Destress With Matthew McConaughey

by MHanley on August 29, 2010

Okay, so taking life advice from the 21st Century’s version of a hippy is probably not #1 on everyone’s to-do list.  However, if you are going to take advice from someone who got arrested while playing bongos in the nude, the advice you should probably take is how to de-stress.

Matthew McConaughey dishes his seven rules for a stress-free life:

1) See Eye-to-Eye with Your Job - The situation can never be greater than you are,” he says. “If it is, you’re never going to be able to engage and give your full talent, because you’re not looking at it eye-to-eye.” And that cuts the other way, McConaughey says. “You can’t look down on it, either. If you go into anything without respect, you’re going to miss magic, miss truths.

2) Learn the Sneaky Workout – McConaughey has those days, too: no exercise time. He compensates with active bursts throughout the day. “I’ll drop and give myself 20 pushups at intervals throughout the day. 9 a.m., bang out 20. Sitting in a boring meeting at 10:30. Bang out 20. I do that 10 times throughout the day, I’ve done 200. Or even mix it up with crunches, squats, whatever. Also, I have a 12-pound medicine ball. I’ll just think, Pick up the medicine ball and don’t put it down for 30 minutes. Try that once. You will have a workout, man.

3) Customize Your To-Do List – “I’ll put fun things on my list to give me more things to cross off,” he says. “Like, ’surf for an hour.’ When you get to one near the bottom and it says, ‘Watch Monday Night Football,’ it’s like, yeah!”

4) Adopt a Simple Philosophy – Some of life’s biggest stressors are the remains of self-destructive things you do, McConaughey says. So he boils his decisions down to one simplicity. “I don’t like to leave crumbs,” he says. “I like to do things right, and not cheat to get ‘em done. That’s what a man does. I don’t owe anybody anything. I never go anywhere and worry, ‘Oh shit, so-and-so’s here.’ I don’t have crumbs in my past.”

5) Insulate Yourself from Disasters – McConaughey explains with a metaphor straight out of the Weather Channel: “I like to create my own weather so then I can blow in the wind. When I say that, I mean that whether it’s in business or your personal life, if you’ve got positive, like-minded people around you, then your systems are in place.  I don’t have to be looking over my shoulder. I can just blow in the wind. I may bounce off this wall or that wall, but I won’t get caught in any tornados.”

6) Know What You Don’t Know – Fighting to prove you know something when you don’t wastes time and sucks energy, McConaughey says, and “I have to continue to learn that. The amount of time you can save just by going, ‘I don’t know,’ is huge. We’re brought up to be know-it-alls. ‘I don’t know,’ can be perceived as a weakness, but I see it as a sign of intelligence. Then I can experience something so I do know. How else will you ever learn something new?”

7) Always Schedule Pleasure, Too - ”I’ve always said pleasure is good for you,” McConaughey says. “‘Well,’ you reply, ‘duh.’ But wait a minute: How much pleasure do you really allow yourself to have every day? There are some people who are so strict that they become a slave to their healthy lifestyle, a slave to working out, a slave to eating just the right foods. I’ve seen it happen to other people, and I’m guilty of going overboard with it. And when you do, man, you’re no frickin’ fun at all. You have to be more flexible and enjoy having things. I’m not going to a friend’s barbecue and say, ‘I’m gonna stick to salad.’ Who’s gonna enjoy that? Lighten up! It’s your lifestyle, not your life.”

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When Should I Get Ready for Year-End Planning

by MHanley on August 28, 2010

FREQUENTLY ASKED QUESTION:  When do I start getting ready for year end planning and what does my accountant need from me?

Anyone operating a business should consider having their accountant prepare a mid-year tax plan around August or September of each year.

The purpose of mid-year tax planning is threefold:

  1. Determine what tax savings strategies will be available in the current year and plan to ensure that your business meets the criteria for the applicable strategies.
  2. Identify ways to defer taxes to future years in order to improve current-year cash flow.
  3. Calculate the amount of tax that will be due at the end of the year after all tax savings and tax deferral strategies have been exhausted in order to allow time to accumulate enough cash to pay your tax bill without having to work out a payment

Even if you do not have your accountant preparing or reviewing your books monthly/quarterly and even if you opt to forego a formal mid-year tax plan, you should begin to organize your receipts, income items, and expense items around July or August each year so that you do not get overwhelmed at the end of the year when you suddendly find that you have to go through twelve months worth of records.

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Use Credit Cards Not Debit Cards

August 27, 2010

When shopping (online or in stores), use credit cards, not debit cards.
1) Debit card fraud is much tougher to fight and takes much longer to resolve than credit card fraud.
2) If you have a problem with the product/service that you purchase, credit cards offer a much better dispute resolution process (especially American Express, who almost [...]

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When Do I Have to Give Someone a 1099?

August 26, 2010

FREQUENTLY ASKED QUESTION:  When do I have to give someone a 1099 and what do I need from them in order to do so?
When you are operating a business and you make payments of $600 or more to a person (or to an unincorporated business, such as an LLC, a Partnership, a Sole Proprietor, etc) [...]

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I Have Money Left in My Business Bank Account and December 31st is Approaching – What Should I Do?

August 25, 2010

FREQUENTLY ASKED QUESTION:  I have money left in my business bank account and December 31st is approaching.  I am going to spend all the money so that I can reduce my tax bill.  Is this a good strategy?
The short answer: Yes and no.  This is actually the most common misconception when it comes to small [...]

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If You Own an Inactive Company, Don’t Make This Mistake

August 24, 2010

The biggest mistake made by people who own a Corporation or an LLC that is inactive is that they assume that since they had “no activity” they do not have to file a tax return.
This line of thinking is what leads to piles of notices of non-filing from the IRS and from your state’s department [...]

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What Should I Do When I Receive an IRS Letter/Notice?

August 23, 2010

So…you just sat down to open your mail and you see that dreaded letter from the IRS (or from your state’s department of taxation)…what do you do? Panic? Call the IRS? Call your CPA or attorney in a panic?
No, no, and no.
Here are the top three things that you should not do:
1) Do not ignore [...]

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The Hidden Cost of Refinancing

August 22, 2010

When most people consider refinancing, they think of one of two things: reducing their monthly payment or reducing their interest rate.  However, there is a third and potentially detrimental aspect to refinancing that many people do not consider.
And that is the fact that you are now replacing your existing mortgage with a new 30 year [...]

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Homebuyer Credit Deadline Extended

August 21, 2010

The First Time Homebuyer and Repeat Homebuyer Credits deadlines have been extended to September 30th.
Initially, the credits were extended to all who were in contract on their home by April 30th as long as those deals were closed by June 30th.
However, due to many complaints about the short window to close (for example, try closing [...]

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Proper Use of the Word “Corporation”

August 20, 2010

Over time, the word “corporation” has come to take on a significantly negative connotation.  The word “corporation” is now synonymous with terms like “evil corporations” and ”giant corporations.”
So, I think it’s time to set the record straight so that all of us business owners who operate our businesses as corporations stop feeling the pain.
The term corporation [...]

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Lawsuits Threaten Bank of Smithtown Takeover

August 19, 2010

As I reported last month, Bank of Smithtown was bought by Connecticut’s People’s United Financial.  The deal was for $60 million ($30 million in cash and $30 million in stock) and was set to close by year’s end.
However, two class action lawsuits have been brought against Bank of Smithtown, Bank of Smithtown’s CEO Brad Rock, the Bank [...]

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Madoff Investors Challenge Payback Formula

August 16, 2010

Dozens of Madoff investors have asked a federal court to amend the payback formula that was put in place back in March by a federal bankrupcty judge.
In the plan laid out back in March, investors would be entitled to recoup a portion of their losses in proportion to their initial investments.  However, during the past [...]

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The Value of the Story (Guest Post by Michael Thomas)

August 15, 2010

Guest Author:  Michael Thomas
Michael Hanley:  “Mike Thomas is the C.O.O. of Shoreline Records Management and a HubSpot Certified Pro.  He is my go-to guy whenever I have a question about technology, the web, or internet marketing. Mike is one of the creative minds behind BrokerMOJO and if you do not know me personally, there is a [...]

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Smoking Linked to A.D.D.

August 14, 2010

Recent studies have shown that people with ADD, ADHD, or ADD/ADHD-like symptoms are 400 times more likely to become addicted to cigarettes.
The reasoning behind this is that nicotine has a similar effect on the brain as Ritalin. So smoking acts almost as an alternative ADD/ADHD medication and helps to focus the mind of people who [...]

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Avoid Paying Sales Tax

August 13, 2010

If you live in Alaska, Delaware, Montana, New Hampshire, or Oregon, you are already enjoying sales tax-free shopping.  However, in the other 45 states, there is some form of sales tax, which can be as high as 10%.
With back to school shopping season underway, 18 of those 45 states are offering their annual “Sales Tax [...]

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Politics Kills Repeal of New 1099 Regulation

August 12, 2010

As I reported back in June in my article, New Healthcare Bill – Myths & Misconceptions, lawmakers tacked a new 1099 reporting requirement into the HealthCare Bill.  This requirement, if it holds up, will require all small businesses to start issuing 1099s to ALL of your vendors and suppliers staring in 2012 (including Staples, Verizon, YellowPages, [...]

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1947: Not a Good Year to be Born

August 11, 2010

Bad news for anyone born in 1947…due to an anomaly in the Social Security benefit calculation, anyone born in 1947 is on track to receive lower Social Security benefits than their peers.
Social Security’s benefit calculation formula involves a stipulation that from ages 60-62, neither your earnings or your benefits are adjusted for inflation.
So, how does [...]

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