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In the Driver’s Seat: Understanding Auto Insurance For Business

For many companies, business depends on cars. This is true whether the business is a sole proprietorship or a corporation with hundreds of employees. When it comes to insurance needs, the type of policy can vary widely. It all depends on the type of business, who owns the vehicles, who’s driving them, and how often. Coverage Needs In most states, business vehicles require liability insurance for both bodily injury and property damage  that may result from an accident involving someone from the company. Many states also require uninsured/underinsured motorist coverage and/or personal injury protection (PIP). If the business owns or leases the vehicle, physical damage coverage is also often purchased. The typical insurance policy that covers your business operations—a Business Owners Policy (BOP)—does not cover vehicles. A separate policy is needed for autos. In most cases, it will be a Business Auto Coverage Form (BACF). The BACF doesn’t require the same…

Passive Income: How it Works and How to Make it Work for You

What is passive income? Passive income is a strategy of using personal finance and other resources to generate a long-term, recurring income with little or no work. Many people around the world dream of making money when they are asleep, but to a large number of those interested in passive income, it is a pipedream with no tangible results. The Passive Income Strategy Passive income is a long-term strategy to help generate income for everything from covering the bills to early retirement. You can use the proceeds however you want. Maybe you reinvest to build your passive income project into a business empire. It is important to understand that passive income is not passive right away. You usually can’t just write a check and start seeing funds come back to you outside of stock market, annuities and similar financial investments. Every passive income idea has its own pros and cons,…

Freelancing and Consulting: Becoming Your Own Boss Out of Necessity

In many ways, being your own boss is the embodiment of the long-held American dream. Currently, an estimated 53 million people are working as independent contractors and that number is expected to continue rising for the foreseeable future, comprising a full 40 percent of the workforce by 2020. A recent study by the Freelancers Union and Upwork found that while 63 percent of freelancers were working independently voluntarily, that means 37 percent – a not-insignificant portion – were doing so out of necessity. Much of that 37 percent are workers who were laid off or otherwise let go from full-time positions and were unable to quickly find another acceptable full-time job. Rather than settling for unsatisfying work or being unable to pay bills, they turned to freelance work and independent contracting. While the idea of working for yourself, building your own business and doing what you want to on your own…

Things to Consider Before Buying a Rental Property

Most everyone can use some extra, reliable income. That’s what makes the prospect of a rental property so attractive; it’s a long-term investment that, if managed well, can bring in long-term returns. But like any significant investment, a rental property is nothing to rush into. There’s homework to do. For instance, you’re not just buying a house—you’re establishing a business. Check with the local government about minimum requirements for rental properties. Knowing those requirements will be important when you actually shop for a property. You’ll want to find one that won’t need a lot of investment to bring it up to code. Here are some other things to consider before buying that first rental property. Can You Afford to Get Into This in the First Place? Buying a rental property isn’t like buying a primary residence. For instance, as a business, it doesn’t come with the tax benefits and down-payment…

Thinking About Your Monthly Cash Flow Like a Business

If you were a business, would you be a profitable one? At the end of each month, do you earn more than you spend? Is your enterprise profitable? While individuals like us go to work and earn an income each month, few of us look at our finances like a business. However, just like a business, we need to earn more than we spend each month and regularly assess our finances to know we are on the right track. Follow these steps to start treating your finances like a business and establish a path to financial success. The Business of You Before getting into the tactical aspects of managing your money like a business, the first step is to get into the mindset of running your finances like a business. This means a mental shift in how you think about and interact with your money. Businesses use accounting software to…