Events
Newsletter
  Archive
Programs
& Services
Members Only
  Your
  Resources
  Forms
Getting
Connected
  What Our
  Clients Say
  Our Team
  Our
  Community
  Our
  Commitment
REAL Deals
Treasure Trove
Philanthropy
Home

Taylored Wealth Tips October 2006

Topic: Healthy~Wealthy & Wise~ Learning to balance time

As we come into the time of year for giving, there is the matter of balance to consider. You may ask how this relates to building your wealth.

The answer is; your wealth is measured by more than your bank account. As part of our coaching we are often faced with the question of how to help our clients get their lives back into balance. We begin by understanding your personal view on wealth. Being wealthy for most of us is about being happy with how we are spending our time (at work, at home, with our spouse, with our children, with our friends and on ourselves). As we add more unbalance & distractions to the upcoming days for November and December, here are some tips to consider.

Tip 1- Know thy limits: Distractions can be harmless—even noble—activities. If you’re inclined to want to help everyone or have difficulty saying “no” to requests for your time, you’re not alone. Many of us deal with this dilemma. Evaluate how much time you can, or feel you should give each week or month and don’t exceed those limits. Be happy with what you have given, not guilty about doing more.

Tip 2 – Be productive by being prioritized:
When life presents new challenges (like a new volunteer effort, new job, or additional kids) we tend to fall into it rather than designing our life to fit it in. Start each day by clearly defining the one or two most important tasks you must accomplish. Write them down and focus on completing these first. Don’t confuse busyness with productivity. It’s easy to get bogged down with busy work - the myriad of tasks that need to be done, but certainly aren’t high priorities.

Tip 3 – Hold the phone:
We seem to be Pavlovian in our response to the phone.  Try designating “phone-free” periods during the day. Allow calls to go into voicemail and return them later. This creates productive blocks of time to focus on important tasks.

We look forward to sharing more on time blocking and other methods to manage our time in the upcoming Mountain Mama’s discussion Jan 18. Mark you calendars and join us 9:30-11:00 at 73 Gross Dam Road; Golden, CO  for an engaging discussion on
              “Fitting it all in - Time Management”. Check out our events page and sign up now!

Topic: More on deductions - Insurance premiums
If you are Self-employed and paying your own health insurance premiums, these costs are 100 percent deductible.

This break primarily benefits proprietorships, but there are limits. The deduction can't be more than your business' net profit. And it's not allowed if you were eligible for other health care coverage, including that offered by your employed spouse's medical plan.

If your spouse worked for you last year, then you can get the full medical premiums deduction on your return. As an employee, your spouse's premiums are 100 percent deductible; if you and the children were on her policy as dependents, so are those costs.

Two caveats: 1) Your spouse's employment must be real, not in name only, and you must offer coverage equally to any other employees. 2) Failure to meet these requirements could result in a lawsuit, an audit or both.

You also can include some of the premiums you pay for long-term care insurance for yourself, your spouse or dependents.

For more assistance on whether it is to your advantage to be an S- corporation or sole proprietor or and LLC; call and talk it over with one of our Wealth Coaches at 303-216-0472.