Finance Tip of the Quarter

Get Paid What You’re Worth and Spend Less Than You Earn

 

Evaluate your skills, productivity, job tasks, contribution to your company, and the going rate, both inside and outside your company, to know exactly how much you should be paid. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your working life.

Whether you’re underpaid or overpaid, you’re never going to get ahead if you spend more than you earn. Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.

Starting Your Own Business
Almost everyone has dreamed at one point in time or another about owning their own business. The desire to one day be a business owner continues to be a major goal for many. Some believe that if you are going to work hard to pay your bills, the best way to do so is to work for oneself. Although I will not suggest that someone leave a stable job to go follow the dream of your own business, I do believe that it is important to go after that goal at one point in your lifetime even if only from a part time perspective. Even if only to say, I tried it… Atleast that’s one checked box on your bucket list…

A business does not have to be a million dollar venture, but something that adds value to your own life and the lives of others. Something that brings joy beyond the ordinary, something that you are passionate about, something that brings a sense of accomplishment that no one can take away. Even as many older individuals contemplate retirement, many realize the need to continue to work. Wouldn’t hurt to do the things that you really love, especially in those later years…

Just like everything in life, you’ve got to weigh the pros and the cons before getting in too deep. So what are the pros and cons of owning your own business?
Let’s start with the Pros:

  1. Income. It’s a business and the objective is make money…
  2. Provides a sense of accomplishment
  3. Reduces transportation cost if you choose a home based business
  4. Helps you to capitalize on the tax benefits of running a business which includes the ability to take advantage of legitimate business deductions
  5. You set your own hours
  6. Allows for more options and a balanced life. Flexibility allows you to control your own destiny and set your own priorities…
  7. Provides the option to quit a job you hate, and go full-time into your own business
  8. Allows you to retire when you want or decide not to retire at all if you love what you do

Here are the Cons:

  1. Uncertainty – your own business opens you up to risk. Success or failure lies in your ability to keep money coming in…
  2. No fixed salary; atleast not initially. You get paid when the business gets paid…
  3. You’ll have to pay for you own benefits. e.g. healthcare, insurance…
  4. You can end up working harder than you did working for someone else…
  5. You trade your boss for dozens or even hundreds of bosses…. your customers
  6. Paperwork – Not everyone likes paperwork, but as the owner of a small business, the responsibility for making sure your books are in order belongs to you.

So now, that you’ve weighed the pros and cons of starting your own business, and you’ve made the decision to move forward, here are the steps that the U.S. Small Business Administration suggest that you take:

Write a Business Plan

  • Use various tools and resources to create a business plan. This business plan will help you map out how you will start and run your business successfully.

Get Business Assistance and Training

  • Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating business.

Choose a Business Location

  • Get advice on how to select a customer-friendly location and comply with zoning laws.

Finance Your Business

  • Find government backed loans, venture capital and research grants to help you get started.

Determine the Legal Structure of Your Business

  • Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Register a Business Name (“Doing Business As”)

  • Register your business name with your state government.

Get a Tax Identification Number

  • Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Register for State and Local Taxes

  • Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Obtain Business Licenses and Permits

  • Get a list of federal, state and local licenses and permits required for your business.

Understand Employer Responsibilities

  • Learn the legal steps you need to take to hire employees.

Health Tip of the Quarter

An apple or two a day keeps the doctor away

 

Studies have shown that eating an apple every morning can help regulate metabolism and raise cognitive responses. Additionally, the pectin in apples lowers LDL (“bad”) cholesterol. People who eat two apples per day may lower their cholesterol by as much as 16 percent.

Matt Wooten
Doctor of Osteopathic Medicine
St. John Medical Center
Importance of a Healthy Heart
          Where does it begin?  Heart (cardiovascular) disease is the #1 cause of death for men and women in the United States.  Having a healthy heart is a substantial part of human vitality.  The heart is responsible for pumping blood which carries oxygen to other major organs in the body that themselves carry out essential functions for optimal health and survival.  If the brain doesn’t receive the blood that it needs, an individual is at increased risk of losing consciousness (passing out) or developing anoxic injury (decreased oxygen supply causing brain death).  If the kidneys don’t get adequately perfused, then a system called the renin-angiotensin-aldosterone system is activated within the kidneys to produce aldosterone.  This substance is released into the bloodstream and causes the heart to contract stronger, resulting in an increase in blood pressure.  This system is the body’s mechanism to increase perfusion to the kidneys.  However, aldosterone leads to heart stiffening and increased workload on the heart, resulting in a higher risk for a heart attack and stroke.  Decreased perfusion to the kidneys also causes them to become atrophic (decrease in size) which leads to kidney failure.  Your muscles need blood so they can contract efficiently and not fatigue easily.  With all this said, the true importance of a healthy heart starts with the heart itself!  The heart itself is a muscle that needs to be adequately perfused in order to maintain its ability to contract and pump blood to the rest of the body.  This is described as the heart’s systolic function.  If the heart can’t efficiently pump blood, then an individual will be diagnosed with what is called systolic congestive heart failure (CHF).  This leads to fluid being backed up into the lungs,  causing shortness of breath starting out at exertion and with advancement of the heart failure, eventually at rest.  Fluid back up can also lead to edema (swelling) in the legs causing skin breakdown, and in turn increasing one’s chance for infection.

 

          Three ways to build/maintain a healthy heart is through exercise, diet, and regular check-ups with a primary care physician.  The American Heart Association (AHA) recommends at least 30 minutes of moderate-intensity aerobic activity at least 5 days per week or at least 25 minutes of vigorous aerobic activity at least 3 days per week.  Aerobic exercises include walking, jogging, swimming, biking, etc.  In addition to aerobic exercising, the AHA also recommends moderate- to high-intensity muscle-strengthening activity (weight-lifting) at least 2 days per week.  Aerobic exercising increases heart stamina and anaerobic exercising strengthens the heart muscle for stronger contraction.  Diet should be low in salt and cholesterol for two reasons.  Too much salt can lead to high blood pressure, putting one at risk for a stroke if not controlled.  Too much cholesterol can cause plaque buildup in the arteries supplying the heart, constricting and in some cases obstructing blood flow, setting an individual up for a potential heart attack.  Along with proper exercising and a heart-healthy diet, you should have a primary care physician (PCP) consistently check your blood pressure, lipoproteins (cholesterol and triglycerides), and blood glucose levels since hypertension, high cholesterol, and diabetes are major risks for cardiovascular disease.  Blood pressure checks should begin at age 20.  If your blood pressure is 120/80 or below, then you should get it checked once every two years.  If it is higher, then you should get it checked more often depending on your doctor.  High blood pressure increases the heart’s workload, causing the heart to thicken and become stiffer.  A fasting lipoprotein profile should be assessed every five years also starting at age 20.  This blood test entails total cholesterol, LDL (bad cholesterol), HDL (good cholesterol), and triglycerides.  You may need to be tested more frequently if your levels are not controlled, if you have other risk factors for heart disease, a man over 45, or a woman over 50.  Starting at age 45, you should have your blood glucose checked once every three years.  High blood glucose levels put you at greater risk of developing type 2 diabetes and increases the thickness of your blood.  This increased “weight” of your blood creates an increased workload on your heart, leading to high blood pressure and increasing risk for heart disease and stroke.  If you’re overweight AND you have at least one additional cardiovascular risk factor, your doctor may recommend a blood glucose test even if you’re not yet 45.  Adhering to these three ways, not smoking (smokers have a 2-4x the risk of developing heart disease than nonsmokers), and limiting your alcohol consumption will greatly ensure your likelihood of a healthy heart.

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