There has been a lot of exposure in the last few years talking about Bitcoin and “crypto-currency”. There is a ton of misinformation and confusion about it so I decided to create a blog series looking at the history and future of currency and blockchain.
The financial world is an uncertain place. My parents have never been very good with money. This lead me to have an unhealthy relationship and bad habits with money. My parents had decent jobs, but were always struggling to make ends meet because they lived beyond their means. I know whoa is me, everyone has a sob story but not having good financial role models makes it very hard for kids to know what to do when it comes to earning, saving, and investing their money.
What do Ty Warner, Bill Bartman, Ralph Lauren, Ray Kroc, Wally Amos, Steve Madden and Sim Abraham have in common? Besides being successful business men none of them have college degrees. If you have not heard of them you should google them. Their stories are impressive. We all know the stories of Mark Zuckerburg and Steve Jobs dropping out of school to found Facebook and Apple but there are thousands of examples of unbelievably successful individuals who did not graduate college.
Economist Angus Deaton recently won the Nobel Prize for his work on this subject.
Now I know what you are thinking. How can someone win the Nobel Prize for this topic when it has been studied since the invention of currency. Well Sir Deaton’s findings were quite different from prior work about money and happiness.
Close your eyes and picture it. An investment account that you can put away pre-tax income, that grows tax-deferred and comes out tax-free. Wouldn’t it be amazing. You could have the best of all worlds.
Well this investment vehicle exists today.
No really it does. It’s not like the Easter Bunny.
With Tax Day fast approaching I thought I would share some of the most commonly overlooked tax deductions. If you are like me you look at the tax code and it drives you crazy. At last count the tax code was almost 75,000 pages long.* How do CPAs deal with it every day.
Before I give you the 6 most overlooked deductions remember to consult a qualified CPA or tax professional before you decide to implement any of these.
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…)