Finance expert Mike Periu on the continuing trend of Small Businesses Relocating Abroad for significant tax savings. Many small businesses have made the decision to relocate to a foreign country for tax or lifestyle reasons. The money transferred abroad form part of the $11.5 trillion in assets held in offshore locations. Some high-profile entrepreneurs like Facebook co-founder Eduardo Saverin have taken the extreme step of renouncing his citizenship, though most maintain their citizenship and … [Read more...]
New Senate Bill Extends Guarantees on Small Business Bank Accounts
A proposed Senate bill designed to extend protection on small business bank accounts. December 12, 2012 Senator Harry Reid introduced Senate Bill S. 3637 to extend the Transaction Account Guarantee (TAG) program through 2014. TAG is administered by the Federal Deposit Insurance Corporation (FDIC) and provides protection for non-interest bearing accounts held by small businesses or municipalities at participating banks. TAG launched in October 2008 at the height of the financial crisis and has … [Read more...]
21 Percent of Small Businesses to Cut Jobs in 2013
Finance expert Mike Periu on a recent survey that says over 20 percent of small-business owners plan to cut jobs in 2013. December 12, 2012 The Wells Fargo/Gallup Small Business Index plunged 28 points to -11 according to its latest survey of owners held Nov. 12 to 16. The quarterly survey asked business owners about their present situation and their expectations for the next 12 months with regard to their overall financial situation, cash flow, revenues, capital spending allocation, hiring … [Read more...]
“Ransomware” Is a Serious Threat for Small Businesses
Finance expert Mike Periu on the latest malware cyber criminals are using to compromise your data and extort ransoms. Computer security company Symantec recently released its "SMB Information Protection Predictions" for 2013 and small-business owners need to prepare for the latest threats. In what can be called 21st century extortion, cyber criminals are flooding the Internet with a type of malware called "ransomware." Unlucky users that download this type of malware will be locked out of their … [Read more...]
Warren Buffett Makes Call for Stronger Estate Tax
Mike Periu on the call by billionaire Warren Buffett to create a more aggressive estate tax to help ease the deficit. Billionaire investor Warren Buffett along with Jimmy Carter, George Soros and Robert Rubin have signed a public letter calling for a more aggressive estate tax. They justify this call by indicating that a strong estate tax will help prevent "dynastic wealth," strengthen democracy and serve as a source of funds much needed by the federal government. The signatories believe that … [Read more...]
U.S. Falls Out of Top Ten on Prosperity Index for First Time
Finance expert Mike Periu on how the United States has fallen out of the top ten list of countries in the recently published Prosperity Index The Legatum Institute in London recently published its annual Prosperity Index and for the first time the United States did not rank in the top ten, coming in 12th out of 142 included in the study. This comes at a time when prosperity around the globe has increased. Scott Shane, Professor of Entrepreneurial Studies at Case Western Reserve University … [Read more...]
Banks Losing Dominance in Providing Financial Services
Finance expert Mike Periu discusses the decrease in popularity of traditional bank accounts as payment alternatives have evolved as Financial Services. Technological advances and changes in consumer behavior have effectively taken away the banking sectors dominance in the provision of many financial services. There are millions of households in the U.S. who don’t have traditional bank accounts. This has generally been seen as a problem with efforts focused on making them “banked". But now … [Read more...]
The Key Skills of a Successful Entrepreneur Revealed
Finance expert Mike Periu on the top five, learnable skills leading Successful Entrepreneur Target Training International recently conducted a multivariable analysis of successful serial entrepreneurs to determine which skills, traits and abilities they have in common and played a central role in their success. The results identified five skills that were most indicative of the entrepreneurial mindset, which set these winners apart from the control group. The five skills are: Persuasion, … [Read more...]
How to Deal With Objections Using Verbal Aikido
Finance expert Mike Periu on an innovative way to handle client complaints, known as Verbal Aikido. December 11, 2012 In the course of running a business, owners continually deal with objections. Potential customers object to the terms of an agreement, existing clients object to prices and financial partners object to requests for additional funding. According to successful entrepreneur, professor and author Conor Neill, we are not taught how to deal properly with objections. Our schooling … [Read more...]
Maximize Your Flexible Spending Account
Finance expert Mike Periu with a reminder to maximize the dollars in your flexible spending account before the year is over Flexible spending accounts offer a way to set aside pre-tax dollars for spending related to your health care. For many FSA holders, December 31st is an important deadline because unused FSA money can't be rolled over into next year—if money in the account isn't spent before the end of the year, you'll lose it entirely. If you have money in your FSA, there are a number of … [Read more...]
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