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I want to challenge everyone who is reading this blog to start today and get control of your financial life. I am not a financial guru. I am someone who has won and lost with investing but is still in total control of my finances and has a financial retirement plan. You’ve got to start somewhere. If it is just a little seed money, grow that seed corn because no one else will!

I am challenging you not to be dependent on your husband or partner or your children or anyone else! Please, listen to Lisa….if I can do, this so can you!!! Not sure where to start? Email me and I can suggest some publications or people to help you get started. Today, we celebrate Independence Day. But are we truly independent? Think about it!

Have a happy 4th!

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1. Who has the right to control the activities of the person?
2. Who supplies the tools of the trade? Again, hope it’s not you!
3. Who provides the workplace?
4. What costs are borne by the worker?
5. Can the worker profit from his/her skills?
6. What special skills are required?
7. Do you train the worker?
8. Is the relationship long-term vs. short-term?
9. Is the service he/she provides part of your business?
10. How are payments made?
11. Does the worker get fringe benefits?
12. Does the worker see herself as an independent contractor?

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I recently attended an investor meeting where the speaker discussed international investments. If this is of interest to you, here were her top three choices of areas she recommends to her clients for investment.

South Africa. As a leading supplier of gold, platinum, coal and diamonds to more than 80 countries around the world, South Africa is rich in mineral resources.

Commodities. Your IRA can invest in oil, gold, silver, water rights, wind, and more! To learn how to do this type of investing within your retirement plan visit The Entrust Group to get more information.
Commodities act as a hedge against inflation and a safe haven during times of political uncertainty, as well as a buffer to the declining dollar.

Asian Real Estate. In China and in India, millions of people are migrating to cities for employment opportunities driving up the demand for new housing and increasing prices on existing properties. If this interests you, consider a U.S. based REIT (real estate investment trust) that has an Asian exposure.

With all of the bad news in our economy, your cash does not need to sit idle. Don’t forget to research and feel comfortable with an investment before you buy. Never let others talk you out of your money!

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1. Look over your existing insurance policy. Make sure you have an extended replacement cost provision which pays you the set amount (dwelling limit) plus at least a 20% margin. Construction costs have rose dramatically over the last few years. Add this margin to cover any inflationary costs.

2. If you live in an area of the country which could have a natural disaster (hurricane, wildfires, etc.), try to get them covered or get an additional policy. I have earthquake insurance for California and hurricane insurance on my rentals in Florida. If you don’t have those in your policy, there is a good chance they won’t be covered should disaster strike.

3. Know what it would cost per square foot to rebuild and factor that number into your insurance limits. The national average is $250 a square foot, however if you live in California the cost could exceed $400 per square foot, a big difference.

4. Document what you own. If you expect to be reimbursed you need records: pictures of your personal belongings, serial numbers, and anything else of importance.

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1. Equipment Purchases: Don’t wait until December to start thinking of buying that copy machine! If you need a major piece of equipment for your business, you could deduct this expense under Section 179 of the IRS code. This year, that expense is up to $128,000–this is an offset expense against any expected profit.

2. With the start of summer consider giving your kids summer jobs. Hiring your high school child to work in the office is a great way to pass tax-free income to your kids. You get a deduction, and if you are paying your child less than $5,300 per year, he or she will experience no tax either!

3. Make sure you fund whatever IRA or Qualified Plan you have established!

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1. Arrange for someone trustworthy to handle your voice messages.

2. Set up an out of office email auto-responder so people know you are not ignoring them.

3. Alert key people of your vacation in advance of your upcoming absence.

4. Pay your bills in advance.

5. Consider installing a home security system if you don’t have one.

6. Have trusted neighbors or family members routinely check on your home or office.

7. Have someone pick up your mail and newspapers. Or instruct the post office to hold your mail.

8. Leave a light on an automatic timer to go on when it starts to get dark.

9. Advise the local police that you will be gone and ask if they can drive by occasionally.

By being proactive and taking these simple steps your vacation should be worry free, at least on the home front! Enjoy and happy summer.

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1. Succession planning. As much as we love what we do, reality is that we will not be able to run our business forever. Caring for a loved one, illness or just plain change of lifestyle could happen at any time to any one of us. Succession planning is imperative to leave the legacy to what you have started.

2. Recruiting and selecting talented employees. I don’t know about you, but I have had challenges finding and trusting the right people for the right job that will do whatever is necessary to help achieve the vision.

3. Retaining talent. You spend tons of money, effort and time training the new employee only to discover they will move on to what they perceive are better pastures. The best way I know of to retain talent is to give incentives to have them stay with you. Everyone has an opinion as to what incentives would WOW someone. I believe if you want to retain talent, you have to give pats on the back and make people feel needed.

4. Providing leaders with the skills to be successful. Continuing education for your future leaders makes them feel important and gives you peace of mind. Whether you send them back to college for an advanced degree, or to Toastmasters to get comfortable with public speaking, the person will feel rewarded and know you are grooming them for something important in their future. They will work hard to prove you right!

5. Rising health care costs. Not all employers pay for health care for their employees. There are a variety of different options out there if you elect to do this for your staff. We spend a lot of money making sure our employees are insured. I believe it helps set us apart and makes an employee grateful.

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This is fine if you realize that the money you are investing will need to be converted into the currency you are investing in—in this example Australian dollars. You do take a risk on exchange rates going against you if the dollar gains against the currency you invested in. Make sure you understand what you are getting into before you do it. Do that due diligence on every investment, even if you think that the investment is safe. Know what you are getting into and assess the risks and rewards associated with that investment. Better to be safe than broke!

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