FINANCIAL HEALTH

  “Your present circumstances don’t determine where you can go; they merely determine where you start.”  -- Nido Qubein Your financial health is just as important to you as your overall, physical, mental and spiritual health.  It encompasses not only your personal finances, but your dreams of entrepreneurialism and future wealth. People should have a financial health checkup just as they do a physical checkup.  And they should involve their CPA, attorney and financial planner to help them develop the best plan to achieve their financial goals.  Don’t forget that tax reporting and compliance are important facets of your business and personal life as well. To assess your financial health, consider these following items:

1. Your income
2. Your debt
3. Your credit score
4. Your investments
5. Your savings
6. Your net worth
7. Your spending habits.

 To hire an accountant/CPA and financial advisor, consider these items:

1. Are they skilled in business development and management for:
   1. Corporate (C Corporations, S Corporations, Closely-Held Companies)
   2. Pass-Through Entities (Partnerships, Limited Liability Companies, S Corporations)
   3. Tax-Exempt Organizations (Non-Profits, Private Foundations)
   4. Business Professionals (Consultants, Entertainers, Entrepreneurs, Investors)
   5. Professional Practices (Law Firms, Medical Offices, Consulting Firms)

To hire a financial advisor consider these technical and management disciplines:

1. Chief Financial Officer – Contract Services
2. Succession Planning
3. Transition Planning
4. Business Plan Development
5. Profitability Consulting
6. Cash Flow Management and Budgeting
7. Financial Management and Systems Design
8. Governance and Tax Exempt Compliance for Non-Profits
9. Financial Systems Installation
10. Ask if the CPA has technical experience in tax resolution, tax planning, tax planning, tax preparation, tax research, and tax consulting, including complex tax matters, and income and estate taxes.

FINANCIAL RESOURCES

 

• Federal Reserve Education – a Government website with links to numerous other financial sites listed under “Public Resources/Related Websites.” Topics deal with personal finance, wealth building and management, banking, and consumer protection, among others.
• IRS – A Government website and a good starting point for basic information prior to seeing your CPA or financial advisor.

Our Fifty, Fit and Fine team members can also assist you:

• First Financial Group, Eric McGinley
• Success Zone, Inc., Donald C.  Moragne,