Tips

Everyone deserves a chance to take a break from the day to day and take a vacation. Vacations are a time to relax, maybe explore a new place and enjoy some of the things that life has to offer with your discretionary income. You shouldn’t have to worry about keeping your money safe while on vacation, but unfortunately, that’s just a fact of life. Today, there are more ways than ever for things to get out of control while you’re on vacation. Here are some tips to keep your money safe while on vacation.

Notify Your Bank And Credit Card Companies

Before you leave for your vacation, let your bank and credit card companies in on your plans for travel. Certain algorithms are used today that help financial companies pick up fraudulent activities, including the origin of transactions. If you let these companies know ahead of time where you’ll be traveling, this will prevent them from flagging your transactions as suspicious activity and potentially freezing your accounts unnecessarily. Provide them with the dates and destinations of your trip to ensure a smooth financial experience. Many companies have a way of doing this online through their platform; otherwise, you may need to give them a quick call.

Use a Combination Of Payment Methods

Rather than relying solely on cash or credit cards, consider diversifying your payment methods. Carry a mix of cash, credit cards and debit cards with you while on vacation, but don’t bring them all with you when you go out for a day excursion. This way, you'll have options in case one method isn't accepted. Also, keeping one or more payment methods safely at your hotel or Airbnb will help ensure that if you lose a credit card you’ll still have a backup so your vacation isn’t ruined.

Limit The Amount of Cash You Carry

While it's a good idea to have some cash on hand for emergencies or situations where cards aren't accepted, it's important to limit the amount you carry. Much of the currency overseas is made of materials that are literally slippery. It’s too easy for this currency to slip out of your pocket just by walking down the road. Of course, you also have to be wary of pickpockets. One way or another, if cash finds its way out of your possession, you’ll be glad you didn’t lose all the cash on hand while you were out enjoying the day on your vacation.

Only take what you'll realistically need for a day or two and keep the rest in a secure location, such as a hotel safe or a hidden money belt.

Secure Your Valuables

Whether you're out exploring or relaxing by the pool, never leave your valuables unattended. Use the hotel safe to store your passport, extra cash, and expensive jewelry when you're not using them. Most countries will have a policy stating that foreign travelers need to carry their passports at all times. However, this makes it too easy to lose your passport or have it stolen. The spirit of the law is that they want foreign travelers to have ID on them. It’s a better idea to carry a photocopy of your passport and keep the original in the hotel safe or simply tucked somewhere safe in your Airbnb. That way, you can avoid the hassle of having to worry about identity theft and having your money stolen.

Use Only Secure ATMs

ATM skimmers are more common abroad. If you’re traveling overseas, be sure to only use secure ATMS. This means using machines located in well-lit, populated areas, such as inside a bank or major stores such as Walmart. Avoid using ATMs that look suspicious or have any signs of tampering. Avoid using ATMS in tourist areas, as these are common targets for thieves who want to target tired, unsuspecting tourists. Inspect the ATM for tampering before inserting your card. Be sure that the ATM has completely reset for the next customer before walking away.

Beware of Pickpockets

Petty theft and pickpockets are ubiquitous in some overseas locations. Keep your money inside a money belt somewhere on your person. If you carry a backpack, carry it on the front instead of the back, where a pickpocket in a crowded location could easily unzip a pocket and steal from you. Don’t display your wallet in public. Always tuck it away before exiting the store where you used it to pay for goods.

Be Careful of Scams

Be wary of strangers who approach you with overly friendly gestures or offers that seem too good to be true, as they might be attempting to scam you. In some countries, scammers will use children to take advantage of tourists who are taken with the child’s innocent-seeming charms. If you haven’t initiated the conversation, be very careful of foreign strangers who approach you, as they could just be acting as a distraction for a snatch and grab.

Use Only Secure Wi-Fi Networks

When dining out, avoid logging onto your bank or other financial institution on public Wi-Fi. In general, don’t use public Wi-Fi. Only use secure networks that are made available through your hotel or Airbnb. Consider using a VPN, which is available at a very low cost.

Keep Copies of Important Documents

Make photocopies or take pictures of your passport, credit cards, and other important documents before you leave for your trip. Store the copies securely in a separate location from the originals and let someone trusted in your family know where they are. In case your documents are lost or stolen, having copies will make it easier to report and replace them.

Regularly Check Your Accounts

While on vacation, monitor your bank and credit card accounts on a daily basis, from your secure Wi-Fi connection. Check your receipts against amounts that were debited from your account. Set up alerts on your accounts to receive notifications for transactions, if possible. Report any unauthorized charges or discrepancies to your bank immediately.

Using these tips, your money should be safe and sound while you’re enjoying your vacation. Just a few simple steps will give you the peace of mind you need to enjoy yourself, knowing your money is secure.

In an economy where uncertainty has become the only constant, protecting yourself against a recession is of utmost importance. It's an unavoidable fact that economies go through cycles. Periods of growth are often followed by slowdowns or recessions. While predicting the exact timing of a recession is impossible, there are proactive steps you can take to shield yourself financially when one occurs. Remember, a proactive approach and timely consultation with a trusted CPA can ensure that you weather the storm without compromising your financial health.

Build an Emergency Fund

One of the first lines of defense against a recession is having a robust emergency fund. This is a pool of money set aside to cover essential living expenses in case of a sudden income loss or unexpected expenses. Most financial advisors recommend building an emergency fund to cover 3-6 months' worth of expenses. If you haven't started an emergency fund yet, or if yours is smaller than this, it's time to prioritize this goal. There's a bit of advice from some money experts, who say to "pay yourself first." You can take this to mean that, each time you get paid, set aside a specific amount or a certain percentage and put it into a savings account. With the rest, pay your bills. Otherwise, if you have a mindset of only saving what's "left over," you may find yourself with nothing left over, ever.

Reduce Debt

Reducing debt is another proactive step you can take to prepare for a recession. In a downturn, having fewer obligations can make managing finances much easier and less stressful. Excess debt eats into your cash flow, which puts you in a very volatile situation if a true recession hits. Consider creating a plan to pay down debt faster, particularly high-interest credit card debt. Two of the biggest strategies are to either pay down small debts for a feeling of quick satisfaction, or to pay down larger debts first, in order to stop having to pay so much in interest each month. At the end of the day, you should do what you're comfortable with. If it works, it doesn't matter how you get it accomplished. Get in touch with your CPA for help getting out of debt. They will have some great ideas for you, based on their many years of experience helping people just like you to get out of debt.

Diversify Your Investments

During a recession, some investment sectors will get hit harder than others. Therefore, diversification becomes even more critical. Having your investments spread across various sectors and asset classes can help mitigate potential losses. If you haven't already, review your investment portfolio for diversity and risk tolerance. Avoid making any unusual investment decisions or Again, consulting with a CPA can provide valuable insights for optimizing your investment strategy in light of potential economic downturns. Even if you already work with a financial investment advisor, your CPA will have insights that the investment advisor may not.

Boost Your Income

Another strategy to protect yourself against a recession is to explore ways to boost your income. This could mean asking for a raise at work, seeking a higher-paying job, or starting a side gig. An additional income stream can help you build your emergency fund faster, reduce debt, and increase your financial cushion, preparing you to withstand a potential recession. Multiple streams of income also help shield you in the event that your primary source of income is lost. Even if you don't make huge money on the side, that little bit will be a safety net that will keep gas in the car and food on the table if a severe recession costs you your job.

Keep Investing

While it might seem counterintuitive, a recession typically presents good buying opportunities. When markets fall, you may be able to buy stocks at discounted prices. Regular investing, also known as dollar-cost averaging, can help you take advantage of these potential opportunities. Keep in mind that investing always carries risks, and it's not worth risking your nest egg, no matter how great of a deal a particular stock may be. Keep investing if you're in a strong financial position to do so, and if your CPA agrees.

Review and Adjust Your Budget

Your budget is a financial roadmap, and like any good map, it might need to be adjusted from time to time. Review your budget, cut back on non-essential expenses, and focus on saving and reducing debt. In uncertain times, having a tight grip on your budget can make all the difference. In particular, take a close look at subscriptions, which can take a big bite out of your budget when you add them all up together.

Consult with a CPA

Professional guidance can be invaluable in preparing for a recession. During a recession, your best friend is your CPA. CPAs have the knowledge and expertise to help you navigate the complex world of finance, and they have the advantage of the context of your unique financial situation. They can provide personalized help that's tailored to your unique financial situation and goals.

While recessions are an inevitable part of the economic cycle, their impact on your personal finances can be mitigated if you're proactive. By taking steps like those discussed above, you can prepare for the worst and protect your financial health. Although no one can accurately predict a recession down to the day, it's always wise to be as prepared as possible. This way, you and your family can enjoy a modicum of peace during times of economic downturns. Then, when times do get better, you won't have to play catch up and you'll be in an even better position to improve your financial situation.

If you are trying to buy a home, obtain a car loan, rent an apartment, or even apply for a job, the information contained in your credit report will be a big factor in determining your success or failure. While in most cases your credit report will be accurate, many people find negative items on their reports that they didn't even know existed. While there are plenty of companies that offer to help remove these items, they don't do anything you can't do yourself. To clean up your credit report and get rid of those negative items, here are some top strategies you can start using immediately.

Send a "Pay for Delete" Letter

If you have a negative item on your credit report that is accurate, you do not have the right to dispute it. However, one way to get this item off your credit report is to send your creditor a "pay for delete" letter. In this letter, you will ask that your creditor remove the negative information from your credit report in exchange for you making full payment on the amount owed. Since creditors are eager to get money owed to them, this strategy will work in many cases.

Use the Statute of Limitations

One thing many people fail to realize about negative items on their credit reports is that the information does not remain on the report indefinitely. If you have seven years that you can afford to wait around, this statute of limitations will mean the negative item will completely disappear from your credit report after seven years, and in some cases sooner. Also keep in mind that with each passing year, the negative items will have less and less impact on your overall credit score. Yet before you decide to use this strategy, you may want to seek advice from a CPA who may be able to suggest other strategies that may be more effective.

Submit a Credit Challenge

Unlike the "pay for delete" letter that has a negative item dropped from your credit report in exchange for full payment of your debt, the credit challenge is sent to the credit bureau itself. In this formal submission, you will be asking the credit bureau to investigate what you believe is an inaccurate negative item on your credit report. If you think the credit bureau will just ignore your challenge, this can't happen, since the credit bureau is required by law to investigate these matters. If you use this strategy, include a detailed description of the negative item in question, why you are disputing it, and copies of any documents that will help bolster your case.

Don’t Worry About Soft Credit Hits

When an insurance company, landlord, or an employer who is conducting a background check does a soft credit check on you, this won’t impact your credit score. In most instances, soft credit hits will only remain on your credit report for no more than 24 months, and in many situations no more than 12 months. A soft credit hit will never prevent you from building and maintaining good credit, so despite what some creditors may tell you, a soft credit hit is nothing to worry about.

Get a Free Copy of Your Credit Report

Always take advantage of being able to obtain a free copy of your credit reports each year from the major credit bureaus. Since a negative item may appear on one report but not another, you will need to obtain a credit report from the three major credit bureaus. Once you have the reports in hand, carefully examine all sections of each report. Should you find negative items you believe are inaccurate, contact the credit bureau at once. If you believe the problem to be extensive and potentially damaging from a legal standpoint, meet with your CPA to discuss your options.

Submit a Challenge to Your Lender

If you choose to submit a credit challenge letter to a credit bureau in an attempt to have a negative item removed from your credit report, be willing to send a similar challenge to your lender. Just like the credit bureaus, your lender will then be required by law to investigate the matter. By submitting this letter and documentation that adds credibility to your argument, you may find your problem gets resolved much faster than you anticipated.

Ask for a Goodwill Deletion

When you send this letter to a creditor, you will try to make yourself sound as good as possible while also trying to make the creditor feel guilty for giving you a hard time about a debt. This letter will have you describing why you were late with payments, how long you have been a good customer, and why your account should be looked at in a more favorable light. Though there is no guarantee this will work, since the creditor is under no obligation to comply, speaking to the right person at the right time may make all the difference in helping to clean up your credit report.

Contact a Business Directly

When a negative item appears on your credit report, you may get better results if you directly contact the business that reported the item to a credit bureau. If you do this, it's best to make your dispute in writing, even if it is a local business. By having everything in writing, you can be sure no important details are left out as to why this negative item needs to disappear from your credit report. Rather than lose a customer, many businesses will be willing to work with you to get the item removed. However, you will be responsible for contacting the credit bureaus for removal of the item.

Negative items on your credit report can impact your life in many ways, and it always pays to try to get as many of them cleared as possible. Every instance is unique, so you may have to try more than one approach to get negatives removed from your credit report. Once things start to improve, you’ll see your credit score improving, as well, which will put you in a better financial position for the future.

In the world of finance and business, there are a few people who stand out for their incredible wealth and success. These individuals have built multi-billion dollar companies, made smart investments, and have mastered the art of accumulating wealth. While there are many strategies and philosophies when it comes to managing money, we can learn a lot from these experts. Here is what some of the world’s most successful people have to say about wealth.

Warren Buffet: “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”

Warren Buffet is an American business magnate, investor, and philanthropist. He is the CEO of Berkshire Hathaway, which owns several companies such as GEICO, Duracell, and Dairy Queen. Buffet is considered one of the most successful investors in the world and has a net worth of over $100 billion. His philosophy is to invest in companies that have a strong competitive advantage and are undervalued. Buffet’s advice is to focus on protecting your capital and avoiding losses, rather than trying to hit home runs.

Barbara Corcoran: “Taking a risk is like jumping off a cliff and building your wings on the way down.”

Barbara Corcoran is a successful American entrepreneur, investor, and reality TV star. She became famous for playing one of the investor "sharks" on the show Shark Tank. Corcoran sold the real estate brokerage business she co-founded, The Corcoran Group, for $66 million. Her recommendation? Have faith in your gut and try new things. Corcoran thinks that taking measured risks is essential to succeed, whether one is starting a business or investing in the stock market.

Tony Robbins: “The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more.”

Tony Robbins is an American author, motivational speaker, and life coach. He is known for his seminars and books on personal development and has a net worth of over $500 million. Robbins believes that the key to building wealth is to provide value to others. Whether it’s through a product or service, being able to help others in a unique and valuable way will lead to success.

Jack Ma: “You should learn from your competitor, but never copy. Copy and you die.”

Jack Ma is a Chinese business magnate, investor, and philanthropist. He is the co-founder and former executive chairman of Alibaba Group, one of the largest e-commerce companies in the world. Ma is known for his entrepreneurial spirit and ability to innovate. His advice is to learn from your competition, but not to copy them. Instead, find your own unique way of doing things that sets you apart from the competition.

Jeff Bezos: “Your margin is my opportunity.”

Jeff Bezos is an American entrepreneur, investor, and philanthropist. He is the founder and CEO of Amazon, one of the largest companies in the world. Bezos is known for his focus on customer satisfaction and his willingness to take risks. His advice is to always look for opportunities to innovate and disrupt industries. Bezos believes that if you focus on providing a better customer experience, you will find success.

David Tepper: “You gotta be in it to win it.”

David Tepper is an American billionaire hedge fund manager and philanthropist. He is the founder of Appaloosa Management, a hedge fund that manages over $20 billion in assets. Tepper’s advice is to be willing to take risks and to be invested in the market. While investing can be unpredictable, being in the market and taking advantage of opportunities is key to building wealth over time. Tepper emphasizes the importance of staying in the game and not being discouraged by short-term losses.

Gary Vaynerchuk: “Legacy is greater than currency.”

Gary Vaynerchuk is a Belarusian-American entrepreneur, author, and internet personality. He is the CEO of VaynerMedia, a digital marketing agency, and has a net worth of over $200 million. Vaynerchuk’s philosophy is that building a legacy and leaving a positive impact on the world is more important than accumulating wealth. He encourages entrepreneurs to focus on building businesses that align with their values and beliefs.

Bill Gates: “It’s fine to celebrate success but it is more important to heed the lessons of failure.”

Bill Gates is an American entrepreneur, software developer, and philanthropist. He co-founded Microsoft, which became one of the largest and most profitable companies in the world. Gates is known for his focus on innovation and his dedication to philanthropy through the Bill and Melinda Gates Foundation. His advice is to learn from your failures and use them as opportunities for growth. Gates believes that failure is a natural part of the learning process and should not be feared.

Ingvar Kamprad: “The most dangerous poison is the feeling of achievement. The antidote is to every evening think about what can be done better tomorrow.”

Ingvar Kamprad was a Swedish business magnate and the founder of IKEA, one of the largest furniture retailers in the world. Kamprad’s philosophy was to focus on continuous improvement and to never be satisfied with the status quo. His advice is to always be looking for ways to improve and innovate, even when things are going well.

Richard Branson: “My biggest motivation? Just to keep challenging myself. I see life almost like one long university education that I never had — every day I’m learning something new.”

Richard Branson is a British entrepreneur and investor. He is the founder of the Virgin Group, which includes over 400 companies such as Virgin Atlantic and Virgin Galactic. Branson is known for his adventurous spirit and his willingness to take risks. His advice is to never stop learning and to always be open to new experiences. Branson believes that life is a never-ending journey of discovery and that the key to success is to always keep learning and growing.

The advice of these successful people highlights the value of taking calculated risks that don’t jeopardize financial stability, providing value to others, and focusing on continuous improvement. Whether you’re starting a business or investing in the stock market, it’s important to stay focused on your goals and to never give up. By learning from these experts and incorporating their philosophies into your own life, you may increase your chances of success and achieve your financial goals.

Whether or not we’re in a recession or a recession is on the horizon is a debate for pundits and economists. But you don’t have to be a fortune teller to know that a future recession will eventually come. The economy undulates like waves in the sea; sometimes it’s up and sometimes it’s down. Given this, it’s always a good idea to be prepared for the worst and to learn from the past.

Here are some lessons to be learned from past recessions for both individuals and business owners.

Build a Strong Financial Foundation

Having a strong financial foundation is crucial in weathering economic downturns. This means building an emergency fund, paying off debt and saving for retirement. By having a solid financial footing, individuals and businesses can be better prepared to handle unexpected challenges that may arise during a recession.

The Great Recession of 2008 is a prime example of a recession where having a strong financial foundation would have helped individuals and businesses. For example, people who had an emergency fund, low debt and savings were able to sustain themselves during the downturn. They were able to pay their bills, continue their job search or start their own business. On the other hand, those who were living paycheck to paycheck or had high levels of debt found it much harder to survive.

Diversify Your Income Streams

During a recession, certain industries and job types may be hit harder than others. Diversifying your sources of income can help mitigate the impact of a recession. This can include exploring side businesses or freelance work. By having multiple streams of income, both you and/or your business can be better positioned to withstand any economic turbulence.

During the 1981-82 recession, the unemployment rate rose to over 10%, and many industries, such as manufacturing and construction, experienced significant job losses. Workers in these industries who were unable to find employment could have benefited from diversifying their income streams. One option could have been to explore opportunities to start their own small businesses, such as a home-based baking or crafting business, which could be operated with relatively low start-up costs.

Cut Costs and Prioritize Expenses

During a recession, it's important to focus on reducing expenses and prioritizing spending on essential items. This means identifying areas where costs can be cut and allocating resources to the most important items. By conserving cash and being mindful of spending, you can rest easier knowing that you have a safety net and are not wasting the cash that you do have

Starbucks weathered the 2008 recession partly because they implemented a comprehensive cost-cutting program, which included closing underperforming stores, reducing employee benefits, and streamlining operations. Starbucks had other internal problems, and had to make many other changes, but cutting costs certainly played a big part in helping them to emerge from that recession in a stronger financial position.

Focus on Innovation and Adaptation

Recessions can create new opportunities for innovation and adaptation. Businesses that are able to pivot their products or services to meet changing consumer needs may be able to thrive during a recession. By staying nimble and adapting, businesses can position themselves for success both during and after a recession.

During the 1970s recession time, the United States faced economic challenges, including high inflation, high unemployment, and an energy crisis. However, one company that was able to thrive during this time was Xerox. One of its most successful innovations was the laser printer, which it introduced in the late 1970s. By focusing on innovation and investing in new products, Xerox was able to adapt to changing market conditions and turn a profit when other companies were flailing.

Don’t Panic and Stay the Course

During a recession, it's important to stay calm and not make rash decisions based on fear or panic. This means staying invested in the stock market if that’s something you do, and not selling investments during a downturn out of fear. By maintaining a long-term perspective and avoiding knee-jerk reactions, you can increase your chances of riding out a recession in reasonable financial shape.

Prioritize Communication and Transparency

Maintaining open communication with customers, employees and stakeholders is crucial during a recession. This means being transparent about any changes in business operations, such as layoffs or reduced services and providing regular updates on the business's financial health. By prioritizing communication and transparency, businesses can build trust and maintain positive relationships that translate into more loyal customers.

Invest in Your Education and Skills

During a recession, investing in education and skills can help you increase your employability and adapt to changes in the job market. This means taking courses, pursuing additional certifications, or acquiring new skills that are in high demand. Note that this doesn’t necessarily mean spending lots of money on courses. There are many free courses available online, and ways to self-educate with books, videos and podcasts.

Plan for the Long-Term

While it's important to take immediate actions to weather a recession, it's also important to plan for the long-term. This can include developing a long-term financial plan and investing in initiatives that will help the business remain successful in the future. By looking at things from a forward-looking perspective and making investments that will pay off in the long run, it’s possible to bank on sunny days ahead.

If an official recession does arrive in the coming weeks or months, remember that your CPA is a valuable ally. From making budget changes to improving cash flow, to starting a side hustle, your CPA has lots of ideas and strategies that can help.

When the nation's economy starts to slow down, you as a small business owner cannot help but worry about what lies ahead. As the COVID-19 pandemic demonstrated, uncertain economic times can emerge from nowhere in a hurry. When this occurs, having a plan in place can mean the difference between your business staying afloat after the crisis is over, or instead closing the doors to a business you worked so hard at for years to make a success. To help navigate the rough economic waters, here is how a CPA can help your small business.

Emphasizing Your Balance Sheet

When economic times get tough, you will probably still be focusing primarily on how your business is doing in terms of sales. While this is certainly important, your CPA will also have you focusing more and more on your company's balance sheet. This will be critical for your business, since the balance sheet emphasizes cash flow. As the economy sours, your CPA knows putting aside as much cash as possible may help you survive and outlast other competitors who may have to close their businesses.

Analyzing Your Accounts Receivables

In uncertain economic times, you will need to work closely with your CPA to do a careful analysis of your existing accounts receivables. Remember that since these are people who owe your business money that can help keep your cash flow at acceptable levels, it is vital that you make sure you get paid as quickly as possible. Should the folks who owe you money go out of business and you fail to get the money you were counting on, the consequences could be dire for your business.

Advice With Negotiating with Your Suppliers

As you and your CPA are taking a closer look at your accounts receivables, don't be surprised if your CPA also recommends that you perhaps try to renegotiate your own payment terms with various suppliers. For example, if the economic forecast is gloomy, renegotiating beforehand can give you more leverage. If all goes well, you may be able to strike new agreements with suppliers that will have you going from having to pay within 30 days to perhaps 45 days, which can have a big impact on how much cash you can keep on hand for your business.

Decreasing Your Debt

Your CPA can help you learn about the best strategies you can use to decrease the existing debt you have for your business. Again, this comes down to negotiating while you still have some leverage with your bank. By examining your current level of debt, how much credit you currently possess, and how that debt is impacting your cash flow and expenses, your CPA can help you learn how to enter negotiations with your lender from a position of power.

Finding Tax Breaks

If there is one thing your CPA is very good at doing, it is finding those elusive tax breaks that can save your business plenty of money come tax time. Since the IRS is seemingly always changing tax laws, there is no way you as a small business owner can keep up with the changes and how they will impact your business. However, this is the job of your CPA, and they do it very well. By sitting down with your CPA and looking over prior tax returns and how any new laws may change things for your business, you may find yourself having to pay fewer taxes during times when cash is tighter than ever for your business.

Reviewing Discretionary Spending

Even if you think you have trimmed everything possible from your company's budget, chances are your CPA knows better. Thus, it is always wise for you to have your CPA meet with you to analyze your discretionary spending and see if there are areas where additional cuts can be made. As an example, your CPA may recommend that you make more effective use of the internet to help decrease your company's administrative and operational costs. Should you still want your employees to get the latest training in various areas of your business, you may find this can be achieved through virtual training sessions online, rather than traveling in-person to various locations. Before you know it, you and your CPA may find more cuts to your budget than you ever thought possible.

Advice on Diversification and Expansion

While you may think uncertain economic times means you cannot possibly expand your business or launch new products or services, the fact is it may be an excellent time to consider these ideas. In these situations, your CPA can advise you to take a step back from where your business is at the moment, which will allow you to rethink your current strategies, review what is and is not working for your business to generate cash flow and profits, and consider the possibilities that may lie ahead. In many cases, your competitors will be doing the exact opposite of this. Thus, if you go on the offensive while everyone else is playing defense, you can use the advice of your CPA to capitalize on numerous opportunities other small businesses are overlooking.

Remind You to Not Panic

Perhaps most importantly of all, your CPA will be there to remind you that even though times are tough, now is not the time to panic and make critical mistakes that will hurt your business now and in the years ahead. Remember that since your CPA has years of experience, they have dealt with other tough economic times before, and have helped other small businesses navigate and emerge on the other side. By speaking candidly with your CPA and trusting the advice you are given, you can position your business for success once things begin to improve.

Keeping these tips in mind during an economic downturn will help your small business in numerous ways. As you continue to work with your CPA, you'll find many problems you thought doomed your business may simply be new opportunities to move ahead of your competitors.

Regardless of whether you’re traveling on business or to a vacation spot, there are some smart money moves you can make while on the go. Those moves include pre-authorized transactions, automating payments, and exchanging U.S. dollars for foreign currency. In addition, you can also avoid overdraft charges and hire an accountant.

Be Familiar With Pre-authorized Transactions

Whether you're traveling by car or plane, many businesses require you to have a pre-authorized transaction. This is done to make sure you have funds available for damages or losses. Essentially, a pre-authorization is a security deposit for the merchant. In the travel industry, tour operators, hotels, gas stations, and rental car companies commonly use them.

If the pre-authorization is for a larger amount than the customer expected, it may be declined. This can result in non-sufficient funds fees or even a negative balance on your account.
In some cases, a bank will file a chargeback for the pre-authorization. If the chargeback is successful, you may have to pay a fee. Alternatively, your card issuer can recharge the pre-authorization funds to your account, but this can take a couple of days.

You can prevent this from happening by setting up overdraft protection on your account. This will automatically move money from one account to another account, ensuring that you have funds available for these deposits.

Automate Bill Pay

When traveling for business or pleasure, time is valuable. Most travelers don’t enjoy spending time paying bills while away from home. In addition, logging into your online bank account frequently can be risky when you’re staying in hotels, Airbnbs and resorts. Using automatic payments when traveling is a great way to simplify your banking while you travel, but it can also leave you vulnerable to overdraft fees. A credit card or checking account can be used to automate payments, but another option is to have automated payments be taken off of a prepaid Visa debit card. That way, you control the amount, and your actual bank account is kept separate—and safe—from potential issues such as overdrafts.

Alert Your Financial Institution About Your Travel Plans

Nothing is more disappointing—or frightening—then having your card declined for a purchase while traveling abroad. Not only is this scenario inconvenient, it can also be embarrassing to try to explain to a merchant if there is also a language barrier. To avoid this, contact your financial institutions and let them know when and where you are traveling. Many online financial platforms have a section where you can post this notification on your dashboard. Other times you may have to call your bank or credit card issuer. If you do this before you leave, you can be more assured that your cards will be honored while you’re away from home.

Be Smart About Exchanging Currency

Getting the best exchange rate is essential when you travel is up to when and where you exchange your money. The rate you get is also dependent on the time of currency exchange rates, which fluctuate by the day and sometimes the hour. In general, the best rates are available from major banks in the U.S. and abroad.
If you live near a big city, you may be able to walk into a large bank and get foreign currency in hand. Other times, the bank will need to order the currency and you’ll need to pick it up in a week or two.

If you don’t want to bother with that, you can wait until you arrive to change your currency. Most large airports have currency exchange booths in the arrivals terminal. However, it’s recommended that you don’t use these, as the exchange rates are famously against your favor. Instead, use your credit card to get transportation into town and go to a local bank or currency exchange company in town. You’ll almost certainly get a better exchange rate this way.

Also, in some places, the exchange rates vary greatly from day to day. As you go about your sightseeing, try to pay attention to the posted exchange rates for your home currency. That way, if there’s suddenly a great rate in your favor, you can take advantage of it and exchange more of your cash into local currency.

Avoid Credit Card Use For Incidentals While Abroad

Both banks and credit card companies typically charge a foreign transaction fee whenever you make a charge while traveling abroad. These fees can range from a flat fee or a percentage of your purchase. Not only that, but banks and credit card companies aren’t known for giving great currency exchange rates. So, not only are you paying a transaction fee to use the card abroad, but you’re getting a bad rate on the exchange. Try to only use cards for major purchases, like tours and hotels. For incidentals, it’s best to use foreign currency.

Tuck Away Hidden Money

No matter where you travel in the world, whether it’s a big city in the U.S. or a tourist destination in Europe, you’re going to be subject to pickpockets and others who will try to separate you from your cash. Don’t increase your chances of getting stranded somewhere after suffering from one of these incidents. Tuck extra cash away somewhere on your person where it’s unlikely to be found. Many people put money in their shoe, but if a thief asks you to remove your shoes, your stash will be found. Instead, tuck the money inside your sock, beneath the sole of your foot. Other options include stashing some money inside the lining of your overcoat or in the hem of your dress. Hopefully, you’ll never have to rely on your hidden money to get back home, but if something does happen, you’ll be glad it’s there.

More and more people are traveling these days, after recovering from the travel restrictions during the pandemic. If you like to travel, you should certainly do so. Just keep these money tips in mind so your finances are just as healthy when you return as when you left.

When it comes to your parents, you’ve probably always been able to talk to them about anything. Yet, as you find yourself wanting to have a conversation about estate planning, you may be finding it to be harder than you anticipated. A topic often put off far too long, estate planning is a critical component of any family's financial strategy. If you need some tips on how to talk to your parents about estate planning, here are some details to keep in mind.

Don't Put Off the Conversation

Unfortunately, many families put off having an estate planning conversation until it's too late. While you don't want to think about it, the fact is the unexpected can always happen. Should your parents pass away prior to having an estate plan in place, this can leave you and members of your family with tremendous amounts of uncertainty, not to mention set the stage for legal battles that could tear at the very fabric of your family. In short, now is the best time to have an estate planning conversation with your parents.

Plan the Conversation

By planning the conversation beforehand, you can be sure you and your parents cover the most important topics associated with estate planning. One topic that should be discussed early on will be your parent's finances and who will be in charge of them should they die or become incapacitated. Since you and your parents will have plenty of questions that need to be answered, it may be best for you to schedule a meeting with a trusted and knowledgeable professional who has experience in estate planning matters.

Seek Their Input

When parents start having estate planning conversations, they sometimes feel as if their children or other family members are trying to take total control over their lives. To avoid this scenario, always seek out as much input from your parents from the very beginning of your conversations. By doing so, you can reassure your parents that your goal is to make sure their final wishes will be carried out in the manner they prefer. Whether it is writing a will, deciding who will make healthcare decisions, or working out the details associated with Power of Attorney, letting your parents tell you what they have in mind will make talking about estate planning much easier for everyone.

Involve the Whole Family

Any conversations you have with your parents about estate planning should always involve any and all family members who will be involved in the process. This will help to avoid any misunderstandings, let everyone have a say in various matters, and give your parents the chance to express their ideas to everyone at once. If possible, you may want to have your CPA included in this meeting, since this will let everyone have the chance to get their questions answered immediately.

Help Your Parents Find an Estate Planner

Chances are when you begin talking to your parents about estate planning, they will tell you they have given little thought to the matter, much less made arrangements to work with an estate planner. If this is the case with your parents, offer to help them find an estate planner they can completely trust to help them make the best decisions each step of the way. Remember that when doing estate planning, you will need not only an attorney who has experience in this area, but also a CPA who helps clients with managing tax responsibilities on a regular basis. By helping your parents get connected with an estate planner they can trust, you will make the process much less daunting to them and your other family members.

Don't Catch Your Parents Off-Guard

Always pick a good time to initiate your estate planning conversation with your parents. For example, try to do so at a time when everyone is relaxed and has the time needed to discuss such an important matter. If you want, you can even bring up a recent article you read in a magazine, online, or in a newspaper as a way of beginning the conversation. In some cases, your parents may have read the same article, which will be a great springboard into having a serious talk about their own estate plans. Should you try to bring up the subject abruptly or make your parents feel as if you are forcing them to talk about this sensitive topic when they are not ready or prepared to do so, it will only make arriving at a solution that much more difficult.

Be a Good Listener

As you begin a conversation with your parents about estate planning, you may have a tendency to talk too much and dominate the conversation. If this happens, your parents may assume you want to handle each and every detail, and may in fact already have things planned out in your own mind. Instead of letting this happen, take time to be an active listener while your parents are expressing their thoughts and feelings about the topic. If you do this, your parents will be put at ease and made to feel as if they still have control over their estate plan, which is exactly how it should be as this process moves forward.

Be Patient

Finally, you may need to be patient with your parents as you move through the estate planning process. In fact, don't be surprised if you wind up having multiple conversations about the topic before all the details are finally in place, which will include meeting with a CPA, attorney and other professionals as well. Since you know your parents want only the best for you and your other family members, a little bit of patience during these talks will go a long way in making this process much easier.

If you keep these tips in mind when talking to your parents about estate planning, your family will be able to arrive at an estate plan that meets everyone’s needs.

As you say goodbye to December and hello to January, one thing you can take advantage of is seasonal discounts. Each and every new year, retailers put various things on sale in January that you can get for very low prices. If you're ready to be a smart shopper and pick up certain products and services to get your year off to a great start, here are just a few of the best things to buy in January.

Christmas Decorations

Yes, even if you have just put away your Christmas decorations, January is a great time to stock up on items you’ll need next Christmas. Since retailers are always anxious to start moving in new inventory for the spring and summer, January is a perfect month to buy Christmas wrapping supplies and decorations for pennies on the dollar.

Exercise Equipment

Year after year, you and many other people out there make resolutions to exercise more and get in better shape. Thanks to all these resolutions, exercise equipment is always on sale during January. Whether you have your eye on a treadmill, exercise bike, set of weights, or other types of exercise equipment, you can enjoy great savings if you buy your stuff in January.

Gym Memberships

Along with the exercise equipment that is always offered at steep discounts during January, so too are gym memberships. If you would prefer to do your workout at a gym where you can have the latest equipment and maybe make a few new friends as well, take advantage of seasonal discounts and purchase a gym membership in January. Since gyms are always eager to increase their memberships, you should be able to enjoy numerous benefits by purchasing a January membership.

CPA Services

The beginning of a new year is always the best time to take a hard look at your finances to see where improvements can be made. Thus, one of the best things you can buy for yourself in January is the services of a CPA. Whether you are wanting to plan for retirement, do some estate planning, or learn more about how you can pay less taxes, utilizing the services of a CPA may result in you being able to save more money in 2023 than you ever imagined.

Toys

While toys may be on sale throughout the year, they are always offered at very low prices in January. Very often, retailers order more toys than they need for the Christmas season, meaning they are left with an overflow of inventory once the holidays are over. If you've got kids or grandkids who will be having birthdays later in the year, buying some toys in January will enable you to save plenty of money by buying ahead.

Winter Clothing

Though it may sound strange, you can actually save lots of money by purchasing winter clothing in January. Although it's usually still the middle of winter in January in most places, retailers are eager to get rid of their winter clothing so that they can start making room for the bathing suits and other clothes for summer. If you can hold out until after the holidays, you can pick up great deals on winter coats, boots and much more.

Carpeting and Flooring

Along with making resolutions to get themselves in better shape, many people also plan to give their homes a makeover once the new year begins. If this sounds like you, take advantage of the season. January is a great month to get excellent deals on various types of flooring and carpeting. Along with discounts on the flooring and carpeting, many stores will also toss in free installation and other bonuses as well, helping you save even more money.

Cars

Though many car dealers will offer plenty of deals leading up to the holidays, January is also a great month to buy a new or pre-owned ride. Once dealers are done with the holidays and see how many of last year's models they still have on their lots, they are always eager to cut you a great deal on whatever type of vehicle you want to purchase. Whether you want a new car or one that's slightly used, you'll find great deals in January.

Suits

If you are getting ready to start a new job in January or are simply in need of some new suits to wear, the first month of the year is a great time to make a purchase. For whatever reason, January has traditionally always been a very slow month for suit sales, meaning retailers will be more than happy to see you walk through the door. Whether you want a new suit to help impress your boss or to take your significant other out for a night on the town, buying in January will be a smart decision.

What Not to Buy in January

Now that you know more about plenty of things you should look to purchase in January, it's also good to know what you should avoid buying in January. Don’t spend on things that you don’t really need, simply for the sake of saving a few bucks on discounted prices. It’s not worth it to blow your budget for upgrades on cell phones, TVS, or other items you want, but don’t need. Buying small appliances should also be avoided until at least February, since these are usually on sale for President's Day. In fact, it's best to carefully go over your financial goals. You can give serious thought to how your spending fits into your overall financial goals for 2023.

As prices continue to rise on more and more things, it’s vital you do all you can to be a smart shopper. If you purchase the services of a CPA in January and use these meetings to your advantage, you can go confidently through the upcoming year as a person who spends wisely and saves frugally.

Most people make New Year's resolutions centered around self-improvement. While you may decide you want to lose a few pounds or perhaps take up a new hobby, you might want to also make some resolutions regarding your finances. If you're ready to make 2023 your best year ever from a financial standpoint, here are some ideas you should consider adding to your list of resolutions.

1. Create an Emergency Fund

Unfortunately, many people don’t have an emergency financial fund they can tap into if they have an unexpected financial crisis, such as a car repair, medical bill or perhaps even the loss of a job. If you are among the many in this situation, 2023 is the year to change this for the better. If you can't save much money per month for this fund, start out with a goal of creating a fund that's equal to one month of living expenses. Once you do this, try to grow it for three months. Before you know it, you may have a six-month emergency fund built up that will give you extraordinary peace of mind.

2. Pay Off Your Debt

In the U.S., it’s estimated that people owe nearly $17 billion in credit card debt. If you really want to make a major difference in your 2023 finances, make a resolution to pay down as much of your debt as possible over the coming year. Once you start looking over your monthly budget, you’ll likely find ways you can apply extra money toward paying off your debt. One recommended strategy is to start by paying off the credit card with the smallest balance, then work your way up to those with larger balances.

3. Use an Accountant

No matter where you are financially, having some meetings with a CPA can help make your resolutions a reality in 2023. This can be especially useful when it comes to your taxes, since most people often fail to take advantage of various tax credits and other financial benefits to which they are entitled. If you work with a CPA, you can discuss your financial goals, how to best structure your finances and much more.

4. Open a Retirement Account

When it comes to retirement, you can never start saving too soon. On average, many experts say that a person needs to have saved at least 10 times their annual salary by the time they retire. Whether or not you need that much is up to you, but taking small steps now can pay off big in the long-term. For example, if you have a 401(k) plan through your employer, make the maximum contribution each payday if possible. Since employers often match employee contributions in these plans, you can build up quite a nest egg in a short time. You might also consider opening an IRA, since this retirement account usually comes with numerous tax benefits. Your CPA may have other ideas that you can consider.

5. Invest Regularly

In today's world, there are online platforms that will let you invest in stocks, real estate, and other assets. Contrary to what you may think, you won't need hundreds or thousands of dollars to invest. In fact, there are some investment options that let you get started with only about five dollars per week. Even if you are trying to pay down debt or build up your emergency fund, you can probably find a way to invest five dollars a week.

6. Look Over Your Loans

If you have some loan payments that are eating away at your budget month after month, a great resolution to make for 2023 is to take a closer look at your loan options. For example, if you have a student loan that looks like it will never go away, consider applying for student loan debt relief offered by the federal government. If you have a mortgage or auto loan, look into refinancing options to see if you can get a better deal. Finally, if you have a large amount of credit card debt, you may want to look into getting a balance transfer card to avoid paying interest while you chisel down your debt.

7. Create or Review Your Budget

If you happen to be one of those people who goes through life without sticking to a regular budget each month, that could explain at least part of the reason why you are dealing with some financial issues. To make 2023 much easier from a financial standpoint, it's time to sit down and create a realistic budget that you can stick to month after month. If you already have a budget, the beginning of 2023 will be a perfect time to take a closer look at it to see if it's still working for you. As you create or review your budget, you will be amazed at how much you spend on certain things, like going out to eat or spending on electronics. If you decide to perhaps eat at home a bit more often, the money you save can play a big role in helping you achieve other financial goals.

8. Avoid Impulse Buying

Whether it’s something you see when shopping in a store, on a website or even in one of those late-night infomercials, do all you can in 2023 to resist the temptation of impulse buying. If you give in to this temptation, it will almost certainly be a budget-killer. If there’s something you are considering purchasing, always try to give yourself at least 24 hours to think it over. By doing so, chances are you'll avoid buying things that you didn’t truly need.

If you keep these eight New Year's resolutions in mind when the clock strikes midnight in 2023, you and your CPA can work together to create financial goals that will have you breathing much easier about your financial situation.