Charitable Giving
In light of the recent devastating earthquake in Haiti, many people are looking to make a donation to help the victims and many organizations are trying to make it easy to do so. Here are a few things to keep in mind when making a charitable donation to help ensure your kindness gets to those who need it most.
• Check to see if the charity is classified as a 501(c)(3) organization by the government (the designation means the organization has been set up for charitable purposes). Click here to search a listing of charities in the U.S.
• Check the Better Business Bureau Web site for information about the charity's mission, compensation, expenses and rating.
• Guidestart.org can also help you find some of the top rated charities and direct links to make donations. You can also check Guidestar for the charity’s most recent Form 990 to calculate what percentage of the charity’s donation go directly to those in need and what percentage goes to overhead.
• Do a little research online to see if there are postings, concerns or adverse ratings about the charity you are considering donating to. A lot of negative comments online could mean the charity is not what they represent themselves to be.
• When in doubt, give to a charity you are familiar with, such as the American Red Cross or your local community foundations or religious organizations. There are a lot of organizations who have already mobilized volunteers in Haiti to help those in need and could use your support.
Don’t let these few extra steps change your mind about making a donation—there are so many easy ways to help out. Even small donations contribute to the effort to help those in need.
Wednesday, January 20, 2010
Monday, January 18, 2010
Strategic Decision Making
by: Mackey McNeill
Throughout New Year’s Day, I began to emerge out of “holiday time” and into “business focus time.” As the possibilities of the new year began to take shape in my mind, I found myself both excited and overwhelmed. In my entrepreneurial world, there are always so many options and possibilities.
The really good news is that I love what I do and the people with whom I work. For me, this means that the lines between work and play are sometimes blurred, as work is a joy. The downside is that I can get carried away by my enthusiasm, over-commit to action and put my entire team into overwhelm. This quickly turns joy into chaos.
Over the years, I have created chaos more times than I care to admit. Thankfully, I have also matured in my entrepreneurial capacity. Wisdom has come with age, along with the ability to use it consciously and deliberately to shape my future. I have developed three qualifying questions to sort through my ideas before committing to action.
First, I ask myself: Does the idea forward our strategic plan and is it in alignment with our three, five and ten year goals? Most of my ideas fail to survive this question. They may be exciting, fun and innovative, but do little toward meeting the firm’s goals for the coming year or beyond. They are quickly dispatched to the round file.
For ideas that survive the first cut, I ask: Do we have the capital in terms of money, personal time and team time to take this idea from imagination to results? If I am unable or unwilling to commit the necessary resources, this tells me that while it is an interesting idea, I lack the passion to make it successful. Again, to the round file.
My third question revolves around balance and fairness: Is the idea fair to those who are impacted by it? This question is especially important when I am faced with decisions brought on by recessionary pressures like those in 2009. In that particular case, when all other options are exhausted and the decision comes down to cutbacks in wages, benefits or hours, I ask: Are the cut backs fair and balanced across all levels of the organization?
Those ideas that survive my three-pronged attack move into the action realm. What must I do over the next three to five years to make this idea a reality? What must I do in 2010? What must I do in the first quarter of 2010? What must I do tomorrow?
Once an idea turns into an action plan, it may or may not manifest. If the energy builds as it develops, we nurture it into reality. If the momentum wanes, we let it fade without forcing or subsidizing it.
At the end of this process, I am left with a few precious, well deserving seeds that, when planted, will create an abundant future for Mackey Advisors.
May the New Year bring you an abundance of ideas, and a few precious seeds deserving or your time and attention. May your prosperity increase with grace and ease in 2010.
Throughout New Year’s Day, I began to emerge out of “holiday time” and into “business focus time.” As the possibilities of the new year began to take shape in my mind, I found myself both excited and overwhelmed. In my entrepreneurial world, there are always so many options and possibilities.
The really good news is that I love what I do and the people with whom I work. For me, this means that the lines between work and play are sometimes blurred, as work is a joy. The downside is that I can get carried away by my enthusiasm, over-commit to action and put my entire team into overwhelm. This quickly turns joy into chaos.
Over the years, I have created chaos more times than I care to admit. Thankfully, I have also matured in my entrepreneurial capacity. Wisdom has come with age, along with the ability to use it consciously and deliberately to shape my future. I have developed three qualifying questions to sort through my ideas before committing to action.
First, I ask myself: Does the idea forward our strategic plan and is it in alignment with our three, five and ten year goals? Most of my ideas fail to survive this question. They may be exciting, fun and innovative, but do little toward meeting the firm’s goals for the coming year or beyond. They are quickly dispatched to the round file.
For ideas that survive the first cut, I ask: Do we have the capital in terms of money, personal time and team time to take this idea from imagination to results? If I am unable or unwilling to commit the necessary resources, this tells me that while it is an interesting idea, I lack the passion to make it successful. Again, to the round file.
My third question revolves around balance and fairness: Is the idea fair to those who are impacted by it? This question is especially important when I am faced with decisions brought on by recessionary pressures like those in 2009. In that particular case, when all other options are exhausted and the decision comes down to cutbacks in wages, benefits or hours, I ask: Are the cut backs fair and balanced across all levels of the organization?
Those ideas that survive my three-pronged attack move into the action realm. What must I do over the next three to five years to make this idea a reality? What must I do in 2010? What must I do in the first quarter of 2010? What must I do tomorrow?
Once an idea turns into an action plan, it may or may not manifest. If the energy builds as it develops, we nurture it into reality. If the momentum wanes, we let it fade without forcing or subsidizing it.
At the end of this process, I am left with a few precious, well deserving seeds that, when planted, will create an abundant future for Mackey Advisors.
May the New Year bring you an abundance of ideas, and a few precious seeds deserving or your time and attention. May your prosperity increase with grace and ease in 2010.
Friday, January 15, 2010
COBRA Premium Subsidy Program Extended
On December 19, 2009, President Obama signed into law the Department of Defense Appropriations Act, 2010, which extends the 65 percent COBRA premium subsidy to February 28, 2010.
The American Recovery and Reinvestment Act of 2009 provided a government subsidy of 65 percent of the cost of COBRA coverage for employees (and their eligible family members) who lost their health insurance coverage due to involuntary termination of employment in 2009. In addition to the subsidy being extended to 15 months, employees who lose their jobs in January or February of 2010 will still be eligible.
For more information on the American Recovery and Reinvestment Act of 2009, visit the U.S. Department of Labor Web site. Visit the Life Crisis section on the 360 Financial Literacy Web site for additional information on receiving unemployment benefits.
May prosperity be yours,
Mackey McNeill, CPA/PFS
www.CultivatingProsperity.com
The American Recovery and Reinvestment Act of 2009 provided a government subsidy of 65 percent of the cost of COBRA coverage for employees (and their eligible family members) who lost their health insurance coverage due to involuntary termination of employment in 2009. In addition to the subsidy being extended to 15 months, employees who lose their jobs in January or February of 2010 will still be eligible.
For more information on the American Recovery and Reinvestment Act of 2009, visit the U.S. Department of Labor Web site. Visit the Life Crisis section on the 360 Financial Literacy Web site for additional information on receiving unemployment benefits.
May prosperity be yours,
Mackey McNeill, CPA/PFS
www.CultivatingProsperity.com
Four Money Mistakes You Can Learn From
Great article from www.360FinancialLiteracy.org
It's hard to know when the economy will truly recover, although there are signs that things are headed in the right direction. But if you want your own finances to stabilize over the long term, you'll need to evaluate what you've been doing right, and wrong. There's no magic bullet, but avoiding these four money mistakes may help you survive and ultimately thrive in any turbulent economy.
Mistake 1: Expecting things to stay the same
It's a familiar tale. Economic times were good. The stock market went up, up, up. Home values (and real estate prices) soared, credit was flowing, and the job market was robust. And then the bottom fell out.
At the heart of all economic bubbles is the euphoric, yet ultimately mistaken, idea that the good times are here to stay. And when the economic news is bad, it's just as easy to assume that the tough times will remain. But your own financial recovery will ultimately depend on you not jumping on any bandwagon. Instead, take a proactive, rather than reactive, approach to financial planning, no matter what economic news you're hearing. Prepare yourself for a variety of financial scenarios and avoid basing money decisions on emotion, or you may find yourself making the same financial mistakes over and over.
Mistake 2: Only saving your leftovers
Do you worry that you're not saving enough? Do you routinely rely on credit rather than cash to pay for the things you want or need? Rather than blame your financial inertia on your income, look a bit deeper, because the real culprit may be the lack of financial priorities. If you don't know exactly how you're spending your money and you haven't set financial goals, it's unlikely that you'll see much financial progress.
Go back to basics by preparing (or reviewing) your budget. If you tend to save only what you have left over every month, you can put yourself on a more disciplined course by having a fixed amount taken out of your paycheck automatically for retirement. Or, you can set up automatic transfers from your checking account to a savings or investment account.
Mistake 3: Not having an emergency fund
One of your savings priorities should be an emergency fund. An emergency fund isn't glamorous, but this underappreciated work horse really pulls its weight during hard times. Having cash on hand that you can use for an unexpected expense, or to pay bills if you lose your job or become disabled, is vital because it can help you avoid having to rely on credit or tap your retirement savings. Without emergency savings to fall back on, worse financial trouble may lie down the road.
Mistake 4: Not asking for help
Even if your finances are in good shape right now, you may be overdue for a checkup. A close look at your financial plan will help you identify potential strengths and weaknesses. If you're already in financial trouble, don't let fear or shame prevent you from asking for help. Facing financial problems early may help you make a full recovery. Many creditors are willing to work with you, but this may be much easier while your credit is still good, and while you still have time to turn things around.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor
It's hard to know when the economy will truly recover, although there are signs that things are headed in the right direction. But if you want your own finances to stabilize over the long term, you'll need to evaluate what you've been doing right, and wrong. There's no magic bullet, but avoiding these four money mistakes may help you survive and ultimately thrive in any turbulent economy.
Mistake 1: Expecting things to stay the same
It's a familiar tale. Economic times were good. The stock market went up, up, up. Home values (and real estate prices) soared, credit was flowing, and the job market was robust. And then the bottom fell out.
At the heart of all economic bubbles is the euphoric, yet ultimately mistaken, idea that the good times are here to stay. And when the economic news is bad, it's just as easy to assume that the tough times will remain. But your own financial recovery will ultimately depend on you not jumping on any bandwagon. Instead, take a proactive, rather than reactive, approach to financial planning, no matter what economic news you're hearing. Prepare yourself for a variety of financial scenarios and avoid basing money decisions on emotion, or you may find yourself making the same financial mistakes over and over.
Mistake 2: Only saving your leftovers
Do you worry that you're not saving enough? Do you routinely rely on credit rather than cash to pay for the things you want or need? Rather than blame your financial inertia on your income, look a bit deeper, because the real culprit may be the lack of financial priorities. If you don't know exactly how you're spending your money and you haven't set financial goals, it's unlikely that you'll see much financial progress.
Go back to basics by preparing (or reviewing) your budget. If you tend to save only what you have left over every month, you can put yourself on a more disciplined course by having a fixed amount taken out of your paycheck automatically for retirement. Or, you can set up automatic transfers from your checking account to a savings or investment account.
Mistake 3: Not having an emergency fund
One of your savings priorities should be an emergency fund. An emergency fund isn't glamorous, but this underappreciated work horse really pulls its weight during hard times. Having cash on hand that you can use for an unexpected expense, or to pay bills if you lose your job or become disabled, is vital because it can help you avoid having to rely on credit or tap your retirement savings. Without emergency savings to fall back on, worse financial trouble may lie down the road.
Mistake 4: Not asking for help
Even if your finances are in good shape right now, you may be overdue for a checkup. A close look at your financial plan will help you identify potential strengths and weaknesses. If you're already in financial trouble, don't let fear or shame prevent you from asking for help. Facing financial problems early may help you make a full recovery. Many creditors are willing to work with you, but this may be much easier while your credit is still good, and while you still have time to turn things around.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor
Thursday, January 14, 2010
Thrifty Thursday: Putting Savings in Perspective
Saving is hard. Especially for those of us who are prone to instant gratification. It is all too easy to spend that dollar on a delicious candy bar today and forgo the savings tomorrow. Below is a little article written by Spencer Sherman and Brent Kessel. The statements below really help put saving in perspective.
It is useful to keep in mind that the biggest determinant of financial success is your level of spending relative to your income and/or assets.
The reason is that you need about $20 saved in an investment portfolio for every $1 you're going to spend once you stop working and your earned income stops. So if you cut your spending by $1, you've actually just lowered your required savings by $20.
For example, if you can reduce your annual spending from $36,000 to $34,800 or by $1,200 ($100 per month), you've decreased your required savings by $24,000. Instead of needing a nest egg of $720,000 (twenty times $36,000), you only need $696,000 (twenty times $34,800).
How do you reduce spending by $100 per month?..... Keep reading Thrifty Thursdays! Every week we will be posting a savings tip that you can really use.
It is useful to keep in mind that the biggest determinant of financial success is your level of spending relative to your income and/or assets.
The reason is that you need about $20 saved in an investment portfolio for every $1 you're going to spend once you stop working and your earned income stops. So if you cut your spending by $1, you've actually just lowered your required savings by $20.
For example, if you can reduce your annual spending from $36,000 to $34,800 or by $1,200 ($100 per month), you've decreased your required savings by $24,000. Instead of needing a nest egg of $720,000 (twenty times $36,000), you only need $696,000 (twenty times $34,800).
How do you reduce spending by $100 per month?..... Keep reading Thrifty Thursdays! Every week we will be posting a savings tip that you can really use.
Wednesday, January 13, 2010
Getting Organized in the New Year can Save You Cash!
If you are a really unorganized, slightly messy pack rat getting organized could not only save you money but make some!
1) Organizing a shopping list to take to the grocery cuts down on expensive impulse buys.
2) Keep a shopping list in your kitchen. Write down what you need as you get low on things. Same benefit as #1
3) Organizing your checkbook or online banking might enable you to see how much money you waste on ATM fees so you can make changes to avoid that.
4) Organization in general, cuts down on repetition. This might mean keeping cabinets and medicine chests organized so you don’t buy items you don’t need.
5) Organize all of your DVDs, books, and video games and any you no longer want you can sell to half priced books, on Amazon, eBay, or craigslist.
6) Getting your space organized can save you money by finding long lost items like phone chargers, batteries, screwdriver, light bulbs.
7) Organizing your closet can help you find old clothing to mix and match into your newer clothes.
8) Scan old photos onto the computer. It saves spaces and gives you a task to do instead of going out and spending money. (Could also be a great gift idea for family and friends that is inexpensive).
9) Keep a space in your home where you put things you want to donate. A large plastic storage box is a good idea. When it is full, make a list and donate. You will get a tax deduction is your itemize.
10) Budgeting is a way of organizing and it saves money because you make conscious choices about your money before you make or spend it
11) Organizing your pantry makes it easier to cook at home, saves money, and less chance you will buy something you don’t need
12) Living an organized life gives you more time, and you can either 1) enjoy more leisure or 2) take up a hobby that produces income
1) Organizing a shopping list to take to the grocery cuts down on expensive impulse buys.
2) Keep a shopping list in your kitchen. Write down what you need as you get low on things. Same benefit as #1
3) Organizing your checkbook or online banking might enable you to see how much money you waste on ATM fees so you can make changes to avoid that.
4) Organization in general, cuts down on repetition. This might mean keeping cabinets and medicine chests organized so you don’t buy items you don’t need.
5) Organize all of your DVDs, books, and video games and any you no longer want you can sell to half priced books, on Amazon, eBay, or craigslist.
6) Getting your space organized can save you money by finding long lost items like phone chargers, batteries, screwdriver, light bulbs.
7) Organizing your closet can help you find old clothing to mix and match into your newer clothes.
8) Scan old photos onto the computer. It saves spaces and gives you a task to do instead of going out and spending money. (Could also be a great gift idea for family and friends that is inexpensive).
9) Keep a space in your home where you put things you want to donate. A large plastic storage box is a good idea. When it is full, make a list and donate. You will get a tax deduction is your itemize.
10) Budgeting is a way of organizing and it saves money because you make conscious choices about your money before you make or spend it
11) Organizing your pantry makes it easier to cook at home, saves money, and less chance you will buy something you don’t need
12) Living an organized life gives you more time, and you can either 1) enjoy more leisure or 2) take up a hobby that produces income
Thursday, January 7, 2010
THRIFTY THURSDAYS: 15 Ways to Save while Staying Fit
1.Are you a loner or do you need the impact of a friend/team? Some of us are great at setting goals and just doing it. Others need to get a buddy to be accountable to. What is your nature? Design you system around this first.
2. Swap Workout VHS/DVDs with friends. Almost everyone has a workout tape sitting at home. Get a group of friends together to swap tapes weekly to keep your workouts interesting and your body guessing.
3. Gather a group of friends. Go to the park and play flag football, soccer, basketball, tennis or even a high energy game of freeze tag.
4. Share a Wii Fit with friends. So many people have Wii Fits now, get a group together for a weekly Wii yoga session.
5. Have a Dog? Get in shape with your favorite furry friend! They need to stay strong and fit too. Throw around the frisbee, run around the dog park or take walks in the park. If you don't have a dog ask to borrow your neighbors. They will thank you for it!
6. Learn to use your body as your strength training weights, there is no need for expensive equipment. And there are lots of video resources on youtube.
7. Walk or run your way to health. All you need is a good pair of running shoes.
8. Walk at lunch. During the winter, it is often too cold or dark to walk in the morning or evening, so go into work early and then walk at lunch when the sun is out and more palatable.
9. Buy used equipment on Craig's list, eBay, or other online merchant. Often people think they will like a certain kind of workout, but really don't.
10. Shop around for a fitness club. What is most important to you? A pool? A basketball court? A sauna? Many clubs give you 30 days free or a certain amount of free visits. Try them out in the winter. Assess you budget, if your purse strings can hold out go for it. If not, once the winter breaks go back to your walking shoes.
11. Go to the mall in bad weather. Its warm and free, but be careful of the window displays!
12. Take the stairs at work and try to make it a challenge with your co-workers. Who can take the stairs the most times in a day/week/month?
13. Ask friends if they have old workout equipment lying around you could borrow, swap, or trade for. Get fun and creative with the payoff, like I get your treadmill and in return I will cook you dinner once a week for 6 weeks.
14. Some of us need that extra boost of a personal trainer to keep us motivated. To cut down on the cost see if your personal trainer will train you and a few friends. This way you could split the cost in half or even thirds!
15. Go dancing! Its a great way to meet people, stay in shape and have fun. Check craigslist or a local event site to check out the different venues and types of dances there are in your area.
by: Gracie Mohr
2. Swap Workout VHS/DVDs with friends. Almost everyone has a workout tape sitting at home. Get a group of friends together to swap tapes weekly to keep your workouts interesting and your body guessing.
3. Gather a group of friends. Go to the park and play flag football, soccer, basketball, tennis or even a high energy game of freeze tag.
4. Share a Wii Fit with friends. So many people have Wii Fits now, get a group together for a weekly Wii yoga session.
5. Have a Dog? Get in shape with your favorite furry friend! They need to stay strong and fit too. Throw around the frisbee, run around the dog park or take walks in the park. If you don't have a dog ask to borrow your neighbors. They will thank you for it!
6. Learn to use your body as your strength training weights, there is no need for expensive equipment. And there are lots of video resources on youtube.
7. Walk or run your way to health. All you need is a good pair of running shoes.
8. Walk at lunch. During the winter, it is often too cold or dark to walk in the morning or evening, so go into work early and then walk at lunch when the sun is out and more palatable.
9. Buy used equipment on Craig's list, eBay, or other online merchant. Often people think they will like a certain kind of workout, but really don't.
10. Shop around for a fitness club. What is most important to you? A pool? A basketball court? A sauna? Many clubs give you 30 days free or a certain amount of free visits. Try them out in the winter. Assess you budget, if your purse strings can hold out go for it. If not, once the winter breaks go back to your walking shoes.
11. Go to the mall in bad weather. Its warm and free, but be careful of the window displays!
12. Take the stairs at work and try to make it a challenge with your co-workers. Who can take the stairs the most times in a day/week/month?
13. Ask friends if they have old workout equipment lying around you could borrow, swap, or trade for. Get fun and creative with the payoff, like I get your treadmill and in return I will cook you dinner once a week for 6 weeks.
14. Some of us need that extra boost of a personal trainer to keep us motivated. To cut down on the cost see if your personal trainer will train you and a few friends. This way you could split the cost in half or even thirds!
15. Go dancing! Its a great way to meet people, stay in shape and have fun. Check craigslist or a local event site to check out the different venues and types of dances there are in your area.
by: Gracie Mohr
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