Q4 2013 Newsletter

happy family with good income and financial plan

In late 2013 Baker DMM was hired by a young family located in Richmond, Virginia to help them with long-term daily money management and income planning. The couple’s main concerns were being able to pay off their current debts and implementing a savings plan. Baker DMM has successfully helped the couple:



  • Establish a system that consolidates their cash flow and net worth saving them time in reviewing their monthly finances and income


  • Analyze their income and expenses on a regular basis to help them understand spending habits and patterns


  • Implement a budget allowing them to start saving and planning for their financial future


Client Testimonials…


coins used to measure income hand placing money in stacks


Wife/Mother of young family located in Richmond, Virginia:

Baker DMM has been a tremendous resource in helping us organize our financial affairs, think about our long-term goals, and move in the right direction to achieve those goals. Chris Baker is a fair, honest, and diligent professional who always made himself readily available if we had questions. We are very grateful for Baker DMM and will continue to recommend them to family and friends. 


Do you know…


Male student going to school for a career with a good income


Young adults, do you plan on working past the age of 65? If so, you might want to think again. According to the AARP Public Policy institute, between 60 and 80 percent of workers expect to work in retirement; however, in 2012, 18.25 percent of the people 65 and older were working. There are two main contributing factors, first there are not enough jobs to fill the demand, and second, the available jobs do not pay enough income. After computing costs and taxes, many retirees decide that there is not enough incentive to work.


How this may affect you or someone you love: Planning for retirement is not easy, but it’s not impossible. You need to examine your sources of income carefully, try to understand the cost of healthcare, and don’t assume you will find work after retirement that will provide wages comparable to your pre-retirement income. Focus on saving more now, which is exactly where a DMM can help you. A DMM today can help you avoid disaster tomorrow!


rising seniors dot com


Baker DMM is proud to support RisingSeniors.com. RisingSeniors.com offers a series of Leadership and Education Programs that were created to assist high school football players with their academic, leadership and social development. The program aims to equip the high school football players with the tools that will help them be successful in life beyond football, such as SAT/ACT preparation, financial literacy lessons, and drug-free sports awareness. Chris Baker, Managing Director, attended the 4th annual RisingSeniors.com game on December 31, 2013. For more information about RisingSeniors.com, click on the logo above or click here.


Robinson Council of Young Business Leaders (RCYBL)


Chris Baker, Managing Director of Baker DMM, was invited to join the Robinson Council of Young Business Leaders (RCYBL) in late 2013. The council, founded by alum Andy Wise, is an invitation-only group comprising alumni of Georgia State University’s J. Mack Robinson College. Members must be between the ages of 23 and 45, and they must be active in the business community. The council’s mission statement is “To cultivate and unite a network of young business leaders, strengthen ties between the Atlanta business community and J. Mack Robinson College of Business alumni and serve as advocates of Georgia State University through active participation and networking, fund-raising, business leadership and community involvement.” Currently, there are about 120 active members.


Tip of the day…


Income photo of quarters US money coins in pile


Online Shopping Tips

Online shopping is more popular than ever – growing at a rate of six times faster than traditional retail shopping, according to the Wall Street Journal. The next time you shop online, you may want to…


Use a credit card: Federal law provides more protection for credit card purchases than those made with debit cards. Liability for fraudulent credit card charges cap at $50, but it’s possible that someone accessing your debit card can clean out your bank account. Consider using credit cards that generate unique numbers for each transaction, or a disposable credit card that limits your exposure to the amount available on the card.


Shopping online can be just as safe as shopping in person – both require precaution. If you suspect identity theft, contact your credit card company or bank, credit reporting agencies, and the police immediately.


(Source – AAA Going Places, November/December 2013 AAA.com)


clip art animated man's face thinking confused


It’s good to laugh…


The following lessons put things into a much better perspective as to the economic situation. Based on estimated figures from Summer/Fall 2013, in layman’s terms, non-partisan…


Lesson # 1: 


  • U.S. Tax revenue:           $     2,170,000,000,000.00
  • Fed budget:                      $     3,820,000,000,000.00
  • New debt:                         $     1,650,000,000,000.00
  • National debt:                 $   16,271,000,000,000.00
  • Recent budget cuts:      $          38,500,000,000.00


Now, remove 8 zeroes and pretend it’s a household budget:


  • Annual family income:                       $   21,700.00
  • Money the family spent:                    $   38,200.00
  • New debt on the credit card:             $   16,500.00
  • Balance on credit cards:                     $ 162,710.00
  • Total budget cuts so far:                     $          38.50


Got It?


Lesson # 2:


OK… now here’s another way to look at the Debt Ceiling: Let’s say, you come home from work and find there has been a sewer backup in your neighborhood….and your home has sewage all the way up to your ceilings. What do you think you should do …… Raise the ceilings….. or Remove the s**t?


Now do you get It??


It’s good to smile…


funny meme joke


And it’s good dream…




Decide whether the goal is worth pursuing or not, if it is, quit worrying”

Amelia Earhart (1897 – 1939)


In closing, adopt these five simple rules to be happy:


1. Free your heart from hatred.

2. Free your mind from worries.

3. Live simply.

4. Give more.

5. Expect less.


We thank you for taking the time to review our newsletter.






Chris Baker CPA owner of Baker DMM


Chris Baker, CPA, Managing Director

Phone – 678.640.8512