Tuesday, 08 October 2019
Like most people, you probably have a vivid, exciting picture of what your ideal retirement will look like. Maybe it’s spending time with family at a beach house, crossing off the book titles that have accumulated on your to-read list, or finally being able to volunteer enough of your time to make a difference for your favorite charity. But there’s no doubt that the journey to retirement is long and winding—and, as with any journey, you’ll encounter challenges along the way before arriving at your desired destination. Adopting good financial habits is a must for plotting a successful retirement journey. Let’s explore five positive ways to get—and stay—on the right track.
Monday, 09 September 2019
Did you know there are ways to take advantage of Roth IRAs even if you exceed the annual income threshold? As of 2019, an income of $137,000 (or $203,000 if filing jointly) makes an individual or married couple ineligible for Roth IRA contributions.[i] A legal tax-loophole exists that you may not have heard of using an IRA conversion strategy sometimes called a “back-door Roth”. In this article, we will review how to utilize this savings technique to help build up your retirement savings for tax-free withdrawals from Roth IRAs.
When you own your own business, it can often seem like you are constantly in high gear, working long hours and at a taxing pace. While all of that effort can help you get ahead of the competition it can also disrupt the balance of your work and your life, leading to burnout, and in effect taking yourself out of the running completely.
However, this does not mean it is impossible to achieve or does not exist. In this article we will explore six strategies, gathered from the experience of small business owners and entrepreneurs, that can help you along your business journey to avoid burnout, and find the work-balance solutions that work for you and your business.
We are sharing this informative article from a strategic partner, ALL CPAs (Abrams Little-Gill Loberfeld PC).
By Nick Nichols, CPA, CVA & Andrew Dieffenbach, CPA, CVA, MBA
Did you know that Roth IRA’s for kids are a flexible way for you to help them start saving for retirement as soon as they begin earning income?
Monday, 05 August 2019
When you think of a Roth IRA, you don’t usually picture a child as the owner. But, when you dig deeper, a Roth really is an ideal savings vehicle because they have more than a half-century to watch their contributions grow tax-free. Plus, there is a great deal of flexibility allowing you to withdraw your contributions at any time without tax or penalties.
Here are some facts that you may not be aware of that could make setting up a Roth for your child a no-brainer.
- Savings at any age. No matter how old or young your child is, they can contribute to a Roth IRA as long as they have earned income.
- Parental Involvement. Either a parent or other adult must open the Roth IRA for a child.
- Flexible Convenience. Unlike other retirement savings accounts, you can withdraw funds from your Roth IRA without penalty. This could also make it a vehicle for college savings, first home savings, wedding, baby, etc.
Dennis Doble was recently quoted by Fiduciary News for their article Depending on Your Age, This Will Protect You from a Social Security FAIL.
“Change is the only constant in life” – Heraclitus
Monday, 08 July 2019
We all remember the Sphinx riddle – “What crawls on four legs in the morning, two legs in the daytime and three in the evening?” The answer—people --crawling as a baby, walking as an adult and needing a cane into old age. We’ve all, especially if you’ve ever had children, heard the saying, “The days are long, but the years are short.” These sayings are about the passage of time and how we, and everyone else, change. At home, I see my oldest daughter headed to middle school this coming September. The excitement is there, but a small “fear” of change exists and can be healthy to keep you on your toes! Life is an ever-changing series of sweet and sour moments. In this article we will discuss some healthy ways to approach and think about change; even find the beauty in it.
Transitions can be Difficult
Change, whether good or bad, can be challenging to adapt to. A promotion, a big move, a new baby, a retirement all can be wonderful, but any transition can still be difficult, emotional, or take some time to get used to. Often the best advice is to accept the change with grace. Find thankfulness and gratefulness and try to focus on the positive elements.
Humans are remarkably adaptable, but even so, we may need a little time to reorient ourselves even in the best scenarios.
There are some transitions that can be predicted and planned. If it is possible to improve your health by changing your lifestyle, then that is a proactive change that is improving your life. If you develop a succession plan or an exit plan for when your company closes its doors, then you will have confidence and security in what happens next. Taking control and making decisions can help you cope with a change and the feeling of losing control.
Wednesday, 12 June 2019
As a business owner, you should be aware of some recent federal tax legislation changes. Many of the changes can affect the bottom line for the business as well as you as the business owner - some in a good way and some in a bad way.
- The taxable income of a C corporation is now taxed at a flat 21% rate. Previously, the tax rates generally ranged from 15% to 35% (but some income was taxed as high as 39%). There is no longer a corporate alternative minimum tax.
Wednesday, 01 May 2019
We often take for granted the many opportunities over the years to be social. All of our school years provided a variety of chances to make friends. Most of our young lives we make friends through our community as well as shared interests to forced interaction. You had to deal with others and communicate, whether you wanted to or not. Careers offer social outlets for the same reason, you see the same faces, you have a common interest (work) and there is the potential to turn a co-worker into a friend or partner. Having children also opens the door to making friends with other parents.
Thursday, 28 March 2019
Suddenly you’re paying for a house that is too big, or a lease on a pickup truck you don’t use or just a membership to that fancy gym that you haven’t had the time to take advantage of yet. If your regular expenses are being paid for by credit cards or you can’t seem to save money at the end of each month, you might look toward “lifestyle creep” as the culprit. While it is easy to understand what lifestyle creep is and how it happens, it is still dangerously common among young professionals and those midway through their careers.
No doubt you’re familiar with the word stoic. Perhaps you yourself have been described as such at some point.
Tuesday, 05 March 2019
But are you familiar with the philosophy of stoicism
? The Stoics
got their start around 300 B.C.E. More than mere philosophy, Stoicism
is a way of life. In fact, the tenets of stoicism
have been utilized since the early 21st
century with the creation of Cognitive Behavioral Therapy.[i]
The main objectives of stoicism
are clear judgment, inner calm and freedom from suffering as the ultimate goal.[ii]
Since being blessed with 2 daughters, I have realized the importance of inner calm and clear judgment will come in very handy as the teenage years start and “boys” enter the picture. Those who practice stoicism
live by four major principles: delaying gratification, controlling emotion, always thinking big picture, and only taking effective action. Looking at those tenets it probably isn’t hard to understand why stoicism
and wealth management go so well together.
Whether you’re looking to make a New Year’s resolution or you’re simply trying to implement some information security best practices, you would be well served to start using a password manager. Why?
Tuesday, 05 March 2019
Passwords: The weak link
According to a survey by Digital Guardian, “password overload” is a real problem. Worse, despite known risks, at least half of us admit to reusing passwords.
How many online accounts do you have? Probably more than you think. You’ve likely got at least one social media profile. Then, there’s your e-mail (which might include both personal and work accounts), your various banking accounts, streaming services like Netflix or Hulu, and your Amazon account (who doesn’t have one of those?!). That’s not to mention all those apps on your smartphone.
We get asked about company stock a lot. What’s the appropriate amount, for instance? I will tell you that anything above 20% raises our level of concern.
Wednesday, 30 January 2019
We all have heard about that janitor or secretary that has worked at a public company for 35 years, amassed a ton of company stock, and then retires a multi-millionaire. But for every story like that, I think there are two that go in the other direction. Enron, Lycos, Lehman Brothers, Polaroid…are just a few that I can think of. And I heard a lot of “janitor” stories from GE personnel back when Jack Welch was running the show, but have you looked at GE’s stock lately?
Preparing for succession or transition in your family business requires prudence, contemplation and organization.
Monday, 14 January 2019
As you prepare for the family business succession/transition process, it’s important to address the underlying issues at play before you calculate your business’s value or the amount of life insurance the business might buy. Your vision for your business, the objectives you hope to achieve from the transition, and whom you choose as a successor—a family member or someone else—are ultimately what will drive the plan and its execution.
Champagne pops, songs are sung, and resolutions get made. And this year, you want to make a big transition.
Friday, 28 December 2018
For me, it always starts with how I feel and my ability to chase around my children with increased energy. And so, I begin my annual diet/workout regimen, in hopes of winning the bet with my friends. There is some sort of re-birth that January 1 brings to all our hopes and dreams. You’ve been on a path for a while, perhaps it's a career or a relationship and now, as you’re reaching mid-life/mid-career, you are starting to question if it’s the right one for you. Before you make any rash decisions let’s take a moment to explore what you want to change, why you want to change, and then the all-important how of making a major life course correction. In this article, we will go over some techniques and thought exercises that everyone who wants a life change could benefit from.