New Study: Legal Pitfalls Dent Small Business Owners' Bottom Line, Yet Most Forgo Counsel
'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO.
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Released during National Small Business Month, LegalShield's study reveals a troubling gap between entrepreneurs' legal needs and their willingness to address them—even as regulatory demands and economic pressures intensify. The study reports:
61% of small businesses worry about accidentally violating laws or regulations
83% say access to affordable legal services is somewhat, very or extremely important
A quarter of small businesses have considered closing their business due to legal challenges
More than 1 in 4 spend 3-5 hours a week dealing with legal matters
"Most small business owners only turn to attorneys when they're already facing litigation—that's the wrong approach. Using a health analogy, it's like not taking care of yourself and ignoring aches and pains until you need an expensive operation," said Michael Fiffik, a LegalShield provider attorney. "By proactively working with an attorney, businesses can prevent costly contractual claims, avoid regulatory fines and penalties, make informed decisions, and give themselves important legal advantages when inevitable challenges arise."
'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO. 'They often believe legal help is too complicated and expensive, but that perspective can end up costing them far more in the long run as they try and handle matters on their own. Legal support should be simple, accessible and above all affordable.'
Study Methodology: LegalShield surveyed 299 small business owners and managers across the United States, completed on April 5, 2025. Respondents ranged in age from 25-80 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses.
About LegalShield:
For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit LegalShield.com and IDShield.com.
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Chicago Tribune
an hour ago
- Chicago Tribune
District 204 continues construction work funded by last year's bond referendum, with classes starting Tuesday
Students at Indian Prairie School District 204 returning to school on Tuesday for the first day of classes are likely to notice some changes to the buildings they learn in — in some cases, from the moment they walk through the front doors. Over the summer, school buildings across the district have been undergoing renovations, from more secure entryways at 11 elementary schools to an overhaul of Waubonsie Valley High School's auditorium to LED lighting installations across district schools. Some of the projects have been finished in time for school starting, while others are still underway. Last year, voters approved a proposal from District 204 to sell up to $420 million in bonds to pay for facility improvements, according to past reporting. Without the bonds, the district would have needed to cut the equivalent of 50 full-time positions to pay for some of these projects. The bonds are to be paid for using a continuation of an existing 37-cent property tax per $100 of equalized assessed value that would otherwise have expired at the end of 2026. That means the tax rate for residents in terms of their contribution to capital projects would effectively remain flat. Since then, the district has been preparing for major projects across district buildings that are set to extend through 2032, according to past reporting. The projects include school-specific renovations at Waubonsie Valley High School, Neuqua Valley High School, Metea Valley High School, the Birkett Freshman Center and Gregory and Hill middle schools, along with district-wide safety and security upgrades, LED lighting installations and other infrastructure projects. Several of those projects got underway this summer. The largest project in terms of referendum dollars — slated to receive $130 million in bond sale funds over the duration of its renovations — is the upgrades at Waubonsie Valley High School, which this summer has undergone a major auditorium overhaul that is set to be completed later this year. That project, OK'd by the District 204 school board in March, is costing $7.6 million, according to past reporting. The project includes new seats, house lights, theater lights, sound systems, flooring and Americans with Disabilities Act upgrades meant to bring the building up to code, district leadership previously said. Waubonsie Valley High School Principal Jason Stipp said one feature of the new seating, for example, is adding aisles in its front section, which that portion of the seating didn't have previously. Stipp also pointed out the ADA upgrades as one major change that's part of the project. Before, he pointed out on Thursday, attendees who needed an accessible entrance had to enter through a side door that takes the individual along the side of the stage and into the auditorium's house. Now, they can enter the building through the auditorium's main door to get to their seats. Student performers who need an accessible route can use either entrance. The auditorium won't be ready for use when school starts on Tuesday, according to Stipp. He said it's slated to open later in the fall. In the meantime, the freshman play is going to be relocated to the library, he said, and the fall play may also have to be held elsewhere, depending on construction progress. Another project the district has pushed for is upgrading the entryways to school buildings to be more secure. They did these upgrades at 11 schools this summer. The idea for the 'secure vestibules' is to make it so that schools have a single and secure entryway that requires visitors to first interact with the main office before they can get into the school, according to past reporting. Some schools — like McCarty Elementary in Aurora — also saw other renovations, like new flooring in parts of the school, replacing formerly carpeted floors. McCarty is also in the process of getting LED lighting installed. But, since that work can be done at times when students aren't at school, those projects will be happening in the district throughout the year, Shipley explained. That's another project happening district-wide. Shipley explained that they're prioritizing the schools located in Aurora first because of rising energy costs in the city. 'We are prioritizing things that'll save us money in the long run,' Shipley explained as to why the LED lighting project happened this summer. 'The energy efficiency piece and the LED lighting, that's something that really rose … over the last year or so when we really looked at where costs were going.' He explained that the list of projects were rooted in the district's master facilities plan, which was adopted in 2023, according to the district's website. The summer and fall projects were projected to come in at around $40 million across this fiscal year and next, Shipley previously said. But, in addition to projects that are still underway, the district is also planning for the next phases of its renovations. The secure entryways will be done at the rest of the district schools in phases in the coming years, Shipley said. The district is also doing renovations at Neuqua Valley High School that will bring freshman students — who have for more than 20 years spent their school days at the separate Birkett Freshman Center — back to Neuqua's main campus starting in 2027, according to past reporting. The Neuqua renovation is also set to free up Birkett for other district uses in the future, according to past reporting. For example, it's slated to house the district's STEPS and Gail McKinzie programs, district leadership has previously said. STEPS, or Supportive Training Experiences Post-Secondary, is a job training program for students with special needs. Gail McKinzie High School, also part of the district, offers a credit recovery program for students. The district is also planning for Birkett to house its Pathways program, which provides career-oriented offerings, along with a welcome center for the district's community support and social service initiatives, labs for kindergarten through eighth grade STEM education and meeting and gathering spaces. To fund future phases of the facilities upgrades, the district will be doing two more bond issuances, slated for 2027 and 2029, according to past reporting. Shipley said they're 'materially on schedule' in terms of the timeline and budget for work so far, and said that any impact from tariffs and inflation has remained 'in line with what (the district) initially budgeted.' And the auditorium is just the beginning of the work happening at Waubonsie Valley. Shipley said that part of the reasoning for starting with that renovation is that it's 'pretty self-contained,' in that it wouldn't have a significant impact on the school's day-to-day operations or future construction work. In the spring, work is beginning on Waubonsie's stadium, Stipp said. Part of that renovation involves making its field a turf field, so it can be used more widely. Right now, for example, P.E. classes are held on the practice field, rather than the main one, Stipp said. The stadium is slated to be closed starting after spring break this year. In the spring, construction is also starting on Waubonsie's cafeteria, Stipp said. Much of the building's interior work, he explained, will be ongoing through the 2026-27 school year, and referred to it as the 'one real tough year,' as far as construction goes. Getting used to a changed space is likely to be an adjustment. Stipp, who said this school year will be his 14th as principal, noted that Waubonsie is the oldest of the district's high school buildings. It opened in 1975. 'I think people will miss this building when it's said and done, just because they like the, kind of, the quirkiness of it,' Stipp said. But he's enthusiastic about the improvements — including the fact that the work stretching over multiple years means students from different classes will get to see the results of the work going up around them. 'A lot of times you just go through construction and see nothing because you live through construction,' Stipp said. 'But every class will have seen one of the new areas renovated by the time they graduate.'
Yahoo
an hour ago
- Yahoo
Nearly 1 in 4 Americans have zero emergency savings — these under-the-radar strategies can help
Key takeaways: Nearly a quarter of Americans don't have an emergency savings fund. If you're one of them, that puts you at risk of taking on significant debt. It can be challenging to start and maintain an emergency savings fund. Determining the minimum you need to save and starting with a savings sprint can help. Opening a high-yield savings account will help you grow your savings without the temptation to use the funds for day-to-day spending. Try as we might to avoid it, sudden, expensive emergencies can happen to anyone. A pet might need an unexpected vet visit, your car might need a replacement part or you may experience a layoff. That's where emergency savings come in: By keeping a savings fund that you only use for emergencies, you can have peace of mind knowing you can tackle any big expense that comes your way. While keeping an emergency savings fund is important, if you're working with a tight budget, it may not be easy for you to put aside a few thousand dollars. In fact, nearly a quarter (24 percent) of Americans say they have no emergency savings, according to Bankrate's Emergency Savings Report. Americans have struggled to save for years — since 2011, the percentage of people without emergency savings has bounced between 21 percent and 29 percent, according to Bankrate's Emergency Savings Report, which has tracked people's emergency savings habits for 14 years. But rising prices since 2022 have made it even harder to save money. While the inflation rate has fallen since its 2022 high, Americans are still struggling with the price of their everyday purchases. Several years of rising prices have led to Americans paying 24.3 percent more for consumer goods since February 2020, when the COVID-19 pandemic began in the U.S., according to a Bankrate analysis of Bureau of Labor Statistics (BLS) data. Inflation wouldn't sting as much if Americans received yearly pay raises to match, but wages over the last year haven't grown fast enough to beat inflation, according to Bankrate's Wage to Inflation Index. If your income has been stagnant and your everyday expenses are growing more expensive, you'll have limited funds left over to stash away for savings. Without emergency savings, you may need to turn to credit cards or borrow money in a pinch, and that's what many Americans are doing when in financial need. A quarter (25 percent) of Americans would use a credit card to pay for an unexpected $1,000 emergency expense and pay it off over time, according to December 2024 data from Bankrate's Emergency Savings Report. With credit card interest rates being over 20 percent, paying off an emergency expense with a credit card over time will cost you significantly more due to interest charges. Snowballing economic factors are making it harder to save, especially for younger generations In a perfect world, you would save at least 20 percent of your income across retirement accounts, emergency savings and other savings accounts. That's part of the '50/30/20' rule, which advises you to spend 50 percent of your income on necessities, 30 percent on wants and 20 percent on savings. However, many people are likely to be spending a lot more than 50 percent of their income on necessities — squeezing the amount they can save. Consumer prices rose 2.7 percent year-over-year in June, according to the BLS — the highest annual inflation rate since February. Americans are also squeezed on housing: Nearly half of renters spend more than 30 percent of their income alone on housing costs, according to the BLS. Similarly, 27 percent of homeowners pay more than 30 percent of their income on housing costs, according to product research company Chamber of Commerce. Add in transportation costs and the rising cost of groceries, and you may easily find yourself cutting into your savings to afford necessities. While many Americans, regardless of age, are struggling to save money, younger generations today are facing additional stressors that are making saving even more difficult. The labor market is showing signs of weakening, and recent college graduates are particularly struggling to find work as companies slow down on hiring and as AI swallows up entry-level white-collar jobs, according to the Wall Street Journal. What's more, their spending on non-essentials hasn't slowed down. Gen Zers (ages 18-28) are the most likely generation to spend more on travel, dining out and live entertainment year-over-year, according to Bankrate's Discretionary Spending Survey. Now, Gen Zers and millennials (ages 29-44) are more likely than older generations to have no emergency savings, according to Bankrate's Emergency Savings Report: Americans who have no emergency savings in 2025 Gen Zers (ages 18-28): 34 percent Millennials (ages 29-44): 28 percent Gen Xers (ages 45-60): 24 percent Baby boomers (ages 61-79): 16 percent The youngest American adults will likely always have less savings than older generations, since they're relatively newer to saving. But younger Americans are starting their savings journeys today with added financial barriers that previous generations didn't face to the same extent. Today's young adults are kicking off their careers with fewer job prospects and high prices. This can take a toll — 46 percent of Gen Zers say money negatively impacts their mental health, at least occasionally, according to Bankrate's Money and Mental Health Survey. This stress has also led to many Gen Zers feeling that planning for their future is pointless, according to CNBC. Without the motivation — or the funds — to save money, more Gen Zers year-over-year have no emergency savings, according to Bankrate: Americans with no emergency savings, 2024 Gen Zers: 29 percent Millennials: 34 percent Gen Xers: 31 percent Baby boomers: 16 percent How to start — and maintain — an emergency fund when high prices make it harder to save No matter your age, if you haven't already started saving, it's vital to start now, even if it's only $10 or $20 a month. Building savings is a muscle you need to train — it may be difficult at first, but you'll be glad to see your progress later. 1. Identify your 'survival number' An emergency savings fund should have at least three to six months of expenses stashed away, which is enough to cover most emergencies, like a job loss, car repair or emergency room bill. Saving this amount can be intimidating, but it's more attainable than it seems. If you spend $4,000 a month on recurring expenses, such as your rent, utilities, phone bill, groceries and transportation, that doesn't actually mean you need to save $12,000 to $24,000 in your emergency savings fund. Your emergency fund can be based on your 'survival number,' or the minimum amount of expenses you need to survive. 'Every few months or so, I like to go through my budget and identify my six-month survival number,' says Bankrate U.S. Economy Reporter Sarah Foster, who has tracked U.S. wages and inflation for the past several years. 'That means including things like rent, utilities and groceries — not nice-to-have extras like streaming subscriptions or monthly facials and manicures. This number usually looks different from my regular budget, and that's the point. It makes the goal feel more realistic.' To know your survival number, check your budget and split your expenses into two categories: necessities and non-necessities. Necessities will include your: Rent or mortgage Utilities, phone and internet Insurance and health care co-pays Loan payments, such as a car loan, minimum credit card payments and student loans Basic groceries, household supplies and pet food Transportation costs Non-necessities will include everything else, including subscriptions, eating and drinking out, personal grooming expenses, hobbies and more — everything you're able to cut if you lose your job or otherwise need to fall back on your savings. If you spend $4,000 a month on recurring expenses, you might realize you only spend $3,000 a month on necessities. That means you only need to save $9,000 to $18,000 in your emergency savings fund, which is much more attainable. Learn more: How to make a monthly budget in 5 simple steps 2. Start with a savings sprint If you want to start saving for emergencies, you may need to cut down on spending to make room in your budget. But it can be challenging to suddenly cut down on everyday luxuries like ordering coffee out or getting your nails done. The good news is, you don't need to cut out luxuries permanently. To give yourself a head start on your savings, consider a savings sprint. Try cutting out non-essential expenses for a set period of time, such as four or six weeks. Set a savings goal, such as $500, that you can reasonably meet in that time by cutting out non-essentials. Set that money aside in a separate savings account — and don't touch it. When the savings sprint timeframe is up, you can go back to spending money on non-essentials — but use that time to figure out what is important for you to spend money on. For example, if after the sprint is up, you realize you actually don't miss spending money on coffee shops, you can continue funneling that money toward your savings. Why this saver swears by time-limited saving: Jacqueline Chandler, a 32-year-old in Philadelphia, has been saving since she was 14. She tries to keep at least $10,000 in savings at any given time. After paying off her student loans last year, she now has $25,000 in savings. She then went on a three-month savings sprint, where she took on extra hours at work and reduced her spending significantly by cutting subscriptions, new clothing purchases and going out to eat. The limited nature of saving sprints have worked for her because she's found it's much easier to save when you have some money set aside already, rather than starting from $0. A savings sprint, Chandler says, 'makes it easier to give yourself your own end date, rather than being like, 'I have to stop all subscriptions and all shopping to get this emergency fund,' which isn't realistic.' It can be hard to find the motivation to keep saving if you are only putting aside a small amount each month. However, a savings sprint gives you a jump start on your emergency savings, providing a motivational boost to watch your savings grow. 3. Make your bank account work for you You can open a basic savings account at most banks where you keep your main checking account. But keeping your checking and savings accounts close together can make it all too easy to dip into your savings for non-emergencies. Instead, try opening a savings account with a separate bank from the one where you keep your checking account. It takes several days to transfer funds between most banks, which will discourage you from dipping into your emergency savings too easily. Any savings account will work to stash your savings, but you might want to consider a high-yield savings account (HYSA), which will offer a higher interest rate than a traditional savings account, which will help your savings grow even faster. Also, try auto-depositing your savings directly into the account (also known as paying yourself first). By remaining hands-off, it'll be easier to maintain your new savings habit. How this saver used a high-yield savings account to save $100,000: Leona Marlene, a 34-year-old content creator, has found that having a well-stocked emergency savings fund means freedom. She met her $100,000 savings goal — or about a year's salary — after five years of putting money aside in a high-yield savings account. Since it's been there, she hasn't touched it unless absolutely needed. Keeping the funds in an online bank, which doesn't have free access to ATMs, also helps her stay away from her savings. Automatically depositing the funds into her savings account helps make it a habit, too. Marlene frames her budgeting and saving habits as a net positive in her life. 'Budgeting is cool. Budgeting is not a tool you use to deprive yourself. It's cool to know where your money is going,' she says. You can keep your savings in one lump sum in a savings account, but some banks today allow you to go one step further. You can split up your funds into savings buckets, meaning you can assign roles to your funds: Savings buckets let you know where your savings are going by separating them according to your goals, such as an emergency fund, travel fund or house down payment. Not only does this allow you to avoid touching your emergency funds when withdrawing money for a vacation, it serves as a constant reminder of the reasons why you're saving in the first place. How this saver uses savings buckets: Molly Gilpin, a 30-year-old in Austin, Texas, finds saving money empowering. She began prioritizing saving money when she was 24 and now has about $20,000 saved. Opening an HYSA with an online bank allowed her to easily set aside savings and compartmentalize her savings into a travel fund, emergency savings and other buckets. '(Buckets) makes it a little bit more exciting to see the money in there,' Gilpin says. The bottom line Saving money isn't always easy, but it's vital for your financial health. If you don't feel like you have enough room in your budget to save, consider cutting expenses where you can by examining your subscriptions, setting spending limits and cutting down on unnecessary spending. Or, you can try selling unwanted possessions or even picking up a side hustle. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
Jaspreet Singh: Don't Do These 5 Dumb Things With Your Money
The Charles Schwab 2025 Modern Wealth Survey found that 27% of Americans didn't think they could become financially comfortable within their lifetimes, while another 25% felt it was only possible with some changes. Read Next: Learn More: If you're wondering why you're not in a good financial situation, it might not simply be your income or too many impulse purchases. In a recent video, attorney and finance expert Jaspreet Singh explained five less obvious money mistakes you might be making and provided tips to make wiser choices. Lacking Priority for Your Money Singh said that some people are focusing on the wrong things given their financial situation. He used the stages of crawling, walking and running to illustrate changing money priorities. If you owe high-interest debt, you would fall into the crawling category, and your focus should be on paying off the debt that's costing you money rather than investing. Singh explained that your credit card rate might be from 15% to 28%, which is far higher than the 10% average return on stocks. After that debt is gone, you'd enter the walking stage, where you need to have a $2,000 emergency fund for your financial security. You can then move on to the running stage and start investing in assets that help you build wealth. Another YouTube video from Singh included recommendations like dividend stocks, real estate and exchange-traded funds. Check Out: Thinking Your Credit Score Means Wealth As of March 2025, Experian reported that 23% of Americans had at least an 800 FICO score, which put them in the top 'excellent' category. While many people strive for this score, Singh explained that it doesn't make you rich or reflect your assets, education or career success. 'Here's the reality: Your credit score really does not matter,' Singh said. 'All it is is an indication of how good you are in paying your bills, and it doesn't even do the best job at that.' He did note that good credit can make it easier to get loans, buy a house or score a better interest rate, but the associated debt can also make it harder to build wealth. That's especially true when you're financing things that depreciate, like cars. Living Fake Rich Singh said many people buy things that will continually cost them money rather than help them build wealth. For example, you might have a high salary and buy an expensive home to show off. But even if that house appreciates and you pay off the loan, you'll still have to cover ongoing costs for property taxes, insurance, utilities, maintenance and more. To avoid falling into this trap, carefully consider affordability for your home purchase and follow Singh's suggested 75-15-10 rule for your income. The 75% represents your maximum spending rate for all expenses, while you'd invest at least 15% and save 10% of your earnings. Singh also advised against seeing your house as an investment and explained that more of your payments will go toward interest than principal payoff for many years. He recommended looking into additional assets, like businesses and rental properties, that can grow your wealth. Not Investing in Yourself Singh said a common mistake is not using any of the money you have to invest in yourself, which can cause you to lose time or miss the chance to make more money. One option is to hire people to do certain tasks, like driving you to work, mowing your lawn or cleaning your house. Even if you gain only a few extra hours, outsourcing these tasks might be what allows you to start a side hustle or simply enjoy time with your family. Another is investing in books, classes and other forms of education, which Singh said might significantly pay off if you can boost your earnings. He added that a growth versus scarcity mindset is important for this decision. 'You have to be willing to actually spend that money and know when it's okay to let go of that money if it's going to bring you more value in return,' Singh explained. Plus, you can invest in yourself by spending money on actual investments. Singh said some people keep their money in bank accounts out of fear of the risks of investing, but they lose given the low return, income taxes due and inflation. He recommended having a long-term mindset for investing and carefully researching your options, such as index funds. Warren Buffett is also a proponent of investing in low-cost index funds and holding on to them, which he said makes the most sense when investing, CNBC reported. Investing Like You're in Vegas Impatience with investing can also get people in trouble. For example, new investors may turn to riskier picks like crypto and options in hopes of a fast return rather than invest in more traditional assets over a few decades. Singh explained that this mistake can lead to losing everything. 'So, you got to decide: Do you want to have that rush and excitement and never build wealth, or do you want to have the long-term sustainable wealth, not have the rush and the excitement, but actually have the potential to build real wealth with much less risk?' he said. If you've made this mistake, Singh suggested trying the safer route. Being consistent and patient with investing is the key. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 The 5 Car Brands Named the Least Reliable of 2025 Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on Jaspreet Singh: Don't Do These 5 Dumb Things With Your Money
