Fraud is a reality that we must constantly guard ourselves against. There are those who can be considered trusted advisors and there are those who will always be unscrupulous. We know and understand that. Yet, by nature, many of us want to trust and open up to the friendly and seemingly knowledgeable folks we meet. It’s always important to exercise a reasonable amount of caution.
It is that time of year again. The Super Bowl is over and March Madness is almost upon us and we all know what that means. Tax Day will be here before we blink an eye. You should be receiving your 1099s, 1098s and W-2’s any day now if you haven’t received them yet. Then the regret or excitement will begin to set in as you realize that you will either owe Uncle Sam or you will get a refund because you gave the IRS and interest free loan of your money.
This isn’t a post about tax planning but better yet a post about how business owners can manage their tax burden (something I hear is a priority from many business owner client I deal with) and save for your retirement at the same time. (more…)
You are 45 years old and it dawns on you that your college days are looking further and further in your review view mirror and you can see the exit sign for retirement not too far down the road. As you sit down at your kitchen table to really assess your overall ﬁnancial situation, you begin to ponder the life and ﬁnancial mistakes you have made. You wonder to yourself, “Should I even bother trying to save? Is it too late for me begin saving for retirement?”
I’ve seen many people come into my oﬃce at this juncture in life. Typically there is a personal story about how their ﬁnancial picture would be better if it wasn’t for the bad real estate decision, the mid-life divorce, or a business venture that just went south. When retirement is beginning to stare you in the face, it’s not easy to admit you may be behind. If you have $10,000 in your savings account and $50,000 in 401(k)/retirement assets, it may seem insurmountable to reach the mountain of one day making work optional. (more…)
I have been thinking long and hard about a lot of things in the investment and financial advice industry over the last few months. What I uncovered is that there are a lot of people doing just enough. The idea of going above and beyond for clients is quickly dying as more and more people are automating all sorts of tasks from grocery shopping (actually pretty useful) to investing (jury is still out on this one). I took a long hard look at everything we are doing here at Thorium Wealth Management from the investment process, client management, to long term succession planning, to every expense paid, and the Return on Investment for the business. It has been eye opening.
I recently had a Jerry Maguire moment in my business. For many people their Jerry Maguire moment occurs when they take a leap of faith and go out on their own. Like the famous scene where Tom Cruise walks out of the office with the goldfish after yelling Show Me the Money! My Jerry Maguire moment had more to do with the core of what Jerry was getting at in his written manifesto (Its not a memo). He wanted to have more meaningful relationships with his clients. He felt the business had become too focused on the wrong things and they had lost sight of what they really did as agents.
Saying 2016 was an eventful year might be a giant understatement and not just because we had an unprecedented Presidential Election. It was eventful for my blog because we crossed 20,000 views for the year which is exciting to me. This year the blog got a redesign that took away some of the writing time, but I am proud of the pieces I wrote this year and have a very exciting 2017 planned for my readers.
One of the tough questions that faces many newly married couples is what to do with the real estate properties they own when they get married. It’s almost a certainty that if both of you own a home, you’ll end up moving into one of your properties as a couple. This begs the questions of what will happen to the remaining piece of real estate once movers have packed the boxes and the house is empty.
The iconic line from the premier episode of Game of Thrones is the perfect descriptor of Ned’s view on money. He had little concern for financial gain he was more concerned about protecting his family than his finances. Enjoy this cross between behavioral finance and the world of the 7 Kingdoms. I promise there are no spoilers ahead!
It’s the Silly Season again. This year’s election cycle is bringing its own special brand of silly. Unless you live under a rock or are just waking up from a year long coma you know that Donald Trump and Hillary Clinton will be dueling it out this November to become the next President of the United States.