Protecting wealth requires you to look at blind spots that many people often ignore until it is too late. Perhaps your attention is focused on day-to-day financial news in the media, which can be entertaining and leave you less focused on the real, everyday risks that can affect your financial plans.
Here are four hidden liability risks to evaluate before life throws you a curveball.
When I was a young rep, a typical day involved a client visit or two, and maybe one meeting with a prospect. Over the 25+ years I’ve been in this business, my days have grown to the point where I often see 5-8 client families. What remains true is that it is very important to me to spend my time listening to people.
It’s important to have cash reserves on hand in case of an emergency, but holding on to too much of it can inhibit your long-term wealth goals. Hear from the newest FFP Wealth Advisor Scott Zavitz about the sweet spot for your cash savings.
When we spend time in the office mapping out a long-term financial strategy, it’s easy for us to get buried in the mechanics — how much to move, what to withhold for taxes, how to structure the accounts to maximize tax efficiencies. These are all important considerations when it comes to protecting your capital.
It’s no secret that investing for retirement involves some level of uncertainty. Depending on your personality, that uncertainty may deter you from taking risk, or it may entice you to go big and chase a larger potential return.
Whether you filed your taxes on time or you filed an exemption, tax season is a great time to run a diagnostic review on where you’ve been in the last couple of years and what your tax situation looks like going forward.
In that spirit, I want to give you a few steps to zero in on your tax burden and help you find ways to be more efficient.
You’ve probably read that one of the Four Horsemen of relationship strife is money. Misalignment on money issues is one of the main problems that can sink a relationship if you’re not careful.
It’s no secret that many Millennials have had a rough go of it when it comes to the financial instability they have faced during much of their working lives. Between slow wage growth, multiple financial crises, and an inflated housing market, it’s been difficult for many to grow their wealth at a similar rate to their parents and grandparents.
For many young professionals, student loan repayment and saving for the future feel like opposing financial forces. On one hand, there’s the pressure to aggressively pay down debt. On the other, there is the desire — and need — to build a stable financial foundation for the future: emergency funds, retirement savings, buying a home, and more. The good news? You don’t have to choose one or the other. With the right strategy, you can make progress on both fronts.
I’ve shared tax filing tips before, but this year, I want to focus on one item in particular: IRA contributions.
What is an IRA?
An IRA (Individual Retirement Account) is a tax-advantaged retirement account that you fund independently of an employer-sponsored plan like a 401(k).
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