Tax Planning – Not Just for the Wealthy

Key Takeaways

  • While taxes may be certain in life, there are tax advantage strategies that can help lessen the toll taxes can take on your money.
  • There are three tax advantage benefits to look for when we talk about tax planning: tax deductible, tax deferred, and tax free.
  • Yearly tax planning can save you a lot of money and help build your wealth more quickly over the years.

Choose a Bank for Banking

Key Takeaways

  • Many financial institutions will say they can do everything, but they really only do a few things well.
  • Banks offer many products and services, but consider using them for what they are good at: banking.
  • Banks are good at checking and savings accounts, certificates and deposits, and consumer loans.

Learning, Earning, and Yearning

Key Takeaways

  • You are in the learning stage of life until you go out and get a full-time job.
  • There are two parts to the earning years: earning enough money to pay your bills, and saving enough money to prepare for the yearning years.
  • If you only focus on spending your money to enjoy life during your earning years, you will not have enough money later for the yearning years and will have to delay those yearning years well in to your eighties or nineties.

All Together Now – The Wealth Portal

Key Takeaways

  • There are many apps out there that can help you track your finances separately, but it’s cumbersome and time consuming.
  • A wealth portal puts all your finances in one place, providing you with a quick summary that you can easily glance over once a week to ensure nothing is amiss.
  • Using a wealth portal puts control back in your hands to view your finances in one place, thus saving you time and energy for other important things.