Hi, I'm Dr. Kim Logan-Nowlin,
and welcome to Live to Be Well.
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What is live to be well?
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Mind, body, and
soul, but without God,
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we are nothing.
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He helps us to be
complete in our better health
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and our wellness.
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Today, I have a
very special guest
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because she's not only a friend,
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but she's my
personal accountant.
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I want to welcome
Mrs. Nicole Kirkland.
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Welcome, Nicole. Thank you.
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Thank you very
much. How are you dear?
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Oh, great. Good.
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I've been doing
pretty good having that?
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Yes, real. Oh, yes. All right.
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You look awesome. All right.
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And what I mean is, you
know, sometimes I was run
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a little late
getting my taxes filed.
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So let's talk
about what is a CPA?
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A Certified Public Accountant
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is much like a
doctor who is licensed
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with the state to
perform their practice.
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Yes.
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So I'm licensed with the State
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of Michigan to
perform accounting services.
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And those services
can include audits,
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any attestation
services, you know, bookkeeping,
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tax preparation, which
you don't need a CPA for,
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but it just gives you
that stamp of approval
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that I've gone through
all the rigorous training
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and classes and stay...
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All of that. Right.
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Now, let me ask how
long have you been in
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the accounting field?
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And why did you
feel that God led
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you to the accounting field?
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I've been in
accounting for 27 years.
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Twenty-seven years. You look 27.
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Thank you very much. I
started in high school.
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Oh, really?
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Yeah, I was fortunate enough
to kind of fall in love with it
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as an elective in high school.
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Is that right?
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And I've always known that
I wanted to be in accounting.
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Nicole, you know, I took
accounting in high school,
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it just didn't
do anything for me.
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I just loved it. You love it.
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Pretty knows the numbers.
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Now I love doing my
numbers statistically,
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I love statistics.
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I love the bell curve,
I love doing all of that.
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Okay.
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But accounting itself, you know,
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and, but I like
playing with a machine,
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you know, the calculator.
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Yeah...
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So you are numbers
I'm numbers Counting
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just a little bit of different.
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Right.
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Those columns just
kind of you all list in,
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you know, line
item, budgets all that.
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Right.
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So why is it so challenging
for us as individuals to stay
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on top of our accounting
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and meet with you
like people like me,
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sometimes back in the day.
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Right. 'Cause
you're perfect now.
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All right.
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What I find a lot is
that business owners are so
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focused on their niche.
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Yes.
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What they
started the business for,
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the big dream of
making their dreams come true.
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So they're focused on
the everyday technical side.
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And a lot of business owners
don't realize the importance
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of accounting because to
me, if you think about it,
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it's the spine of the business.
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Accounting gives
you so much knowledge
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as to if you're
making a profit or loss.
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If your profit margin is enough
for you to cover your expenses,
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if your cost to
your point prices,
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is that okay amount for you
to be able to make a profit.
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Wow!
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And that's why I love it so
much because there's a power
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in understanding that.
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Now I have a
nonprofit and profit business.
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Correct. What is the difference?
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So the nonprofit it
is own entity, of course,
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it has no tax
obligation, if you will.
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The monies that come in,
you know, back in the day,
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it was, if the monies
come in, the monies come out,
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your balance zero, but
that's not the case today.
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Right.
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Nonprofits can have a
surplus because the goal
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is to reinvest those
funds back into the mission
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of the organization.
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Right.
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So that's the difference
between that nonprofit
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just to keep it "not so
technical," or for profit side,
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you're in it to make money.
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Okay. Right.
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So your whole goal
is to make a profit.
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Yes. Yes.
Capitalism at its finest.
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You know, there's
just different ways
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that it's treated tax wise,
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you will pay a
tax on your profit.
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Yes.
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And your losses,
you don't get a refund
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like you do individual,
but you do carry it forward,
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and there are some benefits.
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Okay.
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So it's just a
different treatment tax wise.
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We had a client who came in
and questioned you and said,
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this is not adding up right,
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you know, were
they angry with you?
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Oh, yeah. And if
so, you go through that?
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Yeah. I'm loved and I'm hated.
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Oh. There's no in between.
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But the numbers
don't lie, numbers...
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That's always my go-to. Yes.
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Is that the numbers don't lie.
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And that's the
importance of being able to look
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at someone's balance sheet.
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Look at someone's
profit and loss statement
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and say, "Well,
here's your problem."
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But they can't see it.
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So it takes not a CPA
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and won't say specifically a CPA
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but somebody that understands
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what the financials are saying
to explain it to the owner.
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I understand.
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You say that you love it,
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you know, but it
can be also stressful.
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Oh, yes.
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How in the field of
financial accountability?
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Why does it bring
stress to you as a CPA
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and to us who are
coming to you as clients?
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A lot of times as a
certified accountant,
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we take on the
stresses of the people
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that we work with.
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It's just a
compassion, a type of empathy,
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empathy, if you will
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that we have to learn to
separate ourselves from that
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and just focus
on the resolution.
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Yes.
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And that, in turn,
gives stress relief
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to the client
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as well as myself.
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And I would have find
is that I tend to take
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my client's issues home with me
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'cause I'm always
in resolution mode.
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Yes.
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You know, that's
part of what I do.
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Yes.
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And so that's where
my stress comes from.
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I hate for clients to, oh,
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I hate for there to
be stress in their lives
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worrying about a situation.
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So a lot of times me just
having a session with them
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brings that
relief of the stress.
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And then for me, like I said,
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just kind of
disassociating myself,
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focusing on a resolution.
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I can relate 'cause
when I walk out that door
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I still take that with
me and take it home with me.
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And I was
exhausted leaving yesterday,
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but I had several
phone sessions to do
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as Skype sessions to do
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because people were in need.
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So I'm always looking
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for that
resolution for them also.
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Check and balance,
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what is the best
advice you can give us
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how to be effective in
our checking and balance?
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You know, let's
talk numbers here.
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All right. Okay.
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Help us. The core of it.
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And I know that sounds clich,,
is living within your means.
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That is the core of it
because you have to look at
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where your money's
going, cash flow as well.
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Okay. Your cash flow.
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All right.
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What's coming in
and what's going out,
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and then look at
where it's going out to.
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Yes.
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Look at that cell phone
bill, look at that cable bill.
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Yes.
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What I say is be cost-effective.
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Yeah.
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And then you leave room what
we call discretionary income,
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to put towards savings.
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And I never call
savings an emergency fund
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because I believe
in what you speak is
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kind of what you put out there.
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So if you're saying
you're saving for an emergency,
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what's going to happen?
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You're going to
bring an emergency.
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So I just always call
it saving for a travel.
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This is my travel, I
have multiple accounts,
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I have a travel fund,
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I have just a
regular savings fund
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just to meet those
unexpected type of things.
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And even if you're
just putting aside $20,
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as you grow up to $50,
and just on and on and on,
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as it becomes
more valuable to you,
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you start to see the money grow.
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It'll become an ongoing thing,
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but the core of
it is controlling
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what you're spinning out.
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Yes.
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And that's what's individual
that's what business...
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That's everything.
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Controlling your costs
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and leaving that
discretionary income and doing
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something valuable with it.
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Yes.
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I won't say put,
the typical answer
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is put it in a bank.
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But in a bank,
you're going to get 1 to 2%.
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Right.
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So you have to be researching,
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you have to be
looking for other vehicles
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that are going to
get to that more percent.
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All right. Even if its...
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Credit union maybe?
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Not so. No?
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Still that 1 or 2%. Really?
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They take our
money and they invest it,
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and they get 12%, 24% based off,
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and we're getting 1 to 2%.
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Wow. So it's a shuffle.
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That's a whole another lesson,
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but there are
vehicles money market accounts,
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working with financial planners,
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which is separate
from an accountant,
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that can put your
money in growth funds
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that can get you that 24% over,
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you know, a number of years.
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So there's
different things you can do,
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but you have to be researching.
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You have to be
asking the questions.
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You can't trust
that our economy,
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our administration is looking
out for our best interest
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'cause they're not.
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They are not looking
at our best interest, no,
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they want to make money.
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Exactly.
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'Cause I've had
clients to come to me
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heavy in financial debt.
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And now the stress
and anxiety is there.
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Yes.
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Nicole, can we talk
about cash advance locations,
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when people go to those
places, is that a danger trap?
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It's definitely a danger trap.
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I mean, the whole system
is set up to keep you in debt,
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and to keep you coming back
into this cycle of paying off
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the debt, and then
taking the debt back out,
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adding almost like 99% interest
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as you try to
pay it off over time.
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So it's a horrible cycle
that people get caught up in.
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What about people
who are overdrawn,
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and then they have
to pay those bank fees?
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How can we help them,
again, living within your means,
00:09:23.79\00:09:27.40
balancing your checkbook?
00:09:27.43\00:09:29.26
So what can we do
as a community to look
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at our accountability to our
finances and being overdrawn?
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Right.
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You really have to
zone in on your money.
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I'm one of those people
when I wake up in the morning
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besides my everyday routine,
I'm looking at my money.
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I'm looking at my account.
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I'm looking at my wallet
and I'm arranging my money
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and know how much
I have for the day.
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Very meticulous.
00:09:49.62\00:09:51.25
So you have to
almost get to that point
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because once you
overdraw, which the bank wants
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you to overdraw
because think about it,
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that's $36 per transaction.
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And they have a setup in a way
where they'll cover the largest
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item first, which takes your
account to pretty much zero,
00:10:03.50\00:10:08.20
and then whatever else
comes in after that they tapped
00:10:08.24\00:10:10.37
you for that $36, right?
00:10:10.41\00:10:13.01
And you can call, and
you can ask for leniency,
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but they're mostly going
to take off as one charge
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'cause that's how
they make their money.
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Their money is made
off of interest and fees.
00:10:20.32\00:10:22.82
And fees.
00:10:22.85\00:10:24.19
What about
purchases, large purchases,
00:10:24.22\00:10:25.92
like cars or homes
and, you know, RVs, boats,
00:10:25.95\00:10:30.19
you know, what should we do,
00:10:30.23\00:10:32.09
you know, when we take
out a loan taken out loans?
00:10:32.13\00:10:35.23
Was this loan
personal or is it business?
00:10:35.26\00:10:37.07
Yes, personal or even business,
but let's start personal loans.
00:10:37.10\00:10:40.57
So anytime you're
dealing with loans or financing,
00:10:40.60\00:10:43.41
you want to
negotiate the interest rate,
00:10:43.44\00:10:45.81
you want to negotiate
how much you're putting down
00:10:45.84\00:10:48.28
because if you can
control your monthly payment
00:10:48.31\00:10:50.28
and make that as
low as possible, again,
00:10:50.31\00:10:51.91
controlling costs, you
can get that interest rate
00:10:51.95\00:10:55.02
down to the lowest
that you can possibly
00:10:55.05\00:10:56.89
get with it is negotiable.
00:10:56.92\00:10:58.45
Just because they
gave you a piece of paper
00:10:58.49\00:10:59.82
and says this is
what we're offering you.
00:10:59.85\00:11:01.56
They want to sell
as much as you do.
00:11:01.59\00:11:02.96
Right. Right. Right?
00:11:02.99\00:11:04.33
So you counteroffer,
hey, interest rates too high.
00:11:04.36\00:11:07.66
You know, my credit,
even if your credits not,
00:11:07.70\00:11:10.13
you know, where they say
it should be for you to get
00:11:10.17\00:11:12.07
a certain interest rate,
they're still negotiable.
00:11:12.10\00:11:14.54
Yeah.
00:11:14.57\00:11:15.90
So just take your buying power,
00:11:15.94\00:11:17.41
you will and ask some questions,
00:11:17.44\00:11:19.64
and don't just
take what they give you.
00:11:19.67\00:11:21.11
What about refinancing?
00:11:21.14\00:11:22.61
You have a home, you
have a high interest rate,
00:11:22.64\00:11:24.91
same thing called the bank,
00:11:24.95\00:11:26.61
let them know that you want
to refinance at a lower rate?
00:11:26.65\00:11:30.25
That would definitely never
refinance for a higher rate
00:11:30.29\00:11:32.75
that alleviates
the whole purpose
00:11:32.79\00:11:35.36
of the refinance, right?
00:11:35.39\00:11:37.03
So if they're not
offering you a lower rate,
00:11:37.06\00:11:38.66
or putting in some type
of other incentive for you,
00:11:38.69\00:11:41.36
it's not worth the refy.
00:11:41.40\00:11:42.73
I see, I see, you know,
00:11:42.76\00:11:45.73
recognizing that teaching
our children at an early age,
00:11:45.77\00:11:50.01
can we talk about that?
00:11:50.04\00:11:51.37
Yes.
00:11:51.41\00:11:52.74
How important is for
us to train up a child
00:11:52.77\00:11:54.54
in a way to go when he
is older shall not depart.
00:11:54.58\00:11:56.64
That's the Word of God. Yes.
00:11:56.68\00:11:58.35
We can't help us to train
our children about finances.
00:11:58.38\00:12:02.08
There's so much out there now
00:12:02.12\00:12:04.32
about bringing up our
kids understand money.
00:12:04.35\00:12:08.52
I will say to start off,
00:12:08.56\00:12:09.89
help them
understand the monetary system
00:12:09.92\00:12:12.13
of our world
and how it's set up.
00:12:12.16\00:12:13.60
That's the key.
00:12:13.63\00:12:14.96
Even as an adult, once
you understand that piece,
00:12:15.00\00:12:17.47
it makes you
think totally different.
00:12:17.50\00:12:19.13
Yes.
00:12:19.17\00:12:20.50
About everything you do
because the whole trap is debt.
00:12:20.54\00:12:23.87
Our kids go to college to
get these credit cards. Why?
00:12:23.91\00:12:26.94
Because they want to
start them in the cycle of debt.
00:12:26.98\00:12:29.44
You come out of
school owing loans, right?
00:12:29.48\00:12:32.31
Got to find a
job, can't find a job,
00:12:32.35\00:12:33.82
but you still owe
that student loan.
00:12:33.85\00:12:35.92
And, I mean, so
00:12:35.95\00:12:37.29
just helping
them understand debt
00:12:37.32\00:12:39.32
and not getting
caught up in debt
00:12:39.35\00:12:40.99
and understanding how to
make their money work for them.
00:12:41.02\00:12:42.89
Your money, I always say
does what you tell it to do.
00:12:42.92\00:12:45.96
All right, I like that. It
does what you tell it to do.
00:12:45.99\00:12:48.86
You see, we're
telling you to save it,
00:12:48.90\00:12:50.53
you're telling
it to work for you.
00:12:50.57\00:12:51.90
You're telling it, you know,
that's where accounting all
00:12:51.93\00:12:53.64
comes in to me because
it helps you respect money.
00:12:53.67\00:12:55.84
Respect money. I like that.
00:12:55.87\00:12:58.07
So that's where I will start,
00:12:58.11\00:12:59.44
but it's so essential
for our kids to know now.
00:12:59.47\00:13:02.24
Because they have the,
00:13:02.28\00:13:03.61
I want this, I
want this mentality.
00:13:03.65\00:13:06.01
So we have to teach them
how to budget their money.
00:13:06.05\00:13:08.35
For our next generation. Yeah.
00:13:08.38\00:13:10.15
Do we still do allowances?
00:13:10.19\00:13:11.79
I'm trying to think
00:13:11.82\00:13:13.15
I gave my children allowances.
00:13:13.19\00:13:15.32
I have not done
that with my daughter,
00:13:15.36\00:13:16.93
but I thought about
creating a job for her.
00:13:16.96\00:13:18.96
A job?
00:13:18.99\00:13:20.33
At home so that
she can understand
00:13:20.36\00:13:22.43
that it takes
work to make money,
00:13:22.46\00:13:24.57
you know, so often, we
want to give to our kids
00:13:24.60\00:13:26.84
what we didn't have or,
00:13:26.87\00:13:28.44
you know, but that
just stumps them now.
00:13:28.47\00:13:31.57
I have
millennials that work for me
00:13:31.61\00:13:32.97
and I'm just like...
00:13:33.01\00:13:36.88
So yeah, so it's
very important now.
00:13:36.91\00:13:38.51
I would say take
it very seriously
00:13:38.55\00:13:39.98
and teaching our kids now,
00:13:40.02\00:13:41.35
but first learn yourself.
00:13:41.38\00:13:42.72
Right.
00:13:42.75\00:13:44.09
I know, I was doing some moving
00:13:44.12\00:13:45.62
of some
merchandise with my store.
00:13:45.65\00:13:48.09
And Aaron said,
00:13:48.12\00:13:49.52
"Can we negotiate
a salary for this?"
00:13:49.56\00:13:52.93
I was very
impressed. That's impressive.
00:13:52.96\00:13:54.86
Very impressive.
00:13:54.90\00:13:56.33
So I made one offer
and she counter offer this.
00:13:56.36\00:13:59.17
That's beautiful.
00:13:59.20\00:14:00.54
And so I said, and she said,
00:14:00.57\00:14:01.90
this is not negotiable
00:14:01.94\00:14:03.30
'cause you need my
muscles to move all of this.
00:14:03.34\00:14:06.68
And she did a
great job that day.
00:14:06.71\00:14:08.51
So when you see
her name, you know why.
00:14:08.54\00:14:10.65
That's awesome.
00:14:10.68\00:14:12.01
But I really was
impressed of that she sees me.
00:14:12.05\00:14:14.55
Another thing that I do
when I'm looking at my finances
00:14:14.58\00:14:18.89
and I checked my
account every day.
00:14:18.92\00:14:21.52
Why is that important?
00:14:21.56\00:14:23.12
Why is it important to
check your 'cause the bank
00:14:23.16\00:14:25.56
can make a mistake.
00:14:25.59\00:14:26.93
Exactly. Yes.
00:14:26.96\00:14:28.30
The bank can make a mistake or
someone that's taken money out
00:14:28.33\00:14:30.90
of your account could have made
a mistake or duplicate payment.
00:14:30.93\00:14:34.14
And also there's a
lot of trust out there.
00:14:34.17\00:14:36.04
That these companies
and businesses are doing
00:14:36.07\00:14:37.61
what they're supposed
to do with your money.
00:14:37.64\00:14:39.67
There's tons of mistakes.
00:14:39.71\00:14:41.04
That's why you have the
credit reporting agencies
00:14:41.08\00:14:43.65
correcting things
on your credit report,
00:14:43.68\00:14:46.01
you know, because
so much can happen.
00:14:46.05\00:14:48.28
So if your eyes
are on your money,
00:14:48.32\00:14:50.69
it's always going to be better.
00:14:50.72\00:14:52.49
Why are people afraid to
check their credit scores?
00:14:52.52\00:14:55.89
I used to be like
that. They make it so...
00:14:55.92\00:14:59.39
They make it such a
failure type feeling
00:14:59.43\00:15:04.23
if your credit score
is not above what is it?
00:15:04.27\00:15:06.17
Seven. Eight
fifty now. What is it?
00:15:06.20\00:15:08.87
And I mean, so if your
credit score is saying 420,
00:15:08.90\00:15:11.67
they make you feel like
you just are not worth living
00:15:11.71\00:15:15.28
the life, you're
unworthy, you know,
00:15:15.31\00:15:17.61
you're just horrible
at finances, when really,
00:15:17.65\00:15:19.91
it's just an opportunity
for you to correct it.
00:15:19.95\00:15:21.62
Credit reports can be corrected.
00:15:21.65\00:15:23.35
You can build up
your credit score by just
00:15:23.39\00:15:24.95
doing small changes.
00:15:24.99\00:15:26.32
Is that right? In a
short amount of time.
00:15:26.35\00:15:28.26
You've helped me
do that 'cause I...
00:15:28.29\00:15:29.99
And Micah and Erin,
my daughter was saying,
00:15:30.03\00:15:32.16
"Mom, did you check your
credit report this week?"
00:15:32.19\00:15:33.90
And I was like,
"No." "Mom check it."
00:15:33.93\00:15:37.47
And then it will be
going up, up, up, up,
00:15:37.50\00:15:40.64
you know, but the
one thing I've done,
00:15:40.67\00:15:43.24
I have also stop, I mean,
I buy things here and there,
00:15:43.27\00:15:46.68
but I don't shop.
00:15:46.71\00:15:48.04
Remember I had that trap.
00:15:48.08\00:15:49.84
The shopping
living over my means.
00:15:49.88\00:15:52.48
And you help me with that.
00:15:52.51\00:15:53.88
And you will say that
loving wherever, you know,
00:15:53.92\00:15:56.22
check and balancing,
you're trying to run a business,
00:15:56.25\00:15:59.32
you're not gonna be around
in 10 years because you're not
00:15:59.35\00:16:02.59
saving, you're not investing,
you're not doing what is right.
00:16:02.62\00:16:06.36
And then, you know, the
one thing I have learned,
00:16:06.39\00:16:10.10
when you send me an invoice,
00:16:10.13\00:16:12.67
I make sure that I pay you.
00:16:12.70\00:16:14.67
I appreciate
that. I know you do.
00:16:14.70\00:16:16.77
And people sometimes feel
00:16:16.81\00:16:18.57
and as professions
that we this is our,
00:16:18.61\00:16:21.61
you know, well,
that's your ministry,
00:16:21.64\00:16:23.68
but it's our profession.
00:16:23.71\00:16:25.21
And I respect that.
00:16:25.25\00:16:26.82
And people tend to feel
like you don't need your money
00:16:26.85\00:16:29.58
'cause you're the accountant.
00:16:29.62\00:16:31.12
Right. But you
need your money also.
00:16:31.15\00:16:33.39
I do. I do.
00:16:33.42\00:16:34.76
You know, now are
you your own accountant,
00:16:34.79\00:16:36.32
or do you send your
work out your own personal
00:16:36.36\00:16:39.16
and business
out to someone else?
00:16:39.19\00:16:41.23
I do my own.
00:16:41.26\00:16:42.60
But I've been told by
peers that I should not.
00:16:42.63\00:16:45.30
Okay.
00:16:45.33\00:16:46.67
It's like me
trying to counsel myself.
00:16:46.70\00:16:48.27
Right. It's like
having a second set of eyes.
00:16:48.30\00:16:50.54
I don't want to
see what I want to see,
00:16:50.57\00:16:52.11
but that I think I know.
00:16:52.14\00:16:53.48
Yes.
00:16:53.51\00:16:54.84
You know what I mean. So
I'm getting to that point.
00:16:54.88\00:16:56.21
There's a trust issue there,
but I'm just getting to that.
00:16:56.24\00:16:58.31
I understand.
00:16:58.35\00:16:59.68
It took me a long time to
find a good therapist to help
00:16:59.71\00:17:02.88
my daughters and I.
00:17:02.92\00:17:04.45
And someone that I
could feel comfortable with
00:17:04.49\00:17:07.09
'cause of the work that I do.
00:17:07.12\00:17:08.46
Right.
00:17:08.49\00:17:09.82
Let's talk
about how you balance,
00:17:09.86\00:17:12.29
you know, your work
hours in that office.
00:17:12.33\00:17:15.56
I've come by and
even your husband
00:17:15.60\00:17:18.00
has taken my yellow envelope.
00:17:18.03\00:17:19.77
All right? Right.
00:17:19.80\00:17:21.14
You text me,
00:17:21.17\00:17:22.50
"Come on, Dr. Logan,
my husband is there."
00:17:22.54\00:17:23.91
You know, is he
an accountant? No.
00:17:23.94\00:17:27.64
But he helps you.
He's in social work.
00:17:27.68\00:17:29.51
He's a social worker.
00:17:29.54\00:17:30.91
He help, ma'am sit there.
00:17:30.95\00:17:33.08
So but he helps
you in your business?
00:17:33.11\00:17:35.32
Yes. That's beautiful.
00:17:35.35\00:17:37.02
Sharing that together. Right.
00:17:37.05\00:17:39.02
So how does he handle
00:17:39.05\00:17:40.96
when he sees the stress in
you 'cause tax time is coming?
00:17:40.99\00:17:44.79
Is it that January to April
or does it start about now?
00:17:44.83\00:17:48.26
It's ongoing for me. Ongoing.
00:17:48.30\00:17:50.53
It's ongoing for
me 'cause I do...
00:17:50.57\00:17:51.93
I am still
full-time employed. Yes.
00:17:51.97\00:17:54.24
I'm a chief financial officer
for nonprofit in Detroit.
00:17:54.27\00:17:57.21
And I love that position.
00:17:57.24\00:17:58.77
I have not been
able to let it go
00:17:58.81\00:18:00.48
because it's for a great cause
and doing what I love to do.
00:18:00.51\00:18:03.75
And then I have my practice
which I gave 100% to both.
00:18:03.78\00:18:07.68
So life is crazy.
00:18:07.72\00:18:09.18
And I'm blessed to have
someone that understands that.
00:18:09.22\00:18:12.82
And he tries to
be a part of that
00:18:12.85\00:18:14.62
and help me even
with our daughter,
00:18:14.66\00:18:16.16
he takes one on
that primary role,
00:18:16.19\00:18:18.33
if you will, in those
times where I am running around,
00:18:18.36\00:18:21.23
my head cut off trying
to take care of everything.
00:18:21.26\00:18:23.53
So a good
teammate with your vision
00:18:23.57\00:18:27.07
makes life less stressful.
00:18:27.10\00:18:28.50
That is the truth.
00:18:28.54\00:18:30.64
In accounting, let's go
back to accounting for a minute,
00:18:30.67\00:18:33.64
people always ask the
question I can do it myself,
00:18:33.68\00:18:37.25
it's just balancing the
books, or I can get a program
00:18:37.28\00:18:40.35
or I can do it by internet.
00:18:40.38\00:18:42.58
Give us some
advice about that, please?
00:18:42.62\00:18:45.85
There's a lot out there.
00:18:45.89\00:18:47.62
There's a lot of online classes,
00:18:47.66\00:18:49.49
there's a lot of
QuickBook training courses
00:18:49.52\00:18:52.79
or QuickBooks software
that kind of makes you feel
00:18:52.83\00:18:54.83
like if you put the numbers in,
it kicks out what do you need.
00:18:54.86\00:18:57.83
And I can say that my clients
that do that on their own,
00:18:57.87\00:19:01.47
it takes me extra
time to fix the numbers,
00:19:01.50\00:19:06.17
fix the errors, right?
00:19:06.21\00:19:08.68
And then present to them
what the actual numbers are.
00:19:08.71\00:19:11.01
So it puts more
work on me, if you will
00:19:11.05\00:19:13.11
because there's not...
00:19:13.15\00:19:14.68
There wouldn't be a
accounting profession
00:19:14.72\00:19:17.09
if there wasn't certain things
that just needed to be known
00:19:17.12\00:19:20.09
through education and
experience as it were.
00:19:20.12\00:19:22.56
And let me say when
I met Mrs. Kirkland,
00:19:22.59\00:19:25.39
my taxes were a mess
00:19:25.43\00:19:29.23
'cause I
trusted the wrong person
00:19:29.26\00:19:32.03
to do my accounting,
00:19:32.07\00:19:34.30
and they were CPA,
00:19:34.34\00:19:36.27
but they did not,
they were not effective.
00:19:36.30\00:19:39.37
And yet I'm paying
this person all this money.
00:19:39.41\00:19:42.51
And the next thing I know
00:19:42.54\00:19:43.91
Internal Revenue
Service is knocking.
00:19:43.95\00:19:46.51
And I did not
want to go to jail.
00:19:46.55\00:19:50.42
And I think the
gentleman was like,
00:19:50.45\00:19:52.45
we know you're not doing
anything you did not know,
00:19:52.49\00:19:56.66
but we have to fix this and
you have to pay this penalty.
00:19:56.69\00:20:00.50
And I say, "But
I didn't do this."
00:20:00.53\00:20:03.06
And they said, "But your
name on these tax forms."
00:20:03.10\00:20:05.73
Exactly. "You
signed these forms."
00:20:05.77\00:20:08.17
So when I met you,
you came in, you looked,
00:20:08.20\00:20:11.77
you didn't say, I
can't help you, you took it.
00:20:11.81\00:20:14.81
I mean, boxes
and boxes of things.
00:20:14.84\00:20:18.11
And we got it straightened
out, and there was a penalty.
00:20:18.15\00:20:20.98
And we paid it.
00:20:21.02\00:20:22.35
And I think this past
year, I had a penalty.
00:20:22.38\00:20:25.29
And I called, you
and said, "Nicole!"
00:20:25.32\00:20:27.39
And you said,
00:20:27.42\00:20:28.76
"It could have been a lot worse.
00:20:28.79\00:20:30.29
Pay it, Dr. Kim."
00:20:30.33\00:20:32.03
And so that
we're current. Right.
00:20:32.06\00:20:34.46
And I was so happy
and what I love about you,
00:20:34.50\00:20:37.27
anytime I get
anything, I don't understand.
00:20:37.30\00:20:40.60
You say fax it to me.
Let me look at it first.
00:20:40.64\00:20:43.67
Don't sign it, don't send it in.
00:20:43.71\00:20:45.74
Don't do anything.
Let me look at it first.
00:20:45.77\00:20:47.74
And you go over and beyond.
00:20:47.78\00:20:49.48
And I know what you do for me.
00:20:49.51\00:20:50.85
So I can imagine
all your other clients,
00:20:50.88\00:20:53.11
but I have that same spirit now.
00:20:53.15\00:20:54.58
And I believe this is why,
00:20:54.62\00:20:56.99
you know, God
brought you into my life.
00:20:57.02\00:20:59.35
I know it for a fact.
00:20:59.39\00:21:00.99
And you have to
have a sense of patience,
00:21:01.02\00:21:04.03
you have a lot of patience.
00:21:04.06\00:21:05.66
You have a lot with me.
00:21:05.69\00:21:08.90
And you would email me.
00:21:08.93\00:21:11.53
And you would say,
"Dr. Kim, I'm missing."
00:21:11.57\00:21:15.47
You know, I look at the list.
00:21:15.50\00:21:17.27
I didn't send you that.
00:21:17.31\00:21:18.71
It'll be like ten
things on the list.
00:21:18.74\00:21:20.88
And I was like, "Okay, let
me go look for everything."
00:21:20.91\00:21:23.18
So now what I've
done when things come in,
00:21:23.21\00:21:25.78
I put them in a file.
00:21:25.81\00:21:27.18
Awesome.
00:21:27.22\00:21:28.55
And so when all
those things come in,
00:21:28.58\00:21:29.92
and so all I have to do is
just bring them right to you.
00:21:29.95\00:21:32.52
Yes. Yes. That's perfect.
00:21:32.55\00:21:33.89
So I don't just lay them
in a kitchen drawer anymore,
00:21:33.92\00:21:36.19
or lay them in that bowl.
00:21:36.22\00:21:37.56
I keep it all organized
because when I see taxes,
00:21:37.59\00:21:42.30
or I see that coming in,
00:21:42.33\00:21:44.37
I know this is serious business.
00:21:44.40\00:21:47.10
Why do people end up in jail,
00:21:47.14\00:21:49.60
and they have the
money to pay their taxes?
00:21:49.64\00:21:52.84
Why do they avoid paying taxes?
00:21:52.87\00:21:55.38
What I find is that
there's a fear factor there.
00:21:55.41\00:21:59.55
The fear factor is
to know how much first
00:21:59.58\00:22:01.85
of all you owe in
taxes 'cause you think
00:22:01.88\00:22:04.19
why people are trying
to survive on their W2
00:22:04.22\00:22:06.79
they're claiming
8 to 10 exemptions.
00:22:06.82\00:22:10.39
So they're getting
most of their money
00:22:10.43\00:22:11.76
and are paying
enough withholding.
00:22:11.79\00:22:13.26
They know this.
00:22:13.29\00:22:14.63
So by the end of the
year, that whole tax is like,
00:22:14.66\00:22:16.56
yeah, I put it off until
00:22:16.60\00:22:18.37
I'll extend it
till not realizing
00:22:18.40\00:22:20.37
even if you extended
the money, the due date,
00:22:20.40\00:22:23.10
the interest
goes back to April 15.
00:22:23.14\00:22:25.21
Wow.
00:22:25.24\00:22:26.57
Some, a lot of
people don't know that.
00:22:26.61\00:22:27.94
They didn't. I didn't know that.
00:22:27.98\00:22:29.31
And then there's bad
advice from other people.
00:22:29.34\00:22:31.51
And then just on a
business perspective,
00:22:31.55\00:22:33.31
you don't know if
you made a profit or loss
00:22:33.35\00:22:34.98
'cause you have a box of
receipts that someone has to go
00:22:35.02\00:22:37.95
through and prepare
your profit and loss
00:22:37.99\00:22:39.32
statement to tell you
whether or not you owe or not,
00:22:39.35\00:22:42.12
and getting all
those documents together
00:22:42.16\00:22:44.99
and organizing that takes time.
00:22:45.03\00:22:46.49
So that procrastination sets in.
00:22:46.53\00:22:48.63
I really again, let me
say, I've become more organized,
00:22:48.66\00:22:52.33
more discipline,
more meticulous about
00:22:52.37\00:22:55.60
having things in order
because your time is valuable.
00:22:55.64\00:22:58.77
And when I bring you
that envelope to you,
00:22:58.81\00:23:01.51
everything is in order.
00:23:01.54\00:23:03.75
And I like it too.
00:23:03.78\00:23:05.35
I look at it is
January, February, March,
00:23:05.38\00:23:08.32
April because when
you open it, it's like,
00:23:08.35\00:23:11.89
I don't want your
stress level to go up.
00:23:11.92\00:23:14.16
And you care about me.
00:23:14.19\00:23:16.06
And I know you're not
gonna pick up the phone and say,
00:23:16.09\00:23:18.79
you're gonna, you know, filter
through it, but I know better.
00:23:18.83\00:23:23.26
And when you know
better, you should do better.
00:23:23.30\00:23:25.97
And so with that, we need
to do better with our finances.
00:23:26.00\00:23:30.11
We need to live
within our means.
00:23:30.14\00:23:32.34
We need to sacrifice if you can,
00:23:32.37\00:23:36.11
having a certified public
accountant to help you work
00:23:36.14\00:23:40.48
through your difficulty.
00:23:40.52\00:23:42.25
Check your credit scores on
how often should we do that?
00:23:42.28\00:23:46.05
I would say annually. Okay.
00:23:46.09\00:23:48.06
Unless you're in the
process of trying to buy a home
00:23:48.09\00:23:50.93
or like set a car,
and you got out or working
00:23:50.96\00:23:53.76
on your credit to build it up.
00:23:53.80\00:23:55.13
You could check it
more through the year,
00:23:55.16\00:23:56.50
but annually, it's pretty good.
00:23:56.53\00:23:58.17
Okay.
00:23:58.20\00:23:59.53
What if have you have some money
00:23:59.57\00:24:01.27
and you'd like to give
it away before April 15?
00:24:01.30\00:24:05.94
How does a
person go about being,
00:24:05.97\00:24:07.81
you know, giving
charitable funds to someone?
00:24:07.84\00:24:10.75
If you want it to
count towards your taxes,
00:24:10.78\00:24:12.28
you do it before 12/31.
00:24:12.31\00:24:14.32
12/31 before the
end of year. Yeah.
00:24:14.35\00:24:16.75
Got it. Yeah.
00:24:16.79\00:24:18.12
Charitable donations have
to be in the year of the tax.
00:24:18.15\00:24:20.39
I see.
00:24:20.42\00:24:21.76
So there'll be Salvation
Army taking a bunch of items,
00:24:21.79\00:24:23.73
they're getting those
pink slips and then you put
00:24:23.76\00:24:25.43
the value on there.
00:24:25.46\00:24:27.50
Not to be excessive,
but they allow you to put
00:24:27.53\00:24:29.66
the value on there.
00:24:29.70\00:24:31.03
There a lot of places
that we can donate to,
00:24:31.07\00:24:34.40
especially like
Dare to Dream Network
00:24:34.44\00:24:37.81
where we are
focusing on helping people.
00:24:37.84\00:24:41.68
There are people who are
in need of these programs.
00:24:41.71\00:24:44.85
And I want to encourage you
00:24:44.88\00:24:46.45
to give to the 3ABN
Dare to Dream Network
00:24:46.48\00:24:50.02
so that we can continue
to bring quality programming,
00:24:50.05\00:24:53.56
Christian
programming to you, our viewers.
00:24:53.59\00:24:56.62
So I am all on board
00:24:56.66\00:24:59.63
and helping this
because I wouldn't be here
00:24:59.66\00:25:02.90
today without other people
00:25:02.93\00:25:04.83
making contributions
to the 3ABN Dare to Dream.
00:25:04.87\00:25:08.90
Dare to Dream say
that with me, Nicole.
00:25:08.94\00:25:10.54
Dare to Dream.
Dare to Dream Network.
00:25:10.57\00:25:12.77
And we want to
continue to do contributions,
00:25:12.81\00:25:16.51
charitable contributions...
00:25:16.54\00:25:17.88
Yes.
00:25:17.91\00:25:19.25
And where we must
receive a receipt.
00:25:19.28\00:25:20.62
Yes.
00:25:20.65\00:25:21.98
It's required
now that organization
00:25:22.02\00:25:23.35
you donate to gives
you some type of receipt
00:25:23.39\00:25:25.15
or letter stating
what your donation was.
00:25:25.19\00:25:27.72
Now what about
tithes and offering?
00:25:27.76\00:25:29.99
Can that be
written on the taxes also?
00:25:30.03\00:25:32.79
Yes.
00:25:32.83\00:25:34.16
All right, 'cause that's why
I get my slip from my church.
00:25:34.20\00:25:35.53
Most churches give
you that end of the year
00:25:35.56\00:25:38.03
and actually some of them that,
00:25:38.07\00:25:39.57
you know, that is
coming up that time
00:25:39.60\00:25:41.04
if you want to make that nice
donation maybe before 12/31,
00:25:41.07\00:25:44.94
you know, I mean, so to
give you that statement.
00:25:44.97\00:25:46.47
All right. Okay.
00:25:46.51\00:25:48.08
What's the best advice you
can give all of us to be better
00:25:48.11\00:25:51.08
with our finances and
to keep the stress low?
00:25:51.11\00:25:55.92
Prepare, always be
in preparation mode.
00:25:55.95\00:25:59.35
Okay. Always be
in learning mode.
00:25:59.39\00:26:01.49
Take advantage of
this vast technology
00:26:01.52\00:26:03.63
we have where you can
pretty much Google anything.
00:26:03.66\00:26:06.23
Yes.
00:26:06.26\00:26:07.76
When you go to speak to a
professional be it the CPA
00:26:07.80\00:26:10.47
or a financial planner
understand that they're very
00:26:10.50\00:26:12.33
two different things.
00:26:12.37\00:26:13.70
Yes.
00:26:13.74\00:26:15.07
And then meet
with at least three.
00:26:15.10\00:26:16.44
Yes.
00:26:16.47\00:26:17.81
And then when you
base the decision based off
00:26:17.84\00:26:19.87
of how you feel and
talking to the person.
00:26:19.91\00:26:22.04
Yes.
00:26:22.08\00:26:23.41
What they talk to you about,
00:26:23.45\00:26:24.78
if they're
coming off the charts,
00:26:24.81\00:26:26.45
talking about what services
they can provide and the costs.
00:26:26.48\00:26:29.12
It's not a good thing
00:26:29.15\00:26:30.49
'cause they need to
get an understanding
00:26:30.52\00:26:31.85
of what you need.
00:26:31.89\00:26:33.22
Yes.
00:26:33.25\00:26:34.59
Now I'm very
particular about who I work with
00:26:34.62\00:26:35.96
financial planner
wise, if you come in not
00:26:35.99\00:26:37.36
trying to get
understand what my needs are or
00:26:37.39\00:26:39.73
what I'm trying
to do financially,
00:26:39.76\00:26:41.66
then you're
interested in your own interest.
00:26:41.70\00:26:43.47
Wow. Right.
00:26:43.50\00:26:44.83
So that's very
important. That's deep.
00:26:44.87\00:26:46.23
And just don't trust everyone,
00:26:46.27\00:26:49.34
do your own research.
00:26:49.37\00:26:51.04
Yes.
00:26:51.07\00:26:52.41
You know where your
money is, where it's going.
00:26:52.44\00:26:54.48
And that's the
start. And that's a start.
00:26:54.51\00:26:56.28
Start.
00:26:56.31\00:26:57.65
Well, Nicole, I
really thank you,
00:26:57.68\00:26:59.11
that's a big
start for being here
00:26:59.15\00:27:01.15
being a resource
to Live to Be Well.
00:27:01.18\00:27:03.15
Thank you.
00:27:03.18\00:27:04.52
My personal CPA been
with me for years and years,
00:27:04.55\00:27:07.36
who helped me to
change my finances around.
00:27:07.39\00:27:10.93
One year asked
her, "How am I doing?"
00:27:10.96\00:27:12.83
And she said, "You
are doing very well."
00:27:12.86\00:27:14.93
Yes. And that's
what I want to hear.
00:27:14.96\00:27:17.43
I want to encourage you to meet
with your financial planner,
00:27:17.47\00:27:20.74
your certified public
accountant, your accountant,
00:27:20.77\00:27:23.61
stay on top of things,
don't live over your means
00:27:23.64\00:27:26.17
because God says,
00:27:26.21\00:27:27.54
"Let's do things
decently and in order."
00:27:27.58\00:27:30.05
And let's be a good steward
00:27:30.08\00:27:32.08
over the
treasures He has given us.
00:27:32.11\00:27:34.45
I want to encourage
you not to be afraid
00:27:34.48\00:27:37.32
to check your credit
score like Dr. Kim used to be,
00:27:37.35\00:27:40.66
but now I am living to be well.
00:27:40.69\00:27:43.66
May God bless you and keep you
00:27:43.69\00:27:45.49
and continue to live to be well.
00:27:45.53\00:27:47.90
God bless.
00:27:47.93\00:27:49.26