22, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this fifth tax day of Christmas, it’s time to talk about putting your kids on payroll. This is an absolutely critical year-end strategy and one of the most under-utilized. You can’t just say you paid your kids; you actually have to follow through with the process and a paper trail. Regrettably, many entrepreneurs don’t realize that paying their adult […]

Read more

The 12 Tax Days of Christmas: Day 4

Putting your spouse on payroll can be a wonderful strategy, or a nightmare that could cost you thousands. December 21, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this fourth tax day of Christmas, let’s address the fact that many small-business owners rush to put their spouse on payroll before year-end, but it could actually be for the wrong reasons and be a costly mistake. First, entrepreneurs think that if their spouse is helping with the business, the only way they can […]

Read more

The 12 Tax Days of Christmas: Day 3

Exploring the Solo 401(k) strategy. December 21, 2019 8 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending 12 Tax Days of Christmas series, I’ll dig back into the archives of previous topical columns to reiterate understandable, realistic and legitimate tax strategies that you need to implement now in order to have a much smaller tax bill come April 15. For this third tax day of Christmas, let’s turn our attention to how more and more small-business owners are discovering the power of the Solo 401(k). If you don’t have non-owner full-time employees, it could be a perfect fit for you to obtain some huge tax write-offs and build your nest egg for the future. Now, to be clear, the definition of a Solo 401(k) and those […]

Read more
1 2 3