My Learning About Benefits

Many years ago I was offered a job that included what I was told a generous benefit package.  Benefits is a broad word meant to let people know that they have opportunities to receive more for their work than just the pay that they receive.  For me at that time it just meant that there was a bunch of options to choose from.  These options would take away money that I was earning.  I was young, healthy, and naive as to what they really were to me.  As years have gone by and as I have studied benefits for years now I know that there are perfect options for businesses.

What I didn’t know

I didn’t know the terminology of the different parts of benefit packages.  From the basic health insurance to the complexity of choosing mutual funds for my retirement plan.

I didn’t know how the benefits could be used and how they could benefit me.  Again, all I saw was that these benefits would take money from my paycheck.

I didn’t know the resources I had that I could use to learn more about the benefits.  Most every company has places you can go or ways that you can get more information on the benefits.

What did I learn

Over the years I have come to learn the terminology for benefits.  It was mostly through trial and error that I have learned what i have.  I would also include some google mixed into my learning. I know now what a supplemental plan is for.  In learning I know that there can be easy choices for choosing insurances or for retirement.

I know much better how the benefit packages can help me and how to use them.

And I also know how to find resources and people to talk to about benefits that can guide me to use the benefits to their maximum potential.

I also know now that businesses don’t just put benefits in place to just say that they have them.  Rather that they want to cultivate and keep their employees.

What I do now

Now days I work with businesses to set up their benefit packages for their employees.  I also work with individuals to understand their financial situation. Helping individuals take advantage of every benefit offered.  Within the agreed amounts and keeping values in place.

I also take time to answer questions and teach about what I have learned. Within these articles you will begin to learn more about benefits and how you can use them.  Maybe even suggest a few to your own company.

In the end I have loved taking something that I knew very little about and changed it into a strength.  Through learning, research, and diligence I have become better.  Start your learning now by reading more articles.

 

Business Entity Options

When forming your new business structure, you must consider the best possible alternative of the available business structures. While a sole proprietorship is the easiest type to create, there is no separate identity. Personal liability belongs to the owner. Should there be a lawsuit, accident or you incur debts that you can’t repay, your personal assets are at risk. The type of entity you choose should be based on careful consideration. Each state has specific rules for the structure of each type of entity. You should investigate the type of entity, the rules and laws pertaining to each in your state and at a federal level. Doing this will help you to gain enough knowledge to get started in the process.  Know enough to make an educated decision, but leave the details to the professionals that you will be working with.

More Than One Choice

The choices are – sole proprietorship, partnership, limited liability partnership, corporation, C corporation, S corporation, and LLCs. Sole proprietorship provides the least protection while corporations and LLCs offer limited personal liability for debts or judgments against the company. When creating your entity, you should use an attorney to create written documentation of the entity’s organization and structure. Your attorney, accountant or CPA can advise you of the legal and all tax consequences of your choice. Doing a little research prior to contacting a professional will reduce the time spent with an expensive professional. Do your due diligence to protect yourself and your family.

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3 Changes to Merchant Services To Watch For

In many industries changes happen at a steady pace. More recently the merchant services industry has had several big changes. One part is due to law changes. Another part is from technology advancing. Because of these changes businesses will be able to see 3 opportunities for themselves.

3 Opportunities

First, is that businesses can see more competitive rates. For example, the merchant services company I work with guarantees the lowest rates or they give you $1000. For big businesses, even 1/10th of a percent will mean thousands of dollars in savings that they can use in a variety of ways. Second, they will see that the transition and the ability to make changes are very easily made. This is done because merchant service businesses are eliminating the middleman.  And they are going directly to the card carriers. Small businesses have opportunities to change from one plan to the next easily. Companies love this flexibility as their company develops. Third, they should begin to see, specialization software based on the industry they are in. Sole-proprietors’ have an opportunity to customize processing software to their needs.  Your industry, whether a photographer, graphic designer, online seller, cosmetologist, esthetician etc. will benefit greatly from these changes. As you can see this information is very game changing for small business owners, sole proprietors, and also big businesses. Keep these in mind as you think about your merchant services. If anything sticks out that you have a question on please reach out to your current carrier or reach out to my team and we would be happy to answer them.

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