I make $100,000 and I am broke

I make $100,000 and I am broke

I have been practicing financial planning and tax planning for 3 decades.  Today, there is a disease spreading like a flu outbreak at your local elementary school.  I call the disease the “$100K and broke”.  These people are college educated, with full-time jobs at companies that provide excellent benefits, Most are not contributing anything at all to their retirement and savings.  How are they living from paycheck to paycheck and getting behind financially while making so much money?

I was reminded of this Aesop’s fable this week at Toastmasters.  Kimberly Hardman presented a speech about The Grasshopper and the Ants.  As I listened, I could not but think of the $100K and broke today as they live paycheck to paycheck.

(more…)

Your Five Best Money Moves for Open Enrollment

Your Five Best Money Moves for Open Enrollment

Fall is The State Fair of Texas, College Football, Oversized High School Mums and Halloween.  It is also the time of year where most companies begin to offer open enrollment for your benefits.

Benefits are complex and the pressure to make the right decision for you and possibly your family increases each day you wait.  It is important that you learn how to make your best money moves during your open enrollment.

Your Five Best Money Moves for Open Enrollment

(more…)

The Scariest Day?

The Scariest Day?

Today was the scariest day on Wall Street in years as Monday continued the decline from last week.

For the week ending Friday, Stocks recorded their first weekly loss of the young year, with the large-cap S&P 500 index suffering its worst weekly drop in two years.  All major markets finished the week in the red with the Dow Jones Industrial Average falling -4.1% to close at 25,520.

Today we are reminded that the investment markets can be volatile as the selling in the United States continued around the globe as Asian and European markets declined on Monday as well and then accelerated Monday in the United States.

(more…)

Five Actions for Your Pay Increase

Five Actions for Your Pay Increase

The Tax Cut & Jobs Act is showing up in your paycheck.  It is not a one-time thing like the $1,000 bonus that some companies gave to their employees.  This tax reduction will show up every time you get paid.

I spoke to several people this week that have received an additional $90, $200 and $65.  It may not seem like an important change yet take a step back and look at the impact for the rest of 2018 and the years ahead.

Respectively these three people have $1,980, $4,400 and $1,430 to spend, save, invest, or pay down debt in 2018.

Five Actions for Your Pay Increase

(more…)

Is your business like Neiman Marcus?

Is your business like Neiman Marcus?

Like athletes, the most successful business thrive under competitive pressure.  Yet, as Warren Buffett says, “it is only when the tide goes out do you discover who’s been swimming naked.”

Two of Dallas’s home grown retail companies are feeling the change occurring in retail.  One has filed bankruptcy and the other is looking for a new buyer.  The landscape is changing rapidly with the online approach to shopping.

The Dallas Morning News reported that in a conference call on Tuesday, March 14, Neiman Marcus CEO Karen Katz said: “while Neiman Marcus remains at the forefront of luxury shopping, people are shopping less.”

“Customers are making fewer trips to the store and the mall and more trips to the web. They want newness, exclusivity and the best price,” Katz said. “Driven by these expectations, and thanks to the information available to them on the web, more and more we are seeing our customers shop multiple stores or websites, not just ours.”

(more…)

Is Your LinkedIn Profile Powerful or Puny?

Is Your LinkedIn Profile Powerful or Puny?

 

Are you looking for a job, or trying to grow your business network?

Do you have a Powerful LinkedIn Profile?

Are you and I connected on LinkedIn?

(Click here for Michael Tannery’s Powerful LinkedIn Profile)

A no answer to any of these might be a hurdle that you want to overcome in working towards your personal business and financial success.

The latest survey data says a full 94% of potential clients’ today use social media in their evaluation of a prospective business. And yet people are puzzled, or at least, skeptical as to why tools like LinkedIn are such a game changer.

Two every second: That’s how many people join LinkedIn as new members, many of whom hope to exploit the platform’s rich resource for industry contacts, new clients and partnership opportunities.

That means that by the time you finish reading this article, you’ll have on average 350 people and counting to compete with for the professional world’s attention. What you do with your LinkedIn profile can mean the difference between garnering views as compared to converting those views in taking the next step of building a relationship with you.

With over 1 billion searches per day for names and companies, LinkedIn is your opportunity to build your business reputation, expand your professional network and help companies and connections know who you are and what you do.

Imagine if you could permanently run an ad in a world newspaper selling the best of “you” — and that anyone with any opportunity, whether it is a job offer, a consulting gig, or a business deal, could find you. That’s LinkedIn.

(more…)