How To Choose The Right CPA For Your Business Needs

There's certainly no limit to the reasons a business may seek out the assistance of a Certified Public Accountant (CPA). Sure, they're known for handling tax concerns, but the truth is that accountants can be an integral part of any successful business, handling matters far beyond annual tax returns. Organizations of every type and size…

There's certainly no limit to the reasons a business may seek out the assistance of a Certified Public Accountant (CPA). Sure, they're known for handling tax concerns, but the truth is that accountants can be an integral part of any successful business, handling matters far beyond annual tax returns. Organizations of every type and size utilize CPAs for everything from financial planning to more involved management roles within the company, and selecting the right individual or firm for the needs and demands of your particular business is not a task that should be taken lightly.

Regardless of the primary motivation for enlisting their aid, here are a few things to consider when choosing a CPA.

Look For A CPA With Experience In Assisting Businesses Like Yours

As with any important professional position, experience should play a key role in your decision of what to work with. It's important that any accountant you are considering not only has a general accounting experience, but is also knowledgeable in the particular field or fields for which you are seeking help.

When you meet with prospective CPAs, be prepared to explain exactly what services you will require and then ask about their qualifications in those particular areas. Even the most highly skilled, frequently recommended individual may not be the right fit for your particular needs, so it's important to ensure that both parties are fully aware of how the relationship will work and the responsibilities that will be placed on the accountant who is everally hired.

Be Sure To Fully Understand The Business Relationship

To ensure that you are setting both your business and your new accountant up for success, it's vital to understand exactly how the professional relationship will be handled. Before making your final choice, be sure you know the answers to each of these questions.

* Are you hiring an individual or a firm? – One is not necessarily better than the other, but it's important that you recognize whether your accounting and / or consulting will be governed by one person or by a group of individuals. Independent accountants can sometimes offer more personal service, but may become overwhelmed during busier times of year like the tax season. Meanwhile, larger accounting firms may have more resources at their disposal but may not be able to offer the one-on-one interaction you're looking for. However, every situation is different so be sure to find out what type of service you can expect.

* Who will be doing the actual work? – Is the person you're meeting with during the initial interview process the same person who you'll be interacting with if you decide to hire that particular firm? It's important to speak directly with the individual who will be handling your affairs to ensure you'll be able to easily work together moving forward.

* How will future meetings and communications be handled? – The logistical details of hiring an outside firm or individual are an important consideration. Be sure to establish the preferred method of communication between your business and your accountant and discuss what type of meetings will need to take place and when they might be scheduled.

* What are the fees and what is included? – Obviously you'll want to clearly establish and understand the billing procedure of any perspective CPA. Smaller firms or individuals tend to be less expensive, but it's important to consider what is and is not included in their suite of services to determine if they'll be able to offer everything you need at their quoted price.

Do not Hesitate To Interview Multiple Accountants

It may be tempting to simply hire the first candidate who sees qualified to do the job, but a certain amount of perspective can be an essential tool when choosing the best accountant for your particular business. At times, the only way to fully appreciate the differences between the offerings of various CPAs is to compare them to what other individuals or firms can provide. You should interview between three and five CPAs before making your final decision. This extra bit of diligence, along with the guidelines outlined above, will help ensure a lasting and mutually beneficial relationship.

Laws Affecting Your Money

More and more people are starting to concern themselves with financial literacy in Canada. Financial literacy is the ability to understand how money works and it is a skill everyone should have and hone as they live. It's important to first recognize the different ways money can be made and different types of income (Employment,…

More and more people are starting to concern themselves with financial literacy in Canada. Financial literacy is the ability to understand how money works and it is a skill everyone should have and hone as they live. It's important to first recognize the different ways money can be made and different types of income (Employment, business, investment and passive) there are. Then secondly how to manage it, and thirdly how to invest it. Last but not least you have to learn how to give back. Money is not the root of all evil, it's the means to do good. Let us face it, it takes money to do almost anything of worth. If you find the topic of money as fascinating as I do I recommend you read, The Ascent of Money then How to be Smart with Your Money and from there just keep reading other books about money.

Growing up I think it's safe to say that, we all learned how to earn money. Go to school, do well then get a good job. A good job with benefits that pay well and has security. Then there are jobs that are not secure and most times do not require good education. They are the jobs that are based on commission. For many people, it's a bad word that they run away from but for the ones that work at it, it pays well. Dividends. Whichever way you choose to earn money, your goal should be to earn as much as possible when you're young. Earning money is simpler than making money but the result is the same, you would have received money that needs to be managed. The choice to make money instead of earning money will most times depend on how you were raised. Employees earn money and the self-employed or business owner make money. Either way we choose to get money, we are all subject to laws that regulate the various methods. If you are an employee then your concern should be the Employment Standards Act, which protects the rights of employees. The ESA sets out the minimum you should be paid, how you should be treated and a few benefits that you are entitled to such as vacation pay and holiday pay. If you're self-employed or own a business then Income Tax Act and various Municipal By-laws should be of more concern for you.

Managing money, not a lot of us were taught this or it was not emphasized. Managing your money is all about budgeting it. Simple, yes but a difficult habit for many to adapt. Most people just think of their bills when they get paid. Now the tools for creating a budget can be as simple as a piece of paper and a pen or a software like excel or even more advance Microsoft Money. Whichever you choose it is important that you make it a habit. Do not worry too much about staying on track because that comes with time. Just start. When you start try to create budgets that are one to two months ahead only only till you get better at staying on track. If you are not paying your bill on time you may end up in collection where a collection agency starts calling you to get you to pay your debts. In this case you would be affected by the Consumer Protection Act and the Collection Agency Act. “The average Canadian's consumer debt load hit $ 27,485 at the end of 2012, a six per cent increase over the previous year's level and the first time the figure has been above $ 27,000.”, According to http://www.cbc.ca . This amount does not include mortgage debt but things like credit cards, car loans and lines of credit. Here is a tip about dealing with collection agencies, you can request that they only contact you by mail and not call you anymore. If they do not complain with your request then you can report them to Consumer Affairs which would issue them a fine. Individuals who income and other assets are not sufficient to pay their financial obligations as they come due are insolvent. At this point you might have to declare bankruptcy. In which case, you would be affected by the Bankruptcy and Insolvency Act. This act fulfills 3 functions: protect creditors, give debtors a clean slate and help debtors and creditors compromise. So it is important that you manage your money well.

Now if you can do a decent or great job at the former two then you have some money to invest. Now you're ready to have money work for you instead of you working for money. At this point I suggest you speak to a financial professional. Make sure they are qualified. It's best to talk to your bank. Make your banker your friend. Have a regular dialogue with an account manager at your bank. Do your own research on investments but keep it simple. If the book starts out with formulas then put it down and look for another book. There are 4 basic things you should know about investing. One, start now. Long-term compounding is one of the most powerful tools available to investors. With compounding, your savings generate earnings, which are then reinvested to generate their own earnings. It's never too late to start, but the sooner you begin, the better. Two, do not avoid risk; manage it. A well-balanced portfolio divided among asset classes such as stocks, bonds and cash equivalents may help you manage risk and reduce the ups and downs of the market. This is where your banker plays a big part when you're starting. Three, maintain a long-term outlook. Investing is not a sprint, it's a marathon. Four, Avoid or postpone taxes when possible. This means deposit heavily into your RRSP then into your TSFA then if you got any left over to invest talk to your banker. The Securities Act protects investors from unscrupulous investment professionals and other investors.

Giving is just as important as all of the previous. Your giving can change the world if not just change your neighborhood. Your local charity can be a catalyst for change in your community which in turn could change the world. But we should all practice responsible giving. You should know the kind of world the charity that you give to is trying to create. Here are some of the things you should look for when donating . Low / Balanced Overhead . When donating it is important to research the percentage of funds that are directed to overhead. Overhead returns to wages, rent and such. Fundraising vs. Programs . Are most of the funds being used to pay for what the charity does or to raise more money? Programs are where it's for charities because that what they do. Transparency . It should be reliably easy to find out the going-ons of the charity. An annual report should be available. By doing your due diligence there is less likelihood that you will be defrauded or get involved with a fraudulent charity. Also giving can help keep your tax bill low. Canada Revenue Agency has guidelines and listed charities on its website.

The Canadian Government has in recent years become more concerned with the financial literacy of its citizens and enact laws to promote financial literacy. The Financial Literacy Leader Act which is embedded into the financial consumer agency of Canada Act. The financial literacy leader is position created to cooperate and coordinate activities and initiatives that strengthen the financial literacy of the Canadians. For example, FLAG which is Financial Literacy Action Group. It consist of ABC Life Literacy Canada, Canadian Foundation for Economic Education, Credit Canada Debt Solutions, Financial Planning Standards Council, Investor Education Fund, Junior Achievement, and Social and Enterprise Development Innovations. Final word on financial literacy, it is your responsibility and even more essential now than ever before.

How Type A’s Sabotage Their Investment Success

I love my Type A family and friends, I really do. They are so energetic and have such “can do” attitudes! Type As tend to be optimistic and proactive, and I prefer to be around people like that. I think you become more like the people you associate with. A “can do” and proactive approach…

I love my Type A family and friends, I really do. They are so energetic and have such “can do” attitudes! Type As tend to be optimistic and proactive, and I prefer to be around people like that. I think you become more like the people you associate with.

A “can do” and proactive approach will serve you well in most areas of your life. Effort and hard work usually produce success. Whether it is in your career, family life, exercise, or whatever other challenges present themselves, “working the problem” usually helps.

Since I have a finance background and enjoy volunteering, I have several Type A family members and friends who I assist with their investments. To a man / woman, they predictably and diligently apply their hard work mantra to their investing activities. Their approach almost invariably is, “I need to work hard at investing if I want to be successful at it. I can not just sit idly by and expect my investments to grow. I need to make decisions and take action. I can make 8% per year on my money with a 'buy and hold' (lazy!) Portfolio, I'm sure I can earn 10%, maybe even 15%, if I just apply myself! ”

It is only natural for Type As to think this way.

Natural, but also, as it turns out, misguided.

Investing is different from a lot of other disciplines, in that active managing of it can be harmful. There are a couple of reasons why “active investing,” which I define as trading your portfolio on a daily, weekly, or even monthly basis, is a loser's game. First, let's explore the issue of trying to “time” the market. This is an investing strategy whereby one attempts to beat the market by anticipating major economic developments or company news announcements. This is a mistake. Do you really believe you can predict next quarter's GDP number more accurately than the 50 top economists in the nation, which is where Wall Street traders get their economic information? Do you think you can forecast Google's upcoming earnings results better than the top management of Google, who also have the ability to trade Google stock (albeit with some restrictions)?

Good luck with that. Let me know how it's working out for you.

Active traders also attempt to earn outsized returns by buying individual company stocks that they hope will outperform the market. Yes, I would agree that Apple, Google, Oracle, and IBM are probably the best run technology companies. Unfortunately, they there also also carry some of the highest stock prices (relative to earnings). So where is the value there? How can you expect to earn a better than average return going forward when these stocks are already so expensive? Again, you need to be able to outsmart Wall Street insiders, who have much greater access to company management and company information than you have.

Then, consider the “drag” on your investment returns from active trading due to costs such as contracts, bid / ask spreads, taxes, etc.

When you add it all up, it is almost always a game not worth playing. As such, I have discussed the smartest way to invest and the inherent advantages of using index funds in previous money blogs.

What I tell my Type A friends is this: Adopt a buy and hold strategy for your investments, and obtain the full market return while incurring as few expenses as possible. Avoid the loser's game of active investing. If you want to spend time making more money, rather than churning your portfolio, apply your extra effort to your career, by working towards a promotion or seeking out additional customers for your business. Or, if you are sufficient enough to not need the money, spend the extra time with family and friends. Either of these approaches will be a much better use of your time and effort.

Cash Advance Online: Attack Credit Card Debt Like Its A Short-Term Loan

Is packing away all your extra cash each month going to save you from ever needing a fast cash advance online? There are no promises, especially in finance. What can be said about building a savings account is that it is a good practice to have in order to help stabilized money problems more quickly…

Is packing away all your extra cash each month going to save you from ever needing a fast cash advance online? There are no promises, especially in finance. What can be said about building a savings account is that it is a good practice to have in order to help stabilized money problems more quickly and efficiently. The fact that by doing so you omit interest charges, you have once again saved money.

There is a problem with focusing all your attention towards saving money. As good as it might be that you will not need a fast cash advance or have to use your credit cards, it does not help you lower your current debt amount. In order to best support your finances, you will want to divide any extra cash between paying down debt and building a savings account.

Money management must provide a balance between income and expenses. A savings account places money as for a later date. For many people who live paycheck to paycheck, this is a tough achievement to succeed at. Many of these same people have already racked up credit card or safe cash advance online loan debt and need to obtain extra cash to make even the most minimal payment required. How does a savings account happen in this situation? Without any major budget re-haul or additional income to support the demand, there is a lot that will not be happening.

Many people have to change their mindset about long-term credit card debt. They already have distaste for high interest short-term debt because the large fee is obvious. The money is almost forced to be paid off quickly in order to keep their budgets out of continued trouble. These online cash advance loans may just have the secret to debt success. Here is where the money mindset must change. Most household money problems can be traced to credit card debt problems. These plastic revolving money accounts give borrowers the freedom to use any portion of the remaining balance at ny time. If you pay down the debt you have more to spend. It is a trap for excess spending. in the meantime, the creditors collect interest charges each month. Now these charges vary according to many different variables. One of the largest variations is the borrower's credit score. It is not necessarily about how much money you make because if you have too much debt, you may be refused service.

Long-term debt leaves lots of room for error. Any given day could lead to money emergencies where a creditor may collect upon. That's right, the creditor may not like the fact that you missed the payment, but it sure is not upset when they add fees to your account because of it and you will probably be charges interest on that money as well. Before you have the chance to mess up your money management, it is important to take care of your debt. This means that even though you are saving for future needs, your current ones need that cash more. Paying down you debt is the best way to save money in the long run. You may not see the actual cash like you would a savings account balance, but you will begin to see less pressure on each paycheck as your monthly interest charges decrease along with the minimum payment amount.

Do not look at a savings account as the only way you will keep from needing a cash advance online lender . If you need a fast cash advance the use one, but pay it off quickly. Attack your credit card debt like it belonged to a direct lender. Make every effort to get rid of all dependencies. Yes, keep adding money to your savings account each month, but make sure you are making a dent in your debt first.

Millenials, It’s About Time You Started Saving

If you've just recently graduated and have rented your first full-time job, you might think it is a bit soon in your career to start worrying yourself with your savings and investments. Unfortunately, that could not be further from the truth – regardless of how you approach it, the earlier that you start saving, the…

If you've just recently graduated and have rented your first full-time job, you might think it is a bit soon in your career to start worrying yourself with your savings and investments. Unfortunately, that could not be further from the truth – regardless of how you approach it, the earlier that you start saving, the more of a financial cushion you'll have later on in life. Plus, determining how to properly handle the money you have now will make things things much easier later if you say or want to buy a house or want to devise a retirement plan. Initiating prudent financial habits brings rewards rewards later in life; these initial budgeting habits will hopefully help you create a bit of financial security for yourself so you can start to invest in your future.

Cover your bases.

When you begin considering long-term career goals, be certain you have a financial strategy in place that addresses your current situation. For some millions that should include paying off any private / federal student loans you may be obliged to. With an interest rate of 5-6% or more, it's very important to take care of these loans as soon as possible-especially considering federal student loans are often the most difficult ones to pay off. There are many laws currently in effect that actually make it rather difficult to forgive federal student loans in the instance of bankruptcy. Of course, no one should actually be planning on ever going bankrupt, but the key to a financially secure future is to address financial struggle before other commitments make your life get even more frustrating. You do not want past debt hovering over your head while you're planning a family or putting a down payment on home.

Beyond paying off your debt from loans, it is also necessary to put away emergency savings. At some point in the near future, you will probably get hit with some totally unanticipated expenses. If you have to pay for serious vehicle repairs or an unexpected vehicle medical procedure, you'll be able to thank yourself for setting the funds as to begin with, and effectively saving yourself from extra debt.

Factor in your future goals.

Even if you do not have your whole life mapped out, chances are you've got something of a notification of what your biggest interests and priorities are. If you'd like to travel the world while you are still young your saving approach is probably going to look quite different than if your ultimate goal is to enjoy an early retirement. Imagining your professional goals will help decide how much you need to save every pay period. Some people have even advised young people to save as much as an entire third of their paychecks, with others suggesting that putting away at minimum 10 percent is a good way to start saving. Whatever amount you decide on, be sure to put aside finances for whatever your important goals are (from owning a home, to traveling the world, to having your dream wedding) every month so that none of your goals are overlooked.

The best part about practicing good saving habits is that you will not start getting used to a way of life that you later find out is too expensive. It's definitely easier to start lean and work toward a more extravagant life than it is to get rid of what you used to love.

A General Look At Purchased Life Annuity

A purchased life annuity deal refers to an annuity plan that is purchased with funds other than the pension funds of an individual. The money used for this purchase can be funds saved in other investment vehicles like an ISA. It could possibly be funds from the savings account of an individual and it can…

A purchased life annuity deal refers to an annuity plan that is purchased with funds other than the pension funds of an individual. The money used for this purchase can be funds saved in other investment vehicles like an ISA. It could possibly be funds from the savings account of an individual and it can also be the tax free lump sum withdrawn from a pension pot. As soon as tax-free lump sum has been withdrawn, an individual can do whatever they want with the capital.

As soon as the contract has come into play, the terms and conditions of a Purchased Life Annuity contract can not be altered just as it is with other annuity contracts. Therefore the income agreed stays the same along with any additional options you may have included in the contract. The income you will receive from most annuity providers is determined by certain factors. The first is your age as the rates hinge heavily on your estimated life expectancy. Your state of health and size of your premium amount also affects it a great deal too. If you decide to include any additional benefits to the annuity deal, your monthly income will be adjusted to accommodate any benefits you may have included into the deal.

Since the options you chose and income payable from the annuity are fixed once you have bought the annuity, it is very important for you to explore and understand all the options available before you try to purchase the plan.

Taxation on purchased life annuities

With purchased life annuities, the tax is favorable and it is in fact one of the main reasons why many people choose to go with it. This is how tax works with purchased life annuities. Since the annuity is purchased using funds from an individual's savings, the HMRC attorneys part of the income paid to the annuitant each month as a return on capital and this part is there considering to be tax-free. The only part of the income that is taxed by the HMRC is the one they consider to be interest on capital meaning that less tax is paid on the total income payment.

Generally, the example you will be provided with when applying for purchased life annuities will show you the gross income payable to you as well as how much tax will be reduced for every particular case.

What are the main options you can add to your purchased life annuity deal?
The main options you can add in your purchased life annuity contract include the following:

A spouse or creditors pension: Income will continue to be paid to your spouse or partner even when you have passed on. You have the option of allowing 100%, 67% or 50% of the income to go to your spouse when you pass on. The higher the percentage you choose, the costlier the contract. This does not mean you will be required to come up with more money but rather your monthly income will be much lower than what it should have been.

Guaranteed period: With a guaranteed period, you are ensuring that your income will continue to be paid even if you die within a certain time limit. Typically, the guaranteed period you can choose is 5-10 years maximum. Guaranteed periods are not expensive and they offer the individual additional security for your annuity income.

Escalation: Inflation is one of the largest concerns of annuitants especially individuals who took out annuity plans very early. This is because no one wants the purchasing power of their retirement income to be eroded by inflation. In other to fight this, providers make it possible for individuals to choose their income to increase by a fixed percentage each year. The highest percentage allowed by many providers is 8%. Alternately, you can decide to have your annuity income linked to the RPI. Adding the option for escalation is very expensive as it is likely to reduce the initial amount you will be receiving as income during the early periods of the contract. However, it is still very important for you to include this option in your purchased life annuity deal as a young retiree.

Protection of capital: With this option the amount you paid into the annuity plan will be refunded to a named beneficiary minus any amount of money that has already been paid out to you. This is applicable to any age there are no tax duties since it is considered a return of your capital.

Don’t Put Saving Ahead of Online Cash Advance Payoff

It is important to pay off your safe online cash advance and credit card debt while you are saving. For those of you who think that saving is more important, you will want to reevaluate your thinking. It does not mean that saving money is not a priority budget payment. What it does say is…

It is important to pay off your safe online cash advance and credit card debt while you are saving. For those of you who think that saving is more important, you will want to reevaluate your thinking. It does not mean that saving money is not a priority budget payment. What it does say is that paying off debt should not be less important.

An emergency savings account is one of the best assets you can own. It will be there to help you when money emergencies pop up. It will save you from having to use credit cards or a fast cash advance online in order to support extra costs when the budget can not keep up. The down side to having your money in a savings account is that that it will earn less than 1% interest each month. Investing money will make your money work for you, but you need to have some wake out in order to have immediate access for urgent payments. Earning 1% is still better than paying 15% -30% on debt payments.

If you put all your excess cash into the savings account, you will still be losing money each month. You have to get rid of your debt in order to make more money. Well, it is not actually making money, but it will be wasting less. If you look at how much money you are spending on interest each month you can start to imagine what your finances could look like. The struggle to save for emergencies will no longer be a battle. You will also begin to consider investing some.

Keep both debt payoff and your savings a priority. While you do this, it is important to stop using your credit cards and find another way to make your payments rather than using online direct cash advance loans as your fallback money support system. This does not mean that using third party money is taboo. Sometimes you have to do what you have to do, but if you work at preventing reliance or at least find other options which could be used instead it will be well-worth your time. Consider it one more way to save. You worked hard for your income, why should you give it away? It will definitely lower the final cost for your purchases. What is a sale if you end up paying more in the end?

Here is another advantage to paying off your debt as soon as possible. You will be rebuilding your credit score for future money needs. Once you get all your bad debt paid off, your status will put you in line for low interest offers. Your future money needs may end up costing you much less. This is very important for those who may be looking into buying a new home or car in the new future. It would also help those who have private student loans and may want to consider consolidation. So much relationships on your credit score. It is important to protect it the best you can. A savings account will not make a primary impact on improving your score. Bank account information is not recorded. Cash advance online help will not bring you score down unless the loan goes into default; an important detail to remember when outside emergency cash assistance is needed. You may pay a little more for your loan in the short-term, but the long-term results will repay you in the end.

Tackle your debt head-on while you save. Make a plan which will cut back on costs and boost your payments into both. The more you can get into your savings the sooner you will support unexpected costs. It does not make sense to build more debt while trying to payoff others. If you do have to reach outside the budget to support expenses, do what you can to make it the minimum amount and get it paid off quickly. Stick to it, you will get there.

The Psychology of Money

The way you think about money has a significant effect on the way you live, and if you happen to be a financial professional, your feelings about money are definitely going to affect how you work with clients. It can be invaluable to take the time to think about what money means to you, a…

The way you think about money has a significant effect on the way you live, and if you happen to be a financial professional, your feelings about money are definitely going to affect how you work with clients. It can be invaluable to take the time to think about what money means to you, a process that may often uncover financial fears and irrational thoughts.

Money messages – your earliest memories about money, often passed down by your parents – influence your financial perspective in an extremely powerful way. For instance, one of my clients has a strong memory of his father putting change in a huge container in the living room every evening, explaining that when it was full, they'd be able to go on a vacation … and teaching the value of saving for a goal. This client uses the same tactic with his kids, tweaking it slightly so they realize that when their containers are full, they can exchange the coins for bills.

Those who were raised to believe that money equates to power, freedom and control are going to have much different than those who were taught that money is not a good thing. Among the money messages some people learned as a child are:

  • You have to work hard and suffer to earn money.
  • Having a lot of money is not “spiritual.”
  • Money is too hard to manage.
  • You'll never be rich.

If you were brought up with these beliefs, you can actually sabotage yourself as an adult with respect to making financial decisions. Your upbringing will also have a lot to do with whether you're a prosperity thinker or a poverty thinker.

Those who focus on prosperity believe money is for pleasure, and they derive joy from spending it; money gives them a sense of abundance and optimism, and they believe they'll always make more. On the other hand, poverty thinkers have a mistrust of money and negative feelings about it; they operate out of pessimism and fear. They're reluctant to spend money and never feel secure or as if they have “enough,” regardless of the truth about their finances -and their feelings are not necessarily based on reality.

Living at either extreme can be a problem; those focused on prosperity need to ensure they're not living above their means, and those more worried about poverty can look like they are not generous, even to their own family members. As you may imagine, mixed monetary philosophies in interviews can result in significant tension over budgets.

It's critical to be aware of your money messages and how they influence your decisions and actions. In particular, you must be willing to “shift” your thinking to get out of “victim mode” and find the balance that works for you on the prosperity-poverty continuum. Whether you're making investments for yourself, or serving as a trusted advisor to clients , you must understand your beliefs about money, and work proactively to ensure that they do not affect your behavior in ways that result in negative consequences.

Is the Debit Card Becoming Obsolete?

We are all familiar with what happens when you go into the bank and meet with one of the bankers. They want to make sure you're taking full advantage of your banking relationship. One thing they will all be sure to mention is their latest and greatest credit card offer for which you've been pre-approved…

We are all familiar with what happens when you go into the bank and meet with one of the bankers. They want to make sure you're taking full advantage of your banking relationship. One thing they will all be sure to mention is their latest and greatest credit card offer for which you've been pre-approved or they state that the credit card you have is not their best one. Either way, you did not go into the bank that day to get a new credit card. Has your banker ever challenged you to rethink the reason you use your debit card?

Your debit card has a few benefits, it enables you to buy goods / services, helps you avoid having a ton of cash on hand (safety), withdraw money from the ATM, and serve as identification if you're doing a transaction at the teller window. Those benefits are not that compelling which is what this particular banker was expressing during our conversation. The discussion then turned towards the new credit card and all of its awesome rewards. This is when the “ah-ha” moment occurred … why do we consistently use our debit cards to make purchases, which gives us no benefit whatsoever, when we could be receiving cash back, travel rewards, points to buy stuff, etc . Now, some of you may be thinking that it's silly to use a credit card when you already have the money to pay for something. That makes perfect sense, but have you ever thought about it from the other side. Since you do have the money already, why not take advantage of the benefits and pay off the full balance at the end of the month. This seems pretty simple because now you will not be worried about carrying a balance which may be subject to an interest charge and you will have returned the benefits (rewards) of using the credit card. Keep in mind, such a strategy will not work if you are not a responsible financial steward. Utilizing such a strategy will also require you having a steady income, which will allow you to make that payment each month. Not making that payment and incurring that interest charge is what the bank wants you to do. Let's make sure to stay in control and use what the bank is offering to your advantage.

You still might not be confused about this credit card idea and it's simply because most people do not challenge the status quo. We've been programmed to think a certain way for so long, it's hard to change. But think about how much money you spend each year on food, both dining out and groceries, gas and entertainment. Would not it be nice to get something for all of that spending that you're doing? The banks know this is where you're spending your money, so they offer these credit cards. All you really have to do is figure out which rewards suit you best and utilize it to your advantage.

Succeeding in Your Chosen Vocation – Choosing the Right Career

It is important for you to find what type of work you enjoy, which is usually also what you're good at, and do it with excellence. Although you can change direction in life, do everything you can to start off on the right foot. Here are two points to consider in choosing the right vote:…

It is important for you to find what type of work you enjoy, which is usually also what you're good at, and do it with excellence. Although you can change direction in life, do everything you can to start off on the right foot. Here are two points to consider in choosing the right vote:

1 – Surprisingly just doing something for the money rarely leads to a satisfying career.

2 – Do not pursue a certain vocation just because it's expected of you (by your friends, family or anyone else).

Please be careful what you choose to do. It would be a real tragedy to do something for the next 40 years you hate, only to retire and have little time to do things with your life you really wanted to.

Money is important there is no doubt about that, but caution should be exercised in this regards. It should not be your sole motivator.

So if you're young, really think about this step. Are you considering a rotation because that's what is expected of you? Doing that, like just pursuing money for money's sake is a recipe for misery. Consider taking a year off and figuring this out for yourself – a year of working or for some people, or a year of the training training can help you narrow in on what career path you could take.

There are some aptitude test you can take, and books you could read to help you in this area. Be sure to take advantage of all the resources available to you.

Here's some questions to ask yourself:

What do you love doing that you do not mind spending hours at?

If there were absolutely no limits on what you could do what would you do?

What type of people do enjoy working with? Children, youth, adults, retirees? Disabled or challenged? What types of personalities – calm, middle of the road, or fast paced?

Are you a loner or a team person?

How important is job security to you?

Do you want to work for yourself of someone else?

If you do work for someone else, is it a large organization or a small organization?

What is your ideal work environment? Inside outside?

What are your quality of life issues?

Where do you want to live?

How important is job security to you?

These questions will help you zero in on the type of career / vocation you want.

If you are already in a career and want to change jobs, this can be a little more challenging, especially if you are the sole bread winner and / or have dependents. If that's you, the Chicken Entrepreneur route may be better suited for you (see our other article for more information).

Consider a career coach:

A good career coach can help identify your strengths and offer practical advice for career selection, advancement or change. Not only that, they can be an excellent resource to increase your personal effectiveness. A good coach can also be an independent third party in whom you can confide, and help you be accountable.

In summary, choosing your vocation is vital to your success and satisfaction, so be sure to give it careful thought.