Business, Careers, & Money Articles

Cheat Sheet / Updated 11-21-2023

Taxes are a part of life. Love them or hate them (okay, no one loves paying them!), everyone has to deal with them. The Taxes For Dummies: 2024 Edition Cheat Sheet is here to help guide you through tax challenges with some straightforward strategies.

Cheat Sheet / Updated 11-21-2023

If you want to invest in bonds, you need to know how to read the bond ratings that the big three rating companies use in order to help you select bonds in a risk-aware way. Knowing the right questions to ask about a bond can save you money, and you can find answers to many of those questions on the Internet.

Article / Updated 11-03-2023

A great way to get real-world experience before you try hanging your personal-trainer shingle is to become an intern or an apprentice. Internships and apprenticeships allow you to discover the technical aspects of the job by working with people who have been there and done it — and who can show you how to do it, too. Interning When you think of interns, you probably imagine someone running around serving coffee to spoiled executives as a low-paid gofer yearning to climb the corporate ladder. But as an intern in the personal training industry, you won't be serving any coffee, kowtowing to any execs, or climbing any ladders. Instead, a personal training internship is a temporary work experience in which you receive training and gain experience in your field. If you have no practical experience under your belt, interning will Give you in-the-field experience that you can't get in a classroom or a book Give you the opportunity to explore and understand the industry before committing to it full-time Let you create relationships with potential employers Help you earn credit toward your certification or degree Help you acquire the skills necessary to perform your job well Teach you valuable new skills with which to build your résumé Establish vital career networks and mentors Enable you to collect references for future employment Many internships provide compensation through minimum wage, stipends, or hourly wages comparable to full-time pay. Others don't pay but do provide perks and invaluable experience. Internships vary in duration. The best place to start is with your local gym. Ask the gym owner or manager if you can shadow one of his trainers or maybe start working the front desk to learn the business. Also, don't hesitate to call other personal training companies to see if they would be open to taking you on as an intern. It's a great way for a personal training company to train you in the way they want things to be done — and it works for you too, because you get to learn the ropes! Apprenticing Apprenticing provides education and on-the-job training. Typically, you work in a structured apprentice program for a company under the watchful eye of one of their veteran staffers. Unlike internships, apprenticeships are always paid positions. The benefits of apprenticing include the following: Paid on-the-job training, under the guidance of a skilled employee Additional instruction, classroom theory, and hands-on training Progressive, increasing wages as your skill level increases If you're just starting out as a personal trainer, you can earn entry-level income as an apprentice and gain the skills you need to become a higher-ranking trainer. Plus, you'll typically get a raise in pay after you've successfully completed the apprenticeship program. The bonus here is that, when you go through an apprenticeship, your employer is able to train you in the way they want you to work, so your chances of being taken on as a full-time trainer at that facility are greater than they are if you were just an intern there. If you're interested in apprenticing but aren't sure where to start, try your local college. Colleges with Exercise Physiology programs typically have a list of companies that offer apprentice programs to their students, because their students have to complete an apprenticeship for their degree requirements. Even though you may not be a student, they can give you a few names and contact numbers of companies you can apply to as an apprentice. If you don't have any colleges or universities in your area, don't hesitate to approach a company yourself and ask if you can work with them as an apprentice — it never hurts to ask! Training to train If you haven't done it yet, you may want to think about coughing up a few pennies to work with a personal trainer yourself. Although you want to be training other people — not be trained yourself — spending time with someone who's been doing it for a while and is successful at it can be worth way more than the money you shell out for the session. Trust us, if you tell your trainer that you're interested in being a personal trainer, too, and you'd like to work with him for a couple of sessions to get a feel for it, he'll be delighted. For the most part, trainers are very supportive of one another — a good personal trainer will want to see you succeed. A bonus to working with another trainer is that, when you do get certified and start training clients, you have a colleague whom you can call when you need help troubleshooting or you just need a quick answer to a question. Taking advantage of other learning opportunities If you belong to a gym, work out with a friend who's slightly less advanced than you are. While you're working out with her, practice your training and spotting techniques. Your partner won't mind — after all, she's going to get stronger as a result of your practice! If you can't find anyone to work out with, try role-playing. (And no, we don't mean meeting your significant other at the local watering hole wearing a wig and dark glasses.) While you're working out, run through a mental dialogue of what you would say to yourself if you were the client. Practice explaining what the exercises do and which muscle groups are involved in the exercise. Just be sure to do this in your head, not out loud. Practicing your dialogue prevents you from being tongue-tied when you're working with a live, flesh-and-blood client. One great way to expand your mind and elevate your glass ceiling is to visit the leaders of your profession — and what better way to do that than to visit a conference? Try attending conferences put on by different certifying bodies or groups such as IDEA or the National Strength and Conditioning Association — click on Meetings. Also check out the seminars by Northeast Seminars, an outfit that gathers some of the top people in the fitness and rehab industries to discuss functional training and rehabilitation. Study or practice one of your training skills every day. Read up on medical literature, listen to a lecture at the hospital on preventing back injuries, practice stretching a friend. However, whatever, and whenever you decide to practice, when the time comes that you actually need that skill or tidbit of knowledge, you'll be glad you did!

Cheat Sheet / Updated 11-03-2023

Successful real estate investing requires smart decisions. To start investing in real estate quickly and easily, ask a few important questions, discover different ways to invest in residential property, and build an effective real estate team.

Cheat Sheet / Updated 11-02-2023

Getting ready for that all-important job interview? Don’t go into the lion's den unprepared. Check out the tips and techniques listed below to find out which questions to ask your interviewers and how to handle the negotiation process once that job offer comes your way. Successful interviewing is an important lifelong skill, and it can be learned! This Cheat Sheet offers a start.

Cheat Sheet / Updated 11-01-2023

Worried about what will happen to your assets after you pass away? This Cheat Sheet will help you plan for your future, with tips on how to reduce your estate taxes, helpful information on whether you need life insurance, and a listing of the key pieces of information your loved ones will need after you’re gone.

Article / Updated 10-30-2023

It’s in our nature to tell stories and share our life’s events. And you probably use hyperboles (exaggerations) to make your stories more engaging — peppering them with statements such as, “I nearly died of embarrassment” or “My feet were killing me.” While this casual sharing is different from being in front of an audience, you do know how to tell stories. You have lots of them. After all, you started telling stories when you made babbling sounds as a baby. You can use this innate storytelling ability to create presentations that engage your audience, rather than put them to sleep. Don't have time to read the entire article? Jump to the quick read summary. What do we think of when we hear "presentation?" PowerPoint slides. And, yes, slides are helpful — but they're helpful as visual aids, not as the main storyteller. Good storytelling can make your presentations sizzle in ways that slides can’t. An introduction to storyopia When people ask or search for "how to create a presentation," or "how to create a PowerPoint presentation," they're focusing on the technical aspect of the process. Of course, that's important. However, there's something even more critical to consider before you get down to creating your slides: Storyopia. My concept of Storyopia represents the ideal. It's marriage of the words "story" and "utopia." It’s the ideal story that takes the audience on a journey from what is to what could be; a journey to where they see themselves as heroes along that same path. Try to recall presentations you’ve attended. What drove the presentation? Bullet points? Charts? Tables? The monotonous drone of a facilitator plodding through a dry rendition of data? My guess is all of them. (A pretty tedious experience.) Since people began to communicate, storytelling has been the lifeblood to getting points or ideas across and making them memorable. Stories make ideas and words come alive. They explain examples or points of view in a way that resonates. People naturally connect emotionally with stories, associating their feelings with their learning. Stories aren’t meant to be objective. They’re meant to sway emotions, generate suspense, add surprise, create wonder, facilitate the call to action, and take your audience on a journey to success. Using the story arc When you create a presentation, keep the story arc in mind. The figure below shows the typical story arc (also known as dramatic arc or narrative arc). It represents storyopia. When creating a story using the arc as a guide, your story will have a natural, connected flow: Cite the incident (the plot) telling what is. Build rising tension toward the climax. Work towards the resolution, which is what could be. Always create tension in your story. It’s critical but often overlooked. If the tension isn’t obvious, this is a good opportunity to embellish with a story. After you’ve filled out a start-up brief — a tool for identifying your audience — you’ll have a good idea of your audience’s pain and what matters to them. Focus on storyopia: the gap between what is and what can be. Take them on that journey so they see themselves as heroes on the same path. To learn more about the start-up brief, as well as storyboarding and other helpful tools for preparing excellent presentations, grab a copy of my book/eBook Storytelling in Presentations For Dummies. As part of creating presentations, your story will have characters: people, companies, or things, such as processes or equipment. There will be goals, struggles, challenges, and a positive or negative outcome. Either outcome serves as a valuable lesson. Let’s see how beginnings, middles, and ends can become a story: Beginning: Introduce characters with the same challenge, problem, complication, or issue your audience is facing — the reason they’re attending. You’ll hook them because they’ll feel like they’re in the same situation. Edit the details to keep the story simple and relatable. You may start with, “One of my customers was dealing with your exact issue(s).” Middle: You’ve already sparked their curiosity. Now focus on the characters’ problems and how your solution brought the change they needed. Don’t merely go from Point A to Point B. The long cuts and shortcuts are what make the journey interesting, worthwhile, and relatable. End: This is where you tie it together, targeted to the CTA. Deliver the main takeaways and lessons your audience should remember based on the success of your characters. Let your audience see the happy ending where they imagine themselves as heroes achieving these same positive outcomes. Always give your characters names to make them more relatable, but change the names for the purpose of anonymity. People don’t identify with words such as attendee, coworker, colleague, or manager. Also, provide a vivid description of your main character and the setting so your audience can envision the scenario and place themselves in the situation. For example, if you’re presenting to a group about sales strategies because sales have been slumping, you may share a story of [name] who worked for [company for x years] and how he was able to bring his sales and commissions up to a much higher level by [strategy]. Pitting the heroes against the villains From bedtime stories when we were kids to great novels and movies as we became older, a good story draws us. We love heroes. They display qualities we admire. They show us how to overcome challenges. We can recall superhero caped crusaders: Batman, Batgirl, Superman, Zorro, Shazam, Wonder Woman, Scarlet Witch, Thor, and others. We all want to be superheroes and live happily ever after in our worlds of family, friends, and business. Are there heroes in business presentations? Absolutely — the audience! This is how heroes and villains play a role in happy endings: Heroes: Think of the character Yoda from the Star Wars series. Yoda was the legendary Jedi Master who trained Jedi Knights for 800 years. Yoda was cool. He was a hero in addition to being a mentor and instructor. He unlocked the path to immortality in characters such as Han Solo, Luke Skywalker, Obi-Wan Kenobi, and others who became heroes in their own rights. You can be the Yoda in your presentation, unlocking the path to slaying the villain and guiding your audience toward success. Heroes can even be antiheroes — people who display true human nature. People who make poor decisions that may harm those around them, intentionally or not. Some are even well intentioned, such as Robin Hood, the classical literary antihero. He stole from the rich (bad) and gave to the poor (good). Even Donald Duck has been labeled antihero for his short and often explosive temper. Villains: Without villains (often the most interesting characters) there would be no stories and no heroes. For example, if not for Cruella De Vil, 101 Dalmatians would merely feature lots of spotted canines running around. Without Scar in The Lion King scheming to be next in line to seize the throne, there would be no story, and Simba wouldn’t have become a hero. In business, the villain is the problem or challenge. That can be unscrupulous people, anti-technology diehards, a combative person, the competition, and so on. A villain may also be a non-person: a specific event, befuddled communication, meager lead generation, declining customer base, poor cash flow, inability to retain valuable employees, failure to balance quality and growth, software that isn’t producing as expected, and so much more. Happy endings: You don’t want the victory to be too easy or too predictable — it kills the interest and suspense. At the beginning of every story the villain must be strong, the victim’s problems must seem insurmountable, and the hero’s task must seem challenging. Your story needs an imagined future where the audience puts themselves in the place of slaying their villain and making themselves heroes. Perhaps your audience will use the knowledge they learned from you to: Add $$$ to their bottom line Become more innovative Discover the right tools or technology Take a leadership position Communicate with impact Get the big contract signed Procure a grant Quick Read Summary In our daily lives, we often use hyperboles to add zest to our stories, making them more engaging. But when it comes to presentations, we tend to default to bullet points and charts, which can be monotonous. However, there's a better way to captivate your audience: the art of storytelling. Think of a presentation, and you might envision PowerPoint slides. While slides have their place as visual aids, the real storyteller should be you. Good storytelling can infuse life into your presentations, leaving a lasting impact on your audience. Before diving into creating slides, consider "Storyopia," a concept that merges "story" and "utopia." Storyopia is the ideal narrative that takes your audience on a journey from the current reality to what could be, casting them as heroes along the way. Storytelling is a timeless means of communication. It breathes life into ideas and words, resonating emotionally with your audience. Stories are not meant to be objective but to evoke emotions, generate suspense, and facilitate the call to action. When crafting a presentation, keep the story arc in mind: Cite the Incident (What Is): Start by presenting the current scenario, laying out the facts. Build Tension: Create rising tension, keeping your audience engaged and curious. Work Towards Resolution (What Could Be): Guide your audience toward a better future, making them see themselves as heroes on the journey. To make your story relatable, introduce characters facing the same challenges as your audience. In the middle, highlight their struggles and how your solution brought positive change. End with the takeaways and lessons your audience should remember. Heroes and villains play a crucial role in your narrative. Your audience becomes the hero, looking to you as their guide (like Yoda in Star Wars), helping them overcome the villain (the problem or challenge). The villain can take various forms, from uncooperative individuals to technological obstacles. To ensure an engaging story, make the victory challenging but achievable. Your audience should envision themselves slaying their own villains and becoming heroes in their respective narratives. Incorporate storytelling into your presentations to inspire your audience and leave a lasting impact. Whether it's increasing profits, fostering innovation, or solving challenges, your storytelling can guide them to success. Unleash the power of Storyopia and transform your presentations from mundane to unforgettable. Make your audience the hero in their own story of triumph. Hungry for more? Go back and read the article or check out the book.

Article / Updated 10-27-2023

Dozens of federal, state, and local laws govern the residential rental industry and the landlord-resident relationship. All of these laws are important. The following calls to your attention ten important laws for you to know and follow when you're a landlord. The Fair Housing Act The Fair Housing Act prohibits you from discriminating against applicants or residents based on any of the seven protected classes: Race Color Sex National origin Religion Handicap Family status The Fair Housing Act establishes only the minimum protections. States and localities may set additional protected classes, such as source of income — whether a person's income is from a job, alimony, child support, unemployment, welfare, disability payments, and so on. The Fair Credit Reporting Act According to the Fair Credit Reporting Act (FCRA), you may use credit reports to evaluate rental applications. However, if you deny housing to an applicant based on information contained in the credit report, you must provide the applicant with an adverse action notice that includes the following information: The name, address, and telephone number of the credit-reporting agency (CRA) that supplied the credit report, including a toll-free telephone number for CRAs that maintain files nationwide A statement that the CRA that supplied the report didn't make the decision to take the adverse action and can't give the specific reasons for it A notice of the applicant's right to dispute the accuracy or completeness of any information provided in the credit report, and the applicant's right to a free report from the CRA upon request within 60 days The FCRA also comes into play if you want to report the nonpayment of rent to one or more CRAs. If you report a resident for nonpayment of rent and the resident cures the debt, you're legally obligated to update the resident's credit report to indicate that the debt has been cured. The implied warranty of habitability The implied warranty of habitability requires that landlords provide residents with living space that's fit for human occupancy. To be habitable, living space must have heat when it's cold, running water, a sufficient amount of hot water, plumbing and electricity that function properly, and so on. Landlords must also maintain clean and sanitary buildings and grounds — free of debris, filth, rubbish, garbage, rodents, and vermin. If a rental unit is uninhabitable, residents have the right to withhold rent until the necessary repairs are made or, in more serious situations, terminate the lease. Although your residents are responsible for repairing anything they or their guests break, you're required to perform any repairs required to maintain fit and habitable living conditions, and you must complete the repairs in a reasonable period of time. The mutual covenant of quiet enjoyment Implied in every lease and rental agreement is the mutual covenant of quiet enjoyment, which grants all residents the right to the undisturbed use and enjoyment of the rental property. This covenant applies to you, as landlord, in two ways: You're not allowed to enter a resident's unit whenever you want. You can enter in an emergency that threatens life or property, when you ask and the resident gives you permission, and to perform necessary inspections or repairs or show the unit to prospective renters or buyers (only after giving the resident sufficient notice). You need to reasonably investigate complaints and potentially take action against any resident who's disturbing his neighbors. Your state's security deposit rules Every state has a security deposit statute that typically specifies the following: How the security deposit is to be held — usually in an interest-bearing account in an in-state bank What the security deposit may be used for — usually to cover unpaid rent, damage beyond ordinary wear and tear, and cleaning to make the unit as clean as it was when the resident moved in and sometimes to repair or replace the landlord's personal property in the unit if that use is mentioned in the lease When the unused portion of the security deposit must be returned to the resident That the landlord provide an itemized invoice of any money deducted from the security deposit Disputes over security deposits are common and frequently lead to the resident taking legal action against the landlord. To protect yourself, comply with your state statute, and take the following precautions as good business practices, even if it isn't required under the applicable statute: Have a separate interest-bearing account for holding security deposits. Complete a move-in/move-out checklist to document the condition of the property at the beginning and end of a resident's stay. Take photos or video of the property to create a visual record of the property's condition at the beginning and end of a resident's stay. Keep receipts for all repairs and cleaning required to prepare the unit for the next resident, even though you're permitted to charge the resident only for damage beyond ordinary wear and tear, and cleaning to make the unit as clean as it was when the resident moved in. Return the unused portion of the security deposit to the resident as soon as possible as required by state law. Along with the unused portion of the security deposit, include an itemized list of all costs deducted from the security deposit. The Residential Lead-Based Paint Hazard Reduction Act The Residential Lead-Based Paint Hazard Reduction Act, in part, requires that landlords inform residents of the hazards posed by lead-based paint. If your rental property was built prior to 1978 (the year the EPA banned lead paint) you're required by law to do the following: Disclose all known lead-based paint and lead-based paint hazards and any available reports on lead in the property. Give renters the EPA pamphlets "Protect Your Family From Lead in Your Home" and "The Lead-Safe Certified Guide to Renovate Right." Include certain warning language in the lease as well as signed statements from all parties verifying that all requirements were completed. Retain signed acknowledgments for three years, as proof of compliance. Housing that is exempt from this rule include the following: Units that have no bedrooms, such as lofts, efficiencies, and studio apartments Short-term rentals of fewer than 100 days Housing designated for the elderly or the handicapped unless children live or are expected to live there Property that's been inspected by a certified inspector and found to be free of lead-based paint State-required disclosures In addition to the federal lead-based paint disclosure, many states require that landlords disclose one or more of the following: Environmental hazards, including periodic pest control and herbicide treatments, toxic mold, asbestos, radon gas, bedbug infestation, and methamphetamine contamination Recent flooding or location in a flood zone Security deposit policies and procedures Nonrefundable fees, such as a pet fee, where such fees are allowed Smoke detector location and maintenance requirements Nearby military ordinance, such as a US Army base Smoking policy Landlord's or property manager's name and contact information Any shared utility arrangement Your state's Landlord Tenant Act Nearly every state has a version of the Landlord Tenant Act, which defines the rights and obligations of the landlord and the tenant (also known as the resident), legal remedies for breach of contract, possible defenses to legal actions, and much more. To find your state's landlord tenant act, search the web for your state's name followed by "landlord tenant act" and click one of the links that looks promising. If that doesn't work, track down your state's official website, and search that site specifically for something like "landlord tenant" or "residential rental laws." Eviction rules and procedures If you need to evict a resident, turning off electricity, gas, and water to the unit to compel the resident to leave is illegal. You must follow your state's eviction rules and procedures, which typically require that you perform the following steps: Check your state's landlord tenant act to find out whether you have legal grounds to evict the resident. Give the resident reasonable notice of your intent to file for eviction, including the reason you intend to do so and, if required by state law, the time the resident has to address the issues. Wait until the morning after the deadline specified in your notice, and then file for an eviction hearing at your county's courthouse. Assuming you prevail in court, wait until the day after the court's deadline for the resident to move out, and if the resident hasn't moved out yet, call the sheriff to evict the resident. Failure to follow your state's eviction process could result in your losing your case. The resident may end up living in the property for some time, perhaps without paying rent. In addition, the resident may be able to file a legal claim against you in civil court and force you to pay damages, legal fees, and penalties. Mitigation of damages When a resident breaches a lease, for example by moving out three months into a one-year lease, the resident is obligated by the contract to continue to pay rent. However, you can't just let the unit remain vacant for nine months. You're legally obligated to take steps to mitigate (lessen) the resident's losses. In this example, ways to mitigate the damages include: Accepting a replacement the resident recommended to rent the unit for the months remaining on the lease, assuming the recommended replacement qualifies Advertising the unit to find a new resident, screening applicants, showing the unit to qualified applicants, and so on Gather evidence of your attempts to re-rent the property, such as advertisements, records of applicants you screened, and dates on which you showed the property to qualified applicants.

Article / Updated 10-27-2023

How you choose to structure your business as the landlord depends in part upon your willingness to share its future and yours with others. Forming a corporation is a fairly complex legal endeavor that involves the following steps: Choose and register a name for your corporation that complies with state requirements. Write and file your articles of incorporation. Write bylaws to govern corporate operations. Issue stock certificates to your corporation@’s owners and investors. Obtain any business licenses and permits required by your state and local governing bodies. You can take any of the following three approaches to form your corporation: Do it yourself. If you’re the sole owner of the business and don’t intend to add owners, seek outside capital, or do business in multiple locations, you may be able to incorporate without expert assistance. Use a third-party service. Hire a reputable, local attorney. Outsourcing to a business-formation service Numerous firms offer services to help you form a business entity. Three of the best known are Legal Zoom, Rocket Lawyer, and The Company Corporation. Others include Inc Authority, and Directincorporation.com. Before using a service, check with others who’ve used it, and expand your search to include LinkedIn, Facebook, and X (formerly Twitter). Find out how they’re regarded by the Better Business Bureau and local consumer protection organizations to determine whether any complaints have been filed against them. Keep in mind that these firms are ordinary retailers who tend to advertise low prices “Starting at …” for only a few of the services you need. Comparison shop. Find out what’s included and what’s not. Get a price quote from a reputable local attorney, as well, for comparison purposes. Make sure you get a price quote that covers everything you need to form your corporation. Hiring an attorney and accountant We recommend that you hire a reputable, local attorney to guide you through the process of incorporating your business and an accountant to manage the corporation’s payroll, taxes, and financial reporting for several reasons, including the following: Your attorney can help evaluate your specific needs for the area where you’re setting up shop and recommend the best business structure to meet those needs. Choosing the wrong business structure may imperil your personal assets and limit your tax benefits. Your attorney makes sure all documents are filed properly with the right government agencies and in a timely manner. Your attorney can refer you to experts in accounting, banking, financial planning, insurance, and web design. A good business attorney will have an ongoing professional interest in your success. Your accountant keeps the books and creates and files financial reports in compliance with federal, state, and local laws. Running your operation as a corporation As complicated as forming a corporation is, running it requires even more attention to detail. You must fulfill the obligations of corporate governance, which include: Paying yourself and other owners and investors salaries or distributions Holding at least one director and shareholder meeting annually Typing up and filing minutes from those meetings Updating the bylaws Practicing generally accepted accounting principles (GAAP) — standards and procedures for recording financial transactions and producing financial reports Producing and filing an annual report with your Secretary of State Preparing the corporation’s annual tax return

Article / Updated 10-27-2023

Residents often need or want to take on a new roommate, sublet the rental unit, or assign their rental contract to someone else. To deal with these types of situations, consider this advice when you’re a landlord: Require that all prospective roommates be screened and added to the rental contract. Prohibit residents from subletting their rental units. When a resident sublets, the new resident has no legal obligations to you under the contract. Prohibit residents from assigning their rental contracts without your written consent and only on condition that the assignee be screened and approved by you. Except for children and other dependents, everyone living in one of your rental units should be screened and approved and required to sign the rental contract.