Saving Plans

Socking Away As Much as You Can

Savings plans that every entrepreneur should consider

As many self-employed workers have found, simplified employee pension plans or SEP-IRAs are simple and flexible. The plans allow anyone who made a determined sum in self-employment to make tax-deductible contributions of up to 15 percent of earned income each year, with a determined maximum. You can change the amount you contribute each year – or skip a year if you need to.

Like regular IRAs, SEP-IRAs generally require no complicated tax filings, you just deduct the amount you contributed on your income tax form. Yet you can contribute much more to a SEP-IRA than to a regular fond, and SEP-IRA contributions are fully tax deductible. If you put $2,000 a year for twenty years in an IRA earning 8 percent, for example, you’d get $98,846. But if you put away $5,000 annually in a SEP at the same rate, you’d have $247,115. If you have employees, you must contribute the same percentage as you contribute for each employee’s earned income.

Keoghs are geared to small business owners such as engineers, attorneys or accountants. They require more paperwork than SEP-IRAs to administrate but they also allow you to contribute a higher percentage of earned income.

Whatever savings plan you choose, be sure you choose one. Photo: Megan Jorgensen (Elena)

Keoghs come to three different types: Profit Sharing, Money Purchase, and Paired Plan. Profit-Sharing plans are flexible but, like SEP-IRAs, offer the lowest annual contribution percentage – up to 15 percent of earned income each year up to $30,000 per participant. They vary the percentage of earned income you contribute each year and let you skip a year if necessary.

Money Purchase plans allow contributions of up to 25 percent of earned income, up to a determined sum per year per participant. You specify a fixed annual contribution percentage when you set up the plan and must contribute each year. Paired plans are attractive if you want the maximum annual tax deduction and can afford to make the maximum contribution.

Whatever plan you choose, be sure you choose one.

Most Popular Names

Jennifer, Meet Juliette

The Most popular names: The names favored are sturdy and family-orientated

The philosopher Henry David Thoreau once said, “He who can pronounce my name alright, he can call me, and is entitled to my love and service.” The name David means “the beloved one, and is a perennial favorite. Thoreau had little to complain about.

Comedian Jum Carrey’s middle name, on the other hand, is Eugene, a designation rife with nerdy implications. Carrey says, “I figured my parents called me that to keep me humble. You can never get too cool with a name like Eugene.”

The importance of a name is not lost on the image-makers in Hollywood. Would John Wayne have made it as Marion Morrison? John Denver as John Deutschendorf, Jr.? The oddly named (by Hollywood standards) Keir Dullea seemed destined for fame after his star turn in 2001: A Space Odyssey – and then went nowhere.

Mindful that oddly named children might not do well in a world where names have a powerful hold on how one is judged, parents have always selected names with great deliberation, ever mindful of the bounds of the times. In the ’90s, the pendulum was swinging… back to names with sturdy roots in the family tree or the Bible.

Linda Rosenkrantz and Pamela Redmond Satran, authors of the best-selling book, Beyond Jennifer and Jason (St. Martin’s Press, 1994), have deemed traditional names like Michael or Elizabeth “Volvo Names.” Like the car, they are durable and weather the passage of time well. Many of the names are family-oriented, with parents naming their children after their Aunt Julia, Uncle Patrick, or Grand-mother Alice.

The trend may have its roots in hard-nosed practicality, as a recent study by Albert Mehrabian and Marlena Piercy of the University of California at Los Angeles shows. When the two researchers asked interview subjects for their impressions of persons with conventionally spelled names like Diane and Joan, and compared those responses to those with less traditionally spelled versions of the same names (e.g., Dyan and Jone), they found that those with conventionally spelled names were viewed as more popular, cheerful, successful, and caring than their more exotically spelled namesakes. Men and women with conventionally spelled names were also considered more masculine and feminine than their more alphabetically challenged counterparts.

Most Popular Names

Favorites in Any Age

For the first time since Dwight Eisenhower was president, Rose has passed Ann, Marie, and Lynn to be the most popular middle name for girls in America. Below are some of the first names that have stayed popular over the last century:

For girls: Amanda, Elizabeth, Emily, Jennie, Rebecca, Rachel.

For boys: Alexander, Andrew, David, Jacob, John, William.

The Most Popular Names Today

According to the statistics from the government sources, the following names, ranked in order, are among today’s most frequently favored.

For girls today:

Ashley – Old English, ash tree meadow.

Jessica – Hebrew, the rich one.

Amanda – Latin, worthy of being loved.

Brittany – Latin, Britain.

Sarah – Hebrew, princess, royal status.

Samantha – Aramaic, a listener.

Megan – Celtic, the strong.

Emily – Teutonic, industrious, striving.

Kayla – Arabic, beloved.

Elisabeth – Hebrew, consecrated to God.

Stephanie – Greek, crown or gurland.

Nicole – Greek, the people’s victory.

Jennifer – French, pure white wave.

Lauren – Latin, laurel wreath.

Amber – Arabic, jewel.

Rachel – Hebrew, innocent as a lamb.

Chelsea – From the town of Chelsea.

Danielle – Hebrew, God is my judge.

Courtney – Old English, from the court.

Kelsey – Scandinavian, from ship island.

Rebecca – Hebrew, the captivator.

Shelby – Old English, from ledge estate.

Heather – Anglo-Saxon, flower of moors.

Hannah – Hebrew, full of grace.

Melissa – Greek, honeybee.

For boys today:

Michael – Hebrew, Like Unto the Lord.

Christopher – Greek, the Christ carrier.

Joshua – Hebrew, salvation in the Lord.

Matthew – Hebrew, gift of God.

Andrew – Greek, strong and manly.

Ryan – Gaelic, small king.

Jacob – Hebrew, the supplanter.

Nicholas – Greek, leader of the people.

Tyler – Anglo-Saxon, brick, tile maker.

James – Hebrew, see Jacob.

Daniel – Hebrew, the Lord is my judge.

Joseph – Hebrew, He shall add.

Justin – Latin, the just one.

David – Hebrew, beloved one.

John – Hebrew, God’s gracious gift.

Brandon – Anglo-Saxon, beacon on hill.

Robert – Teutonic, bright, shining fame.

Zachary – Hebrew, Lord has remembered.

Kyle – Gaelic, from the strait.

William – Teutonic, the strong guardian.

Cody – Old English, a cushion.

Anthony – Latin, on inestimable warth.

Jordan – Hebrew, the descending river.

Jonathan – Hebrew, gift of the Lord.

Alexander – Greek, protector of men.

If this survey had been done a hundred years ago:

For girls: Amanda, Annie, Carrie, Christina, Charlotte, Claire, Daisy, Elizabeth, Emily, Jennie, Julia, Katherine, Laura, Leah, Lillie, Louise, Lucy, Madeline, Maggie, Olivia, Polly, Rebecca, Rachel, Sara (h), Sophia.

For boys: Aaron, Adam, Alexander, Andrew, Anthony, Benjamin, Ben, Charles, David, Edward, Eric, Gregory, Harry, Henry, Jacob, Jesse, John, Jonah, Jonathan, Joshua, Luke, Max, Nathan, Noah, Patrick, Samuel, Seth, Timothy, William.

The Republicans Come On Strong

The Republicans Come On Strong

The GOP made huge gains in ’94 – chances are they’ll make more.

Soothsayers beware. Few predicted the landslide that swept the country in the 1994 mid-term election, wresting control of both the Senate and the House from the hands of Democrats for the first time in four decades. Will the Republicans be able to make further gains in 1996 or will the Democrats regain lost ground? Consider the historical tea leaves.

The Presidency

When Bill Clinton was elected by a narrow plurality of 43 percent of the popular vote in 1992, the Democrats took control of the White House for the first time in 12 years. Democrats have occupied the White House for 21 years of the postwar period and Republicans for 29, but prior to 1992, Democrats had controlled the White Hose for only for of the previous 24 years. Franklin D. Roosevelt was the last Democrat elected to a second term – off course, he was elected to third and fourth terms as well.

Michael Barone, editor of the Almanac of American Politics, argues that Clinton was a tough road ahead. “People aren’t with him on the issues and there aren’t with him on character,” Barone says.

Besides, a new political calendar may also give challengers an edge. More states will hold their primaries early, so by late spring of 1996 it should be clear who the Republican and Democratic nominees will be. That means they will have more time to plot strategy and raise money for the general election.

People going together. Photo by Elena

The Congress

Prior to the 1994 elections, Republicans had not held both houses of Congress since 1953. The ’94 Democratic rout was hailed by some analysis as evidence of a sea change in American politics. Indeed, since the election the Republicans have picked up two more Senate seats with the high-profile defections of Sens. Richard Shelby (formerly D-Ala.) and Ben Nighthorse Campbell (formerly D-Colo.). The current Republican edge: 54 to 46.

Of the 33 Senate seats up for grabs in ’96, 18 are currently held by Republicans and 15 by Democrats. But political analysts reckon that 11 of those 18 Republican seats are likely to remain in GOP hands. Only two of the 15 seats currently held by Democrat are considered safe. For a state-by-state rundown of the ’96 races, see The Republican Revolution.

Republicans seem likely to keep control of the House, as well. “People are tending to vote more of a straight ticket in the 1990s than they used to,” Barone notes. Nevertheless, if their is any fallout from the “Republican Revolution,” it is most likely to be felt in the House. All 435 seats are up for grabs in 1996. The current party line-up: 231 Republicans, 203 Democrats, and one Independent. For a region-by-region breakdown of the race, see The Republican Revolution (Part Two).

The Statehouse Races

The Republicans occupy 31 governor’s mansions. Maine is held by an independent. The governors of Kentucky, Louisiana, and Mississippi are up for reelection in 1995. The first two are currently held by Democrats; Kirk Fordice of Mississippi is a Republican. In 1996, 11 more states will choose governors. Seven are currently controlled by Democrats and for by Republicans. Once again, the odds favor the Republicans: See Who’s Who of Governors.

What’s Up For Grabs in 1996

All 335 House seats, 33 Senate seats, 11 gubernatorial spots, and one spot in the Oval Office are up for election on November 5, 1996. The number of Americans identifying themselves as Democrats has been declining since 1962. Meanwhile, the number of Republican voters is on the rise. Republicans continue to make gains in large southern states such as Florida, North Carolina, and Texas. Clinton is in deep trouble in seven of the states he won in 1992, according to the Cook Report. The states – Georgia, Louisiana, Kentucky, Montana, Nevada, New Hampshire, and Tennessee – will have a total of 52 electoral votes in the upcoming election. No Republican has ever won the party’s nomination without winning the New Hampshire primary.

A who’s who of Governors: With the Republican Congress promising to turn many federal programs over to the states, the residents of governor’s mansions could gain increased importance.

The Occupation of Iceland

The Occupation of Iceland

Eight months had passed since the beginning of the World War II when the British Army occupied Iceland on the eve of May 10th 1940. The German Army had been doing well and had already occupied Poland, Denmark and Norway. Everyone knew, that invasion of other countries in Europe was imminent and on the same day the Brithish took Iceland the German invaded Belgium and the Netherlands.

The British occupation was to prevent Iceland from falling under German control but the country had been shown considerable interest because of it’s military importance in connection with shipping routes in the North Atlantic Ocean. The British Army that occupied Iceland in 1940 consisted of 2000 soldiers. A year later they were 25 000 scattered at army bases throughout the county.

The Icelandic World War II Museum

The years of World War II are a colorful period in Iceland’s culture and the purpose of the museum is to make it possible to travel to the days of the occupation. The main theme is the life at wartime and the influences of the occupation for Icelanders. The museum exhibits this in an interesting and lively way and visitors are able to enter a replica of a barrack and cinema hall and see artifacts from the war.

The World War II in Reydarfjördur

During WWII there were almost 4000 soldiers at Reydarfjördur. They were British, Canadian, Norwegian and American. Even though there were more soldiers in other places in Iceland, the proportion was overwhelming there because the population of the town was only 300. Nissen huts weere widespread in the area, both in the village and around it. The biggest houses were overtaken and rented for the officers. Everywhere you looked, soldiers were either working or entertaining themselves. The people of Reydarfjördur disappeared in the crowd.

A church in the capital. Photo by Olga

In one moment Reydarfjördur changed from a small quiet village characterized by poverty and unemployment to a lively place with no shortage of anything. There is then no wonder that the locals sometimes talked about the “blessed war”. Suddenly there was plenty of work for everyone and people came from other fjords looking for work in Reydarfjördur. The culture became more dynamic and the people who once were happy with their “porrablot and Christmas dancing got used to cinemas, cafés, restaurants, dancing, theatres and other gatherings. In one full swoop Reydarfjördur was thrown into the 20th century and it never became the same again.

Even though the war was a “blessing” for the inhabitants, it also cast its shadow over the town. Anti-aircraft guns and cannins became necessary because German airplanes often flew espionage missions over Reydarfjördur.» The air raid sirens started and red danger flags were flagged as soon as the guns of the alliance forces started shooting at the uninvited guests. Then the people of Reydarfjördur fled to the air-raid shelters that were all around the village, some of which can still be seen around town.

Heroism and Tragedy

One sunny day in January 1942 British troops went from Reydarfjördur to the mountains. The soldiers got lost and were not prepared for the storm and the rain they got into. Late in the evening, the farmer at Veturhus in Eskifjördur happened to notice a soldier who was crawling towards the farm. From his gestures he understood that there were more soldiers needing help up in the mountains. The people of Veturhus saved dozens of people but a few men died and eight of them rest in the cemetery of Reydarfjördur at Budarmelur. With them rests a Canadian soldier who was shot accidentally a year before.

Hospital Camp

The American army built many barracks in 1943, dozens connected by tunnels, Construction created a lot of work for many Icelanders and people came to Reydarfjördur to work for the allied forces there. It was difficult for many people to understand the purpose of this system, since at that time it was thought very unlikely that the Germans would attack the country. Later it appeared that the hospital camp was planned for the wounded in cas of an attack on Norway.

Fish and Chips

In an old fisherman’s hut was one of many restaurants that the inhabitants of Reydarfjördur opened in the war time. They served tea and coffee and at some places they served beer. At mots of the places were served hot meals and the most popular one was the national dish of the British, fish and chips. The guests in restaurants and cafes were mostly soldiers, but young Icelanders who worked for the allied forces also went there ad liked this innovation.

Chocolate and Guns

The British soldiers and the children from Reydarfjördur were on good terms with each other during the war and the games the children played were under foreign influence, as most things in the town during the war. The soldiers played football with them, went sliding and even allowed the children to shoot their guns. The children also benefited from the soldier’s generosity, who gave them fruits and candy at any given opportunity.

“When you visit the Icelandic World War II Museum you become a little more aware of the history, pain and death of a time that in itself isn’t that far away. You also become more aware of the sacrifices made as well as the solidarity and heroism of ordinary people involved in a perilous war (Sigurdur Ingolfasson, poet and writer)

Home Business

Home Business

Anyone with determination and initiative can get started its business for as little as a couple of thousands of dollars. Thus a home business can work and give you job satisfaction.

The Success Lady formulates 10 important steps to start a business with very little capital or no capital at all:

• Think about products and services you can offer according to your skills and knowledge. Can you compete in the market offering your ideas?
• Define what in your offer is different from your competitors and gives you a clear edge. Find out who is going to buy your products and services.
• Calculate your start up costs, identify the sources of funding available. Calculate your break even point It is fundamental to your success, especially when your resources are scarce (capital can come from your savings, borrowings from banks or government grants). See what services or requirements you can outsource to cut down your start up costs.
• Write a Business Plan. Define in the plan your offerings and value proposition, product, market, customers, financial targets, network, supply chain, resources and so on. Do a basic SWOT assessment (Strength, Weakness, Opportunity, Threats). Every Home business should have a well written, clear and concise Business plan prior to launching operations. The plan dramatically improves your chances of success by bringing in a sense of purpose and a deep focus to the whole business. Let your family members and your friends read the plan? Is everything clear? What questions do they ask after they have read it? Don’t forget to include a marketing plan.
• Find a good advice. Many people have done it, been there and know all the networks to gap into and the pitfalls to avoid. May be, someone from your own line of business is preferred, but be open for suggestions from other fields as well.
• Choose your legal form of business organisation and register it. Most registrations can be done online and most home business owners start as a Sole Proprietorship or Partnerships in Canada. As your business grows, you can change to an incorporated company.
• Assess the level of your immediate family’s support. Indeed, members of your family who are living with you will have to make lifestyle adjustments and even sacrifices. Make sure they understand the rigors involved in running a home business. The key is consensus, communication and everybody’s involvement. Don’t forget that any discord at home will affect your performance.
• Find out the programs where you can get training in various aspects of the business you are going to embark upon.
• If possible, set up home office in a separate area, away from the living space. See whether you need any addition storage space. Furnish the space comfortably, equip it with proper equipment.
• Abide by the local laws and regulations. Check out if your paper work, registrations and permissions are in compliance with local regulations. To avoid problems, consult with a tax consultant on the tax implications, find out if you need any extra insurance or professional accreditation from industry regulators. Don’t forget that any violations may invite a fine or other punitive action (and this is not a good way to start).

Well, the last and final advice: Believe in yourself, listen to your inner voice, never give up. Trust the power of your dreams and work to reach out to your destiny. You deserve success as do your loved ones.

Trust the power of your dreams and work to reach out to your destiny. You deserve sucess! Photo: Megan Jorgensen (Elena)