Participants:
Series Code: LTBW
Program Code: LTBW190040S
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00:35 Hi, I'm Dr. Kim Logan-Nowlin, and welcome to Live to Be Well.
00:40 What is live to be well? 00:42 Mind, body, and soul, but without God, 00:45 we are nothing. 00:47 He helps us to be complete in our better health 00:50 and our wellness. 00:51 Today, I have a very special guest 00:53 because she's not only a friend, 00:56 but she's my personal accountant. 00:59 I want to welcome Mrs. Nicole Kirkland. 01:02 Welcome, Nicole. Thank you. 01:03 Thank you very much. How are you dear? 01:05 Oh, great. Good. 01:06 I've been doing pretty good having that? 01:08 Yes, real. Oh, yes. All right. 01:09 You look awesome. All right. 01:11 And what I mean is, you know, sometimes I was run 01:13 a little late getting my taxes filed. 01:15 So let's talk about what is a CPA? 01:19 A Certified Public Accountant 01:21 is much like a doctor who is licensed 01:23 with the state to perform their practice. 01:25 Yes. 01:26 So I'm licensed with the State 01:28 of Michigan to perform accounting services. 01:29 And those services can include audits, 01:31 any attestation services, you know, bookkeeping, 01:35 tax preparation, which you don't need a CPA for, 01:37 but it just gives you that stamp of approval 01:39 that I've gone through all the rigorous training 01:41 and classes and stay... 01:43 All of that. Right. 01:45 Now, let me ask how long have you been in 01:47 the accounting field? 01:48 And why did you feel that God led 01:50 you to the accounting field? 01:52 I've been in accounting for 27 years. 01:54 Twenty-seven years. You look 27. 01:57 Thank you very much. I started in high school. 02:00 Oh, really? 02:01 Yeah, I was fortunate enough to kind of fall in love with it 02:03 as an elective in high school. 02:04 Is that right? 02:06 And I've always known that I wanted to be in accounting. 02:08 Nicole, you know, I took accounting in high school, 02:10 it just didn't do anything for me. 02:12 I just loved it. You love it. 02:13 Pretty knows the numbers. 02:15 Now I love doing my numbers statistically, 02:17 I love statistics. 02:19 I love the bell curve, I love doing all of that. 02:21 Okay. 02:23 But accounting itself, you know, 02:24 and, but I like playing with a machine, 02:26 you know, the calculator. 02:28 Yeah... 02:30 So you are numbers I'm numbers Counting 02:31 just a little bit of different. 02:32 Right. 02:34 Those columns just kind of you all list in, 02:35 you know, line item, budgets all that. 02:37 Right. 02:38 So why is it so challenging for us as individuals to stay 02:44 on top of our accounting 02:45 and meet with you like people like me, 02:48 sometimes back in the day. 02:49 Right. 'Cause you're perfect now. 02:51 All right. 02:52 What I find a lot is that business owners are so 02:54 focused on their niche. 02:56 Yes. 02:57 What they started the business for, 02:59 the big dream of making their dreams come true. 03:01 So they're focused on the everyday technical side. 03:04 And a lot of business owners don't realize the importance 03:06 of accounting because to me, if you think about it, 03:09 it's the spine of the business. 03:11 Accounting gives you so much knowledge 03:13 as to if you're making a profit or loss. 03:16 If your profit margin is enough for you to cover your expenses, 03:19 if your cost to your point prices, 03:20 is that okay amount for you to be able to make a profit. 03:24 Wow! 03:25 And that's why I love it so much because there's a power 03:27 in understanding that. 03:28 Now I have a nonprofit and profit business. 03:32 Correct. What is the difference? 03:34 So the nonprofit it is own entity, of course, 03:38 it has no tax obligation, if you will. 03:41 The monies that come in, you know, back in the day, 03:43 it was, if the monies come in, the monies come out, 03:45 your balance zero, but that's not the case today. 03:47 Right. 03:49 Nonprofits can have a surplus because the goal 03:50 is to reinvest those funds back into the mission 03:52 of the organization. 03:54 Right. 03:55 So that's the difference between that nonprofit 03:56 just to keep it "not so technical," or for profit side, 03:59 you're in it to make money. 04:00 Okay. Right. 04:02 So your whole goal is to make a profit. 04:03 Yes. Yes. Capitalism at its finest. 04:06 You know, there's just different ways 04:07 that it's treated tax wise, 04:08 you will pay a tax on your profit. 04:10 Yes. 04:11 And your losses, you don't get a refund 04:13 like you do individual, but you do carry it forward, 04:14 and there are some benefits. 04:16 Okay. 04:17 So it's just a different treatment tax wise. 04:19 We had a client who came in and questioned you and said, 04:23 this is not adding up right, 04:25 you know, were they angry with you? 04:27 Oh, yeah. And if so, you go through that? 04:29 Yeah. I'm loved and I'm hated. 04:31 Oh. There's no in between. 04:32 But the numbers don't lie, numbers... 04:35 That's always my go-to. Yes. 04:37 Is that the numbers don't lie. 04:39 And that's the importance of being able to look 04:40 at someone's balance sheet. 04:41 Look at someone's profit and loss statement 04:43 and say, "Well, here's your problem." 04:45 But they can't see it. 04:47 So it takes not a CPA 04:49 and won't say specifically a CPA 04:50 but somebody that understands 04:52 what the financials are saying to explain it to the owner. 04:55 I understand. 04:56 You say that you love it, 04:58 you know, but it can be also stressful. 05:00 Oh, yes. 05:01 How in the field of financial accountability? 05:04 Why does it bring stress to you as a CPA 05:08 and to us who are coming to you as clients? 05:11 A lot of times as a certified accountant, 05:15 we take on the stresses of the people 05:17 that we work with. 05:19 It's just a compassion, a type of empathy, 05:22 empathy, if you will 05:24 that we have to learn to separate ourselves from that 05:28 and just focus on the resolution. 05:29 Yes. 05:31 And that, in turn, gives stress relief 05:32 to the client 05:34 as well as myself. 05:35 And I would have find is that I tend to take 05:37 my client's issues home with me 05:39 'cause I'm always in resolution mode. 05:40 Yes. 05:42 You know, that's part of what I do. 05:43 Yes. 05:44 And so that's where my stress comes from. 05:46 I hate for clients to, oh, 05:47 I hate for there to be stress in their lives 05:48 worrying about a situation. 05:50 So a lot of times me just having a session with them 05:53 brings that relief of the stress. 05:55 And then for me, like I said, 05:56 just kind of disassociating myself, 05:59 focusing on a resolution. 06:00 I can relate 'cause when I walk out that door 06:02 I still take that with me and take it home with me. 06:06 And I was exhausted leaving yesterday, 06:10 but I had several phone sessions to do 06:12 as Skype sessions to do 06:14 because people were in need. 06:16 So I'm always looking 06:17 for that resolution for them also. 06:19 Check and balance, 06:21 what is the best advice you can give us 06:23 how to be effective in our checking and balance? 06:27 You know, let's talk numbers here. 06:29 All right. Okay. 06:31 Help us. The core of it. 06:34 And I know that sounds clich,, is living within your means. 06:38 That is the core of it because you have to look at 06:42 where your money's going, cash flow as well. 06:45 Okay. Your cash flow. 06:47 All right. 06:48 What's coming in and what's going out, 06:49 and then look at where it's going out to. 06:51 Yes. 06:53 Look at that cell phone bill, look at that cable bill. 06:56 Yes. 06:57 What I say is be cost-effective. 06:59 Yeah. 07:00 And then you leave room what we call discretionary income, 07:02 to put towards savings. 07:04 And I never call savings an emergency fund 07:07 because I believe in what you speak is 07:09 kind of what you put out there. 07:10 So if you're saying you're saving for an emergency, 07:12 what's going to happen? 07:14 You're going to bring an emergency. 07:15 So I just always call it saving for a travel. 07:19 This is my travel, I have multiple accounts, 07:21 I have a travel fund, 07:22 I have just a regular savings fund 07:24 just to meet those unexpected type of things. 07:26 And even if you're just putting aside $20, 07:29 as you grow up to $50, and just on and on and on, 07:32 as it becomes more valuable to you, 07:34 you start to see the money grow. 07:36 It'll become an ongoing thing, 07:39 but the core of it is controlling 07:41 what you're spinning out. 07:42 Yes. 07:44 And that's what's individual that's what business... 07:45 That's everything. 07:46 Controlling your costs 07:48 and leaving that discretionary income and doing 07:49 something valuable with it. 07:51 Yes. 07:52 I won't say put, the typical answer 07:53 is put it in a bank. 07:55 But in a bank, you're going to get 1 to 2%. 07:57 Right. 07:58 So you have to be researching, 07:59 you have to be looking for other vehicles 08:01 that are going to get to that more percent. 08:02 All right. Even if its... 08:04 Credit union maybe? 08:05 Not so. No? 08:07 Still that 1 or 2%. Really? 08:08 They take our money and they invest it, 08:10 and they get 12%, 24% based off, 08:12 and we're getting 1 to 2%. 08:14 Wow. So it's a shuffle. 08:16 That's a whole another lesson, 08:19 but there are vehicles money market accounts, 08:22 working with financial planners, 08:23 which is separate from an accountant, 08:25 that can put your money in growth funds 08:27 that can get you that 24% over, 08:29 you know, a number of years. 08:31 So there's different things you can do, 08:32 but you have to be researching. 08:33 You have to be asking the questions. 08:35 You can't trust that our economy, 08:37 our administration is looking out for our best interest 08:39 'cause they're not. 08:41 They are not looking at our best interest, no, 08:42 they want to make money. 08:44 Exactly. 08:45 'Cause I've had clients to come to me 08:47 heavy in financial debt. 08:49 And now the stress and anxiety is there. 08:52 Yes. 08:53 Nicole, can we talk about cash advance locations, 08:56 when people go to those places, is that a danger trap? 09:00 It's definitely a danger trap. 09:02 I mean, the whole system is set up to keep you in debt, 09:04 and to keep you coming back into this cycle of paying off 09:07 the debt, and then taking the debt back out, 09:09 adding almost like 99% interest 09:12 as you try to pay it off over time. 09:14 So it's a horrible cycle that people get caught up in. 09:17 What about people who are overdrawn, 09:20 and then they have to pay those bank fees? 09:23 How can we help them, again, living within your means, 09:27 balancing your checkbook? 09:29 So what can we do as a community to look 09:32 at our accountability to our finances and being overdrawn? 09:36 Right. 09:38 You really have to zone in on your money. 09:39 I'm one of those people when I wake up in the morning 09:42 besides my everyday routine, I'm looking at my money. 09:44 I'm looking at my account. 09:46 I'm looking at my wallet and I'm arranging my money 09:47 and know how much I have for the day. 09:49 Very meticulous. 09:51 So you have to almost get to that point 09:53 because once you overdraw, which the bank wants 09:56 you to overdraw because think about it, 09:58 that's $36 per transaction. 10:00 And they have a setup in a way where they'll cover the largest 10:03 item first, which takes your account to pretty much zero, 10:08 and then whatever else comes in after that they tapped 10:10 you for that $36, right? 10:13 And you can call, and you can ask for leniency, 10:16 but they're mostly going to take off as one charge 10:18 'cause that's how they make their money. 10:20 Their money is made off of interest and fees. 10:22 And fees. 10:24 What about purchases, large purchases, 10:25 like cars or homes and, you know, RVs, boats, 10:30 you know, what should we do, 10:32 you know, when we take out a loan taken out loans? 10:35 Was this loan personal or is it business? 10:37 Yes, personal or even business, but let's start personal loans. 10:40 So anytime you're dealing with loans or financing, 10:43 you want to negotiate the interest rate, 10:45 you want to negotiate how much you're putting down 10:48 because if you can control your monthly payment 10:50 and make that as low as possible, again, 10:51 controlling costs, you can get that interest rate 10:55 down to the lowest that you can possibly 10:56 get with it is negotiable. 10:58 Just because they gave you a piece of paper 10:59 and says this is what we're offering you. 11:01 They want to sell as much as you do. 11:02 Right. Right. Right? 11:04 So you counteroffer, hey, interest rates too high. 11:07 You know, my credit, even if your credits not, 11:10 you know, where they say it should be for you to get 11:12 a certain interest rate, they're still negotiable. 11:14 Yeah. 11:15 So just take your buying power, 11:17 you will and ask some questions, 11:19 and don't just take what they give you. 11:21 What about refinancing? 11:22 You have a home, you have a high interest rate, 11:24 same thing called the bank, 11:26 let them know that you want to refinance at a lower rate? 11:30 That would definitely never refinance for a higher rate 11:32 that alleviates the whole purpose 11:35 of the refinance, right? 11:37 So if they're not offering you a lower rate, 11:38 or putting in some type of other incentive for you, 11:41 it's not worth the refy. 11:42 I see, I see, you know, 11:45 recognizing that teaching our children at an early age, 11:50 can we talk about that? 11:51 Yes. 11:52 How important is for us to train up a child 11:54 in a way to go when he is older shall not depart. 11:56 That's the Word of God. Yes. 11:58 We can't help us to train our children about finances. 12:02 There's so much out there now 12:04 about bringing up our kids understand money. 12:08 I will say to start off, 12:09 help them understand the monetary system 12:12 of our world and how it's set up. 12:13 That's the key. 12:15 Even as an adult, once you understand that piece, 12:17 it makes you think totally different. 12:19 Yes. 12:20 About everything you do because the whole trap is debt. 12:23 Our kids go to college to get these credit cards. Why? 12:26 Because they want to start them in the cycle of debt. 12:29 You come out of school owing loans, right? 12:32 Got to find a job, can't find a job, 12:33 but you still owe that student loan. 12:35 And, I mean, so 12:37 just helping them understand debt 12:39 and not getting caught up in debt 12:41 and understanding how to make their money work for them. 12:42 Your money, I always say does what you tell it to do. 12:45 All right, I like that. It does what you tell it to do. 12:48 You see, we're telling you to save it, 12:50 you're telling it to work for you. 12:51 You're telling it, you know, that's where accounting all 12:53 comes in to me because it helps you respect money. 12:55 Respect money. I like that. 12:58 So that's where I will start, 12:59 but it's so essential for our kids to know now. 13:02 Because they have the, 13:03 I want this, I want this mentality. 13:06 So we have to teach them how to budget their money. 13:08 For our next generation. Yeah. 13:10 Do we still do allowances? 13:11 I'm trying to think 13:13 I gave my children allowances. 13:15 I have not done that with my daughter, 13:16 but I thought about creating a job for her. 13:18 A job? 13:20 At home so that she can understand 13:22 that it takes work to make money, 13:24 you know, so often, we want to give to our kids 13:26 what we didn't have or, 13:28 you know, but that just stumps them now. 13:31 I have millennials that work for me 13:33 and I'm just like... 13:36 So yeah, so it's very important now. 13:38 I would say take it very seriously 13:40 and teaching our kids now, 13:41 but first learn yourself. 13:42 Right. 13:44 I know, I was doing some moving 13:45 of some merchandise with my store. 13:48 And Aaron said, 13:49 "Can we negotiate a salary for this?" 13:52 I was very impressed. That's impressive. 13:54 Very impressive. 13:56 So I made one offer and she counter offer this. 13:59 That's beautiful. 14:00 And so I said, and she said, 14:01 this is not negotiable 14:03 'cause you need my muscles to move all of this. 14:06 And she did a great job that day. 14:08 So when you see her name, you know why. 14:10 That's awesome. 14:12 But I really was impressed of that she sees me. 14:14 Another thing that I do when I'm looking at my finances 14:18 and I checked my account every day. 14:21 Why is that important? 14:23 Why is it important to check your 'cause the bank 14:25 can make a mistake. 14:26 Exactly. Yes. 14:28 The bank can make a mistake or someone that's taken money out 14:30 of your account could have made a mistake or duplicate payment. 14:34 And also there's a lot of trust out there. 14:36 That these companies and businesses are doing 14:37 what they're supposed to do with your money. 14:39 There's tons of mistakes. 14:41 That's why you have the credit reporting agencies 14:43 correcting things on your credit report, 14:46 you know, because so much can happen. 14:48 So if your eyes are on your money, 14:50 it's always going to be better. 14:52 Why are people afraid to check their credit scores? 14:55 I used to be like that. They make it so... 14:59 They make it such a failure type feeling 15:04 if your credit score is not above what is it? 15:06 Seven. Eight fifty now. What is it? 15:08 And I mean, so if your credit score is saying 420, 15:11 they make you feel like you just are not worth living 15:15 the life, you're unworthy, you know, 15:17 you're just horrible at finances, when really, 15:19 it's just an opportunity for you to correct it. 15:21 Credit reports can be corrected. 15:23 You can build up your credit score by just 15:24 doing small changes. 15:26 Is that right? In a short amount of time. 15:28 You've helped me do that 'cause I... 15:30 And Micah and Erin, my daughter was saying, 15:32 "Mom, did you check your credit report this week?" 15:33 And I was like, "No." "Mom check it." 15:37 And then it will be going up, up, up, up, 15:40 you know, but the one thing I've done, 15:43 I have also stop, I mean, I buy things here and there, 15:46 but I don't shop. 15:48 Remember I had that trap. 15:49 The shopping living over my means. 15:52 And you help me with that. 15:53 And you will say that loving wherever, you know, 15:56 check and balancing, you're trying to run a business, 15:59 you're not gonna be around in 10 years because you're not 16:02 saving, you're not investing, you're not doing what is right. 16:06 And then, you know, the one thing I have learned, 16:10 when you send me an invoice, 16:12 I make sure that I pay you. 16:14 I appreciate that. I know you do. 16:16 And people sometimes feel 16:18 and as professions that we this is our, 16:21 you know, well, that's your ministry, 16:23 but it's our profession. 16:25 And I respect that. 16:26 And people tend to feel like you don't need your money 16:29 'cause you're the accountant. 16:31 Right. But you need your money also. 16:33 I do. I do. 16:34 You know, now are you your own accountant, 16:36 or do you send your work out your own personal 16:39 and business out to someone else? 16:41 I do my own. 16:42 But I've been told by peers that I should not. 16:45 Okay. 16:46 It's like me trying to counsel myself. 16:48 Right. It's like having a second set of eyes. 16:50 I don't want to see what I want to see, 16:52 but that I think I know. 16:53 Yes. 16:54 You know what I mean. So I'm getting to that point. 16:56 There's a trust issue there, but I'm just getting to that. 16:58 I understand. 16:59 It took me a long time to find a good therapist to help 17:02 my daughters and I. 17:04 And someone that I could feel comfortable with 17:07 'cause of the work that I do. 17:08 Right. 17:09 Let's talk about how you balance, 17:12 you know, your work hours in that office. 17:15 I've come by and even your husband 17:18 has taken my yellow envelope. 17:19 All right? Right. 17:21 You text me, 17:22 "Come on, Dr. Logan, my husband is there." 17:23 You know, is he an accountant? No. 17:27 But he helps you. He's in social work. 17:29 He's a social worker. 17:30 He help, ma'am sit there. 17:33 So but he helps you in your business? 17:35 Yes. That's beautiful. 17:37 Sharing that together. Right. 17:39 So how does he handle 17:40 when he sees the stress in you 'cause tax time is coming? 17:44 Is it that January to April or does it start about now? 17:48 It's ongoing for me. Ongoing. 17:50 It's ongoing for me 'cause I do... 17:51 I am still full-time employed. Yes. 17:54 I'm a chief financial officer for nonprofit in Detroit. 17:57 And I love that position. 17:58 I have not been able to let it go 18:00 because it's for a great cause and doing what I love to do. 18:03 And then I have my practice which I gave 100% to both. 18:07 So life is crazy. 18:09 And I'm blessed to have someone that understands that. 18:12 And he tries to be a part of that 18:14 and help me even with our daughter, 18:16 he takes one on that primary role, 18:18 if you will, in those times where I am running around, 18:21 my head cut off trying to take care of everything. 18:23 So a good teammate with your vision 18:27 makes life less stressful. 18:28 That is the truth. 18:30 In accounting, let's go back to accounting for a minute, 18:33 people always ask the question I can do it myself, 18:37 it's just balancing the books, or I can get a program 18:40 or I can do it by internet. 18:42 Give us some advice about that, please? 18:45 There's a lot out there. 18:47 There's a lot of online classes, 18:49 there's a lot of QuickBook training courses 18:52 or QuickBooks software that kind of makes you feel 18:54 like if you put the numbers in, it kicks out what do you need. 18:57 And I can say that my clients that do that on their own, 19:01 it takes me extra time to fix the numbers, 19:06 fix the errors, right? 19:08 And then present to them what the actual numbers are. 19:11 So it puts more work on me, if you will 19:13 because there's not... 19:14 There wouldn't be a accounting profession 19:17 if there wasn't certain things that just needed to be known 19:20 through education and experience as it were. 19:22 And let me say when I met Mrs. Kirkland, 19:25 my taxes were a mess 19:29 'cause I trusted the wrong person 19:32 to do my accounting, 19:34 and they were CPA, 19:36 but they did not, they were not effective. 19:39 And yet I'm paying this person all this money. 19:42 And the next thing I know 19:43 Internal Revenue Service is knocking. 19:46 And I did not want to go to jail. 19:50 And I think the gentleman was like, 19:52 we know you're not doing anything you did not know, 19:56 but we have to fix this and you have to pay this penalty. 20:00 And I say, "But I didn't do this." 20:03 And they said, "But your name on these tax forms." 20:05 Exactly. "You signed these forms." 20:08 So when I met you, you came in, you looked, 20:11 you didn't say, I can't help you, you took it. 20:14 I mean, boxes and boxes of things. 20:18 And we got it straightened out, and there was a penalty. 20:21 And we paid it. 20:22 And I think this past year, I had a penalty. 20:25 And I called, you and said, "Nicole!" 20:27 And you said, 20:28 "It could have been a lot worse. 20:30 Pay it, Dr. Kim." 20:32 And so that we're current. Right. 20:34 And I was so happy and what I love about you, 20:37 anytime I get anything, I don't understand. 20:40 You say fax it to me. Let me look at it first. 20:43 Don't sign it, don't send it in. 20:45 Don't do anything. Let me look at it first. 20:47 And you go over and beyond. 20:49 And I know what you do for me. 20:50 So I can imagine all your other clients, 20:53 but I have that same spirit now. 20:54 And I believe this is why, 20:57 you know, God brought you into my life. 20:59 I know it for a fact. 21:01 And you have to have a sense of patience, 21:04 you have a lot of patience. 21:05 You have a lot with me. 21:08 And you would email me. 21:11 And you would say, "Dr. Kim, I'm missing." 21:15 You know, I look at the list. 21:17 I didn't send you that. 21:18 It'll be like ten things on the list. 21:20 And I was like, "Okay, let me go look for everything." 21:23 So now what I've done when things come in, 21:25 I put them in a file. 21:27 Awesome. 21:28 And so when all those things come in, 21:29 and so all I have to do is just bring them right to you. 21:32 Yes. Yes. That's perfect. 21:33 So I don't just lay them in a kitchen drawer anymore, 21:36 or lay them in that bowl. 21:37 I keep it all organized because when I see taxes, 21:42 or I see that coming in, 21:44 I know this is serious business. 21:47 Why do people end up in jail, 21:49 and they have the money to pay their taxes? 21:52 Why do they avoid paying taxes? 21:55 What I find is that there's a fear factor there. 21:59 The fear factor is to know how much first 22:01 of all you owe in taxes 'cause you think 22:04 why people are trying to survive on their W2 22:06 they're claiming 8 to 10 exemptions. 22:10 So they're getting most of their money 22:11 and are paying enough withholding. 22:13 They know this. 22:14 So by the end of the year, that whole tax is like, 22:16 yeah, I put it off until 22:18 I'll extend it till not realizing 22:20 even if you extended the money, the due date, 22:23 the interest goes back to April 15. 22:25 Wow. 22:26 Some, a lot of people don't know that. 22:27 They didn't. I didn't know that. 22:29 And then there's bad advice from other people. 22:31 And then just on a business perspective, 22:33 you don't know if you made a profit or loss 22:35 'cause you have a box of receipts that someone has to go 22:37 through and prepare your profit and loss 22:39 statement to tell you whether or not you owe or not, 22:42 and getting all those documents together 22:45 and organizing that takes time. 22:46 So that procrastination sets in. 22:48 I really again, let me say, I've become more organized, 22:52 more discipline, more meticulous about 22:55 having things in order because your time is valuable. 22:58 And when I bring you that envelope to you, 23:01 everything is in order. 23:03 And I like it too. 23:05 I look at it is January, February, March, 23:08 April because when you open it, it's like, 23:11 I don't want your stress level to go up. 23:14 And you care about me. 23:16 And I know you're not gonna pick up the phone and say, 23:18 you're gonna, you know, filter through it, but I know better. 23:23 And when you know better, you should do better. 23:26 And so with that, we need to do better with our finances. 23:30 We need to live within our means. 23:32 We need to sacrifice if you can, 23:36 having a certified public accountant to help you work 23:40 through your difficulty. 23:42 Check your credit scores on how often should we do that? 23:46 I would say annually. Okay. 23:48 Unless you're in the process of trying to buy a home 23:50 or like set a car, and you got out or working 23:53 on your credit to build it up. 23:55 You could check it more through the year, 23:56 but annually, it's pretty good. 23:58 Okay. 23:59 What if have you have some money 24:01 and you'd like to give it away before April 15? 24:05 How does a person go about being, 24:07 you know, giving charitable funds to someone? 24:10 If you want it to count towards your taxes, 24:12 you do it before 12/31. 24:14 12/31 before the end of year. Yeah. 24:16 Got it. Yeah. 24:18 Charitable donations have to be in the year of the tax. 24:20 I see. 24:21 So there'll be Salvation Army taking a bunch of items, 24:23 they're getting those pink slips and then you put 24:25 the value on there. 24:27 Not to be excessive, but they allow you to put 24:29 the value on there. 24:31 There a lot of places that we can donate to, 24:34 especially like Dare to Dream Network 24:37 where we are focusing on helping people. 24:41 There are people who are in need of these programs. 24:44 And I want to encourage you 24:46 to give to the 3ABN Dare to Dream Network 24:50 so that we can continue to bring quality programming, 24:53 Christian programming to you, our viewers. 24:56 So I am all on board 24:59 and helping this because I wouldn't be here 25:02 today without other people 25:04 making contributions to the 3ABN Dare to Dream. 25:08 Dare to Dream say that with me, Nicole. 25:10 Dare to Dream. Dare to Dream Network. 25:12 And we want to continue to do contributions, 25:16 charitable contributions... 25:17 Yes. 25:19 And where we must receive a receipt. 25:20 Yes. 25:22 It's required now that organization 25:23 you donate to gives you some type of receipt 25:25 or letter stating what your donation was. 25:27 Now what about tithes and offering? 25:30 Can that be written on the taxes also? 25:32 Yes. 25:34 All right, 'cause that's why I get my slip from my church. 25:35 Most churches give you that end of the year 25:38 and actually some of them that, 25:39 you know, that is coming up that time 25:41 if you want to make that nice donation maybe before 12/31, 25:44 you know, I mean, so to give you that statement. 25:46 All right. Okay. 25:48 What's the best advice you can give all of us to be better 25:51 with our finances and to keep the stress low? 25:55 Prepare, always be in preparation mode. 25:59 Okay. Always be in learning mode. 26:01 Take advantage of this vast technology 26:03 we have where you can pretty much Google anything. 26:06 Yes. 26:07 When you go to speak to a professional be it the CPA 26:10 or a financial planner understand that they're very 26:12 two different things. 26:13 Yes. 26:15 And then meet with at least three. 26:16 Yes. 26:17 And then when you base the decision based off 26:19 of how you feel and talking to the person. 26:22 Yes. 26:23 What they talk to you about, 26:24 if they're coming off the charts, 26:26 talking about what services they can provide and the costs. 26:29 It's not a good thing 26:30 'cause they need to get an understanding 26:31 of what you need. 26:33 Yes. 26:34 Now I'm very particular about who I work with 26:35 financial planner wise, if you come in not 26:37 trying to get understand what my needs are or 26:39 what I'm trying to do financially, 26:41 then you're interested in your own interest. 26:43 Wow. Right. 26:44 So that's very important. That's deep. 26:46 And just don't trust everyone, 26:49 do your own research. 26:51 Yes. 26:52 You know where your money is, where it's going. 26:54 And that's the start. And that's a start. 26:56 Start. 26:57 Well, Nicole, I really thank you, 26:59 that's a big start for being here 27:01 being a resource to Live to Be Well. 27:03 Thank you. 27:04 My personal CPA been with me for years and years, 27:07 who helped me to change my finances around. 27:10 One year asked her, "How am I doing?" 27:12 And she said, "You are doing very well." 27:14 Yes. And that's what I want to hear. 27:17 I want to encourage you to meet with your financial planner, 27:20 your certified public accountant, your accountant, 27:23 stay on top of things, don't live over your means 27:26 because God says, 27:27 "Let's do things decently and in order." 27:30 And let's be a good steward 27:32 over the treasures He has given us. 27:34 I want to encourage you not to be afraid 27:37 to check your credit score like Dr. Kim used to be, 27:40 but now I am living to be well. 27:43 May God bless you and keep you 27:45 and continue to live to be well. 27:47 God bless. |
Revised 2021-09-13