It’s true that the benefits of a parent cannot be measured or quantified in any meaningful way. It’s hard to put a price on the emotional commitment and special experience of raising a child as a parent, some of which may not even be realized by the parents themselves until afterwards. But it is undeniable that the experience of parenthood is a rewarding and special time in someone’s life.
What to Take Away From John Cleese’s Divorce
If you haven’t been kept under a rock your whole life, you’re likely familiar with actor and comedian John Cleese. Part of the infamous Monty Python crew, he starred in films such as Monty Python’s Quest for the Holy Grail, and television shows such as Faulty Towers. However, are you familiar with what has happened to Mr. Cleese financially over the past few years?
When Cleese divorced his third wife she ended up with a divorce settlement that quite literally made her richer than him, despite the fact that they were married for only 16 years and had produced no children.
Divorce is, unfortunately, a fixture of modern society, and people of both sexes need to know how they can protect their personal finances in case of a divorce. After all, these days more than 50% of marriages end in divorce, so not preparing yourself financially for it is engaging is some rather wishful thinking. So how best to protect yourself and your personal finances, should you be unfortunate enough to have to go through one?
If you are the higher-earning party, get a pre-nup prior to marriage; this simply cannot be overemphasized. Cleese himself, already married to wife number four, incidentally, was told that he should have her sign a prenuptial agreement, he initially didn’t want to, despite having just been taken to the proverbial cleaners. He only reluctantly had one written up when his legal team essentially insisted. Even though prenups can be challenged or modified in court, if you are the party bringing more assets to the relationship, it is irresponsible of you not to solicit a prenuptial agreement from a potential spouse.
Another thing to keep in mind is that you should protect assets you have in joint accounts with your spouse, and also begin to actively monitor your credit, if things become acrimonious between you two. This way, you will prevent them from absconding with the totality of your shared funds, or ruining your credit if they are feeling malicious. If you need further information on how to do this properly, speak with a qualified financial planner.
So if you find yourself considering marriage and either have significant assets to protect or suspect you might have them in the future, you owe it to yourself to look into the legalities surrounding prenuptial agreements, and other thorny issues related to personal finance. Failure to do so can end up seriously impacting your life in a negative way, should you ever be faced with a vindictive or greedy spouse; protect yourself!
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Does Money Make Miley Cyrus Act Crazy?
If you’re like millions of people who saw Miley Cyrus’s performance at the MTV Video Music Awards recently, you’ve probably wondered what the effect of massive success on the music and acting star. Cyrus seems to be
doing everything possible to remake her image in the exact opposite of her squeaky clean mold that Disney and other companies have created for her over the last several years. (A rumor has it that Disney even created a contractual obligation for Cyrus to maintain a certain haircut during her “Hannah Montana” television show.) There’s a sense of someone taking on their first sense of independence, and running with it — the star seemed to be sending the message to the audience that she was not going to live according to the expectations of others anymore, and from the look of it, they got that message loud and clear.
The fact that Cyrus is barely into her 20s should tell you something about how much time she has to develop her career. She has enough to retire at an age when most people are just starting their first real job. And that is a tough position to be in. If she is hoping to push her singing and acting career well into adulthood — as most artists would like to — it may be that she is trying to make her mark now. Think of it a bit like Bob Dylan in 1964, releasing electric music for the first time, when before that point he was primarily known as a folk singer making gentle acoustic music.
Dylan’s idea may have been a bit like what Cyrus’ is. That is to say, maybe Miley Cyrus is trying to avoid becoming a has-been, a relic of the 2000’s who burned out playing inoffensive pop music. If this is the case, Cyrus may be able to shift her career into a different mode by showing herself to be an uncompromising artist. Remember that even the greats of the past — Frank Sinatra for example — were once viewed as essentially music for teenagers, and not serious artists. Sinatra even suffered career failure in his 20’s when his audience grew up and moved on to other things. But he came back to record success when he began allowing his music to mature and his ideas to gain focus. If Cyrus can pull such a move, she may not be remembered as a teeny-bopper, but as a serious artist.
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Negotiating Superstar
Recently my son asked me for some money.
This isn’t rare.
He asks me for money on a regular basis. He’s kind of greedy some days.
This time, however, he asked what he can do to earn some money. Now, since I live in Minnesota and have the dog and we had the sixth snowiest winter ever this year, all my dogs little shoe-bombs have been buried for the last six months. It started snowing in early November and as of this writing, on March 25, I still see two inches of snow covering every thing. Last week, we had a thaw and got to see the grass. We also got to see the dog’s business all over the yard.
I told him that I would give him $10 to clean up the yard. He asked if a friend could help. I said yes. Then he asked if they would have to split the money or if I would be paying them $10 each. I said that I’d be getting the same amount of work done, so they should split the $10.
He didn’t like the plan, so he negotiated his way up to getting seven dollars each. Originally, I was planning to pay $20, but got talked down by a friend. I’d still be willing to pay $20. What I’m trying to do is encourage him to start negotiating. I am a lousy negotiator. I want my kids to have better financial skills than I do. I want them to grow up knowing how to negotiate and being comfortable negotiating. That will make him a better financial adult.
So I encourage him. Sometimes I offer a lowball number and if he gets so upset walks away I ask him why he didn’t give a counter-offer. If he just accepts a number that’s way too low, or if his grandma offers him a shiny nickel to mow her yard, I tell him no. I tell him to reject it and offer something that he feels is more in line with what he would actually be doing.
Now, if I’m going to keep up these lessons I need to work on my negotiating skills too, so this is also a self-improvement game.
How do you teach a kid to negotiate? What resources are out there to teach yourself?
A Guide to a Career in Accounting
This is a guest post.
No one knows what the single magic ingredient is to a successful career in any field (if such an ingredient exists). Talking with experts in accounting, however, can shed light onto what qualities people need to get the best accounting jobs today and stick with them for a lifetime. We spoke to a variety of professionals to get their opinions on exactly that. Below is what they had to say.
From the financial professional staffer: Plan early
“While some people fall into an accounting career, the ones who flourish in their careers are the people who plan for it.” That’s according to Greg Menzone, an executive manager in the financial division of Professional Staffing Group. “That means deciding early that you’re interested in accounting and choosing a school that will help set you apart, i.e. a college or university with a strong business/finance reputation where you can major in accounting. Internships, especially through a co-op school, are also important. On another note about education: I recommend getting a master’s degree right away — it’s essential for a career in accounting.”
Menzone continues with advice for those recently out of school.
“After graduation,” he says, “accounting majors typically have a choice to pursue either a job in private industry or public accounting. Going the public accounting route can set you up more favorably for achieving C.P.A. status since both a master’s degree and a specific number of audit hours are required for the CPA. If you choose the public accounting route, I recommend staying at least a few years until you reach a senior level. Doing so will help your reputation and position you for the next step in your career.”
Menzone stresses that sticking with one employer for awhile instead of bouncing among accounting jobs is smarter for the lifelong career of the accountant.
“A successful career is a marathon, not a sprint, and longevity with an employer can be valuable because it enables you to build a solid network and develop trust in your position and abilities,” he concludes.
From the company president: Develop marketing skills
“With growing revenues and uncovering new business opportunities for accounting firms becoming more paramount every day, the successful accountant will need to have skills in business development and marketing,” shares Nick Keseric, president of the Marketing Seeds, a company that outsources marketing and business development initiatives for banks, law, accounting and wealth management firms.
“No longer will an accountant get by or get offered a partnership within a firm because they are only a real good technician in tax or audit. There are a million good technicians but few accountants that are good in — here comes the dreaded word for accountants — SALES. Bringing in new business opportunities and converting a prospect into a client will be the new norm for advancement.”
Keseric goes on to explain how those seeking accounting jobs at Moneyjobs.com or who are currently employed in the field can go about improving this important skill set. Among the techniques he advises are: Observing styles and approaches of those currently employed in sales and marketing; working on being likeable; studying business etiquette; and “smiling, being approachable and extending a hand first and greeting to others.”
“When accountants ADD it up,” he jokes, “business development will SAY it all for their own success.”
From the Excel guru: Master spreadsheets
Breck Carrow knows the value of spreadsheets so well he heads a company that trains people in their use and mastery: StopSpreadsheetErrors.com. He reminds people that finding and keeping good accounting jobs can have a lot to do with how well you know your Excel.
“As with any career, you can achieve greater success based on the unique value that you offer,” he points out. “Knowledge of Excel spreadsheets is a must for today’s accountants. Just knowing the standard formulas and functions, however, does not set you apart from your peers. In order to truly shine, an accountant should know how to properly structure a spreadsheet with effective controls. The resulting process efficiency will pay off many times over with more productive work, faster turnaround and less stress. Moreover, this will help you avoid a major career pitfall: embarrassing and costly mistakes that can tarnish your reputation.”
How Much is Too Much?
I work.
A lot.
Aside from my day job, I’ve got my gun training classes, this site, advertising and online marketing for a few companies, and a large custom software project. I’m working 60-70 hour weeks and have been for at least 2 years.
When it all started, it was all necessary. We were in debt, I was underpaid for my industry, and we couldn’t make ends meet. Today, our debt is nearly gone, our savings has grown, and I make considerably more money that I did 2 years ago.
But I’m still running as hard as I can.
My wife is unemployed, but I don’t think that matters much. I probably make enough at my day job to cover our lifestyle. I’ll know for sure in 2 weeks when my benefits all kick in.
But I’m still hustling.
When someone calls me up to ask to pay me for a project–a highly skilled, high-margin project–how can I turn them down? When the headlines drive people into my classes, how can I say no to the money?
I’ve been accused of being a workaholic, and I can’t argue with it anymore. I’m working all of the time, and the rest of my life–my marriage, my kids–is suffering for it. I’ve spent so long with not enough, is it possible to just enjoy what I’ve got?
I’ve got no hobbies. I rarely spend time with anyone. I quit working an hour before my kids are asleep, and see them in the morning just long enough to get them to daycare.
I’ve got to scale back. That means my plans to go self-employed are getting paused, but that was mostly an exit strategy for my last job. I enjoy my current job. I’m doing what I love in an industry I care about.
What can I cut?
- This site. I could sell this, make a bit of money and reclaim that time, but I need this vent. I need to be able to talk about my finances and release whatever pressure is building up.
- Gun classes. This business takes up about 10 hours per class, with 1-2 classes per month. It’s not a huge time sink. Right now, business is booming. There is an old saying: “You have to make hay while the sun is shining.” Eventually, the market will slow down, but for now, we’re one of the most successful businesses in our market. I can’t turn this tap off.
- Marketing company. This is the biggest time sink I’ve got. It’s also the most profitable. This is where I spend my time every evening, and where I think I need to wind down. I’ve got a couple of major commitments I can’t back out of, but when they are done, I think this has to go. I simply can’t keep going like this. We’ll keep the business entity, so we’ll be able to say yes to the right projects and be ready to go with the next brilliant idea….crap, there I go again.
My name is Jason, and I’m a workaholic. The idea of shutting down my business hurts, but the idea of losing my wife and kids hurts more. I don’t know how painful winding some of this down will be, but rest assured, I’ll be sharing the progress here.