OPEN's financial expert, Mike Periu, on protecting against new small-business fraud. Frank Abagnale became a household name when Leonardo DiCaprio starred in the movie Catch Me If You Can based on Abagnale's infamous frauds as a youth. For the past 30 years, he has used his expertise to prevent fraud instead of causing it. Abagnale recently discussed in a webcast how small businesses are being targeted by new types of check fraud. While consumers have largely abandoned checks for electronic … [Read more...]
U.S. Financial Markets Close Due to Hurricane Sandy
OPEN's finance expert Mike Periu on Financial Markets Close Due to Hurricane Sandy For the first time in nearly thirty years, all major financial markets in the United States will be closed today due to weather conditions in anticipation of Hurricane Sandy's arrival. The decision was made late Sunday night to halt both physical and electronic trading at the New York Stock Exchange, NASDAQ, BATS and all CME Group exchanges including the NYMEX. The Securities Industry and Financial Markets … [Read more...]
Think Beyond Banks and Angels When Looking for Capital
OPEN finance expert Mike Periu discusses finding funding with Angels When Looking for Capital for small businesses. Think Beyond Banks and Angels When Looking for Capital A recent study by the Center for Venture Research at the University of New Hampshire indicates that angels invested over $9 billion in companies last quarter, an increase over the previous period. The problem is that virtually all of that money goes to medical device, software and biotechnology companies. What if your … [Read more...]
Keep a Watchful Eye on Retirement Account Fees
Finance expert Mike Periu on the hidden costs of retirement account fees. Today marks the end of National Retirement Week and if you have some free time this weekend you should "celebrate" by opening your retirement account disclosure documents. Most people don't bother reading the small print associated with retirement accounts but you should because these accounts aren't free. You are paying fees to a third party to manage your retirement account and by law these fees need to be disclosed. A … [Read more...]
How to Decide if It’s Time to Quit or Keep Going
Finance expert Mike Periu on determining whether it is time to quit or keep going. According to Harvard Business School Professor Rosabeth Moss Kanter "everything can look like a failure in the middle." As a small-business owner it can be difficult to gauge whether you are just going through a rough patch and need to persevere, or if there is a fundamental flaw with your business and you need to shut it down and move on to something better. Either case will feel the same "in the middle" and you … [Read more...]
Use “Financial Bucket” to Make Your Retirement Money Last
Finance expert Mike Periu on the "financial bucket" concept for retirement planning. October 26, 2012 A successful investment portfolio needs to include a combination of investment types with different risk/reward profiles. But how do you translate that into specific decisions that will build the investment portfolio you need to enjoy a good retirement? Many people are turning to the "financial bucket" concept. Each bucket represents a different phase of your retirement. The first bucket … [Read more...]
Cities and States Cutting Taxes to Boost Growth
OPEN's finance expert Mike Periu on cities and States Cutting Taxes, offer incentives and other business perks. Cities and States Cutting Taxes to Boost Growth As major cities across the country feel the squeeze of rising costs and lower tax revenues, some have decided that the best way to improve their financial situation is to cut taxes and offer incentives to businesses in a bid to have them setup shop in their city. Los Angeles offers a tax holiday on the gross receipts tax which can a … [Read more...]
A Tax Break in the Affordable Care Act
OPEN's finance expert Mike Periu shows you a Obamacare tax break. The Affordable Care Act—also known as "Obamacare"—carries a provision that allows qualifying small businesses to take up to a $50,000 tax credit to offset the cost of health insurance premiums. According to the Government Accountability Office (GAO) approximately 4 million small businesses qualify for the credit but only 170,400 have requested it. Part of the problem is the complexity of calculating the credit properly, … [Read more...]
Are We on the Brink of a Global Recession?
OPEN's finance expert Mike Periu on an unsettling new report on the economy Are We on the Brink of a Global Recession? With so much economic data being published every week, it can be difficult to see through the noise and identify trends that can help us determine what to expect in the near future. Chugging through the data, there are a number of troubling signs that point to high probability of a recession starting next year. In the U.S., the manufacturing sector has already stopped … [Read more...]
New Tool to Stop Cyberattacks
OPEN's finance expert, Mike Periu, on a new cybersecurity planning tool to Stop Cyberattacks. During the first six months of 2012, over one-third of all cyber-attacks were targeted at small businesses. This trend is expected to increase as more hackers realize that small companies are easier targets for theft compared with larger companies that are spending more on cybersecurity. To help deal with this threat, the Federal Communications Commission (FCC) has launched an updated version of the … [Read more...]
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