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Nov / 26

How To Get An Extension For Your Texas Franchise Tax Return

If you’re a Texas business owner, you’re probably well aware of the state’s franchise tax. This annual tax is levied on most businesses operating in the state, and it can be a significant financial burden.

Fortunately, the state does allow businesses to request an extension of time to file their franchise tax return. This can give you some much-needed breathing room if you’re having difficulty meeting the deadline.

Here’s what you need to know about getting an extension for your Texas franchise tax return.

The Basics

First, it’s important to understand that an extension of time to file your return is not the same as an extension of time to pay your taxes. If you owe taxes and you don’t pay by the deadline, you will be subject to late payment penalties and interest charges.

An extension of time to file simply gives you more time to prepare your return. As long as you file your return by the extended deadline, you will not be penalized.

How to Request an Extension

If you need more time to file your Texas franchise tax return, you can request an extension by filing Form 05-164, Application for Extension of Time to File Texas Franchise Tax Return. This form must be filed by the original due date of your return.

You can file Form 05-164 electronically or by mail. If you file electronically, you will need to provide a credit card or bank account information so that the state can process your payment.

If you file by mail, you must include a check or money order for the amount of taxes you expect to owe.

Once you have filed Form 05-164, you will have an additional four months to file your return. This means that if your original due date was May 15, you will now have until September 15 to file.

Keep in mind that this extension is only for the filing of your return. If you owe taxes, you must still pay by the original due date.

What if I Can’t Pay My Taxes?

If you can’t pay your taxes by the original due date, you can request a payment plan by filing Form 05-183, Application for Installment Agreement. This form must be filed by the original due date of your return.

Once you have filed Form 05-183, you will have an additional four months to pay your taxes. This means that if your original due date was May 15, you will now have until September 15 to pay.

If you’re unable to pay your taxes in full within four months, you can request an additional four-month extension by filing Form 05-184, Application for Extension of Time to Pay Texas Franchise Tax. This form must be filed by the original due date of your return.

If you’re still unable to pay your taxes after eight months, you can request an additional four-month extension by filing Form 05-185, Application for Extension of Time to Pay Texas Franchise Tax. This form must be filed by the original due date of your return.

Keep in mind that you will be charged interest and late payment penalties on any taxes that are not paid by the original due date.

Conclusion

If you’re having difficulty meeting the deadline for your Texas franchise tax return, you can request an extension of time to file. This will give you an additional four months to prepare your return.

Remember, an extension of time to file is not the same as an extension of time to pay. If you owe taxes, you must still pay by the original due date to avoid interest and late payment penalties.

Nov / 22

The Importance Of Setting Goals In Personal Finance.

When it comes to personal finance, one of the most important things you can do is to set goals. By having specific goals in mind, you’ll be able to better focus your efforts and make sure that your money is working for you.

One of the best things about setting goals is that it can help to keep you motivated. It can be all too easy to give up on your financial plans when things get tough, but if you have specific goals to strive for, it will be much easier to stay on track.

Of course, it’s not enough just to set any old goals . they need to be the right kind of goals. Here are a few tips for setting effective personal finance goals:

Make sure your goals are specific.

It’s important to be as specific as possible when setting goals. For example, rather than simply saying that you want to save money, try to come up with a concrete figure that you want to reach.

Make sure your goals are realistic.

If your goals are too ambitious, you’re likely to get discouraged when you don’t achieve them. On the other hand, if they’re too easy, you won’t get the motivation you need to really make a difference.

Make sure your goals are measurable.

If you can’t measure your progress, it will be difficult to tell whether you’re making any headway. Make sure you have a way of tracking your progress so that you can see how close you are to achieving your goals.

Make sure your goals are time-bound.

It’s not enough to simply say that you want to save money .you need to set a deadline for yourself. This will help to keep you focused and on track.

Make sure your goals are challenging.

If your goals are too easy, you won’t be motivated to reach them. Make sure your goals are challenging enough to keep you interested, but not so difficult that they seem impossible.

By following these tips, you’ll be well on your way to setting effective personal finance goals. Remember, the key is to be specific, realistic, measurable, time-bound and challenging. If you can keep all of these things in mind, you’ll be well on your way to financial success.

Nov / 22

The Most Common Financial Mistakes People Make And How To Avoid Them

When it comes to personal finance, there are a lot of mistakes that people make. Some of these mistakes can be costly, while others may not have a huge impact on your overall financial picture. However, making any of these mistakes can set you back in reaching your financial goals.

Here are some of the most common financial mistakes people make, and how to avoid them:

Not saving for retirement

One of the biggest financial mistakes people make is not saving for retirement. It’s important to start saving for retirement as early as possible, because the sooner you start, the more time your money has to grow. If you wait until you’re closer to retirement age to start saving, you’ll have to save a lot more money each month to catch up.

Not having an emergency fund

Another mistake people make is not having an emergency fund. An emergency fund is important because it gives you a buffer if you lose your job or have an unexpected expense. Without an emergency fund, you may have to rely on credit cards or loans to make ends meet, which can put you in a difficult financial situation.

Not budgeting

Budgeting is an important tool to help you stay on track with your finances. Without a budget, it’s easy to overspend and get into debt. If you don’t know where your money is going, it’s difficult to make informed financial decisions.

Not investing

Investing is another mistake people make. When you invest, you’re essentially putting your money into something that has the potential to grow over time. This can be a great way to build your wealth and reach your financial goals.

Not tracking your net worth

Your net worth is a snapshot of your financial health. It’s the difference between your assets and your liabilities. Tracking your net worth is a good way to stay on top of your finances and see how you’re progressing towards your goals.

Not paid off debt

If you have debt, it’s important to make paying it off a priority. The interest on your debt can make it difficult to get ahead financially. In addition, carrying a balance on your credit cards can hurt your credit score, which can make it more difficult to get loans in the future.

Not having insurance

Another mistake people make is not having insurance. Insurance protects you financially if you experience an unexpected event, like a car accident or a medical emergency. Without insurance, you could be on the hook for a large bill that you can’t afford.

Not taking advantage of employer benefits

If your employer offers benefits like a 401(k) or health insurance, be sure to take advantage of them. These benefits can save you a lot of money and give you a leg up in reaching your financial goals.

Not staying informed

It’s important to stay informed about personal finance. There are a lot of resources available, like books, articles, and websites. By staying informed, you can make better financial decisions and avoid making costly mistakes.

Not seeking professional help

If you’re having trouble managing your finances, don’t be afraid to seek professional help. There are a lot of resources available, like financial advisors and counselors. A professional can help you develop a plan to reach your financial goals and get your finances on track.

Nov / 15

How To Use A Retirement Calculator To Determine When You Can Retire

If you’re like most people, you probably have a retirement goal in mind. But how do you know if you’re on track to reach that goal? A retirement calculator can help.

There are a number of different retirement calculators available online, and each one can give you a different answer, depending on the assumptions it makes. So it’s important to understand how a retirement calculator works before you rely on it too heavily.

Here’s a look at how a retirement calculator works, and some things to keep in mind as you use one.

How a Retirement Calculator Works

A retirement calculator is a tool that uses a set of inputted variables to estimate how much money you’ll need to have saved in order to retire comfortably. The inputs usually include things like your current age, your expected retirement age, your current salary, your expected annual retirement income, and the expected rate of return on your investments.

Based on these inputs, the calculator will estimate how much money you’ll need to have saved at retirement in order to maintain your current standard of living.

Keep in mind that a retirement calculator is just a tool, and it can’t predict the future. So it’s important to use it as a starting point for your retirement planning, rather than relying on it too heavily.

Things to Keep in Mind When Using a Retirement Calculator

There are a few things to keep in mind when you’re using a retirement calculator:

1. The inputs you use will affect the output.

If you want a more accurate estimate, you’ll need to input more accurate data. For example, if you’re not sure how much you’ll need to live on in retirement, you can use your current expenses as a starting point.

2. The calculator is only as good as the assumptions it makes.

A retirement calculator makes a number of assumptions, such as the rate of return on your investments. So it’s important to understand the assumptions that are being made, and to adjust them if necessary.

3. The output is only an estimate.

As we mentioned, a retirement calculator can’t predict the future. So the output is only an estimate, and it’s important to plan for a range of outcomes.

4. You can use a retirement calculator as a starting point for your planning.

A retirement calculator can help you get an idea of how much you need to save for retirement. But it’s only a starting point. You’ll also need to consider things like your investment strategy, your Social Security benefits, and your health care needs.

5. There are a number of different retirement calculators available.

There are a number of different retirement calculators available online. So if you’re not happy with the results you’re getting from one calculator, you can try another.

The Bottom Line

A retirement calculator can be a helpful tool for your retirement planning. But it’s important to understand how it works, and to keep in mind that the output is only an estimate.

If you’re not sure how to use a retirement calculator, or if you want help with your retirement planning, we can help. Contact us today to set up a free consultation.

Is the Economy Signaling Green Shoots or Rotten Tomatoes?

The economy appears to be making strides as it emerges from critical condition and enters into rehabilitative mode. Some positive signs include increasing bank lending, auto sales, and consumer confidence. Unemployment is also declining, especially for skilled labor. Both the US budget deficit and state budgets are improving. Corporate infrastructure such as plants, buildings, and equipment are overdue for upgrades, suggesting substantial future increases in capital expenditures.

Headwinds from the Euro debt crisis have subsided to a large extent, with credit spreads collapsing. In fact, spreads seem unusually tight given that Spanish bond yields are currently lower than US Treasury yields. This is quite unusual, and likely due to the European Central Bank’s announcement that they will engage in more aggressive monetary easing policies to halt disinflation and spur growth.

Japan and China are still muddling through their own economic malaise attempting to establish equilibrium. In short, the global financial landscape seems eerily quiet, especially given the growing geopolitical pressures. Increased tensions in the Ukraine, civil war in Iraq, and continued presidential scandals have failed to disrupt financial markets. The US stock market, in particular, is experiencing reduced volatility. We are now going on almost three years with no correction of 10% or more (since August of 2011).

The current situation reminds me of my garden. This year I made a vow to finally grow vegetables. I decided to start with something easy and small. I filled a cement container with soil and compost and planted two tomato plants. The plants grew tall quickly; and before I knew it, I had about 15 shiny green tomatoes. I was so excited that I started to plan my recipes, who I would share my bounty with, and what I was going to add to my garden next year. Then one day when I went to check my plants; I found a shriveled up tomato and one that had brown rot on the bottom. Uh, oh. I researched the disease online and now realize that I may not be able to save my tomatoes. I am taking steps to reduce the risk of further rot, but I am concerned that I may be fighting a losing battle.

I may lose a lot of my tomatoes, or I may be able to minimize the losses and still have plenty of tomatoes for weeks to come. The same may hold true about the financial landscape. Although the economy is starting to improve, the stock market seems to have gotten a bit ahead of itself. The market appears frothy, with little room for future growth, but a correction may come in days, months, or maybe years.

Why are stocks and investors so complacent?

The Fed Reserve’s policy of printing money has resulted in a massive increase to their balance sheet from $800B in 2007 to over $4.5T today.

This massive flood of money into the system has drastically devalued the dollar and has forced investors to put their cash in riskier investments. This has been the main reason for the overly ebullient markets since the Great Recession of 2008. In this zero interest rate world, desperate retirees and savers are reaching for yield in risky areas of the market in order to get more return on their money. This has resulted in overvalued fundamentals. Valuations are rich for US equities using metrics that have traditionally been highly correlated to market performance.

Using the CAPE (Cyclically adjusted PE) ratio developed by Robert Shiller from Yale University, the market may be signaling that US stocks are possibly overvalued by 50%, as the ratio is approximately 51% above its average (arithmetic mean) of 16.5.

Of course, valuations can’t be used as market timing techniques, as markets can stay overvalued or undervalued for long periods of time. But at these levels, it does suggest that loading up on equities, especially if you are a new or soon to be retiree, may not be a good long-term move.

According to John Hussman, “The median price/revenue multiple for S&P 500 constituents is now significantly higher than at the 2000 market peak.” He is currently forecasting weak returns over the next decade with negative returns for period of 7 years or less.

Similarly, James Montier from GMO expects that large U.S. stocks will have a return of -1.6% a year for the next seven years.

Mebane Faber in a recent conference suggested that not only US stocks, but particularly dividend stocks are severely overvalued. He also warned that “home bias” skews our portfolios in favor of our own country’s stocks. Right now international markets, especially certain emerging market countries, have better valuations.

The point is that shocks occur when you least expect it. They are often caused by some triggering exogenous factor and are met with disbelief, which in turn leads to unpredictable human behavior.

We need to prepare for inevitable corrections as they are part and parcel of business cycles.

Since this rally is particularly long in the tooth and has created severe overvaluations, it may be a time to mentally and financially prepare for a market setback. While I do not espouse market timing, I do think it is prudent to reduce exposure by 10-20% in the event of extended markets, impending retirements, or in the event that you have reached or surpassed your target financial goals.

Times like these also underscore the importance of re-balancing your portfolio. Re-balancing is the best way to keep yourself unemotional, since you invest based on your target allocation as opposed to market noise. This is why I always urge my client’s to be faithful regarding their annual reviews.

When you re-balance or take some actions to reduce risk, you not only enhance your awareness of your financial well being, but you feel more in control of your situation. When it comes to investments, we can’t control the economy or the direction that the markets will turn, but we can and should control the things that we can, such as reducing costs, planning to avoid tax spikes, and maintaining an exposure to the stock market that is consistent with our risk profile and market valuations.

In order to reduce the risk of losing more tomatoes to disease, I bought some gypsum and added it to the soil in my tomato plant container. I don’t know if it will work, but I at least feel better that I did all that I could to help prevent the spread of the disease. I hope to have an abundant garden this summer, but only time will tell.

May / 24

Your Child Needs These Documents When He or She Turns 18

Did you know that once your child turns 18, your rights as a parent cease? You are no longer able to conduct financial transactions on his behalf, can’t talk to his healthcare professionals, and can’t even discuss his grades and other records with his college office. Not only is that a potential inconvenience, it may prohibit you from being able to intervene in your child’s matters if and when he or she needs your help.

Once your child turns 18, you should strongly consider having him complete basic estate planning documents such as a Healthcare Power of Attorney and a Durable Power of Attorney. These documents are the most overlooked estate planning vehicles for younger adults.

Durable power of attorney

The Durable Power of Attorney document designates another person to make financial decisions or transact business on another person’s behalf. Your child can appoint you and or your spouse to act as an agent for their benefit. This can be especially helpful if your child is overseas and needs your assistance with her financial matters. It is also be helpful when a child has a medical problem and is unable to conduct her financial transactions.

Healthcare Power of Attorney

This document designates who the child would like to act as their agent to make healthcare decisions for them. It also specifies intentions regarding life-sustaining treatments, such as tube feeding for nutrition and hydration, and other heroic measures that would be used to sustain the young adult’s life. This directive helps provide clarity should a tough medical situation arise and also helps prevent conflict with the treating physicians and other family members.

The Healthcare Power of Attorney will generally also include a HIPAA authorization which allows medical records to be released to the designated health care agents (normally mom and/or dad). In addition, there may be a separate form that authorizes disclosure of health information to all healthcare providers.

Having a young adult child leave the house for school or work can be a scary time for parents. Getting some basic estate planning documents together will provide some peace of mind for parents that they are fully able to assist their children should the need arise.

May / 08

Mother’s Day Tips and Thoughts on Life

Approaching one of the first Mothers days’ that I have experienced from the perspective of a mother has got me thinking about the deeper meaning of life, family and what’s important. The Mother’s Day tradition started with many ancient cultures celebrating motherhood, maternal bonds and the influence of mothers in society.

This celebration has taken on a more commercial flavor in recent times, but regardless I think the occasion still plays an important role in underlining a time for reflection on the importance of mothers and their meaning, for example Mother’s Day gifts. Maybe I’m becoming more sentimental as I now have my own child, but nevertheless, I feel the need to express some thoughts on life and motherhood as it may resonate with other mothers in a similar situation.

I don’t think it’s an exaggeration to say that we mothers are to have the single biggest influence on our children’s lives. From small babies to adolescence it’s us that have the biggest effect in these formative years. They are called formative years because it is during this period in their young lives when “the die is cast” so to speak and they “form” most of their personality and basic human character traits. Such lies the courage and selflessness of mothers who, despite having the enormous responsibility of establishing basic inter-human skills in our sons or daughters, we can not only rise to the challenge but access incredible meaning from this ancient, primal task.

Being together with family on occasions like Mother’s Day are so special, and they are the times that we remember the most fondly. Our relationships with others, particularly family members, are the most important aspect of our lives – they give us, and our lives meaning. But remember, while being a mother is an incredible responsibility it will also be the most fun and satisfying journey you’ll ever undertake!

Now, with Mother’s Day fast approaching and with the maternal bonds of family and motherhood firmly in mind, I wanted to share some activities that, when undertaken with sons or daughters, can provide some meaningful family interaction:

Paint a mural on a wall in your house – in our house we have dedicated the laundry wall as a kind of family mural. We plan to give it a light undercoat and then me and my youngest are going to spend several hours debating what to paint, actual painting, choosing colors and constructing an amazing real-life family mural on our laundry wall. I am honestly counting down the days for this one – I can’t wait!! You will produce a lasting, colorful memory of your special day together that you will both cherish.
Put on a home-made, family theatre production – who doesn’t like dressing up? Have a ball with your husband and family on Mother’s Day as you decide on a play (make it one with a simple plot), and subsequently carry it out in front of family and friends. For the super-keen, you can even make your own handmade/sewn costumes and paper mache masks.
Write a letter to the future – Want your special day to have some meaning? Nothing is more meaningful than your little darling writing a letter to someone in the future. Throw open their imagination. It can be about what your child wants to be when they grow up or how they would fix the world or what they would say to someone in the future. Put it in a sealed, glass bottle and go with them and together throw it into the ocean or river. Watch their face light up as their little brain wonders who will be reading their letter, what will their name be, where will they be from etc! You will both be recalling this day for years!

Mar / 19

Best Ways to Improve Your Credit Score Quickly

Bankruptcy. Debt collections. Foreclosures. These things can do serious damage to a person’s credit score. The damage can be long-lasting. But it’s not always permanent.

There are certain things you can do to repair the damage caused by a negative event, such as bankruptcy. In this article, you’ll learn the best ways to improve a credit score quickly.

7 Things That Can Ruin Your Credit

Before we go any further, we need to discuss the reasons your score might have dropped in the first place. Here’s a quick rundown of the most harmful items:

Filing for personal bankruptcy (Chapter 7 or 13)
Having your home foreclosed upon
Missing payments, or making late payments, on a credit card or loan
Having an account “charged off” by a creditor or lender
Defaulting on a loan
Having a debt sent to a collection agency
Maxing out your credit card limits

Below, you’ll learn the best ways to improve a credit score after any of these negative events. The damage done by these things will vary, depending on several factors. For example, a single late payment on a credit account could lower your FICO score anywhere from 50 to 100 points. So it’s hard to assign exact numbers to these events. Just know that the steps outlined below have the potential to restore your credit quickly.

The Best Ways to Improve Your Score

No matter how bad your credit is right now, there’s always a light at the end of the tunnel. I can’t say exactly how long it will take you to rebuild your credit rating — nobody can. There are too many variables for such a prediction. But I can tell you the even that most significant damage can be ameliorated over time. I have personally seen someone go from a 550 FICO score to a 720 in just over a year’s time. Below, we will discuss some of the steps she took to improve her credit rating so quickly.

Let’s take a look at the five primary factors that influence your FICO score. We also need to talk about the relative strength they have, in terms of helping or harming your credit.

This chart shows five categories of information that can affect your FICO credit score. But I want to direct your attention to two of the categories in particular. You’ll notice that the dark-blue and red slices of the pie, when combined, account for 65% of your score. You’ll also notice that the next-largest slice (yellow) is determined by the length of your credit history, which is something you can’t really control.

What does all of this mean? It means that if you want to see quick results, you should focus your energy on the blue and red sections. Those are the best ways to improve your credit score quickly. So let’s talk more about those two areas:

1. Bill Payments — Steady as She Goes!

Your payment history can make or break your score, all on its own. Earlier I mentioned that a single late payment of 90 days could lower your FICO rating by more than 100 points. That’s a significant amount of damage for a single negative event. That’s why it’s critical that you make all of your payments on time.

In this context, I am primarily referring to the types of accounts that show up on your credit reports. These include retail charge cards, car loans, credit cards and the like. If you haven’t done so already, you should get copies of your reports. AnnualCreditReport.com is the official website for this purpose.

2. Amounts Owed — Pay Down Those Balances!

I know, it’s often easier said than done. But if you can pay down your credit card balances (or any other form of revolving debt that you have), you’ll be able to improve your score more quickly. It’s okay to have balances on one or more cards. In fact, this can help you improve your score over time. But the key is to maintain low balances, relative to the card’s limit.

This is referred to as your utilization ratio. A higher ratio will result in a lower FICO score. Create a payment plan that allows you to reduce your balances over time. It’s one of the best ways to improve your credit score quickly.

These are certainly not the only things that affect your rating. But they are two of the most important factors. You can clearly see this when you look at the pie chart presented above. Remember, this strategy is intended to help you rebuild your score as fast as possible.

If you want to see some significant changes in months, as opposed to years, you need to start with the “Big 2″ items described above. There is no getting around this. Stay on top of your bills — don’t let a single bill become delinquent. And do whatever you can to reduce the balances on your existing credit accounts.

I’d like to move on to talk about another strategy you can use to boost your credit rating. It actually piggybacks on the “payment history” concept mentioned earlier.
How Long Does it Take?

No one can tell you how long it will take to improve your credit score. If somebody claims to know this information, they are probably trying to sell you something. Even the people who developed the FICO scoring model admit that it’s impossible to make such predictions. Earlier, I said I knew someone who boosted her score from 550 to 720 in just over a year. This is true. But her situation may be much different from yours.

Here’s one thing we know: It generally takes longer to recover from a history of negative events, as opposed to an isolated event. If I have a bankruptcy filing on my credit record, but it’s the only negative entry on my reports, I’ll probably recover much faster than somebody with a dozen negative entries.

The speed with which you implement these strategies will also play a role. For instance, consider the reduction of credit card balances we talked about earlier. You’ll probably be able to rebuild your credit rating faster if you reduce your balances quickly, as opposed to “chipping away” at them over a period of months. In the latter scenario, you are improving your credit-utilization ratio much more slowly. So the results will also be more gradual in nature.

When you consider how long things can stay on your credit reports, you might be discouraged:

“Why should I even try to rebuild my credit history, if a single late payment can stay on my report for up to seven years? What’s the point? Can I make any improvements in the meantime?”

Yes, a negative entry can stay on your report for a long time. But you can actually boost your FICO score even while those negative items remain. They tend to have less impact over time. So it’s certainly worth the effort. Start with the strategies listed above — it’s the best way to improve your credit quickly.

In all honesty, it might take several years to fully recover from a catastrophic event such as bankruptcy. But you can still benefit from the incremental improvements you’ll make along the way. For instance, if you can boost your score by 50 points or so in the short term, you’ll qualify for better interest rates on loans, credit cards, etc. And the sooner you start your campaign to rebuild your credit, the sooner you’ll reach the finish line — regardless of how far away it might seem.

Important Notes: Every financial situation is different. The tips offered in this article applies to most credit situations. But there are exceptions to every rule. This information has been provided for educational purposes and should not be viewed as financial advice. I strongly encourage you to continue your research beyond this article.

Mar / 15

How to Make the Worst Possible Decisions

In the John Cusack movie “High Fidelity,” a business owner works through some angst about where he is in life. At one point in the movie he realizes one of his key problems is Bad Decisions. He can’t seem to stop doing stupid things. In one epic line, he turns to the camera and talks to the audience. He says:

“Well, I’ve been listening to my gut since I was 14 years old, and frankly speaking, I’ve come to the conclusion that my guts have s##t for brains.”

The quote, which originally comes from the book by Nick Hornby on which the movie is based, accurately describes epiphany moments. Far too many managers experience this well after they can stop the runaway train of chaos their “intuition” created. I’m not saying going by your instincts is always bad. But, statistically speaking, John and Nick are correct—trusting your gut can be a very bad business strategy.

You have an idea. Well, not really an idea, precisely, but the seed of an idea that gets you all excited. Okay so far, but circumstances can go bad quickly.

Many times the excitement generated by that “great idea” tempts you to just jump out and get started with no real plan, no budget and no concrete idea where you are really headed. It might sound romantic or adventurous, but, in business, there is no greater prescription for failure.

Stop me if you’ve heard this one before: “I’ll just get it going and deal with any issues as they come up.”

Yeah, that’s a terrible idea. First, you have no idea what problems may actually “come up.” Second, you don’t know which problems you will create yourself or bring with you, simply because you have no real idea what you are doing or what you will need to do next. That’s like planning a scuba diving trip and packing your mask and fins … but not bothering to decide where you are going. You can’t just get out in the boat and then decide how deep you want to dive or, worse, just jump in the water without any idea what might be down there.

Ever hear this one: “forget the obstacles, full speed ahead.” As far as business acumen goes, that ranks right up there with “hey, y’all, hold my beer and watch this!” Nothing good comes of a “ramming speed” approach to business management. If you haven’t considered how your idea will impact your other projects or the work of those you depend on in your business, then you are forging ahead with a serious handicap. And it will come back to bite you.

Finally … for those who choose to ignore this advice … when you find yourself in a mess of your own making, it can be tempting to “turtle up”, to hide or try to find someone else to blame. That’s stupid … and cowardly. It does nothing to help the problem and burns bridges to people and resources you probably need to extricate your idiot self. You can’t escape from quicksand by shooting the guy holding the rope.