{"appState":{"pageLoadApiCallsStatus":true},"categoryState":{"relatedCategories":{"headers":{"timestamp":"2022-04-08T00:31:21+00:00"},"categoryId":34224,"data":{"title":"Business, Careers, & Money","slug":"business-careers-money","image":{"src":"https://www.dummies.com/wp-content/uploads/business-careers-money-category.jpg","width":643,"height":1286},"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224}],"parentCategory":{"categoryId":0,"title":null,"slug":null,"_links":null},"childCategories":[{"categoryId":34225,"title":"Business","slug":"business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"image":{"src":"/img/background-image-2.fabfbd5c.png","width":0,"height":0}},{"categoryId":34256,"title":"Careers","slug":"careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"image":{"src":"/img/background-image-1.daf74cf0.png","width":0,"height":0}},{"categoryId":34273,"title":"Personal Finance","slug":"personal-finance","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34273"},"image":{"src":"/img/background-image-2.fabfbd5c.png","width":0,"height":0}}],"description":"Whether you’re managing a budget, an estate, or a team of professionals, you’ll learn how to achieve your goals with these articles. Covering everything from cryptocurrency to customer service, Dummies can help you move toward your dream job, grow a business, plan for retirement, or keep your finances in shape.","relatedArticles":{"self":"https://dummies-api.dummies.com/v2/articles?category=34224&offset=0&size=5"}},"_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"}},"relatedCategoriesLoadedStatus":"success"},"listState":{"list":{"count":10,"total":9476,"items":[{"headers":{"creationTime":"2016-03-27T16:47:48+00:00","modifiedTime":"2022-04-07T20:25:15+00:00","timestamp":"2022-04-08T00:01:09+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Accounting","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34226"},"slug":"accounting","categoryId":34226},{"name":"Bookkeeping","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34228"},"slug":"bookkeeping","categoryId":34228}],"title":"Bookkeeping For Dummies Cheat Sheet (Australia/New Zealand Edition)","strippedTitle":"bookkeeping for dummies cheat sheet (australia/new zealand edition)","slug":"bookkeeping-for-dummies-cheat-sheet-australianew-zealand-edition","canonicalUrl":"","seo":{"metaDescription":"This Cheat Sheet is a quick reference to the things you should know if you want to be an excellent bookkeeper.","noIndex":0,"noFollow":0},"content":"A great bookkeeper cares that the financial statements make sense and gets upset when something doesn’t balance or stuff goes missing. They also feel responsible when it comes to getting customers to pay on time. A good bookkeeper, in other words, is worth their weight in gold.\r\n\r\nThis Cheat Sheet summarizes what you need to know to be an excellent bookkeeper.","description":"A great bookkeeper cares that the financial statements make sense and gets upset when something doesn’t balance or stuff goes missing. They also feel responsible when it comes to getting customers to pay on time. A good bookkeeper, in other words, is worth their weight in gold.\r\n\r\nThis Cheat Sheet summarizes what you need to know to be an excellent bookkeeper.","blurb":"","authors":[{"authorId":9372,"name":"Veechi Curtis","slug":"veechi-curtis","description":"","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9372"}},{"authorId":9373,"name":"Lynley Averis","slug":"lynley-averis","description":"","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9373"}}],"primaryCategoryTaxonomy":{"categoryId":34228,"title":"Bookkeeping","slug":"bookkeeping","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34228"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":275290,"title":"Break-Even Point Formula for 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Eye","slug":"calculate-gst-in-the-blink-of-an-eye","categoryList":["business-careers-money","business","accounting","bookkeeping"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/148412"}},{"articleId":148399,"title":"Register as a BAS Agent in Australia","slug":"register-as-a-bas-agent-in-australia","categoryList":["business-careers-money","business","accounting","bookkeeping"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/148399"}}],"content":[{"title":"Bookkeeping checklist","thumb":null,"image":null,"content":"<p>This step-by-step bookkeeping checklist should help you sleep easy at night knowing that you have done what you needed to do to get your books in tip-top shape.</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Ensure you set up bank feeds for every account.</p>\n</li>\n<li>\n<p class=\"first-para\">At least once a month, reconcile every bank account against bank statements.</p>\n</li>\n<li>\n<p class=\"first-para\">Look for pre-dated or future-dated transactions.</p>\n</li>\n<li>\n<p class=\"first-para\">Eat a family bar of chocolate in one sitting (oh yes, and clean up the debtors list).</p>\n</li>\n<li>\n<p class=\"first-para\">Sweep through the creditors list.</p>\n</li>\n<li>\n<p class=\"first-para\">Check tax codes on all transactions.</p>\n</li>\n<li>\n<p class=\"first-para\">Reconcile your GST liability accounts.</p>\n</li>\n<li>\n<p class=\"first-para\">Give inventory the once over.</p>\n</li>\n<li>\n<p class=\"first-para\">Reconcile all payroll liability accounts.</p>\n</li>\n<li>\n<p class=\"first-para\">Scan transaction reports for weird stuff or mistakes.</p>\n</li>\n<li>\n<p class=\"first-para\">Read through the financials and check they make sense.</p>\n</li>\n</ol>\n"},{"title":"Understanding account types","thumb":null,"image":null,"content":"<p>Understanding the difference between account types is the secret to coding transactions correctly. Here’s the cheat’s guide to understanding the difference between assets and liabilities, equity and income, bananas and apples.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Current asset</b>: Anything that a business owns that can realistically be converted into cash within the next 12 months.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Non-current asset:</b>A physical asset such as office equipment, land, buildings, computers or motor vehicles, that isn’t expected to be converted into cash within the next 12 months.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Current liability:</b>An amount owed by the business that is due within the next 12 months, including scary stuff such as credit cards.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Non-current liability:</b> Anything you owe that isn’t due to be paid out within the next 12 months, such as hire purchase debts or bank loans.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Equity:</b>The ‘interest’ that shareholders or an owner has in the business, including both capital contributed and the profit or loss built up over time.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Income:</b>Money generated from sales to customers or returns on investments.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Cost of sales:</b>What it costs in raw materials, supplies or production labour to make the goods that you sell (also called <i>cost of goods sold</i> or <i>variable expenses</i>).</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Expenses:</b>The day-to-day running costs of your business, including things like advertising, bank charges, computer consumables, diamond rings, electricity, motor vehicle expenses, rent, telephone expenses and wages. (Just kidding about the diamonds.) Expenses are sometimes also called <i>fixed expenses</i> or <i>overheads</i>.</p>\n</li>\n</ul>\n"},{"title":"Stay up to date to meet tax deadlines","thumb":null,"image":null,"content":"<p>Forget birthdays, anniversaries and Christmas and instead, punctuate your diary with a list of tax deadlines. Here’s a summary of the deadlines that every Australian bookkeeper needs to know about in order to stay out of trouble.</p>\n<table>\n<caption>Australian Bookkeeping Deadlines</caption>\n<tbody>\n<tr>\n<td>Business Activity Statements</td>\n<td>Monthly payments: 21 days after the end of each month.<br />\nQuarterly payments: 28 days after the end of each quarter, except<br />\nfor the December quarter, where the deadline is February 28</td>\n</tr>\n<tr>\n<td>Payment ummaries</td>\n<td>July 14</td>\n</tr>\n<tr>\n<td>Annual withholding declaration</td>\n<td>August 14</td>\n</tr>\n<tr>\n<td>Superannuation</td>\n<td>28 days after the end of each month or quarter, depending on<br />\nthe fund</td>\n</tr>\n<tr>\n<td>PAYG withholding tax</td>\n<td>21 days after the end of the month for monthly payments, or 28<br />\ndays after the end of the quarter for quarterly payments</td>\n</tr>\n<tr>\n<td>Valentine’s Day</td>\n<td>February 14. Remember chocolates, red wine and roses or<br />\nterrible consequences may ensue</td>\n</tr>\n</tbody>\n</table>\n<table>\n<caption>New Zealand Bookkeeping Deadlines</caption>\n<tbody>\n<tr>\n<td>GST return</td>\n<td>28 days after the end of each reporting period, with the<br />\nexception of the November period, when the deadline is 15 January,<br />\nand the March period, when the deadline is 7 May</td>\n</tr>\n<tr>\n<td>PAYE tax and KiwiSaver</td>\n<td>20 days after the end of each month</td>\n</tr>\n</tbody>\n</table>\n"},{"title":"Know your debits from your credits","thumb":null,"image":null,"content":"<p>Understanding debits and credits is a tricky business. (How did accountants get to be so warped, you may wonder?) Don’t sweat, with this table you can get your debits and credits spot on, every time.</p>\n<table>\n<tbody>\n<tr>\n<th>Account Type</th>\n<th>To increase this account</th>\n<th>To decrease this account</th>\n</tr>\n<tr>\n<td>Asset</td>\n<td>Debit</td>\n<td>Credit</td>\n</tr>\n<tr>\n<td>Liability</td>\n<td>Credit</td>\n<td>Debit</td>\n</tr>\n<tr>\n<td>Equity</td>\n<td>Credit</td>\n<td>Debit</td>\n</tr>\n<tr>\n<td>Income</td>\n<td>Debit</td>\n<td>Credit</td>\n</tr>\n<tr>\n<td>Expenses</td>\n<td>Debit</td>\n<td>Credit</td>\n</tr>\n</tbody>\n</table>\n"},{"title":"What's included in a financial statement","thumb":null,"image":null,"content":"<p>With a bit of practice, understanding financial statements is easy. Think of your Balance Sheet reports as a set of before-and-after photos, with your Profit &amp; Loss report telling the story of what happened in between.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Balance Sheet report:</b> Provides a snapshot of the value of assets, liabilities and equity at any point in time</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Profit &amp; Loss report:</b> Summarises income, expense and net profit over a specified period of time</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Statement of Cash Flow</b>: Examines the cash flows in and out of a business</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Trial Balance report:</b> Lists the debit and credit balances of all general ledger accounts at any point in time</p>\n</li>\n</ul>\n"},{"title":"Prevent employee fraud with smart business practices","thumb":null,"image":null,"content":"<p>How do you prevent employee fraud in the workplace, and how can you be sure that nobody has their hand in the till? Like double cream and crash diets, keep bookkeeping tasks and the handling of cash or business assets completely separate. This includes</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Authorising online transactions via internet banking</p>\n</li>\n<li>\n<p class=\"first-para\">Working on a cash register and taking cash</p>\n</li>\n<li>\n<p class=\"first-para\">Receiving payments from customers</p>\n</li>\n<li>\n<p class=\"first-para\">Balancing cash registers at the end of the day</p>\n</li>\n<li>\n<p class=\"first-para\">Accessing assets, such as business inventory</p>\n</li>\n</ul>\n"},{"title":"Calculate GST in the blink of an eye","thumb":null,"image":null,"content":"<p>Even with a calculator close to hand, a few shortcuts to help you calculate Goods and Services Tax (GST) are real handy. The whole business of dividing by 11 or multiplying by 0.15 can get very ugly indeed.</p>\n<table>\n<tbody>\n<tr>\n<td></td>\n<th>Australia</th>\n<th>New Zealand</th>\n</tr>\n<tr>\n<td>To calculate how much GST to add</td>\n<td>Multiply by 0.1</td>\n<td>Multiply by 0.15</td>\n</tr>\n<tr>\n<td>To add GST to arrive at a total price</td>\n<td>Multiply by 1.1</td>\n<td>Multiply by 1.15</td>\n</tr>\n<tr>\n<td>To calculate how much GST is included in a price</td>\n<td>Divide by 11</td>\n<td>Multiply by 3 and then divide by 23</td>\n</tr>\n<tr>\n<td>To calculate how much the price was before GST</td>\n<td>Divide by 1.1</td>\n<td>Divide by 1.15</td>\n</tr>\n</tbody>\n</table>\n"},{"title":"Register as a BAS agent in Australia","thumb":null,"image":null,"content":"<p>In Australia, if you’re a contract bookkeeper providing BAS services, then you must register as a BAS agent. The penalty for providing BAS services without registering ranges from a not insignificant $43,000 for an individual to a whopping $212,500 for a body corporate.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">A BAS service includes any bookkeeping activity related to GST or PAYG, including configuring tax codes in accounting software, coding tax invoices, generating employee payment summaries or preparing Business Activity Statements</p>\n</li>\n<li>\n<p class=\"first-para\">You don’t have to register as a BAS Agent if you’re an employee receiving wages or you only do basic bookkeeping data entry based on explicit instructions provided by the client or by their tax agent.</p>\n</li>\n<li>\n<p class=\"first-para\">For details about registering as a BAS Agent page, visit the <a href=\"http://www.tpb.gov.au/\">Tax Practitioners Board website.</a></p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-07T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207627},{"headers":{"creationTime":"2016-03-27T16:46:47+00:00","modifiedTime":"2022-04-07T16:26:35+00:00","timestamp":"2022-04-07T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"General (Careers)","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34272"},"slug":"general-careers","categoryId":34272}],"title":"Productivity For Dummies Cheat Sheet","strippedTitle":"productivity for dummies cheat sheet","slug":"productivity-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Boost your productivity with some simple daily habits, a bit of positivity, and some well-reasoned planning.","noIndex":0,"noFollow":0},"content":"Wouldn’t it be nice to boost your productivity and performance at work without having to put in extra hours or break your back in the meantime? Being effective at what you do takes a little bit of planning, some basic tools, and a lot of positivity.","description":"Wouldn’t it be nice to boost your productivity and performance at work without having to put in extra hours or break your back in the meantime? Being effective at what you do takes a little bit of planning, some basic tools, and a lot of positivity.","blurb":"","authors":[{"authorId":9021,"name":"Ciara Conlon","slug":"ciara-conlon","description":"Ciara Conlon is an author, speaker, and productive and leadership coach.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9021"}}],"primaryCategoryTaxonomy":{"categoryId":34272,"title":"General (Careers)","slug":"general-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34272"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":139329,"title":"The Secrets of Productive Leaders","slug":"the-secrets-of-productive-leaders","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139329"}},{"articleId":139330,"title":"How Music Can Help You Focus and Increase Productivity","slug":"how-music-can-help-you-focus-and-increase-productivity","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139330"}},{"articleId":139321,"title":"5 Steps to Organise Your Workspace for Productivity","slug":"5-steps-to-organise-your-workspace-for-productivity","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139321"}},{"articleId":139324,"title":"10 Top-Notch Productivity Apps","slug":"10-top-notch-productivity-apps","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139324"}},{"articleId":139297,"title":"Boosting Performance at Work","slug":"boosting-performance-at-work","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139297"}}],"fromCategory":[{"articleId":273721,"title":"How to Manage Virtual Teams","slug":"how-to-manage-virtual-teams","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273721"}},{"articleId":273709,"title":"How to Create a New Zoom Account","slug":"how-to-create-a-new-zoom-account","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273709"}},{"articleId":273704,"title":"Text-Only Communication in the Virtual Workplace","slug":"text-only-communication-in-the-virtual-workplace","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273704"}},{"articleId":273697,"title":"Working from Home: Setting Healthy Boundaries","slug":"working-from-home-setting-healthy-boundaries","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273697"}},{"articleId":273692,"title":"How to Build a Connection Culture When Working from Home","slug":"how-to-build-a-connection-culture-when-working-from-home","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273692"}}]},"relatedBook":{"bookId":281596,"slug":"productivity-for-dummies","isbn":"9781119099529","isbn10":"1119099528","categoryList":["business-careers-money","careers","general-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119099528/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119099528/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119099528-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119099528/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119099528/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/productivity-for-dummies-cover-9781119099529-203x255.jpg","width":203,"height":255},"title":"Productivity For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"\n <p><b data-author-id=\"9021\">Ciara Conlon</b> is a productivity coach, keynote speaker and author. She helps organisations get better results by establishing space for more creativity and innovation. She helps people get better results by adopting effective habits and focusing on the right stuff at the right time. </p>","authors":[{"authorId":9021,"name":"Ciara Conlon","slug":"ciara-conlon","description":"Ciara Conlon is an author, speaker, and productive and leadership coach.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9021"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;general-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119099529&quot;]}]\" id=\"du-slot-624f26e054d5d\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;general-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119099529&quot;]}]\" id=\"du-slot-624f26e0555b9\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":139297,"title":"Boosting Performance at Work","slug":"boosting-performance-at-work","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139297"}},{"articleId":139295,"title":"The Essential Kit for a Budding Productivity Geek","slug":"the-essential-kit-for-a-budding-productivity-geek","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139295"}},{"articleId":139296,"title":"Daily Habits for Powerful Productivity","slug":"daily-habits-for-powerful-productivity","categoryList":["business-careers-money","careers","general-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139296"}}],"content":[{"title":"Boosting performance at work","thumb":null,"image":null,"content":"<p>If you want to be productive and boost your performance at work, take a look at these three simple things below that you can focus on. Paying attention to these three areas will have a big impact on your effectiveness in the workplace</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Focus on the goals.</b> Many people at work have trouble with prioritization. But the solution is pretty simple: Be clear about your goals, and your priorities will be evident. Plan your day according to your goals. Ask yourself which tasks will get you closer to your goals, and focus on them. When you spend your day working on these tasks, you’ll know you’ve been productive.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Take control of your inbox. </b>Email can take over your day if you allow it to. Start your day in your calendar with what you have planned for the day, not with what others want you to do for them. Take control of your workday by planning your day in advance. After you’ve looked at your calendar, you can either start work straightaway or open your inbox to see whether you have any urgent requests that will take priority over what you’ve already scheduled.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Stay positive at all times.</b> Having all the techniques and tools in place to be productive will only go so far if you don’t have the right attitude. Having a positive, can-do attitude is the most significant contributor to enhancing performance. If you’re positive, no task is too difficult and no problem can’t be overcome. With a positive attitude, you’ll develop better and stronger relationships with your team. Positive attitudes breed more positive attitudes, and if you can create a pleasant work environment that is optimistic and empowered, there is little you can’t achieve.</p>\n</li>\n</ul>\n"},{"title":"The essential kit for a budding productivity geek","thumb":null,"image":null,"content":"<p>If you’re serious about getting organized, you will need to invest in some basics tools for your productivity toolkit. Your productivity toolkit consists of all the things that you will use daily to keep your work space ordered, structured and clutter free.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>A calendar:</b> Whether paper or electronic, you need a calendar to track your appointments and meetings and plan time for your work to do.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>A task management app: </b>A task management app is great for storing all your tasks to do. Choose an app that allows you to categorise your tasks into different projects.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>An in-tray:</b> Use your in-tray to put all your unprocessed work. Anything that you haven’t defined exactly what needs to be done with should go in the in-tray.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>A filing tray:</b> Use a filing tray(s) to separate paperwork that needs to be filed from actionable work.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Manila folders:</b> To keep your paperwork organized, you need a bunch of manila tabbed folders. Create a folder for each project.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>A labeller:</b> A labeller helps keep your files looking pretty and also makes them easy to find.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>A step file organizer:</b> A step file organizer is ideal for your work in progress. Use it to house your current files and paperwork on your desk. Add labelled manila folders, and you’ll always have the file you need at hand.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>A notebook:</b> You can’t beat pen and paper. Sometimes it’s best to pick up a pen and jot down your good ideas, your plans, or the things you don’t want to forget about.</p>\n</li>\n</ul>\n"},{"title":"Daily habits for powerful productivity","thumb":null,"image":null,"content":"<p>You may think that the daily habits for powerful productivity are all about scheduling and to-do lists. You may be surprised to know that some of the things that will have the biggest impact on your performance and productivity are the things you do outside the office!</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Exercise:</b> Exercises gives you energy, improves your mood, and helps you to focus. There are so many benefits to exercise it’s a wonder TV was ever invented! If you introduce the habit of exercise to your daily life, you’ll get way more done.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Rising early:</b> The habit of rising early is a habit of most successful people. Rising early enables you to fit it all in. It’s a great time of the day to exercise, to write, or to meditate.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Meditation:</b> Meditation is no longer just for monks; it has become a widely accepted habit in the workplace. Many organizations have become aware of the many benefits of meditation and recommend it to their employees. Meditation provides a calmer mind, greater focus, and reduced stress.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Positivity:</b> Success begins with positivity. Having a positive attitude and a belief in yourself and your ideas are crucial for success. Believe in your ability to get things done and you will succeed. A positive attitude at work will improve your relationships and performance.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Scheduling:</b> What gets scheduled gets done. Planning your work in advance is a primary habit for productivity. It will help you beat procrastination and help you get it all done. Take some time each week to plan the week ahead. Schedule time for all the projects you need to get done.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-07T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207417},{"headers":{"creationTime":"2016-03-27T16:46:49+00:00","modifiedTime":"2022-04-06T18:32:13+00:00","timestamp":"2022-04-07T00:01:07+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Investing","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34288"},"slug":"investing","categoryId":34288},{"name":"General (Investing)","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34300"},"slug":"general-investing","categoryId":34300}],"title":"High-Level Investing For Dummies Cheat Sheet","strippedTitle":"high-level investing for dummies cheat sheet","slug":"high-level-investing-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Check out the following sites, tools, and pointers to stay informed about major markets and global issues that affect stocks.","noIndex":0,"noFollow":0},"content":"In high-level investing, investors and speculators track the major markets and critical global issues that affect stocks and other securities, both in the United States and other major markets. Check out the following sites, tools, and pointers to stay informed.","description":"In high-level investing, investors and speculators track the major markets and critical global issues that affect stocks and other securities, both in the United States and other major markets. Check out the following sites, tools, and pointers to stay informed.","blurb":"","authors":[{"authorId":9001,"name":"Paul Mladjenovic","slug":"paul-mladjenovic","description":"Paul Mladjenovic, CFP, is a certified financial planner practitioner, writer, and speaker. He has helped people with financial and business concerns since 1981. He is the author of Stock Investing For Dummies and has accurately forecast many economic events, such as the rise of gold, the decline of the U.S. dollar, and the housing crisis. Learn more at ravingcapitalist.com.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9001"}}],"primaryCategoryTaxonomy":{"categoryId":34300,"title":"General (Investing)","slug":"general-investing","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34300"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":139949,"title":"10 Respected Authorities on Stocks and Related Investments","slug":"10-respected-authorities-on-stocks-and-related-investments","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139949"}},{"articleId":139944,"title":"Is the Market Overvalued? Using the Buffett Indicator","slug":"is-the-market-overvalued-using-the-buffett-indicator","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139944"}},{"articleId":139943,"title":"An Option Strategy for a Turbulent Market: The Zero-Cost Collar","slug":"an-option-strategy-for-a-turbulent-market-the-zero-cost-collar","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139943"}},{"articleId":139939,"title":"7 Practices of Successful Options Speculators","slug":"7-practices-of-successful-options-speculators","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139939"}},{"articleId":139940,"title":"4 Great Simulated Stock-Trading Sites for High-Level Investors","slug":"4-great-simulated-stock-trading-sites-for-high-level-investors","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139940"}}],"fromCategory":[{"articleId":287556,"title":"Options Trading For Dummies Cheat Sheet","slug":"options-trading-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/287556"}},{"articleId":285735,"title":"What Is ESG Investing?","slug":"what-is-esg-investing","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/285735"}},{"articleId":285761,"title":"Just When You Thought It Was Safe: Coronawashing","slug":"just-when-you-thought-it-was-safe-coronawashing","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/285761"}},{"articleId":273978,"title":"Investing For Canadians All-in-One For Dummies","slug":"investing-for-canadians-all-in-one-for-dummies","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/273978"}},{"articleId":265694,"title":"Online Investing: Get More with a Discount Broker","slug":"online-investing-get-more-with-a-discount-broker","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/265694"}}]},"relatedBook":{"bookId":282274,"slug":"high-level-investing-for-dummies","isbn":"9781119140818","isbn10":"1119140811","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"amazon":{"default":"https://www.amazon.com/gp/product/1119140811/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119140811/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119140811-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119140811/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119140811/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/high-level-investing-for-dummies-cover-9781119140818-203x255.jpg","width":203,"height":255},"title":"High Level Investing For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"\n <p><b data-author-id=\"9001\">Paul Mladjenovic, CFP,</b> has written four editions of <i>Stock Investing For Dummies</i> and has taught would-be investors about stock investing since 1983. As a certified financial planner, he personally coaches his clients on stock investing strategies. </p>","authors":[{"authorId":9001,"name":"Paul Mladjenovic","slug":"paul-mladjenovic","description":"Paul Mladjenovic, CFP, is a certified financial planner practitioner, writer, and speaker. He has helped people with financial and business concerns since 1981. He is the author of Stock Investing For Dummies and has accurately forecast many economic events, such as the rise of gold, the decline of the U.S. dollar, and the housing crisis. Learn more at ravingcapitalist.com.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9001"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;investing&quot;,&quot;general-investing&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119140818&quot;]}]\" id=\"du-slot-624e29c31c24e\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;investing&quot;,&quot;general-investing&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119140818&quot;]}]\" id=\"du-slot-624e29c31c79c\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":139936,"title":"Intermarket Sites That Are Useful for High-Level Investing","slug":"intermarket-sites-that-are-useful-for-high-level-investing","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139936"}},{"articleId":139939,"title":"7 Practices of Successful Options Speculators","slug":"7-practices-of-successful-options-speculators","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139939"}},{"articleId":139940,"title":"4 Great Simulated Stock-Trading Sites for High-Level Investors","slug":"4-great-simulated-stock-trading-sites-for-high-level-investors","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139940"}},{"articleId":139932,"title":"Recommended Apps for High-Level Stock Investing","slug":"recommended-apps-for-high-level-stock-investing","categoryList":["business-careers-money","personal-finance","investing","general-investing"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/139932"}}],"content":[{"title":"Intermarket sites that are useful for high-level investing","thumb":null,"image":null,"content":"<p>Stocks can go up or down based on major movements in related markets. These sites track other major markets that can (or will) have a major impact on today&#8217;s stock market (and possibly your high-level investing pursuits):</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><a href=\"http://www.pensiontsunami.com\" target=\"_blank\" rel=\"noopener\"><b>PensionTsunami</b></a><b>:</b> Pensions are massively underfunded across the corporate and government world; this site gives you all the news and analysis on this critical topic.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"../theeconomiccollapseblog.com\" target=\"_blank\" rel=\"noopener\"><b>Economic Collapse Blog</b></a><b>:</b> Michael Snyder&#8217;s site provides thorough research on major financial and economic issues that could be problematic for the U.S. economy.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.thebubblebubble.com\" target=\"_blank\" rel=\"noopener\"><b>The Bubble Bubble</b></a><b>:</b> This site follows all of the potential bubbles that could burst in the next few years.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.kereport.com\" target=\"_blank\" rel=\"noopener\"><b>The Korelin Economics Report</b></a><b>:</b> This site provides news, commentary, and interviews with analysts on precious metals, stocks, and related topics.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.dollarcollapse.com\" target=\"_blank\" rel=\"noopener\"><b>Dollar Collapse</b></a><b>:</b> John Rubino&#8217;s site tracks the U.S. dollar, currencies, and related markets.</p>\n</li>\n</ul>\n"},{"title":"7 practices of successful options speculators","thumb":null,"image":null,"content":"<p>Option strategies augment any high-level investor&#8217;s or speculator&#8217;s overall approach. If you do option strategies of any kind, the following practices will help you get ahead:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Discipline:</b> Successful options speculators make sure they aren&#8217;t susceptible to emotions such as fear or greed, and they try to avoid a bias.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Money allocation:</b> They speculate only with money allocated for options —and they don&#8217;t spend a penny more.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Patience for opportunities:</b> They don&#8217;t trade every day. They wait for the right trades.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Planning:</b> They have plans for entering and exiting a trade.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Ongoing education:</b> They don&#8217;t assume they&#8217;ve learned all they need to know about options and the underlying assets.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Hedging:</b> They aren&#8217;t totally directional. They know that the market can sometimes go against them.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Back testing:</b> They use data from past or historical trades to see how trades would have or could have resulted.</p>\n</li>\n</ul>\n"},{"title":"4 great simulated stock-trading sites for high-level investors","thumb":null,"image":null,"content":"<p>Before you bet real money, it&#8217;s often a good idea to test your trading, investing, or speculating approach. Here are five great (free!) sites to help high-level investors learn through simulated trading:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><a href=\"http://www.wallstreetsurvivor.com\" target=\"_blank\" rel=\"noopener\"><b>Wall Street Survivor</b></a><b>:</b> This site provides great courses on investing for beginners and experienced investors.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.stocktrak.com\" target=\"_blank\" rel=\"noopener\"><b>Stock-Trak</b></a><b>:</b> This is a very active site for simulated trading.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.investopedia.com/simulator/\" target=\"_blank\" rel=\"noopener\"><b>Investopedia Stock Simulator</b></a><b>:</b> This is a great simulated stock investing program from a premier financial education site.</p>\n</li>\n<li>\n<p class=\"first-para\"><a href=\"http://www.vse.marketwatch.com/www.marketwatch.com/game/\" target=\"_blank\" rel=\"noopener\"><b>Virtual Stock Exchange</b></a><b>:</b> This is a very active simulated trading site and discussion forum with the trader community.</p>\n</li>\n</ul>\n"},{"title":"Recommended apps for high-level stock investing","thumb":null,"image":null,"content":"<p>In the age of tablets and smartphones, you can stay on top of your high-level investing pursuits with popular and powerful apps to keep track of stocks, do research and analysis, follow financial news and views, and more. You can find these apps on Apple&#8217;s iTunes site or via your favorite search engine:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Forbes Intelligent Investing app:</b> Forbes is a financial site, and this app has many features and tools for electronic investing.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>The Wall Street Journal app:</b> This fully featured app for investors is from the premier financial publication.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Yahoo! Finance app:</b> Yahoo is one of the top go-to financial sites, and this app brings Yahoo&#8217;s news and data to your fingertips.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>StockTwits app:</b> This app has great features designed by one of the top stock investing forums online.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>The Bloomberg Business app:</b> Bloomberg gives you stock quotes and financial headlines with this handy app.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-04-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207427},{"headers":{"creationTime":"2019-06-02T20:17:31+00:00","modifiedTime":"2022-04-05T21:46:47+00:00","timestamp":"2022-04-06T00:01:10+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Human Resources","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34241"},"slug":"human-resources","categoryId":34241}],"title":"Performance Management For Dummies Cheat Sheet","strippedTitle":"performance management for dummies cheat sheet","slug":"performance-management-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Discover how performance management can be a key tool for developing employees' talents through communication, leadership, and coaching.","noIndex":0,"noFollow":0},"content":"Performance management is a continuous process of identifying, measuring, and developing the performance of individuals and teams and aligning their performance with the strategic goals of an organization. A performance management system is a key tool to transform people’s talent and motivation into a strategic business advantage.","description":"Performance management is a continuous process of identifying, measuring, and developing the performance of individuals and teams and aligning their performance with the strategic goals of an organization. A performance management system is a key tool to transform people’s talent and motivation into a strategic business advantage.","blurb":"","authors":[{"authorId":27742,"name":"Herman Aguinis","slug":"herman-aguinis","description":"Herman Aguinis, PhD, is the Avram Tucker Distinguished Scholar and professor of management at The George Washington University School of Business in Washington, DC. He's been ranked among the top 100 most prolific and influential business and economics researchers in the world.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/27742"}}],"primaryCategoryTaxonomy":{"categoryId":34241,"title":"Human Resources","slug":"human-resources","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34241"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":264547,"title":"How to Measure Performance Management Competencies","slug":"how-to-measure-performance-management-competencies","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264547"}},{"articleId":264544,"title":"How to Evaluate Your Performance Management System","slug":"how-to-evaluate-your-performance-management-system","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264544"}},{"articleId":264539,"title":"How to Become an Effective Performance Management Coach","slug":"how-to-become-an-effective-performance-management-coach","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264539"}},{"articleId":264534,"title":"6 Legal Principles Affecting Performance Management","slug":"6-six-legal-principles-affecting-performance-management","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264534"}},{"articleId":264529,"title":"How to Conduct an Environmental SWOT Analysis","slug":"how-to-conduct-an-environmental-swot-analysis","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264529"}}],"fromCategory":[{"articleId":289249,"title":"Diversity, Equity, and Inclusion For Dummies Cheat Sheet","slug":"diversity-equity-and-inclusion-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/289249"}},{"articleId":264547,"title":"How to Measure Performance Management Competencies","slug":"how-to-measure-performance-management-competencies","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264547"}},{"articleId":264544,"title":"How to Evaluate Your Performance Management System","slug":"how-to-evaluate-your-performance-management-system","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264544"}},{"articleId":264539,"title":"How to Become an Effective Performance Management Coach","slug":"how-to-become-an-effective-performance-management-coach","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264539"}},{"articleId":264534,"title":"6 Legal Principles Affecting Performance Management","slug":"6-six-legal-principles-affecting-performance-management","categoryList":["business-careers-money","business","human-resources"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264534"}}]},"relatedBook":{"bookId":281815,"slug":"performance-management-for-dummies","isbn":"9781119557654","isbn10":"1119557658","categoryList":["business-careers-money","business","human-resources"],"amazon":{"default":"https://www.amazon.com/gp/product/1119557658/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119557658/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119557658-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119557658/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119557658/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/performance-management-for-dummies-cover-9781119557654-203x255.jpg","width":203,"height":255},"title":"Performance Management For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"\n <p><b data-author-id=\"27742\">Herman Aguinis, PhD,</b> is the Avram Tucker Distinguished Scholar and Professor of Management at The George Washington University School of Business in Washington, DC. He's been ranked among the top 100 most prolific and influential business and economics researchers in the world. </p>","authors":[{"authorId":27742,"name":"Herman Aguinis","slug":"herman-aguinis","description":"Herman Aguinis, PhD, is the Avram Tucker Distinguished Scholar and professor of management at The George Washington University School of Business in Washington, DC. He's been ranked among the top 100 most prolific and influential business and economics researchers in the world.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/27742"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;human-resources&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119557654&quot;]}]\" id=\"du-slot-624cd847020ec\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;human-resources&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119557654&quot;]}]\" id=\"du-slot-624cd84702805\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":261973,"title":"The Purposes of a Performance Management System","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/261973"}},{"articleId":261977,"title":"7 Behaviors of Effective Performance Management Coaches","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/261977"}}],"content":[{"title":"The purposes of a performance management system","thumb":null,"image":null,"content":"<p>Performance management is mostly used for salary administration, performance feedback, and for learning about employee strengths and weaknesses.</p>\n<p>Overall, performance management can serve the following six purposes: strategic, administrative, informational, developmental, organizational maintenance, and documentation.</p>\n<div class=\"figure-container\"><figure id=\"attachment_261974\" aria-labelledby=\"figcaption_attachment_261974\" class=\"wp-caption alignnone\" style=\"width: 545px\"><img loading=\"lazy\" class=\"size-full wp-image-261974\" src=\"https://www.dummies.com/wp-content/uploads/performance-management.jpg\" alt=\"Performance Management\" width=\"535\" height=\"315\" /><figcaption id=\"figcaption_attachment_261974\" class=\"wp-caption-text\">© master_art/Shutterstock</figcaption></figure></div><div class=\"clearfix\"></div>\n<ul>\n<li><strong>Strategic: </strong>To help top management achieve strategic business objectives</li>\n<li><strong>Administrative: </strong>To produce valid and useful information for making administrative decisions about employees</li>\n<li><strong>Informational: </strong>To inform employees about how they are doing and about the organization’s, customers’, and supervisors’ expectations</li>\n<li><strong>Developmental: </strong>To allow managers and peers to provide coaching to their employees</li>\n<li><strong>Organizational maintenance: </strong>To create a talent inventory and provide information to be used in workplace planning and allocation of human resources</li>\n<li><strong>Documentation: </strong>To collect useful information that can be used for various purposes (for example, terminations)</li>\n</ul>\n"},{"title":"7 behaviors of effective performance management coaches","thumb":null,"image":null,"content":"<p>Within the context of performance management, <a href=\"https://www.dummies.com/business/human-resources/employee-relations/business-coaching-developing-trust-honest-appraisal-feedback/\" target=\"_blank\" rel=\"noopener\">coaching</a> is a collaborative and ongoing process in which the manager interacts with direct reports and takes an active role and interest in their performance.</p>\n<p>Coaching is a day-to-day, ongoing function that involves observing performance, complimenting good work, and helping to correct and improve any performance that doesn’t meet expectations. Coaching is also concerned with long-term performance and involves ensuring that each employee’s development plan is achieved.</p>\n<p>Good coaching turns feedback into results. For this to happen, you need to engage in the following specific behaviors:</p>\n<ul>\n<li><strong>Establish development objectives.</strong> You work jointly with the employees in creating the development plan and its objectives.</li>\n<li><strong>Communicate effectively.</strong> You maintain regular and clear communication with employees about their performance, including both behaviors and results.</li>\n<li><strong>Motivate employees.</strong> You must reward positive performance. When you do it, employees are motivated to repeat the same level of positive performance in the future.</li>\n<li><strong>Document performance.</strong> You observe employee behaviors and results. You gather evidence about instances of good and poor performance.</li>\n<li><strong>Give feedback.</strong> You measure employee performance and progress toward goals. You praise good performance and point out instances of substandard performance. You also help employees avoid poor performance in the future.</li>\n<li><strong>Diagnose performance problems and performance decline.</strong> You must listen to employees and gather information to determine whether performance deficiencies and declines in performance are the result of a lack of knowledge and skills, abilities, or motivation or whether they stem from situational and contextual factors beyond the control of the employee.\n<p>Diagnosing performance problems is important because such a diagnosis dictates whether the course of action should be, for example, providing the employee with resources so she can acquire more knowledge and skills, or addressing contextual issues that are beyond the control of the employee (for example, the employee is usually late in delivering the product because he receives information too late).</li>\n<li><strong>Develop employees.</strong> You provide financial support and resources for employee development (for example, funding training, allowing time away from the job for developmental activities). By helping employees plan for the future and by giving challenging assignments, you help employees learn new things.</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-04-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":261980},{"headers":{"creationTime":"2016-03-27T16:52:56+00:00","modifiedTime":"2022-04-05T20:17:46+00:00","timestamp":"2022-04-06T00:01:10+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Economics","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34238"},"slug":"economics","categoryId":34238}],"title":"Behavioral Economics For Dummies Cheat Sheet","strippedTitle":"behavioral economics for dummies cheat sheet","slug":"behavioral-economics-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Learn some of the basics of behavioral economics, including how it uses prospect theory and differs from conventional economics.","noIndex":0,"noFollow":0},"content":"Behavioral economics is about bringing reality into economic analysis. It borrows from psychology, sociology, politics, and institutional economics (which focuses on the rules of the economic game) to describe and explain human behavior and economic phenomena.\r\n\r\nBehavioral economics builds upon conventional economics, offering more tools for understanding why people behave the way they do when it comes to income, wealth, ethics, and fairness. It uses prospect theory to describe the choices that the typical person makes.","description":"Behavioral economics is about bringing reality into economic analysis. It borrows from psychology, sociology, politics, and institutional economics (which focuses on the rules of the economic game) to describe and explain human behavior and economic phenomena.\r\n\r\nBehavioral economics builds upon conventional economics, offering more tools for understanding why people behave the way they do when it comes to income, wealth, ethics, and fairness. It uses prospect theory to describe the choices that the typical person makes.","blurb":"","authors":[{"authorId":10091,"name":"Morris Altman","slug":"morris-altman","description":"Morris Altman, PhD, is a professor of behavioral economics at Victoria University of Wellington in New Zealand and a professor of economics at the University of Saskatchewan in Canada. He is on the board of the Society for the Advancement of Behavioral Economics and is a former president of that organization. He also edited the Handbook of Contemporary Behavioral Economics. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/10091"}}],"primaryCategoryTaxonomy":{"categoryId":34238,"title":"Economics","slug":"economics","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34238"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":184053,"title":"Behavioral Economics vs. Conventional Economics","slug":"behavioral-economics-vs-conventional-economics","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/184053"}},{"articleId":184044,"title":"What Is Prospect Theory?","slug":"what-is-prospect-theory","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/184044"}}],"fromCategory":[{"articleId":284118,"title":"Circular Economy For Dummies Cheat Sheet","slug":"circular-economy-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/284118"}},{"articleId":255069,"title":"Violations and Limitations of the Economist’s Choice Model","slug":"violations-and-limitations-of-the-economists-choice-model","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255069"}},{"articleId":255066,"title":"The Economic Secret to Good Low-Cost Healthcare in Singapore","slug":"the-economic-secret-to-good-low-cost-healthcare-in-singapore","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255066"}},{"articleId":255063,"title":"Why Prices Get Sticky When the Economy Is Headed for a Recession","slug":"why-prices-get-sticky-when-the-economy-is-headed-for-a-recession","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255063"}},{"articleId":255059,"title":"The Economic Process of Perfect Competition","slug":"the-economic-process-of-perfect-competition","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255059"}}]},"relatedBook":{"bookId":281990,"slug":"behavioral-economics-for-dummies","isbn":"9781118085035","isbn10":"1118085035","categoryList":["business-careers-money","business","economics"],"amazon":{"default":"https://www.amazon.com/gp/product/1118085035/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1118085035/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1118085035-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1118085035/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1118085035/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/behavioral-economics-for-dummies-cover-9781118085035-203x255.jpg","width":203,"height":255},"title":"Behavioral Economics For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"\n <b data-author-id=\"10091\">Morris Altman</b>, PhD, is a professor of behavioral economics at Victoria University of Wellington in New Zealand and a professor of economics at the University of Saskatchewan in Canada. He is on the board of the Society for the Advancement of Behavioral Economics and is a former president of that organization. He also edited the <i>Handbook of Contemporary Behavioral Economics</i>. ","authors":[{"authorId":10091,"name":"Morris Altman","slug":"morris-altman","description":"Morris Altman, PhD, is a professor of behavioral economics at Victoria University of Wellington in New Zealand and a professor of economics at the University of Saskatchewan in Canada. He is on the board of the Society for the Advancement of Behavioral Economics and is a former president of that organization. He also edited the Handbook of Contemporary Behavioral Economics. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/10091"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;economics&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781118085035&quot;]}]\" id=\"du-slot-624cd846cf4fb\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;economics&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781118085035&quot;]}]\" id=\"du-slot-624cd846cfbe7\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":184053,"title":"Behavioral Economics vs. Conventional Economics","slug":"behavioral-economics-vs-conventional-economics","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/184053"}},{"articleId":184044,"title":"What Is Prospect Theory?","slug":"what-is-prospect-theory","categoryList":["business-careers-money","business","economics"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/184044"}}],"content":[{"title":"Behavioral economics vs. conventional economics","thumb":null,"image":null,"content":"<p>Behavioral economics enriches the conventional economics toolbox by incorporating insights from psychology, neuroscience, sociology, politics, and the law. The result: more vibrant and revealing economic analyses based on more realistic assumptions about how individuals behave in the real world and the real-world circumstances that influence the decisions they make.</p>\n<table>\n<tbody>\n<tr>\n<th>Conventional Economics Says . . .</th>\n<th>Behavioral Economics Says . . .</th>\n</tr>\n<tr>\n<td>For economic analysis, the assumptions made about people<br />\ndon’t have to be realistic.</td>\n<td>For economic analysis, the assumptions made about people must<br />\nbe realistic.</td>\n</tr>\n<tr>\n<td>People are endowed with the capacity to efficiently and<br />\neffectively acquire and process all relevant information.</td>\n<td>People are not endowed with the capacity to efficiently and<br />\neffectively acquire and process all relevant information. People<br />\nare referred to as being boundedly rational — they do the<br />\nbest they can, given the constraints they face.</td>\n</tr>\n<tr>\n<td>People can figure out and factor in the future consequences of<br />\ncurrent decisions.</td>\n<td>People aren’t always able to figure out the future<br />\nconsequences of current decisions, especially in a world of<br />\nuncertainty (in other words, the real world).</td>\n</tr>\n<tr>\n<td>People always make smart decisions, ones that they don’t<br />\nregret.</td>\n<td>People can and often do make decisions they end up<br />\nregretting.</td>\n</tr>\n<tr>\n<td>People always make decisions in an ideal decision-making<br />\nenvironment, where they have all the information they need and the<br />\ntime to make the best possible decision.</td>\n<td>People often face decision-making environments that prevent<br />\nthem from making the best possible choices.</td>\n</tr>\n<tr>\n<td>Wealth and income maximization are all that matter.</td>\n<td>Wealth and income maximization aren’t the only things<br />\nthat matter. Being fair, doing the right thing, maintaining a good<br />\nreputation, and pleasing friends, neighbors, and partners are also<br />\nimportant, even if they come at the expense of some wealth or<br />\nincome.</td>\n</tr>\n<tr>\n<td>Relative positioning isn’t important. It doesn’t<br />\nmatter how much money your neighbor makes; all that matters is how<br />\nmuch you make.</td>\n<td>Relative income can be as important to people’s happiness<br />\nas absolute income. People derive happiness from earning more than<br />\nother people do.</td>\n</tr>\n<tr>\n<td>People aren’t influenced by anyone or anything else.</td>\n<td>People are influenced by their peers, by their past, and by<br />\ntheir circumstances.</td>\n</tr>\n<tr>\n<td>People are narrowly self-interested, and this is the only<br />\nrational way to be.</td>\n<td>Many people are narrowly self-interested, but altruism and<br />\nethics also can be important motivators for behavior.</td>\n</tr>\n<tr>\n<td>How hard and well people work is assumed to be fixed, usually<br />\nat some maximum point. Therefore, people don’t change how<br />\nhard they work and productivity can’t be affected by the work<br />\nenvironment.</td>\n<td>How hard and well people work is determined by their work<br />\nenvironment and by their individual preferences. As a result,<br />\nproductivity, costs, and prices can be affect by the work<br />\nenvironment.</td>\n</tr>\n<tr>\n<td>People are pretty much all the same.</td>\n<td>People are different, with different tastes and<br />\npreferences.</td>\n</tr>\n<tr>\n<td>Markets are efficient, even if they appear to be inefficient.<br />\nEfficiency is everywhere.</td>\n<td>Markets can be highly inefficient, and if they look<br />\ninefficient, they probably are.</td>\n</tr>\n</tbody>\n</table>\n"},{"title":"What is prospect theory?","thumb":null,"image":null,"content":"<p>Prospect theory, a theory about how people make choices between different options or prospects, is designed to better describe, explain, and predict the choices that the typical person makes, especially in a world of uncertainty. Prospect theory is characterized by the following:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Certainty:</b> People have a strong preference for certainty and are willing to sacrifice income to achieve more certainty. For example, if option A is a guaranteed win of $1,000, and option B is an 80 percent chance of winning $1,400 but a 20 percent chance of winning nothing, people tend to prefer option A.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Loss aversion: </b>People tend to give losses more weight than gains — they’re loss averse. So, if you gain $100 and lose $80, it may be considered a net <i>loss</i> in terms of satisfaction, even though you came out $20 ahead, because you’ll tend to focus on how much you lost, not on how much you gained.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Relative positioning: </b>People tend to be most interested in their relative gains and losses as opposed to their final income and wealth. If your relative position doesn’t improve, you won’t feel any better off, even if your income increases dramatically. In other words, if you get a 10 percent raise and your neighbor gets a 10 percent raise, you won’t feel better off. But if you get a 10 percent raise and your neighbor doesn’t get a raise at all, you’ll feel rich.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Small probabilities:</b> People tend to under-react to low-probability events. So, you may completely discount the probability of losing all your wealth if the probability is very small. This tendency can result in people making super-risky choices.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":208458},{"headers":{"creationTime":"2019-08-26T18:15:32+00:00","modifiedTime":"2022-04-05T18:46:50+00:00","timestamp":"2022-04-06T00:01:10+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Political Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34267"},"slug":"political-careers","categoryId":34267}],"title":"Running for Local Office For Dummies Cheat Sheet","strippedTitle":"running for local office for dummies cheat sheet","slug":"running-for-local-office-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Learn what you need to start working on before you launch your run for any political office from this Dummies.com Cheat Sheet.","noIndex":0,"noFollow":0},"content":"You want to ensure that your run for office is successful. This Cheat Sheet provides some tips on campaigning, including preparing for a local political campaign by working on your name recognition, public reputation, and campaign finances. You also need to make sure that you have some important assets in place, like a campaign manager, volunteers, and voter lists.","description":"You want to ensure that your run for office is successful. This Cheat Sheet provides some tips on campaigning, including preparing for a local political campaign by working on your name recognition, public reputation, and campaign finances. You also need to make sure that you have some important assets in place, like a campaign manager, volunteers, and voter lists.","blurb":"","authors":[{"authorId":9003,"name":"Dan Gookin","slug":"dan-gookin","description":"Dan Gookin has been an author, editor, ghostwriter, and a public official. He's written more than a dozen Dummies books on technology, with a special focus on PCs, the Android operating system, and Microsoft products. And in 1991, he was the author of the very first Dummies book, DOS For Dummies, which started the whole enterprise.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9003"}}],"primaryCategoryTaxonomy":{"categoryId":34267,"title":"Political Careers","slug":"political-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34267"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":264171,"title":"Negative Campaigning for Local Office","slug":"negative-campaigning-for-local-office","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264171"}},{"articleId":264166,"title":"Yard Signs for Your Local Political Campaign","slug":"yard-signs-for-your-local-political-campaign","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264166"}},{"articleId":264156,"title":"How to Build a Brand for Your Local Political Campaign","slug":"how-to-build-a-brand-for-your-local-political-campaign","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264156"}},{"articleId":264017,"title":"Political Debates and Forums on the Local Level","slug":"political-debates-and-forums-on-the-local-level","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264017"}},{"articleId":264012,"title":"Tips for Managing Campaign Finances","slug":"tips-for-managing-campaign-finances","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264012"}}],"fromCategory":[{"articleId":264171,"title":"Negative Campaigning for Local Office","slug":"negative-campaigning-for-local-office","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264171"}},{"articleId":264166,"title":"Yard Signs for Your Local Political Campaign","slug":"yard-signs-for-your-local-political-campaign","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264166"}},{"articleId":264156,"title":"How to Build a Brand for Your Local Political Campaign","slug":"how-to-build-a-brand-for-your-local-political-campaign","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264156"}},{"articleId":264017,"title":"Political Debates and Forums on the Local Level","slug":"political-debates-and-forums-on-the-local-level","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264017"}},{"articleId":264012,"title":"Tips for Managing Campaign Finances","slug":"tips-for-managing-campaign-finances","categoryList":["business-careers-money","careers","political-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/264012"}}]},"relatedBook":{"bookId":282551,"slug":"running-for-local-office-for-dummies","isbn":"9781119588177","isbn10":"1119588170","categoryList":["business-careers-money","careers","political-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119588170/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119588170/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119588170-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119588170/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119588170/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/running-for-local-office-for-dummies-cover-9781119588177-203x255.jpg","width":203,"height":255},"title":"Running For Local Office For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"\n <p><b data-author-id=\"9003\">Dan Gookin</b> has been an author, editor, ghostwriter, and a public official. He's written more than a dozen Dummies books on technology, with a special focus on PCs, the Android operating system, and Microsoft products. And in 1991, he was the author of the very first Dummies book, DOS For Dummies, which started the whole enterprise.</p>","authors":[{"authorId":9003,"name":"Dan Gookin","slug":"dan-gookin","description":"Dan Gookin has been an author, editor, ghostwriter, and a public official. He's written more than a dozen Dummies books on technology, with a special focus on PCs, the Android operating system, and Microsoft products. And in 1991, he was the author of the very first Dummies book, DOS For Dummies, which started the whole enterprise.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9003"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;political-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119588177&quot;]}]\" id=\"du-slot-624cd8467a3e2\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;political-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119588177&quot;]}]\" id=\"du-slot-624cd8467a95d\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":263528,"title":"How to Prepare for a Run for Office","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/263528"}},{"articleId":263523,"title":"Important Campaigning Assets","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/263523"}},{"articleId":263519,"title":"How to Prepare Voter Lists","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/263519"}}],"content":[{"title":"How to prepare to run for office","thumb":null,"image":null,"content":"<p>To get ready for your run at public office, ensure that you have some important items well before you file the paperwork and officially start your local political campaign. To best achieve your goal, start working on these items months, if not years, in advance.</p>\n<div class=\"figure-container\"><figure id=\"attachment_263529\" aria-labelledby=\"figcaption_attachment_263529\" class=\"wp-caption alignnone\" style=\"width: 545px\"><img loading=\"lazy\" class=\"wp-image-263529 size-full\" src=\"https://www.dummies.com/wp-content/uploads/running-for-office.jpg\" alt=\"campaign button\" width=\"535\" height=\"535\" /><figcaption id=\"figcaption_attachment_263529\" class=\"wp-caption-text\">©By iQoncept/Shutterstock.com</figcaption></figure></div><div class=\"clearfix\"></div>\n<h3>Name recognition</h3>\n<p>The most important part of a political campaign is name recognition. The candidate’s name appears on flyers and yard signs and all campaign material. Connecting with the voter is key, and name recognition is the driver that gets voters to check your box come election day.</p>\n<ul>\n<li>Work on establishing your name recognition well before you start your run for office. Get your name in the paper, show up to meetings to let your voice be heard, volunteer, and put in the effort to get your name out there.</li>\n<li>People vote for names they know.</li>\n<li>Name recognition also runs in the other direction: You must know the names of key players in town. After all, it’s your desire to become one of them.</li>\n</ul>\n<h3>Public reputation</h3>\n<p>Along with your name comes your reputation as a public figure. You want people to not only recognize your name but also associate it with positive characteristics — or at least ones they can admire. Your desire is for people to hear your name and recall the things you’ve done for the community and the efforts you’ve made to make things better.</p>\n<ul>\n<li>Volunteer your time and effort at service organizations and nonprofits. Prove to be a capable worker. Your actions not only help build your public reputation but also assure the public that you’ll have the same attitude in public office.</li>\n<li>You need not sacrifice your integrity to build a public reputation. Communities have their cheerleaders, but you can also establish a reputation by publicly opposing a corrupt, entrenched status quo. The key is to remain positive, offer solutions, and stand your ground.</li>\n</ul>\n<h3>Government research</h3>\n<p>Some people run for public office on a lark. Successful candidates, however, know the position well. They’ve researched the political division where they seek office. They know the staff and other key people. They’ve studied the issues. When asked, they share a knowledge of the organization beyond the superficial.</p>\n<ul>\n<li>Start your government research early. Attend meetings. Review agendas and minutes.</li>\n<li>Know who’s who within the organization. Be able to identify key staff members and understand their roles.</li>\n</ul>\n<h3>Campaign finances</h3>\n<p>Money is the grease the turns the wheels of politics. Your successful campaign for office needs funding. For a large district with high voter turnout, raising money is a priority. Your funding goal is to help boost your name recognition and get out your message. You want the public to know who you are and to be happy to cast their vote in your favor.</p>\n<ul>\n<li>Invest only a modicum of self-funding for your campaign, seed money, or quick loan (which you don’t expect to be paid back). Avoid fully self-funding your campaign: Only by obtaining contributions from individuals and organizations can you show wide support.</li>\n<li>The candidate (that’s you) is responsible for fundraising efforts. You must make the calls. You must ask for money.</li>\n<li>People donate money because you ask.</li>\n<li>Start your fundraising efforts as early as possible. Keep in mind that many states require you to file some sort of declaration before you can <a href=\"https://www.dummies.com/education/politics-government/what-are-the-limits-on-contributions-to-political-campaigns/\" target=\"_blank\" rel=\"noopener\">legally raise money for a political campaign</a>.</li>\n</ul>\n"},{"title":"Important campaigning assets","thumb":null,"image":null,"content":"<p>A campaign asset is something you need to help you make a successful run for office. Believe it or not, money isn’t the only — nor is it the most important — asset.</p>\n<p>Here are some important campaign assets:</p>\n<ul>\n<li><strong>Volunteers:</strong> Count among these people your close friends, advisors, and gurus and the hordes of people who you know are willing to support your run for office. Volunteers are more valuable than money. They can help you make a literature drop, stuff envelopes, attend functions, call voters, and so on.</li>\n<li><strong>Campaign manager:</strong> This person acts as your campaign advisor. A good manager knows how to run a campaign, track important looming deadlines, prioritize your time, and offer insight into what’s a good move and how to stay ahead in the game. A good manager also knows how when to spend money and what to spend it on.</li>\n<li><strong>Marketing person:</strong> A good marketing person knows design and can help you create a brand to help sell your name and ideas. Marketing people have connections with printers and bulk mailers and can get special rates that are lower than what you’d find on your own.</li>\n<li><strong>Your message:</strong> To best communicate your intentions with the voter, you need a solid message. It says who you are and what you plan on doing in office. A marketing person can help you hone your message, making it precise, and bundle it as part of your campaign brand.</li>\n<li><strong>Voter lists:</strong> From the election authority, obtain a list of voters specific to the district in which you’re running. Ensure that the list has a voter history so that you can separate frequent voters (those who vote in every election) from those who seldom or never vote. Craft voter lists for walking door-to-door, sending out mailings, and contacting absentee voters.</li>\n<li><strong>Time:</strong> Be prepared for your campaign to consume your time from the end of the candidate filing period up to election day. It’s your full-time job. You must devote yourself to the campaign. Don’t try to take a break. Don’t make excuses for missing an event. If you’re serious about becoming an elected official, you must make the time.</li>\n<li><strong>Money:</strong> Campaign funding is indeed an asset. Its primary purpose for a local race is to help get out your message. You spend money to communicate with potential voters. The more money you raise, the more communications can take place.</li>\n</ul>\n"},{"title":"How to prepare voter lists","thumb":null,"image":null,"content":"<p>You can’t connect with voters when campaigning if you don’t know who they are. Further, you don’t want to contact everyone living in the district, because many people aren’t registered to vote and even those who are don’t always vote.</p>\n<p>To create the best voter lists possible, contact the election authority for your district. Obtain from them a list of registered voters. Ask that the list include only voters for your specific district. You also want a history for each voter so that the data shows in which elections they participated. If possible, get the list in Excel format. The election authority may charge you for this request, though often the information is available for free or even online.</p>\n<p>After you obtain the list, your job is to massage it or to have one of your campaign volunteers who is adept at using Excel work the magic for you. Here are my recommended steps:</p>\n<ol>\n<li><strong> Ensure that you work on a backup copy of the list.<br />\n</strong>Keep the original file untouched. You may need this file if you work with a direct mail outfit. They prefer to use the original, which their software can manipulate efficiently.</li>\n<li><strong> Purge the list.<br />\n</strong>From the list of all registered voters in your district, remove anyone who hasn’t voted in the past few elections. Further, remove your opponents from the list as well as any of their known supporters. You need not contact those people, so off the list they go.</li>\n<li><strong> Create a custom list for frequent voters, a chronic-voter list.<br />\n</strong>From the list, prioritize those voters who show up for all elections. These are your <em>chronic</em> voters — people who will cast a ballot in your election and with whom you must connect.<br />\nAlso retain those who voted in the district’s last election or any special elections held by the district.</li>\n<li><strong> Create a list of those who vote early.<br />\n</strong>If the voter list shows those who prefer to vote absentee or by mail, pull out those people’s names and create a special list for them. These are the people you must contact first. Prepare a special mailing for them so that they know about your campaign before they receive their early ballots.</li>\n<li><strong> Create custom lists for specific areas.<br />\n</strong>If your district has wards or precincts that have specific issues, pull out those voters to create a custom list. You can send targeted mailings to those voters, informing them how you can help after you win the election.</li>\n<li><strong> Create walking lists.<br />\n</strong>The voter database is designed for mailing, but you can work some Excel magic to create walking lists. Your goal is to knock on doors behind which you find an active voter.<br />\nOrganize the walking list by neighborhood. Sort it by street. Your desire is to have a list you can use to effectively walk the area, one you use yourself or can hand to volunteers to help canvas voters.</li>\n</ol>\n<p>Voter lists are an important campaign asset. They help you effectively run your campaign by connecting with active voters. And if you have the funding, you can widen the list to include infrequent voters. The goal is to make the connection without wasting your campaign funding.</p>\n<p class=\"article-tips remember\">Voter lists are temporary. If you run again, you must create new lists. Old voter lists have no value.</p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":263532},{"headers":{"creationTime":"2016-03-27T16:47:00+00:00","modifiedTime":"2022-04-05T16:45:55+00:00","timestamp":"2022-04-05T18:01:06+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"General (Personal Finance)","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34311"},"slug":"general-personal-finance","categoryId":34311}],"title":"Personal Finance After 50 For Dummies Cheat Sheet","strippedTitle":"personal finance after 50 for dummies cheat sheet","slug":"personal-finance-after-50-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Make the most of your finances by determining the appropriate age to retire, becoming familiar with Medicare, and understanding your pension.","noIndex":0,"noFollow":0},"content":"You work hard for your money, and you should get to use your savings in your later years. In order to enjoy an enjoyable and stress-free retirement, you need to make the most of your finances and retirement planning. You can get on the right track by determining the appropriate age to retire, becoming familiar with Medicare, and understanding your pension and how it’s protected.\r\n\r\n<img class=\"alignnone size-full wp-image-284115\" src=\"https://www.dummies.com/wp-content/uploads/finance-50s-seniors.jpg\" alt=\"finance after 50\" width=\"556\" height=\"371\" />\r\n<h5>© 2021 Eric Tyson and Bob Carlson. All rights reserved.</h5>","description":"You work hard for your money, and you should get to use your savings in your later years. In order to enjoy an enjoyable and stress-free retirement, you need to make the most of your finances and retirement planning. You can get on the right track by determining the appropriate age to retire, becoming familiar with Medicare, and understanding your pension and how it’s protected.\r\n\r\n<img class=\"alignnone size-full wp-image-284115\" src=\"https://www.dummies.com/wp-content/uploads/finance-50s-seniors.jpg\" alt=\"finance after 50\" width=\"556\" height=\"371\" />\r\n<h5>© 2021 Eric Tyson and Bob Carlson. All rights reserved.</h5>","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":"Eric Tyson, MBA, is a personal finance writer, lecturer, and former management consultant to Fortune 500 financial service firms. He is the author or coauthor of more than 20 Dummies books on personal finance.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/8975"}},{"authorId":34463,"name":"Robert C. Carlson","slug":"robert-c-carlson","description":"Bob Carlson, JD, MS, is chairman of the Board of Trustees of the Fairfax County Employees Retirement System. He's been the editor and publisher of a monthly newsletter on the financial aspects of retirement since 1991.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34463"}}],"primaryCategoryTaxonomy":{"categoryId":34311,"title":"General (Personal Finance)","slug":"general-personal-finance","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34311"}},"secondaryCategoryTaxonomy":{"categoryId":34308,"title":"Retirement","slug":"retirement","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34308"}},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":141609,"title":"2 Ways to Get Answers to Your Medicare Questions after 50","slug":"2-ways-to-get-answers-to-your-medicare-questions-after-50","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/141609"}},{"articleId":141610,"title":"2 Key Benefits of a Long-Term Care Policy on Finances after 50","slug":"2-key-benefits-of-a-long-term-care-policy-on-finances-after-50","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/141610"}},{"articleId":141601,"title":"Filing Gift Tax Returns after 50","slug":"filing-gift-tax-returns-after-50","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/141601"}},{"articleId":141602,"title":"4 Things to Know about Long-Term Care and Finances after 50","slug":"4-things-to-know-about-long-term-care-and-finances-after-50","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/141602"}}],"fromCategory":[{"articleId":288537,"title":"Financial Security For Dummies Cheat Sheet","slug":"financial-security-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/288537"}},{"articleId":240164,"title":"How to Write a Check","slug":"how-to-write-a-check","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/240164"}},{"articleId":208905,"title":"Personal Finance For Canadians For Dummies Cheat Sheet","slug":"personal-finance-for-canadians-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208905"}},{"articleId":208797,"title":"Personal Finance in Your 20s and 30s For Dummies Cheat Sheet","slug":"personal-finance-in-your-20s-30s-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208797"}},{"articleId":208422,"title":"Personal Finance Workbook For Dummies Cheat Sheet","slug":"personal-finance-workbook-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208422"}}]},"relatedBook":{"bookId":282456,"slug":"personal-finance-after-50-for-dummies","isbn":"9781119724186","isbn10":"111972418X","categoryList":["business-careers-money","personal-finance","general-personal-finance"],"amazon":{"default":"https://www.amazon.com/gp/product/111972418X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/111972418X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/111972418X-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/111972418X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/111972418X/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/personal-finance-after-50-for-dummies-3e-cover-9781119724186-203x255.jpg","width":203,"height":255},"title":"Personal Finance After 50 For Dummies, 3rd Edition","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"\n <p><b data-author-id=\"8975\">Eric Tyson</b>, MBA, is a personal finance writer, lecturer, and former management consultant to Fortune 500 financial service firms. He is the author or coauthor of more than 20 Dummies books on personal finance. Bob Carlson, JD, MS, is chairman of the Board of Trustees of the Fairfax County Employees Retirement System. He's been the editor and publisher of a monthly newsletter on the financial aspects of retirement since 1991.</p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":"Eric Tyson, MBA, is a personal finance writer, lecturer, and former management consultant to Fortune 500 financial service firms. He is the author or coauthor of more than 20 Dummies books on personal finance.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/8975"}},{"authorId":34463,"name":"Robert C. Carlson","slug":"robert-c-carlson","description":"Bob Carlson, JD, MS, is chairman of the Board of Trustees of the Fairfax County Employees Retirement System. He's been the editor and publisher of a monthly newsletter on the financial aspects of retirement since 1991.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34463"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;general-personal-finance&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119724186&quot;]}]\" id=\"du-slot-624c83e2925ca\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;general-personal-finance&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119724186&quot;]}]\" id=\"du-slot-624c83e292afb\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":192899,"title":"The Age You Can Retire and the Benefits You Receive","slug":"the-age-you-can-retire-and-the-benefits-you-receive","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/192899"}},{"articleId":192890,"title":"Medicare: Your Link to Health Care during Retirement","slug":"medicare-your-link-to-health-care-during-retirement","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/192890"}},{"articleId":141374,"title":"What Is My Pension Protection?","slug":"what-is-my-pension-protection","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/141374"}}],"content":[{"title":"The age you can retire and the benefits you receive","thumb":null,"image":null,"content":"<p>As you know, your age has a lot to do with when you can retire. If you retire at or later than your full retirement age for Social Security benefits, you’ll make the most of your benefits. Planning to maximize your benefits helps you to enjoy your golden years.</p>\n<p>The following table summarizes the age at which you may retire and begin full Social Security benefits. It also shows the reduction in those benefits (including for your spouse) if you desire partial benefits at age 62. This information is useful when you’re crunching numbers and trying to determine by what age you may be able to retire.</p>\n<table>\n<tbody>\n<tr>\n<th>Year of Birth</th>\n<th>Full Retirement Age (FRA)</th>\n<th>Months between Age 62 and FRA</th>\n<th>The Retirement Benefit Is Reduced By</th>\n<th>The Spouse’s Benefit Is Reduced By</th>\n</tr>\n<tr>\n<td>1937 or earlier</td>\n<td>65</td>\n<td>36</td>\n<td>20.00%</td>\n<td>25.00%</td>\n</tr>\n<tr>\n<td>1938</td>\n<td>65 and 2 months</td>\n<td>38</td>\n<td>20.83%</td>\n<td>25.83%</td>\n</tr>\n<tr>\n<td>1939</td>\n<td>65 and 4 months</td>\n<td>40</td>\n<td>21.67%</td>\n<td>26.67%</td>\n</tr>\n<tr>\n<td>1940</td>\n<td>65 and 6 months</td>\n<td>42</td>\n<td>22.50%</td>\n<td>27.50%</td>\n</tr>\n<tr>\n<td>1941</td>\n<td>65 and 8 months</td>\n<td>44</td>\n<td>23.33%</td>\n<td>28.33%</td>\n</tr>\n<tr>\n<td>1942</td>\n<td>65 and 10 months</td>\n<td>46</td>\n<td>24.17%</td>\n<td>29.17%</td>\n</tr>\n<tr>\n<td>1943–1954</td>\n<td>66</td>\n<td>48</td>\n<td>25.00%</td>\n<td>30.00%</td>\n</tr>\n<tr>\n<td>1955</td>\n<td>66 and 2 months</td>\n<td>50</td>\n<td>25.83%</td>\n<td>30.83%</td>\n</tr>\n<tr>\n<td>1956</td>\n<td>66 and 4 months</td>\n<td>52</td>\n<td>26.67%</td>\n<td>31.67%</td>\n</tr>\n<tr>\n<td>1957</td>\n<td>66 and 6 months</td>\n<td>54</td>\n<td>27.50%</td>\n<td>32.50%</td>\n</tr>\n<tr>\n<td>1958</td>\n<td>66 and 8 months</td>\n<td>56</td>\n<td>28.33%</td>\n<td>33.33%</td>\n</tr>\n<tr>\n<td>1959</td>\n<td>66 and 10 months</td>\n<td>58</td>\n<td>29.17%</td>\n<td>34.17%</td>\n</tr>\n<tr>\n<td>1960 and later</td>\n<td>67</td>\n<td>60</td>\n<td>30.00%</td>\n<td>35.00%</td>\n</tr>\n</tbody>\n</table>\n<p class=\"Remember\">If you were born on January 1, you’ll be treated as if you were born the previous year. If you were born on the first of the month, the benefit is figured as if your birthday was in the previous month. You must be at least 62 for the entire month to receive benefits. The percentages in the preceding table are approximate due to rounding. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction.</p>\n"},{"title":"Medicare: Your link to health care during retirement","thumb":null,"image":null,"content":"<p>Medicare is the primary program used to finance health care for retired Americans age 65 and older. It covers hospitalization and some basic medical services during your golden years. The good news: Almost anyone can join Medicare at age 65.</p>\n<p>Upon joining, each beneficiary pays a monthly premium along with deductibles and copayments. Medicare pays the rest of the covered health care services. Many medical services aren’t covered, however.</p>\n<p>The biggest gap in coverage for retirees is for long-term care. Medicare generally only pays for brief stays at long-term care facilities that are for rehabilitation or recovery after an illness, surgery, or injury. It pays only about 15 percent of nursing home expenses nationwide and even lower percentages of the cost of assisted living and home health care.</p>\n<p class=\"Remember\">As a prospective retiree, you should plan ahead for the possibility of needing nursing home care, assisted living, or home health care.</p>\n<p>The four parts of Medicare are</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Part A:</b> <a href=\"https://dummies-wp-content.dummies.com/personal-finance/insurance/health-insurance/what-is-medicare-part-a/\" target=\"_blank\" rel=\"noopener\">This part</a> provides hospital coverage.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Part B:</b> <a href=\"https://dummies-wp-content.dummies.com/personal-finance/insurance/health-insurance/what-is-medicare-part-b/\" target=\"_blank\" rel=\"noopener\">This part</a> covers outpatient medical services, such as visits to doctors.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Part C:</b> <a href=\"https://dummies-wp-content.dummies.com/personal-finance/insurance/health-insurance/basics-medicare-part-c/\" target=\"_blank\" rel=\"noopener\">This part</a> is offered by private insurers as an alternative to Original Medicare and usually provides broader coverage.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Part D:</b> <a href=\"https://dummies-wp-content.dummies.com/personal-finance/insurance/health-insurance/basics-medicare-part-d/\" target=\"_blank\" rel=\"noopener\">This part</a> provides prescription drug coverage.</p>\n</li>\n</ul>\n"},{"title":"What is my pension protection?","thumb":null,"image":null,"content":"<p>As you enter retirement, you may be fortunate enough to have a pension from your employer. If you have <i>vested</i> pension benefits (that is, benefits you have already earned based on your years of employment service), you may worry about losing those benefits if the company were to fail while you were sailing through your golden years.</p>\n<p>Rest assured that employer pensions are backed by the Pension Benefit Guaranty Corporation (PBGC), an independent government agency. The following table shows the 2015 annual and monthly maximum PBGC benefit guarantees you would receive if your former employer were to close up shop.</p>\n<table>\n<caption><strong>Maximum PBGC Benefit Guarantees</strong></caption>\n<tbody>\n<tr>\n<th>Age</th>\n<th>Monthly Maximum</th>\n<th>Monthly Joint and 50% Survivor Maximum*</th>\n</tr>\n<tr>\n<td><b>45</b></td>\n<td>$1,252.84</td>\n<td>$1,127.56</td>\n</tr>\n<tr>\n<td><b>46</b></td>\n<td>$1,353.07</td>\n<td>$1,217.76</td>\n</tr>\n<tr>\n<td><b>47</b></td>\n<td>$1,453.29</td>\n<td>$1,307.96</td>\n</tr>\n<tr>\n<td><b>48</b></td>\n<td>$1,553.52</td>\n<td>$1,398.17</td>\n</tr>\n<tr>\n<td><b>49</b></td>\n<td>$1,653.75</td>\n<td>$1,488.38</td>\n</tr>\n<tr>\n<td><b>50</b></td>\n<td>$1,753.98</td>\n<td>$1,578.58</td>\n</tr>\n<tr>\n<td><b>51</b></td>\n<td>$1,854.20</td>\n<td>$1,668.78</td>\n</tr>\n<tr>\n<td><b>52</b></td>\n<td>$1,954.43</td>\n<td>$1,758.99</td>\n</tr>\n<tr>\n<td><b>53</b></td>\n<td>$2,054.66</td>\n<td>$1,849.19</td>\n</tr>\n<tr>\n<td><b>54</b></td>\n<td>$2,154.88</td>\n<td>$1,939.39</td>\n</tr>\n<tr>\n<td><b>55</b></td>\n<td>$2,255.11</td>\n<td>$2,029.60</td>\n</tr>\n<tr>\n<td><b>56</b></td>\n<td>$2,455.57</td>\n<td>$2,210.01</td>\n</tr>\n<tr>\n<td><b>57</b></td>\n<td>$2,656.02</td>\n<td>$2,390.42</td>\n</tr>\n<tr>\n<td><b>58</b></td>\n<td>$2,856.48</td>\n<td>$2,570.83</td>\n</tr>\n<tr>\n<td><b>59</b></td>\n<td>$3,056.93</td>\n<td>$2,751.24</td>\n</tr>\n<tr>\n<td><b>60</b></td>\n<td>$3,257.38</td>\n<td>$2,931.64</td>\n</tr>\n<tr>\n<td><b>61</b></td>\n<td>$3,608.18</td>\n<td>$3,247.36</td>\n</tr>\n<tr>\n<td><b>62</b></td>\n<td>$3,958.97</td>\n<td>$3,563.07</td>\n</tr>\n<tr>\n<td><b>63</b></td>\n<td>$4,309.77</td>\n<td>$3,878.79</td>\n</tr>\n<tr>\n<td><b>64</b></td>\n<td>$4,660.56</td>\n<td>$4,194.50</td>\n</tr>\n<tr>\n<td><b>65</b></td>\n<td>$5,011.36</td>\n<td>$4,510.22</td>\n</tr>\n<tr>\n<td><b>66</b></td>\n<td>$5,512.50</td>\n<td>$4,961.25</td>\n</tr>\n<tr>\n<td><b>67</b></td>\n<td>$6,063.75</td>\n<td>$5,457.38</td>\n</tr>\n<tr>\n<td><b>68</b></td>\n<td>$6,715.22</td>\n<td>$6,043.70</td>\n</tr>\n<tr>\n<td><b>69</b></td>\n<td>$7,466.93</td>\n<td>$6,720.24</td>\n</tr>\n<tr>\n<td><b>70</b></td>\n<td>$8,318.86</td>\n<td>$7,486.97</td>\n</tr>\n<tr>\n<td><b>71</b></td>\n<td>$9,701.99</td>\n<td>$8,731.79</td>\n</tr>\n<tr>\n<td><b>72</b></td>\n<td>$11,085.13</td>\n<td>$9,976.62</td>\n</tr>\n<tr>\n<td><b>73</b></td>\n<td>$12,468.26</td>\n<td>$11,221.43</td>\n</tr>\n<tr>\n<td><b>74</b></td>\n<td>$13,851.40</td>\n<td>$12,466.26</td>\n</tr>\n<tr>\n<td><b>75</b></td>\n<td>$15,234.53</td>\n<td>$13,711.08</td>\n</tr>\n</tbody>\n</table>\n<p>*Both spouses the same age.</p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-04-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207465},{"headers":{"creationTime":"2016-03-27T16:57:09+00:00","modifiedTime":"2022-04-05T16:26:51+00:00","timestamp":"2022-04-05T18:01:06+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Small Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34251"},"slug":"small-business","categoryId":34251},{"name":"General (Small Business)","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34253"},"slug":"general-small-business","categoryId":34253}],"title":"Small Business Financial Management Kit For Dummies Cheat Sheet","strippedTitle":"small business financial management kit for dummies cheat sheet","slug":"small-business-financial-management-kit-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Become familiar with standard financial documents, pay attention to profits, and make the most of the business’s assets with this kit.","noIndex":0,"noFollow":0},"content":"Managing the finances of a small business is a multi-layered task. You need to become familiar with standard financial documents, pay attention to profits, and make the most of the business’s assets. And you always have to be thinking and planning ahead. You have some work to do, get to it!","description":"Managing the finances of a small business is a multi-layered task. You need to become familiar with standard financial documents, pay attention to profits, and make the most of the business’s assets. And you always have to be thinking and planning ahead. You have some work to do, get to it!","blurb":"","authors":[{"authorId":9473,"name":"Tage C. Tracy","slug":"tage-c-tracy","description":"Tage C. Tracy is principal, owner, and founder of TMK & Associates, an accounting, financial,and strategic business planning consulting firm.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9473"}},{"authorId":9472,"name":"John A. Tracy","slug":"john-a-tracy","description":"John A. Tracy, CPA, is professor of accounting, emeritus, at the University of Colorado in Boulder.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9472"}}],"primaryCategoryTaxonomy":{"categoryId":34253,"title":"General (Small Business)","slug":"general-small-business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34253"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":200152,"title":"Examining Types of Business Capital","slug":"examining-types-of-business-capital","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/200152"}},{"articleId":193668,"title":"Important Financial Documents for Your Small Business","slug":"important-financial-documents-for-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193668"}},{"articleId":193665,"title":"How to Plan Ahead for Your Small Business","slug":"how-to-plan-ahead-for-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193665"}},{"articleId":193661,"title":"Paying Attention to Profit in Your Small Business","slug":"paying-attention-to-profit-in-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193661"}},{"articleId":193657,"title":"How to Make the Most of Your Small Business’s Assets","slug":"how-to-make-the-most-of-your-small-businesss-assets","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193657"}}],"fromCategory":[{"articleId":226108,"title":"Packing Power into Advertising Headlines","slug":"packing-power-advertising-headlines","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/226108"}},{"articleId":226105,"title":"How Small Business Marketing Is Different","slug":"small-business-marketing-different","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/226105"}},{"articleId":226102,"title":"Marketing a Start-Up Business","slug":"marketing-start-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/226102"}},{"articleId":226099,"title":"The Relationship between Marketing and Sales","slug":"relationship-marketing-sales","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/226099"}},{"articleId":226096,"title":"Marketing: The Whole is Greater Than the Parts","slug":"marketing-whole-greater-parts","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/226096"}}]},"relatedBook":{"bookId":282579,"slug":"small-business-financial-management-kit-for-dummies","isbn":"9780470125083","isbn10":"047012508X","categoryList":["business-careers-money","business","small-business","general-small-business"],"amazon":{"default":"https://www.amazon.com/gp/product/047012508X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/047012508X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/047012508X-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/047012508X/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/047012508X/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/small-business-financial-management-kit-for-dummies-cover-9780470125083-203x255.jpg","width":203,"height":255},"title":"Small Business Financial Management Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"\n <p><b data-author-id=\"9473\">Tage C. Tracy, CPA,</b> is the co-author, along with John Tracy, of <i>How to Manage Profit and Cash Flow</i>. <b data-author-id=\"9472\">John A. Tracy, CPA,</b> is the author of <i>Accounting For Dummies</i>. </p>","authors":[{"authorId":9473,"name":"Tage C. Tracy","slug":"tage-c-tracy","description":"Tage C. Tracy is principal, owner, and founder of TMK & Associates, an accounting, financial,and strategic business planning consulting firm.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9473"}},{"authorId":9472,"name":"John A. Tracy","slug":"john-a-tracy","description":"John A. Tracy, CPA, is professor of accounting, emeritus, at the University of Colorado in Boulder.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9472"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;small-business&quot;,&quot;general-small-business&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9780470125083&quot;]}]\" id=\"du-slot-624c83e27e4de\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;small-business&quot;,&quot;general-small-business&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9780470125083&quot;]}]\" id=\"du-slot-624c83e27ea07\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":193668,"title":"Important Financial Documents for Your Small Business","slug":"important-financial-documents-for-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193668"}},{"articleId":193661,"title":"Paying Attention to Profit in Your Small Business","slug":"paying-attention-to-profit-in-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193661"}},{"articleId":193657,"title":"How to Make the Most of Your Small Business’s Assets","slug":"how-to-make-the-most-of-your-small-businesss-assets","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193657"}},{"articleId":193665,"title":"How to Plan Ahead for Your Small Business","slug":"how-to-plan-ahead-for-your-small-business","categoryList":["business-careers-money","business","small-business","general-small-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/193665"}}],"content":[{"title":"Important financial documents for your small business","thumb":null,"image":null,"content":"<p>Managing the finances of your small business can be a challenge. To survive and thrive, you must earn profit consistently, generate cash flow from profit, and control your financial condition. You need a separate financial statement to highlight each aspect:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">The <b>P&amp;L Statement</b> (also called the <i>Income</i>, or<i> Earnings Statement</i>) summarizes revenue and expenses and reports your resulting profit or loss — that’s what the P and L stand for.</p>\n</li>\n<li>\n<p class=\"first-para\">The <b>Statement of Cash Flows</b> begins by reporting the net increase or decrease in cash from your revenue and expenses during the period (which is a different amount than your profit or loss for the period); this statement also summarizes other sources of cash you tapped during the period, and what you did with your available cash.</p>\n</li>\n<li>\n<p class=\"first-para\">The <b>Balance Sheet</b> (also called the <i>Statement of Financial Condition</i>) summarizes your assets and liabilities at the close of business on the last day of the profit period and reports the sources of your owners’ equity (assets less liabilities).</p>\n</li>\n</ul>\n<p class=\"Tip\">Make sure that you know how to read and interpret your financial statements.<b> </b>Not understanding your own business’s financial statements puts you at a serious disadvantage in making good business decisions and in dealing with your lenders and owners.</p>\n<p>Of course, the information in your financial statements is no better than your accounting system.<b> </b>Hire a competent accountant to design and run your accounting system. Your accountant can be a valuable helpmate in managing your financial affairs.</p>\n<p class=\"Remember\">Don’t confuse your balance sheet with the market value of your business. True, your balance sheet reports your assets and liabilities, and the difference equals the book value of your owners’ equity. Keep in mind, however, that historical costs are the values for many assets, and the balance sheet does not report your profit performance over recent years. Yet, the market value of a business depends heavily on current replacement values of your assets and your recent profit performance.</p>\n"},{"title":"Paying attention to profit in your small business","thumb":null,"image":null,"content":"<p>Your small business is designed to make a profit — even if you’re not making one yet. Managing the financial aspects of profit requires special skills and powers of recognition. The following list offers tips on what to pay attention to:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><strong>Cash flow accounting doesn’t tell you profit for the period, and accrual-basis profit accounting doesn’t tell you cash flow for the period</strong>. Credit sales are recorded as revenue before cash is received. Some expenses are recorded before cash is paid, and some are recorded after cash is spent. Depreciation expense is not a cash outlay in the period. Never confuse profit and cash flow. You need to look at your P&amp;L report for your profit, and you need to look at your Statement of Cash Flows for your cash flow.</p>\n</li>\n<li>\n<p class=\"first-para\"><strong>Read the preceding tip again!</strong> Deep down in your psyche you probably believe that profit equals cash flow. You may want to believe this, but it ain’t so. Make certain that you have a firm grip on what cash flow is — and isn’t.</p>\n</li>\n<li>\n<p class=\"first-para\"><strong>Use a compact profit model for decision-making analysis.</strong> The P&amp;L report is indispensable for controlling profit performance, but this profit performance report is too bulky for decision-making analysis. A compact profit model is better. The P&amp;L statement is like a high-end digital SLR camera; a profit model is like a pocket-size digital camera that you carry around with you and is good enough for most uses.</p>\n</li>\n<li>\n<p class=\"first-para\"><strong>Seemingly small changes in profit factors can cause staggering differences.</strong> A small slippage in the ratio of margin on sales revenue can have a devastating impact on profit. A slight boost in sales price or a relatively modest increase in sales volume can yield a remarkable gain in profit. Small changes mean a lot.</p>\n</li>\n</ul>\n"},{"title":"How to make the most of your small business's assets","thumb":null,"image":null,"content":"<p>The assets of your small business drive your financial picture to a large extent, so you need to know how to manage those assets to maximize their use to you. Use the tips in the following list to help put your assets to work for your business:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Determine the sizes of assets you need to support the level of your annual sales revenue. </b>The amount of your total assets determines the amount of capital you have to raise, and capital has a cost. The more assets you have, the more capital you need. Downsize your assets as long as you don’t hurt sales.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Don’t rush into securing debt and equity capital without doing due diligence. </b>Many small businesses are desperate for capital. Carefully examine the true, total cost of the capital and scrutinize the potential for interference from capital sources in running your business.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Businesses that make profit generate taxable income.</b> Small business (“S”) corporations, partnerships, and LLCs (limited liability companies) don’t have to pay income tax. They are <i>pass-through tax entities</i>; so, their owners include their respective shares of the business’s taxable income in their individual income tax returns. The profit of a pass-through business is taxed only once — in the hands of its owners. Cash dividends paid to stockholders by regular (“C”) corporations from their after-tax profits are included in the individual income tax returns of their stockholders and are thus subject to a second tax in the hands of the stockholders.</p>\n</li>\n</ul>\n<p class=\"Tip\">To keep your assets working for your business, trust, but protect.<b> </b>Business is done on the basis of mutual trust, but not everyone is trustworthy, even a longtime employee and a close relative. Enforce effective controls to minimize threats of theft and fraud against your business. An ounce of prevention is worth a pound of cure.</p>\n"},{"title":"How to plan ahead for your small business","thumb":null,"image":null,"content":"<p>As the owner or manager of a small business, of course you’re very busy, but it pays to step back and plan for your financial future. Take the time to forecast, plan, and budget. Have your Controller (chief accountant) prepare the following pro forma (according to plan) financial statements:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Budgeted P&amp;L statement for the coming year.</b> Even if this budgeted P&amp;L is abbreviated and condensed, it plays an invaluable role. Provide your Controller your best estimates and forecasts for sales prices, costs, and sales volume during the coming year. From this information your accountant can prepare a P&amp;L that serves as your performance benchmark as you go through the year. Don’t be afraid to change the budgeted P&amp;L in midstream. Sometimes totally unpredictable events make your original P&amp;L budget out of date.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Budgeted Balance Sheet at end of coming year.</b> You don’t necessarily need a detailed listing of every asset and liability one year off. But you definitely should look ahead to your general, overall financial condition one year later. It’s better to spot problems earlier than later. Looking down the road at where your financial condition is heading can help you avoid major problems.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Budgeted Statement of Cash Flows.</b> Preparing this budgeted financial statement is an excellent way to keep close tabs on your cash flow from profit (operating activities) and how you plan to use this cash flow. If you are planning major capital expenditures (new investments to replace, modernize, and expand your long-term operating asserts) a budgeted statement of cash flows is essential for making strategic decisions regarding how you will secure the cash for these expenditures.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-04-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":209213},{"headers":{"creationTime":"2019-01-16T21:15:40+00:00","modifiedTime":"2022-04-05T15:36:50+00:00","timestamp":"2022-04-05T18:01:05+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Cryptocurrency","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34277"},"slug":"cryptocurrency","categoryId":34277}],"title":"Cryptocurrency Investing For Dummies Cheat Sheet","strippedTitle":"cryptocurrency investing for dummies cheat sheet","slug":"cryptocurrency-investing-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Educate yourself on the basics of cryptocurrencies, check out the team behind the crypto, and figure out what you need to get started.","noIndex":0,"noFollow":0},"content":"So, you’ve heard about Bitcoin and other cryptocurrencies, and you’re ready to add these new kids on the block to your investment portfolio — that’s great! You’re now officially a part of the future economy. To make the best decisions for your portfolio, educate yourself on the basics of cryptocurrencies and what you need to get started. Also, be sure to do your homework on a crypto’s fundamentals before adding any new assets to your portfolio.","description":"So, you’ve heard about Bitcoin and other cryptocurrencies, and you’re ready to add these new kids on the block to your investment portfolio — that’s great! You’re now officially a part of the future economy. To make the best decisions for your portfolio, educate yourself on the basics of cryptocurrencies and what you need to get started. Also, be sure to do your homework on a crypto’s fundamentals before adding any new assets to your portfolio.","blurb":"","authors":[{"authorId":21503,"name":"Kiana Danial","slug":"kiana-danial","description":"Kiana Danial is the CEO of Invest Diva as well as an internationally recognized personal investing and wealth management expert. She delivers workshops and seminars to corporations, universities, and investment groups, and has been featured in Forbes and on CNN. 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She delivers workshops and seminars to corporations, universities, and investment groups, and has been featured in <i>Forbes</i> and on CNN. She was named the 2018 Personal Investment Expert of the Year by Wealth &amp; Finance International. </p>","authors":[{"authorId":21503,"name":"Kiana Danial","slug":"kiana-danial","description":"Kiana Danial is the CEO of Invest Diva as well as an internationally recognized personal investing and wealth management expert. She delivers workshops and seminars to corporations, universities, and investment groups, and has been featured in Forbes and on CNN. Danial was named the 2018 Personal Investment Expert of the Year by Wealth & Finance International.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/21503"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;cryptocurrency&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119533030&quot;]}]\" id=\"du-slot-624c83e1b6347\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;cryptocurrency&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119533030&quot;]}]\" id=\"du-slot-624c83e1b6885\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":259464,"title":"Things You Must Have Before Investing in Cryptocurrencies","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/259464"}},{"articleId":259461,"title":"The Most Important Things to Know about Cryptocurrency Investing","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/259461"}},{"articleId":259458,"title":"Checking Cryptocurrency Fundamentals Before Adding to Your Portfolio","slug":"","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/259458"}}],"content":[{"title":"Things you must have before investing in cryptocurrencies","thumb":null,"image":null,"content":"<p>Investing and trading cryptocurrencies can be different than investing in other assets, but there are some similarities as well. Here are the most important things you must have before jumping into the cryptocurrency investing space:</p>\n<ul>\n<li>A cryptocurrency exchange or a broker where you can buy and sell cryptocurrencies</li>\n<li>A secure cryptocurrency wallet to store your cryptocurrencies</li>\n<li>Knowledge about the cryptocurrency’s fundamentals</li>\n<li>Money you can afford to lose</li>\n<li>An investment strategy that’s unique to your risk tolerance</li>\n</ul>\n"},{"title":"The most important things to know about cryptocurrency investing","thumb":null,"image":null,"content":"<p>Cryptocurrency investing is one of the newest ways to earn profit. As market participants find out more about the industry, many misconceptions are resolved and more people can be a part of the marketplace:</p>\n<ul>\n<li><strong>At the time of writing, over 2,000 cryptocurrencies other than Bitcoin are out there, and the number may change drastically in the future.</strong></li>\n<li><strong>A <em>cryptocurrency</em> is a cross between a currency and a digital asset.</strong> Like a currency, you can use it to pay for things. Like a digital asset, you can invest in it for long-term gains.</li>\n<li><strong>You’re not buying a currency; you’re buying the idea behind the coin, which is supported by an underlying blockchain technology.</strong> <em>Blockchain technology</em> is a distributed ledger that records a growing list of data.</li>\n<li><strong>Cryptocurrency investing is very new; therefore its investment resources are constantly evolving.</strong></li>\n<li><strong>Always read about the background of a cryptocurrency, its underlying technology, its management, and its community before investing. </strong>Ask yourself what problem a cryptocurrency is trying to solve and why that solution matters.</li>\n<li><strong>If you’re buying a cryptocurrency to hold long term, you’re looking for <em>capital appreciation.</em></strong> If you’re actively getting in and out of trades, you’re <em>speculating.</em></li>\n<li><strong>The cryptocurrency market is extremely volatile. </strong>Make sure you’re investing money you can afford to lose.</li>\n<li><strong>Unlike the stock market, you can participate in the cryptocurrency market 24 hours a day, 7 days a week.</strong></li>\n<li><strong>Buy the freaking dip. </strong>What does that mean? It means that instead of panicking when the prices drop to a dip, it may be the best time for you to buy. Don’t buy when the prices have gone up so much in a short amount of time and the markets are hyped up. Of course, for all your investment decisions, you must analyze the market from different points than just the low price.</li>\n<li><strong>Diversify your portfolio with at least ten cryptocurrencies from different categories to manage your risk. </strong>Expand your horizons by investing in stocks with exposure to blockchain technology and the cryptocurrency market.</li>\n</ul>\n"},{"title":"Checking cryptocurrency fundamentals before adding to your portfolio","thumb":null,"image":null,"content":"<p>Before you invest in a cryptocurrency, you must do a little research about it. Pay attention to the following key components when you do your crypto research:</p>\n<ul>\n<li><strong>The crypto’s white paper: </strong>A <em>white paper</em> is something like a business proposal for new cryptocurrencies. It includes everything potential investors need to know about the crypto, such as technology, purpose, financial details, and so on. Think of it as your crypto&#8217;s resume.</li>\n<li><strong>The team behind the crypto: </strong>No one really knows who created Bitcoin, but the rest of the cryptocurrencies out there normally have a team behind them who guide the company and its blockchain technology. Make sure to find out about team members’ experience in the field, their motivations, and their authority.</li>\n<li><strong>Partnerships: </strong>If you’re not willing to take a lot of risk, seeing who in the industry has put their trust in the hands of the cryptocurrency you’re considering buying is very important. Another good thing about having partners in the traditional world is that the cryptocurrency may have a higher chance of being accepted by the masses.</li>\n<li><strong>The crypto’s technology: </strong>Many cryptocurrencies are tokens from blockchain companies with multiple products. The more you get to know the products and the technology behind the cryptocurrency, the better.</li>\n<li><strong>The crypto’s contribution to society: </strong>What problem is this cryptocurrency trying to solve? Does it matter to you? Is the team behind the cryptocurrency just trying to get rich quick, or does it have a long-term plan for the betterment of society? Finding answers to these questions can help you decide whether you should consider buying this cryptocurrency.</li>\n<li><strong>The road map: </strong>Many companies behind cryptocurrencies have sections on their websites dedicated to their road maps: where they come from, what they’ve achieved, and what they’re planning to accomplish in the future. If available, road maps are a great way to discover a ton of fundamental information about the crypto in a few minutes.</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2021-07-02T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":259467},{"headers":{"creationTime":"2016-03-27T16:48:28+00:00","modifiedTime":"2022-04-04T16:55:11+00:00","timestamp":"2022-04-04T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"General (Business)","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34255"},"slug":"general-business","categoryId":34255}],"title":"Selling Your Business For Dummies Cheat Sheet","strippedTitle":"selling your business for dummies cheat sheet","slug":"selling-your-business-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Make certain that selling your business is a success by knowing what documents you need and how to value your business assets.","noIndex":0,"noFollow":0},"content":"Whatever reason you have for selling your business — finances, family, fatigue — you'll want to assemble the right group of professionals to assist you through the sale process, know which essential documents to have on hand, and understand how to value your business assets to ensure a successful sale.","description":"Whatever reason you have for selling your business — finances, family, fatigue — you'll want to assemble the right group of professionals to assist you through the sale process, know which essential documents to have on hand, and understand how to value your business assets to ensure a successful sale.","blurb":"","authors":[{"authorId":9303,"name":"Barbara Findlay Schenck","slug":"barbara-findlay-schenck","description":"Barbara Findlay Schenck has been a marketing consultant for more than 20 years, with clients ranging from small businesses to Fortune 500 companies. In addition to her experience as a small business strategist, she's also a best-selling author and nationally syndicated columnist. Visit her website at bizstrong.com.","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9303"}},{"authorId":9526,"name":"John Davies","slug":"john-davies","description":"","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9526"}}],"primaryCategoryTaxonomy":{"categoryId":34255,"title":"General (Business)","slug":"general-business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34255"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":271244,"title":"Design Thinking: Making Ideas Clear and Tangible","slug":"design-thinking-making-ideas-clear-and-tangible","categoryList":["business-careers-money","business","general-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/271244"}},{"articleId":271238,"title":"Design Thinking: Creativity Techniques","slug":"design-thinking-creativity-techniques","categoryList":["business-careers-money","business","general-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/271238"}},{"articleId":271232,"title":"Design Thinking: The Customer Journey","slug":"design-thinking-the-customer-journey","categoryList":["business-careers-money","business","general-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/271232"}},{"articleId":271227,"title":"Design Thinking: Using an Empathy Map","slug":"design-thinking-using-an-empathy-map","categoryList":["business-careers-money","business","general-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/271227"}},{"articleId":271221,"title":"Design Thinking: Characterizing a Customer Using the Persona Method","slug":"design-thinking-characterizing-a-customer-using-the-persona-method","categoryList":["business-careers-money","business","general-business"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/271221"}}]},"relatedBook":{"bookId":0,"slug":null,"isbn":null,"isbn10":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;general-business&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-624b326049d32\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;general-business&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-624b32604a2af\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":157929,"title":"Selling Your Business: Major Documents to Have On-Hand","slug":"selling-your-business-major-documents-to-have-on-hand","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/157929"}},{"articleId":157930,"title":"Knowing Who's Who on the Business Sale Team","slug":"knowing-whos-who-on-the-business-sale-team","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/157930"}},{"articleId":157928,"title":"Selling Your Business: What Are Tangible and Intangible Assets?","slug":"selling-your-business-what-are-tangible-and-intangible-assets","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/157928"}}],"content":[{"title":"Selling your business: major documents to have on-hand","thumb":null,"image":null,"content":"<p>Sooner or later in the business sale process you&#8217;ll need the following materials. Use this checklist to assemble everything as soon as possible to smooth the road ahead.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Federal tax returns for the past three years (corporate or Schedule C)</p>\n</li>\n<li>\n<p class=\"first-para\">Income statements for YTD and the past three years</p>\n</li>\n<li>\n<p class=\"first-para\">Balance sheets for the past three years</p>\n</li>\n<li>\n<p class=\"first-para\">Statement of seller&#8217;s discretionary earnings for most recently completed year</p>\n</li>\n<li>\n<p class=\"first-para\">Financial ratios and trends</p>\n</li>\n<li>\n<p class=\"first-para\">Accounts receivable aging list</p>\n</li>\n<li>\n<p class=\"first-para\">Accounts payable list</p>\n</li>\n<li>\n<p class=\"first-para\">Inventory list including value</p>\n</li>\n<li>\n<p class=\"first-para\">Current building lease</p>\n</li>\n<li>\n<p class=\"first-para\">Franchise agreement, if applicable</p>\n</li>\n<li>\n<p class=\"first-para\">Fixtures, furnishings, and equipment list including fair market values</p>\n</li>\n<li>\n<p class=\"first-para\">Asset depreciation schedule from most recent tax return</p>\n</li>\n<li>\n<p class=\"first-para\">Current copies of equipment and facility maintenance agreements</p>\n</li>\n<li>\n<p class=\"first-para\">Current employee, customer, vendor, and distributor contracts or agreements</p>\n</li>\n<li>\n<p class=\"first-para\">Current business licenses, certifications, and registrations</p>\n</li>\n<li>\n<p class=\"first-para\">Copies of patents and trademark registrations, if any</p>\n</li>\n<li>\n<p class=\"first-para\">Copies of outstanding loan agreements</p>\n</li>\n<li>\n<p class=\"first-para\">List of existing liens</p>\n</li>\n<li>\n<p class=\"first-para\">Product or service price list</p>\n</li>\n<li>\n<p class=\"first-para\">Employee records showing staff, hire dates, salaries, pension records, employee benefit plan outline</p>\n</li>\n<li>\n<p class=\"first-para\">Organization chart</p>\n</li>\n<li>\n<p class=\"first-para\">Business formation documents</p>\n</li>\n<li>\n<p class=\"first-para\">Current client list</p>\n</li>\n<li>\n<p class=\"first-para\">Current list of major suppliers and distributors</p>\n</li>\n<li>\n<p class=\"first-para\">Business plan</p>\n</li>\n<li>\n<p class=\"first-para\">Marketing plan</p>\n</li>\n<li>\n<p class=\"first-para\">Employment policy manual</p>\n</li>\n<li>\n<p class=\"first-para\">Business procedures manual</p>\n</li>\n<li>\n<p class=\"first-para\">Photos of business building, work areas, and equipment</p>\n</li>\n</ul>\n"},{"title":"Knowing who's who on the business sale team","thumb":null,"image":null,"content":"<p>Making the decision about who to bring onto your business sale team isn&#8217;t clear-cut. One thing is certain, though: Selling your business isn&#8217;t a time for flying solo. You need to bring aboard some professionals to assist you — from accountants to attorneys to business sale brokers to appraisers. The following list shows which professional resources are available:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Accountant.</b> This is probably the first business sale team member you&#8217;ll recruit. The financial condition of your business, and the way your financial story is presented, is fundamental to sale success.</p>\n<p class=\"child-para\">Your accountant will have all the information at hand to help you prepare the numbers you need to plan your sale offering and present your business to buyers. If you&#8217;ve worked with an accountant over the years, be sure that person has experience in business sale transactions and the resulting tax implications. Your accountant will likely participate on your sale team at his or her regular hourly rate.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Attorney.</b> If you already work with an attorney to advise you on issues regarding your business structure, employees, contracts, and other legal matters, you probably want to involve that person on your sale team, maybe from the onset but certainly as you reach the negotiation stage and closing point.</p>\n<p class=\"child-para\">Your attorney can help you with preparation of legal documents such as confidentiality agreements, seller disclosure statements, and, of course, the purchase and sale agreement that will finalize the sale. It&#8217;s especially important to bring an attorney with business sale-transaction experience on board if you&#8217;re trying to handle the sale on your own without a broker. You&#8217;ll pay either hourly rates or a flat fee.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Business broker.</b> Some business owners handle their sales with only the help of an accountant and an attorney. Others use a sale intermediary, most often a business broker, but sometimes a mergers and acquisitions (M&amp;A) specialist if the business is large and the deal is complex. The decision of whether to hire a broker weighs heavy on most sellers&#8217; minds, and no one answer prevails. Some sellers will tell you their sales went through just fine without a broker, and others will say the broker was essential to their sale success.</p>\n<p class=\"child-para\">In a nutshell, a broker can help maintain confidentiality about your sale, find and deal with prospective buyers, and free you from the demands of selling your business while also trying to run it. A broker can also provide advice on how to value your business. In return, you&#8217;ll pay a fee, which is usually about 10 percent of your sale price.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Appraiser or valuation expert.</b> If you need a formal appraisal — because of the size or complexity of your business, because you need to prove the validity of business value to the buyer or to the IRS, or because you doubt the accuracy of the value established by your broker or by your sale advisors — you can hire a professional appraiser.</p>\n<p class=\"child-para\">Appraiser fees can range from several hundred dollars to tens of thousands of dollars, depending on the complexity of your business and whether you want an oral appraisal or a formal, written document. Numbers between $2,500 and $5,000 seem to be most common for small business written appraisals, but most appraisers charge by the hour, and the final fee depends on how much time goes into the effort.</p>\n<p class=\"child-para\">Before obtaining an appraisal, talk with your broker if you&#8217;re using one. Also talk with your accountant. It may well be that between these two resources, you can arrive at a good figure from which to start seller negotiations.</p>\n</li>\n</ul>\n<p class=\"Remember\">No one, no matter how small the deal, should sell a business without obtaining financial and tax advice. At the very least, you want an accountant to help you assemble and present your business financial records and to help structure your sale with the intent of managing taxes and facilitating buyer decisions. You may also want to involve an attorney, particularly if your business has established a relationship with a lawyer whom you trust to deliver good business and legal advice, or if you plan to sell your business on your own without a broker&#8217;s help.</p>\n"},{"title":"Selling your business: What are tangible and intangible assets?","thumb":null,"image":null,"content":"<p>Getting ready to sell your business? You&#8217;ll need to separate your tangible and intangible assets because at sale time (or in the sale contract), the Internal Revenue Service requires you to break down the price into asset categories, which are taxed at varying rates.</p>\n<p class=\"TechnicalStuff\">To value your business assets, you create an inventory of all the assets of your business and assign a value to each based on what it would cost to create or replace that asset in similar condition.</p>\n<h2>Tangible assets</h2>\n<p><i>Tangible assets</i> include business furnishings, fixtures, equipment, leasehold improvements, inventory, real estate, automobiles, and other major physical assets.</p>\n<p>Tangible assets are probably the easiest part of your business to value, because by their very definition, tangible assets are ones you can see and touch. You can often even find comparable items on the market (through eBay and other online shopping sites, through equipment distributors, and through other used-equipment outlets) to help you determine current market values. When valuing your tangible assets, also talk with your accountant, who can help you figure the depreciated value of items you&#8217;ve held for multiple years.</p>\n<h2>Intangible assets</h2>\n<p>In businesses with well-known names, products, and reputations, up to half the business sale price often covers the purchase of <i>intangible assets</i> — things buyers can&#8217;t hold in their hands.</p>\n<p>Intangible assets fall into two general categories:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Intellectual property rights assets,</b> including trademarks, patents, licensing agreements, and trade secrets.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Other intangible assets,</b> including business name and reputation, processes, strategies, and general know-how, which together contribute to business value over and above the value of tangible assets. These intangible assets compose what&#8217;s called the goodwill of your business<i>. </i></p>\n<p class=\"child-para\">Goodwill assets include</p>\n<ul class=\"level-two\">\n<li>\n<p class=\"first-para\">Your business name and brand identity</p>\n</li>\n<li>\n<p class=\"first-para\">A trained workforce</p>\n</li>\n<li>\n<p class=\"first-para\">Loyal clientele</p>\n</li>\n<li>\n<p class=\"first-para\">Strong and durable supplier and distribution networks</p>\n</li>\n<li>\n<p class=\"first-para\">Phone numbers and websites</p>\n</li>\n<li>\n<p class=\"first-para\">Proprietary technology, systems, and processes</p>\n</li>\n<li>\n<p class=\"first-para\">Brand equity, which is the value of the competitive advantage of your name and reputation in the minds of consumers and business and industry partners.</p>\n</li>\n</ul>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-04-04T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207773}],"_links":{"self":{"self":"https://dummies-api.dummies.com/v2/categories/34224/categoryArticles?sortField=time&sortOrder=1&size=10&offset=0"},"next":{"self":"https://dummies-api.dummies.com/v2/categories/34224/categoryArticles?sortField=time&sortOrder=1&size=10&offset=10"},"last":{"self":"https://dummies-api.dummies.com/v2/categories/34224/categoryArticles?sortField=time&sortOrder=1&size=10&offset=9466"}}},"objectTitle":"","status":"success","pageType":"article-category","objectId":"34224","page":1,"sortField":"time","sortOrder":1,"categoriesIds":[],"articleTypes":[],"filterData":{"categoriesFilter":[{"itemId":0,"itemName":"All Categories","count":9474},{"itemId":34225,"itemName":"Business","count":6062},{"itemId":34224,"itemName":"Business, Careers, & Money","count":1},{"itemId":34256,"itemName":"Careers","count":1134},{"itemId":34273,"itemName":"Personal Finance","count":2277}],"articleTypeFilter":[{"articleType":"All Types","count":9474},{"articleType":"Articles","count":9105},{"articleType":"Cheat Sheet","count":293},{"articleType":"Step by Step","count":72},{"articleType":"Videos","count":4}]},"filterDataLoadedStatus":"success","pageSize":10},"adsState":{"pageScripts":{"headers":{"timestamp":"2022-04-08T00:59:09+00:00"},"adsId":0,"data":{"scripts":[{"pages":["all"],"location":"header","script":"<!--Optimizely Script-->\r\n<script src=\"https://cdn.optimizely.com/js/10563184655.js\"></script>","enabled":false},{"pages":["all"],"location":"header","script":"<!-- comScore Tag -->\r\n<script>var _comscore = _comscore || [];_comscore.push({ c1: \"2\", c2: \"15097263\" });(function() {var s = document.createElement(\"script\"), el = document.getElementsByTagName(\"script\")[0]; s.async = true;s.src = (document.location.protocol == \"https:\" ? 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Whether you’re managing a budget, an estate, or a team of professionals, you’ll learn how to achieve your goals with these articles. Covering everything from cryptocurrency to customer service, Dummies can help you move toward your dream job, grow a business, plan for retirement, or keep your finances in shape.

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9,476 results
9,476 results
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Cryptocurrency Cryptocurrency Investing For Dummies Cheat Sheet

Cheat Sheet / Updated 04-05-2022

So, you’ve heard about Bitcoin and other cryptocurrencies, and you’re ready to add these new kids on the block to your investment portfolio — that’s great! You’re now officially a part of the future economy. To make the best decisions for your portfolio, educate yourself on the basics of cryptocurrencies and what you need to get started. Also, be sure to do your homework on a crypto’s fundamentals before adding any new assets to your portfolio.

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General (Business) Selling Your Business For Dummies Cheat Sheet

Cheat Sheet / Updated 04-04-2022

Whatever reason you have for selling your business — finances, family, fatigue — you'll want to assemble the right group of professionals to assist you through the sale process, know which essential documents to have on hand, and understand how to value your business assets to ensure a successful sale.

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