Jennifer's Compass

Tips for starting up your own business

(NECN) - If you are looking for a new job, is becoming your own boss the answer? Are you ready to start your own business?

Answer 5 basic questions:

• Why do you want to start a business?
• What is unique about your product/service?
• Are you the best person for the job?
• Do you have independent financial support?
• What are your financial expectations?

Next Step: Build an advisory board:

• Great a reality check
• Interview people in your field
• Ask how they started/what do differently
• Refine product or service offering
• Write your business plan

Business not a great idea for you? Build your consulting business:

• Keep networking
• Focus your offering -- don't take anything that comes along
• Stay in your work niche
• Use a consulting agreement
• Work on retainer, if possible

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In Focus: Advice when applying for college loans

(NECN) - Today In Focus, we're talking about college loans. It is a tough year for students and their parents. With financial aid deadlines approaching, it's a good time to get some expert advice.

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Getting organized for tax time

(NECN) - It's that time again. The tax forms are arriving in the mail, and the IRS is gearing up for an influx of tax returns.

Click below to watch the segment:

Start organized
* Create a collection point
* Find your 2007 returns
* Collect family's social security numbers
* Gather year-end statements
* Decide who will do the return
* Plan to e-File

Use last year's return as a guide
* What did you deduct?
* What forms did you receive?
* What has changed since 2007?
* Did you pay your estimated taxes?

Start researching now
* Cost basis of investments you sold
* Back-up for deductions
* Routing number for refund direct deposit
* Choose an IRA investment
* Did you give more than $12,000?
More help at: www.IRS.gov and 800-829-1040.

Money tips for in-laws

When the Obama family moves into the White House, a member of the extended family will be coming with them, Michelle Obama's mother.

Here are some tips for families who might be in a similar situation.

Money Tips for In-Laws
* Hold Monthly Money Meetings
* Finalize expectations in writing
* Review the way you own the home
* Establish a budget for common expenses: Use a joint account
* Hire an elder law attorney, if needed
* Hire an independent financial planner, if needed
* Keep your sense of humor

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Thinking about your retirement? Here are some tips for 40 and 50-somethings.

For many people their 40s and 50s are Peak Years: peak income, peak expenses and PEAK STRESS. A down economy and a bad job market certainly don't help. If you're in your peak years and thinking about how the economy and your career are affecting your retirement planning, here are some tips on where to put your focus.

Working in your 40s

• Focus on growth industries: incl. health care, data management and green collar industries
• Build your network: both inside and outside of your field
• Relate your skills to company bottom line: how can you contribute to profits?
• Know your income and expenses: speaking of profits...how is your bottom line? Use a tool like Mint.com to make expense tracking a habit

Working in your 50s

• Start planning your transition: small changes are easiest. Start thinking now about your work track into retirement
• Last chance to start saving: If you put off saving while the kids are young, not is the time to focus on building wealth. Start small if you need to...add 5% more to your 401(k) this year, for example.
• Be aware of age discrimination: Don't neglect your health. If you're planning to work into retirement you need to be healthy enough to be competitive.
• Keep skills up-to-date: Keep learning...are you just as sharp on the new ideas and skills in your industry as your younger peers are?

Retirement catch-up

• Don't raid your accounts if you're laid off: Withdrawals may be taxable and annual savings limits cap how quickly you can catch up later. Minimize the amount you take from retirement funds if you're laid off.
• Don't over-pay for kid's college: You can't take a loan for retirement. Use loans to help pay for college. If you do a good job saving for retirement you can help the kids pay their loans later on.
• Always save enough to get the match: Companies that match your contributions to retirement are giving you free money.
• Watch for early retirement opportunities: If you're looking for a chance to change fields, keep an eye out for early retirement offers to parachute you into your next career

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Viewer questions focused on the economy this week

The sagging economy is the overarching theme in this week's viewer questions. Questions ran the gamut from job searches to retirement planning.

What to do if you get laid off

On this segment of In-Focus, as the economy continues to slow, many people may find themselves with a pink slip to start off the new year. So what do you do if you are laid off?

Click below for our segment about creating a plan. NECN will run an ad before the segment starts.

In Focus: Recession and your parents

Getting through a recession is tough enough when you're working and maybe worried about your job. But, if you're retired or on a fixed income increasing prices without increasing income can be particularly stressful. Many parents turn to their adult children for help. So what do you do if you're trying to help your parents make it through these tough times?

Top five money issues of 2008

2008 is a year retailers and consumers are ready to put behind them. So are investors, home owners, credit card holders and just about everyone.

We rang in the New Year with the top five money issues of 2008, and how to deal with them.