It amazes me how much this time of year makes us want to become better people. While I like to think that we all have a natural desire to improve, I can’t help but to realize that it’s the promise of a new year, a fresh start, that allows us a look back over the past year, instilling in us either pride or regret which encourages us to make personal improvements. Whether or not we make resolutions we should all have goals throughout the year, in several key areas of our lives. While I’m not here to help anyone get a six pack, one of my resolutions is to help others meet their financial and professional goals.
Have 2020 Financial Vision
Saving money is typically one of the top 5 New Year’s resolutions. Unfortunately, it’s also one of the most commonly failed. It’s often forgotten even before you repeatedly hit the snooze button and forget about that gym membership. 59% of people live paycheck to paycheck, meaning they would be unable to meet their financial obligations if they became unemployed because their paycheck is almost entirely devoted to covering expenses, and only 38% of people have some form of emergency fund. To make it worse 44% of people routinely carry a credit card balance or struggle to keep up with payments. If this describes you, getting out of debt and having a sufficient emergency fund provides peace of mind knowing that if disaster strikes, you’ll be able to keep up with your expenses.
In hopes of helping people get out of debt and find financial peace, I’ll be helping to facilitate Dave Ramsey’s Financial Peace University, (“FPU”) this spring at Victory Family Church in Cranberry Township. FPU is a 9-lesson class that teaches you how to win with money. You’ll follow the 7 baby-steps and learn how to get out of debt, budget, save money, and give generously. The course is Biblically based, but what you’ll learn will work for any faith. To learn more and to sign up visit www.daveramsey.com/fpu or contact me.
Is it Time to Start Something New?
In a world of ride sharing and mobile food delivery services, the “side hustle” is taking off. The side hustle, formerly known as a second job, is a great way to bring in extra income or to launch your own business. If you’re tired of being at the mercy of a corporation dictating how you perform your side hustle, perhaps it’s time to incorporate and go into business for yourself. Going into business for yourself can be daunting; however, I can simplify the process and help you get everything in order to effectively limit your risk and start your own successful business.
However you decide to run your business, different forms of incorporation have different effects on taxation and liability protection. Whether you run your business by yourself or with a partner, there are several different forms of corporations in Pennsylvania including a Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership, Limited Liability Company, and C or S Corporations. Consultations at the Law Office of Mackenzie A. Kline are always free and I can’t wait to help you decide on the right type of corporation for your business. Regardless of the type of entity you use, if you conduct business in the Commonwealth of Pennsylvania under a name or designation other than the proper name of the entity, you must register the name with the Pennsylvania Department of State. The purpose of this requirement is just to allow anyone doing business with the fictitious name, to know with whom they are actually doing business.
While there are often many hoops to jump through, having a business attorney who can help ease the process and get your business up and running will help you save money and protect you if things go wrong.
No matter your plans for 2020, I hope you exceed your goals and grow beyond what you ever thought possible.
Have a safe and happy New Year!
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