definitions

Do You Need A Financial Professional? Here Are The Eight to Know

Do You Need A Financial Professional? Here Are The Eight to Know

My wife is an interior (and event) designer, and when it comes to professionals in those worlds, she has "a guy" for everything. She has a list of general contractors who know how to demolish and build entire rooms. She works with fabricators who create furniture, fabricators who can make window treatments, ironworkers, fine artists, and art consultants. Not to mention painters, electricians, a neon sign guy, and the list goes on. Each vendor has a specialty.

The financial world, just like any other industry, has specialized professionals too. Sometimes it's obvious when you should hire a financial pro. Other times, you might not even know what you don't know. Finances are somewhat intangible, unlike laying down tile in your kitchen, so it might not be evident to you when you should reach out for professional help. So here's a guide to help you understand eight different financial professionals, what they do, and who should hire them.

Your Cash Is Losing It's Value. This Is What You Can Do About It

Your Cash Is Losing It's Value. This Is What You Can Do About It

How many times have you thrown a penny away? Like you saw a penny on your desk, or you got it as a change, and instead of putting it in your pocket to use later, you throw it in the actual garbage? I'm not trying to judge you; I'm just trying to illustrate how the penny has lost its value over time.

In 1909, you could buy a copy of the New York Tribune for one cent. And in 1932, you could travel a mile in Southern Railway System. And I'm sure you might have heard a grandparent speak of buying candy at a local five-and-dime for a penny.

How does a penny go from getting you an entire newspaper to being so annoying that you'd rather throw them away than carry them around?

When money becomes less valuable, it's usually due to inflation.

How To Be Awesome At Investing: Lessons From A Decade In Finance

How To Be Awesome At Investing: Lessons From A Decade In Finance

People always assume I am so deeply passionate and stoked about finance. Like I jump out of bed and get excited about interest rates. That's not exactly true. I am super stoked and passionate about helping people, feeling like my work matters and having autonomy over it. So when people ask me why I started The Hell Yeah Group, the answer is often that, " I looked inside of my tool box of skills and realized I had some sharp tools that all pertained to bookkeeping, running a small business and personal financial planning.” As much as I wanted to create a cool company that had nothing to do with finance, I had constraints: I needed to earn money and there was no denying the skills I had, no matter how uncool I thought it was. Not exactly visions of grandeur, more like shining a turd.

But I’ve really grown to love how my work makes me feel, regardless of it’s non-passion status. I want to share the industry-specific things I’ve learned and observed over the years that I think everyone should know.

The Top Five Tax Return Mistakes and How to Avoid Them

The Top Five Tax Return Mistakes and How to Avoid Them

Written by Luke Frye

Okay, this is going to sound extremely biased... but, as an accountant, I strongly recommend hiring a professional to file your business’s tax returns.

Sure, you’ll have to part with some of your hard earned cash in the short term. But I guarantee it will save you time and headaches. And if it helps you avoid making costly errors on your tax return (y’know, the ones that result in IRS fines), it’ll also save you money in the long run.

That said, I’m aware that it’s not always possible to hire a pro. So, if you’re doing your own tax return this year, here are some common mistakes to avoid.

Top Nine Tax Code Myths and How to Stop Falling for Them

Top Nine Tax Code Myths and How to Stop Falling for Them

Tax filing and small biz accounting are complicated at the best of times. So, as a CPA for photographers and creative biz owners, I spend a lot of time busting tax myths for new clients.

Here are some of the most common tax myths that trip entrepreneurs up. Avoid them all and file a better tax return this year.

Five Things You Thought Your Accountant Was Doing

Five Things You Thought Your Accountant Was Doing

Accountants are smart, hard working, and they basically do everything for you, right?

Well, yes and no.

Typically your tax accountant (maybe you call them an EA or a CPA) is focused solely on filing your federal and state income taxes. This means there’s still a lot of “financial admin” you’ll have to take care of on your own to keep your business running.

Here are five financial tasks you’ll need to get done to keep your business running smoothly.

You’ll need to take care of these yourself or commission your accountant to do in addition to tax filing.

How to Make Money: Focus On Who You Serve

How to Make Money: Focus On Who You Serve

People talk about opportunities like they’re a nebulous, disembodied thing. Like they’re floating around and will land on your shoulder and boom, your life is changed forever. Let’s say they are. Imagine opportunities are all floating around in form of balloons. Every balloon is connected to a string. And at the end of the string, even though you might not be able to see it, there is a person holding the string.

You see, opportunities are not standalone. They’re always connected to a person.

This article is all about understanding who you serve. Who is your ideal customer, target market and what’s your niche?

Do You Need a Will?

"I have an app on my phone and it reminds me 5 times a day that I’m going to die,” is exactly what one of my friends told me recently. I stopped and thought about what she said, coming to the conclusion that I didn’t find it morbid. In fact, I think it’s a little weird that we don’t talk about dying more often; that we go around living our lives, putting things off as if we have all the time in the world.

How an Income Account Can Help You Make More Money

For the past year, I’ve been using an income account as a part of my weekly accounting process.

Accounting process sounds fancy, but it’s just a workflow process that I use every week. The reason I started using an income account was because I wanted to have a better understanding of how much I truly needed to earn. I also wanted to see if I could run my business with less money each month by only giving my business a certain amount of money to work with.

Paco’s Law: Expenses expand to reach the limits of what's available to spend

I’m sure you’ve heard of Murphy’s law; an old adage that states "anything that can go wrong, will go wrong.” And then there is Parkinson's law that basically boils down to: work expands to fill the time available for its completion.

Now, I’d like to introduce you to Paco’s law.