Don’t Invest Too Much in the Next Big Thing
Key takeaways A recent study, conducted by the financial company Edelman’s, showed that 25% of affluent millennials were investing in Bitcoin. The pull of trends like Bitcoin is reminiscent of other trends that popped up in the past—trends that failed to pan out, causing people to lose a lot of their hard earned money. Bitcoin, […]
Advisors for Success Minded People
Key takeaways A catch-22 is a situation that keeps you from attaining your goals due to a set of inherently illogical rules or conditions. Younger, success-minded people need professional advice as they accumulate wealth over time. The majority of the professional advice available for success-minded individuals—at the beginning of their wealth building years—is either far […]
Your Money Timeline
Key Takeaways When it comes to investing money, the order in which you invest matters. Before investing in anything, make sure your emergency fund is set up and topped off. It’s important to know what your short, intermediate, and long-term goals are in order to know what assets you should invest in and when.
The Estimated Tax Man
Key Takeaways If you work in the gig economy, you are considered self-employed. As a self-employed person, you have to pay estimated taxes quarterly, or you face penalties and you are charged interest. If you worked for an employer, they would take Social Security and Medicare from your paycheck as well as pay the IRS […]
Tax Cuts & Jobs Act 2017
This is a special blog post on the Tax Cuts & Jobs Act 2017.Follow this link if you would like to read the two page summary from December 15, 2017 by the House Ways and Means Committee. Until next time, enjoy! Gary
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, […]
The First $10,000
Key Takeaways Putting $10,000 away a year for even just 10 years can make a huge difference. If you put the money away in a 401(k)-type account where there are tax deductible and tax deferrable benefits, you will end up with much more money years down the road than you would just saving it on […]