When you feel like you can’t pay your bills, the pressure is enormous; we’re all been there. Sometimes the pressure is so great that you don’t know what to do or where to start, so you don’t do anything. Trust me, that’s the worst thing you could ever do.
At some point, when all seems hopeless, maybe you start thinking about bankruptcy. This can be a way of starting over, but bankruptcy of today isn’t like it used to be. You don’t always get everything taken care of; there are still some things you’re liable for, such as student loans and taxes. You also have to deal with that 7-year period of limbo, in some cases 10 years, where your life is pretty much on hold if you want to buy something but need credit to help you out. Continue reading 5 Things To Think About Before Declaring Bankruptcy→
It’s been a while since we wrote about budgeting and credit cards. It’s time to reinforce the importance of understanding each of these and learning how to use your knowledge to either get control of credit cards or totally eliminate your credit card debt.
Before you decide to take action on your debt you need to know what it is. Whether it’s doing some kind of debt consolidation or filing bankruptcy, you need to know what your expenses and income is to first find out if you’re in real financial trouble or just need to get a handle on your spending. Continue reading Figuring Out Your Credit Card Debt→
Let me begin by saying that one shouldn’t consider the debate between paying off bills and saving for retirement as totally opposite beliefs. The truth is that for long term security you’re going to need to take care of both as time goes along. You never know how long you’ll live once you retire and the last thing you want is to be saddled with a lot of debt and not enough money to pay for everything.
With that said, let’s look at this discussion from some practical terms. The difference between paying off bills you have now and deciding to put money away can be drastic. It’s hard to see for most people because the numbers can be overwhelming, so we’re going to put it in terms that hopefully make it easier to understand with a little example. Continue reading Paying Off Bills Vs. Saving For Retirement→
Because we’re an accounting firm, you might think this post is more self serving that helpful, but we assure you that our intentions are good. We’ve worked with a lot of people who did their own taxes and budgets and sometimes had some costly mistakes. It’s not as easy as it sounds to keep up with your own records, especially if your career isn’t in finance.
Because of that, and a few other things, we want to give 5 reasons why you might need an accountant. There are more, but we don’t want to overwhelm anyone. Let’s get started. Continue reading 5 Reasons You Might Need An Accountant→
Everyone understands the concept of profit right? Well, apparently not, although it’s not their fault. Everyone thinks they understand, and on one level they might. Let’s talk a little bit about profit, and what’s going on with the economy right now.
First, the generic discussion about profit. One achieves profit when they have money left over after taking care of their expenses. That’s a very simplistic vision of profit, but I want to start simply. For personal wages, if, after you get paid, you can pay your bills and still have some money left over, you’ve earned a “profit”. Now, you might squander that money needlessly later on, but you did have a profit for awhile. Continue reading Understanding Profit→
Accounting & Financial Advice from the Syracuse NY area
