Financial Planning as a profession is really good at making all sorts of rules around how much you should save, what you spend, and what kinds of risks you should take with your financial assets. I think the rules are good as a general guide but that every client’s situations are unique.
Once again it is everyone’s favorite time of year (TIC) and no I’m not referring to spring.
I’m talking about TAX time. April 15 will be here before you know it and in all my years of advising clients I am amazed that every year I have at least one client that has a nasty tax surprise (i.e. they owe Uncle Sam and the IRS a significant amount of money). Also just for clarification the only people who like tax time are the IRS, the Treasury, and CPAs. In other words the people all of us taxpayers pay.
Everyone over the age of 22 knows the hit song by the Barenaked Ladies. In the song they discuss all the things they would buy with a $1,000,000. Most of it is goofy stuff like a llama or an emu, Dijon ketchups, and a tree fort in the yard. I was in the car with my kids the other day and the song came on the radio and my 11 year old daughter said I love this song. I asked her where she heard it and she said I listen to it from the iTunes library. (Note to self be careful what you download into the iTunes library!)
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