Normally this time of year I encourage all my business owner clients and faithful readers take a goodlook at what you’ve accomplished so far this year, to accelerate your efforts so you can finish the year strong, and to plan for what you want to have happen next year. This time I’m going to address how those plans can change wildly from what you thought was going to happen and applaud contingency planning.
Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.
There is a growing trend among companies to pay later and later. What was 30 days to pay is now becoming 45. Those previously at 45 are going to 60. Worse, small companies are typically targeted first. Here’s what you can do to speed up clients who pay slowly:
September is Life Insurance Awareness Month. Sadly, Financial Planning only gets a day and it’s different in each state. That’s just not fair! But life insurance is important for your family goals, so here are the important things to consider before buying life insurance.
In case you didn’t already know, I have the travel bug. It started in College when I got the opportunity to visit my UK pen pal and her family in London. Even more than the tourist destinations, I love seeing how people live differently around the world. Staying with her family allowed me a front row seat to the daily activities of a different culture. Another example is the time I went with the Rotary to Guatemala to commemorate a well to provide fresh water that they had donated to an orphanage.
Perhaps in our grandparents generation retirement look like quitting your job, having a retirement party, then proceeding to a new phase of watching TV, yardwork, traveling to visit friends and generally being helpful to the extended family. In the generation of clients that I’m working with now, there is as many individual approaches as I have clients. I’ll share a few of their stories to spur your own imagination about your vision for retiring.
If you have kids in college, the Fall tuition bill is on its way to your mailbox in June-July. If you have a first time starting Freshman, this is your first REAL experience with paying for college. If your kids are younger, now is the perfect time to get serious with college planning how you and/or your kids will pay college expenses.
Although all families are different, here are a few ways families prepare:
In the lyrics of "Beautiful Boy (Darling Boy)" by the famous Lennon, he says "Life is what happens to you while you're busy making other plans." As a financial planner, it’s amazingly rewarding to plan successful retirements, education, legacy and your other life goals. And it is also my job to help you mitigate for the things that might hurt those plans, like job loss, disability, business downturns, and death.
What happens to your stuff when you are gone? Usually when people pass away, there is a huge focus on the things they owned and who gets what. But a legacy isn't only about leaving what you’ve earned, but also what you’ve learned.
The notion that you can have a lasting legacy by handing down ideas and values may be a totally new way to look at it. Here are some ways you could pass on the things and ideas, as well as your wealth.
