Category: Your Business (Page 19 of 30)

Debt Management Options

July 21, 2011 / Michelle Burton

Debt settlement can be a useful option when a consumer has acquired too much debt that he or she cannot afford to pay in full. With debt settlement, the creditor agrees to settle with the debtor for an amount that’s less than the actual amount owed.

Much like most other debt management options, debt settlement has its advantages and disadvantages. Debt settlement can reduce the total amount that is owed to creditors and it can also reduce interest on your debt. Debt settlement can eliminate any future fees on your debt, it can consolidate all of your payments under one creditor, and it is possible to become debt-free in less than two years. And, unlike a debt consolidation loan, you are not creating new debt by borrowing to get out of debt.

One of the disadvantages of debt settlement is the negative effect it may have on your credit report. Because you won’t be paying your creditors the usual monthly payments, this will be noted on your credit report. However, to some creditors this notation can also mean that the debtor did take responsibility in paying as much as he or she possibly could, which may help to offset the negatives. In addition, because your credit report will show that the debt is “paid” or “settled” rather than “outstanding,” this may have a positive effect on your credit history.

Another disadvantage to debt settlement is that any cancelled amount exceeding $600 is considered taxable income. If the creditor reports the forgiven amount to the IRS, you will receive a 1099-C form. In some instances, however, the IRS will decide that the debtor is insolvent, meaning that the debtor will not owe any Federal taxes on the amount.

If you decide that debt settlement is the best option for you, there are several ways to accomplish it. You may negotiate your own debt settlement agreement or you can hire a consumer law attorney to assist you. It is highly recommend that you hire an attorney, especially if your debt is substantial. When negotiating a debt settlement agreement on your own it is important to get everything in writing. Debt collectors typically deal with hundreds of cases per day, so mistakes can happen. To protect yourself, make sure you have agreement in hand before making any kind of payment. The agreement should clearly state the following:

-Payment due date
-How much you have agreed to pay (total amount and each payment amount)
-Method of payment (i.e. cashier’s check, electronic bank transfer)
-The debt collector will report to the three major credit bureaus that the debt has been settled or (if applicable) “paid in full”
-Any/all conditions of the agreement (consequences of late payments, consequences of breach)
-Any concessions that the debt collector has made

It is recommended that you contact a consumer law attorney to review the agreement to ensure that your interests are well protected. You can search for consumer law attorneys in your local area through the American Bar Association (ABA) website. Access to the ABA lawyer locator is free.

If you cannot afford a lawyer, but instead, you are considering a debt settlement agency — beware. There are several things you can do to protect your personal information and to ensure a smooth and lawful process. Before you do business with a debt settlement agency check to make sure that the staff consists of IAPDA (International Association of Professional Debt Arbitrators) certified debt arbitrators, that they belong to an accredited U.S. Chamber of Commerce, and that they are a member of the Better Business Bureau.

Uncategorized, Your Business, Your Compensation

Benefits of a Law Degree

July 18, 2011 / Michelle Burton

Obtaining a law degree doesn’t mean you have to go into a traditional legal job. True, many law school graduates do go on to become lawyers, but the skills learned in law school are directly transferable to more than 300 other professions. You will develop analytical, advocacy, research, and communication skills in law school as well as the ability to solve problems by breaking it down into it’s component parts.

Not only are the career possibilities endless for individual’s with a law degree, the opportunity for advancement and salary growth is high. Criminal justice careers, education administration careers, energy careers, and financial services all offer advancement opportunities and salary growth. The following are just a few career fields open to law school graduates. Others are:

-Alternative Dispute Resolution
-Civil Rights
-Contract and Procurement
-Court Administration
-Education Faculty
-Environmental
-Human Resources
-International Affairs/Trade
-Insurance
-Intellectual Property
-Intelligence/National Security
-Labor Relations
-Legal Administration
-Marketing
-Legal Documents/Information
-Legislation and Regulatory Affairs
-Management
-Publishing/Broadcasting
-Real Estate/Housing
-Taxation
-Transportation

To earn a law degree, you’ll have to start with a bachelor’s degree. Your degree must be from an accredited college or university. Although it is not necessary to major in these areas, many undergraduates major in legal studies, criminal justice, law and society or other similar degree. Majoring in a law-related area, however, can make earning a law degree much easier. After earning your bachelor’s degree, you’ll have to take the Law School Admissions Test or LSAT. With a high score in the LSAT and an excellent GPA in college, you should have no problems getting into law school. Just keep in mind that while getting into “a” program will be easy for you, getting into a top program could be challenging based on the overwhelming number of qualified applicants.

It takes a minimum of three years to complete a full-time program. It also takes time to study for and take the bar exam after you graduate. You’ll have to take the bar exam for the state you plan to practice in. If you plan to practice in multiple states, you’ll have to pass the exams in those states as well. Requirements vary state to state. In some states, you’ll even have to pass a Character and Fitness evaluation conducted by the National Council of Bar Examiners, which also provides exam materials to many states. The evaluation includes a criminal background check, driving record check, credit check, and medical records check. You may also have to take a drug test.

For more information about becoming a lawyer in your state, visit the American Bar Association at Americanbar.org. For a list of the best law schools, visit the U.S. News & World Report website and review the education section.

Your Business, Your Career, Your Education

Non-Profit Management Training

July 15, 2011 / Michelle Burton

There are more than 1.4 million non-profit organizations in the U.S., with more than 12.5 million employees. The non-profit sector expends $120 billion in annual personnel costs and represents $340 billion in total annual budget outlays. This means, if you’re lucky enough to land a job with a religious organization, hospital, university, foundation, or other non-profit organization, you can expect stability, salary growth, employment growth, and a variety of positions to choose from.

Most non-profit management personnel have an MBA in non-profit management. These professionals typically hold positions such as assistant director of fundraising, program analyst, program director, program officer, marketing/research manager, director, community outreach coordinator, finance director, director of information systems or director of public relations.

How to Find Non-Profit Management Training Programs

Non-profit managers usually hold a non-profit management MBA from an accredited college or university. Today’s MBA student has the option of obtaining a degree on-campus, online, or through a blended format. Blended formats allow students to complete half of the degree on-campus and the other half online. Blended and online formats make it easier for students to work full-time in the field while pursuing an advanced degree.

When searching for non-profit management training programs, try Princeton Review first. This is an excellent source for lists of top business colleges. U.S. News and World Report is also a great source. When you find a school you’re interested in, make sure it’s accredited by a U.S. Department of Education recognized agency. Just a few recognized agencies include:

-The Association to Advance Collegiate Schools of Business (AACSB)
-The Association of Collegiate Business Schools and Programs (ACBSP)
-The Council for Higher Education Accreditation (CHEA)
-Middle States Association of Colleges and Schools
-New England Association of Schools and Colleges
-North Central Association of Colleges and Schools
-Northwest Commission on Colleges and Universities
-Southern Association of Colleges and Schools
-Western Association of Schools and Colleges

Many online programs have also been accredited by:

-Distance Education Training Council (DETC)
-Council on Occupational Education (COE)

If you come across a school that has not been accredited by any of the agencies listed above, check the U.S. Department of Education website at ED.gov for a complete list of accrediting agencies.

Non-Profit Management MBA Program Curriculum

Non-profit management MBA programs prepare students for a career in management by teaching everything from business computing and business finance to principles of marketing and principles of management. Online curriculums should require the same courses as on-campus programs, so be sure to check the course listings for the online program you have chosen before beginning the application process. The following is a list of non-profit management degree courses to look for:

-Business Computing
-Business Finance
-Business Statistics
-Effective Career Management
-Entrepreneurship
-Human Resource Management
-International Business
-Legal Environment Business
-Organizations: Structures & Behavior
-Principles of Management
-Principles of Marketing
-Writing and Speaking for Business

If you would like more information about non-profit management MBA degrees or careers, the following websites might be useful visit the U.S. Department of Labor website at www.bls.gov.

Your Business, Your Career, Your Education, Your Workplace

Benefits of Foreign Language Programs

July 14, 2011 / Michelle Burton

The United States is home to the fifth highest population of Hispanics in the world. As of 2009, 44 million Hispanics lived in the U.S. and this number is expected to increase to over 100 million by 2050. Not surprisingly, Spanish is the second most common language in America. Spanish isn’t the only language that’s growing in America. Chinese is the third most common language in the country, followed by French, then German, Tagalog (spoken in the Philippines), Vietnamese, Italian, Korean, Russian, Polish, and Arabic.

With so many languages and cultures flourishing in the U.S., businesses, colleges, government organizations, and others feel that being bilingual, or even multilingual, is an asset. In many instances, companies will hire a bilingual or multilingual candidate over one that speaks only one language—even if the candidates’ backgrounds are nearly identical.

In addition to being a plus in the working world, there are a number of jobs for individuals with a degree in foreign language. These jobs are available in education, government, aviation, law, the arts, finance, journalism, tourism, social service, customer service, and many others. Just a few job titles for foreign language graduates are foreign service officer, foreign service peacekeeping, air-traffic assistant, paralegal, art dealer, importer/exporter, professor, consultant, international banking officer, cultural attaché, linguist, interpreter or translator, customs/immigration officer, travel writer, foreign exchange trader, UNESCO official, and foreign diplomat.

While a foreign language degree is the minimum requirement for some of the positions listed above, a degree in say finance, along with fluency in or a certificate in a foreign language might be the only requirements. If you already speak a second language such as Spanish, but have never taken a Spanish class, that doesn’t mean you can teach Spanish. In a language program, you’ll learn the technical aspects of the language and the proper way to speak it.

The type of foreign language program you should take will depend on what you plan to do once you’ve learned a second language. If you plan to learn a second language for personal growth, taking a foreign language program at a language center or community college may be sufficient. If you prefer to work independently, you can purchase any number of language learning software packages online or at your local software emporium, bookstore, or electronics store. If you plan to make a career of it, a foreign language program at a two- or four-year college is your best bet.

Some of the best colleges for foreign language majors are:

-Georgetown University
-University of Chicago
-Harvard University
-Princeton University
-Columbia University New York
-Stanford University
-Brown University
-Tufts University
-University of Colorado
-Southern Methodist University
-Dartmouth College
-Brigham Young
-University of California-Berkeley
-University of Pittsburgh
-University of Rochester
-Duke University
-Vanderbilt University
-The University of Texas

A Bachelor of Science or Bachelor of Arts in Foreign Language takes four to five years to complete. Colleges that offer the program online may offer the option to take an accelerated program, which means, you can complete the program in two to three years, with no breaks.

For more information about language in America, visit the U.S. Census Bureau Language Use page at http://www.census.gov/hhes/socdemo/language/.

Your Business, Your Career, Your Education, Your Workplace

10 Questions to Ask Yourself When Succession Planning

June 28, 2011 / admin

When building and maintaining a business, not many owners have the time (or feel like they have the time) to think about what will happen to their business once they have retired or sold it.

However, business succession planning is crucial to where your business is headed. Putting a proper succession plan in place ahead of time will not only help of your company’s health now, but down the line too.

But before making a succession plan, let’s start with the first step. You need to reflect on your ultimate goals, personally and professionally.

Here is a list of 10 important questions to ask yourself before and during the succession planning process:

1. What would make you leave the business?

With the retirement age rising, many people are choosing careers that they enjoy and can see themselves doing for a long time. So what would make you leave your business?

Retirement, family, travel, new business opportunities? List out some of the main reasons you can see yourself leaving the company. Perhaps, you were interested in making a quick buck by building up the business over a few years then selling it, like so many of today’s e-based businesses are doing. Even at that, you want to go out with a “Bang” and ensure you get the right buyers. For this, you need a good succession plan in order.

2. Is this business your life’s goal or accomplishment?

Starting your own business demands constant hard work and effort. Think back to when you first decided to take this giant leap. Did you expect to see your company where it is now? Are you proud of where you are today? How much is this business a part of you?
These are again some deep and important questions to ask yourself as your response to them will help you determine which potential successor could really share your vision and fill your dedicated shoes.

3. What is your business worth?

Your company has a dollar value, but is this enough for you? If your company has intrinsic value than you may need a higher price tag to make the sale worth it for you. It’s key to start by speaking to finance advisors who have experience in your industry to help you determine a price that would be suitable to you and the buyer.

4. Who can handle your business?

Assuming you want your business to prosper after you have handed it off, who has the skills and knowledge that you have to run it like you do? Is there anyone internally who could fill your shoes?

Then again, you have to be prepared for the fact that a successor may not run the show your way. But this doesn’t mean they don’t have something else to offer. One of the prime keys to success in business is the ability to adapt, evolve and handle change.
Don’t just look for another you, think about important qualities you want in a successor. Vision, imagination, loyalty, dedication… Look at the big picture.

5. Will you have regrets?

It’s hard to know what our future selves will be like, but when it comes to questions of regret, you need to think really hard and examine all the possibilities. The last thing you want to do is regret a decision as important as leaving the business. Again, assess your professional and personal goals and ensure they are being met when you make this big decision in your career.

6. How long will you stay involved with the company after the sale? Will you stay involved?

Maybe you can’t completely detach from your business and that is more than okay. But planning your involvement post-sale is an important factor that needs to be discussed throughout the proceedings and carried out accordingly to prevent any issues in the future.

7. What kind of training will you offer?

There are many ways to train your successor, but the way to get the best results from the person is to train them over a longer period of time rather than throw them into it last minute. This is a major aspect of succession planning. Being prepared.

Keeping documentation of processes and anything involving how your company works will help your successor understand how you operate the business. But reading about policies and procedures is only one part of it. Perhaps consider them training in many positions at different levels at the company so they really understand the inner workings of the business.

8. Will you be comfortable with radical changes?

As mentioned, your successor may attempt to make some significant reformations to your business model. Can you stomach this, even if it differs from your original view of the business? If not, your hunt for the right successor will have to continue.

9. Will you want to retain minority ownership as an investment?

If so how much control will you attempt to exert? Remember that it can be hard to control yourself if you have run this business for years.

10. Will you start another business like this or are you looking for another path?
After the sale of your business, you might feel at a loss after such an important and consuming part of your life is gone. However, a new business or career may give you stronger direction and purpose.

Ask yourself these important questions. They will not only help you in planning your succession, but with your career aspirations overall.

Your Business, Your Career