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 […]
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 […]
Save First, Spend Second
Key Takeaways If you want to build wealth successfully, you need to save first and spend second. The rule of thumb when it comes to saving is to save about 15%. If you spend first, you can get used to the niceties in life, and then it can be very hard to have to go […]
Half the Clothes, Twice the Money
Key Takeaways When we get ready for a vacation, we typically pack too many clothes and don’t budget enough money. When we make big purchases, we tend to forget all the associated costs that come with buying the item. If you plan in some extra money beyond the main cost of what you are purchasing, […]
Finding Your CAT
Key Takeaways When we first start off in life, we don’t always have the money right away to pay for financial services. Building yourself a CAT, or Collaborative Advisory Team, can help you get the financial services you need. As your wealth grows, so will your CAT as you continue to add other financial professionals […]
Financial Fridays
Key Takeaways Do a quick, three minute look at your finances every Friday to ensure there are no irregularities and to keep your budget on track. One Friday every month, look at your assets and liabilities to ensure you are on track for any financial goals you might have. Once a year, do long-term planning […]
Leveraging Your Cash Flow
Key Takeaways Using Other People’s Money (OPM) comes in to play in things like a matching 401(k) where an employer is matching their money to yours to put away for your retirement. There are three leveraging tools in a 401(k): Other People’s Money, pre-tax savings, and tax deferment. If your employer offers a matching 401(k), […]
Balanced Cash Flow – Enjoyment Now or Later?
Key Takeaways Balancing your cash flow is about enjoyment now versus later. This is a subjective arena, but if you look at an objective case study, you can see that it is possible to either save now or later with the same end result. There are two caveats to either spending now or later; you […]
5 Money Psyche Tips
Key Takeaways Feeling like you’ve lost control of your finances can derail many aspects of life. Planning ahead for large expenditures, staggering your payment schedules and diligently maintaining a minimum balance in your bank account can give you a tremendous leg up. When it comes to your money, always try to stay calm, collected and […]
Budget Now—Reap the Rewards Later
Key Takeaways Not having a budget is one of the leading causes of financial stress. Good budgeting comes down to having a handle on your income coming in and your expenses going out. I have three simple but powerful rules for budgeting (see below and related video above).