Financially Simple

Getting on the path to simplifying your finances, depends on where you are.
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February 23, 2017

10 Facts to Know about Capital Gains and Losses

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment.Here are 10 facts that taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such as a home or a car. It also includes investment property, like stocks and bonds. Gains and Losses. A capital gain or loss is the difference between the basis and the amount the seller gets when they sell an asset. The basis is usually what the seller paid for the asset. For details about inherited property, see IRS Publication 544, IRS Publication 550 and IRS Publication 551. Net Investment Income Tax. Taxpayers must include all capital gains in their income. Capital gains may be subject to the Net Investment Income Tax if the taxpayer’s income is above certain amounts. The rate of this tax is 3.8 percent. For details, visit Deductible Losses. Taxpayers can deduct capital losses on the sale of investment property but can’t deduct losses on the sale of property they hold for their personal use. Limit on Losses. If a taxpayer’s capital losses […]
February 20, 2017

Lessons Learned on Presidents’ Day

One of the greatest lessons learned on Presidents’ Day comes from our 19th President, Rutherford B. Hayes. The former president set out to reconcile the division caused during the Civil War. As you can imagine, there was a great deal of angst and animosity among the American people. After spending several years at war with one another they hated each other. Hayes is actually one of the most hotly contested Presidents to ever take office. He narrowly won the popular vote and Electoral College over his opponent Samuel J. Tilden. One of his greatest obstacles, building his cabinet. In order to unite the country, he chose to bring people in from all over the country and not just the north as some expected. Hayes is actually credited with building the new Republican party in the South, the same Republican party Lincoln is associated with. The truth, this was such a challenge, even more so than what we see currently in today’s political climate, that his perseverance is one of the reasons we are still the United States of America today. You may be thinking, “Justin what does this have to do with making my finances simple?” Well, I’m glad you asked. Reaching […]
February 17, 2017

Million Dollar Mistake

  Hey guys! This is Justin Goodbread with Financially Simple. So this last week I was meeting with a client and we discovered a one million dollar mistake. Are you making the same mistake? Let’s dig in and find out. He’s investing fifteen hundred dollars a month into his 401k and when we looked at his allocation, in other words, where he’s putting the money, he has all the money flowing into a target date mutual fund or a target date fund. What is a target date fund? Well, you’ve probably seen these in your 401k if you have one. They’re typically the fund that says like 2020 or 2025 or 2030. The idea behind a target date fund is the fund company, XYZ Fund Company, grabs a group of their investments, a group of their mutual funds typically, and wraps them in a pretty wrapper. That the closer you get to that target date of 2020 or 2030, then the mutual fund or that Target Date Fund becomes more and more conservative in nature. Are you doing it too? Many people unknowingly select these investments because they’re easy. But in this client’s case it was a one million dollar […]
February 16, 2017
investing mistakes to avoid

Investing Mistakes to Avoid

With the current market, investing is a risk no matter where you choose to place your money. Uncertainty is a key feature today, and it is just something we need to accept. However, that doesn’t mean making money from investing is impossible. In fact, more people are padding their net worth from investment opportunities than ever before.  Which suggest something else – rather than judging market fluctuations based on what we know; we need to reposition ourselves and learn it all over again. With that in mind, here are nine investing mistakes to avoid, so you can thrive in uncertain waters, rising above the competition. Trying to Perfect Your Timing – For years, we’ve heard the best way to make money is to time the market. By this, we mean buy when prices are low and sell while they’re high. Achieving this could make you lots of moola. The problem with this? Even the most experienced investors are actually bad at timing. The market is ambiguous. It’s impossible to know what it will do from hour to hour. By the time we notice a good deal, it’s gone. And when we realize it’s time to sell, it is too late. Both scenarios […]
February 15, 2017
must do financial moves

8 Must Do Financial Moves for the Young Adult

The Eight Personal Financial Tips For Young Adults It’s unfortunate that personal finance is not a compulsory subject in college and high school yet. This is one of the reasons why so many are fairly clueless when it comes to money management in the real world. Getting started is the hard part. So to help you understand what you need to know about personal finance, here are eight powerful tips that will guide you to living a worry free financial life. Learn Self-Control You may be lucky to have learned self-control from your parents as a kid, but If not, self-control is a skill that will help you keep your finances in order. It is not a crime to effortlessly buy stuff any minute you want,  but it’s advisable to be patient till you’ve actually saved some money. If you continue with the habit of pulling out your credit cards all the time to make a purchase, regardless of whether you can pay the bill in full at the end of the month or not, you may head down the wrong path. In 10 years time, those bills might still be a bone on you to crack. If you are going […]
February 14, 2017

Justin Goodbread accepted into Forbes Finance Council

Justin Goodbread accepted into Forbes Finance Council Justin Goodbread, CEO of Heritage Investors, receives an invitation into the Forbes Finance Council. The invitation-only community is for executives in accounting, financial planning, wealth and asset management and investment firms. Justin joins other hand-selected Forbes Finance Council members, as part of a curated network of successful peers. Members get access to a variety of exclusive benefits and resources, including the opportunity to submit leadership articles and short tips on industry-related topics for publishing on Forbes Councils combines an innovative, high-touch approach to community management perfected by the team behind Young Entrepreneur Council (YEC) with the extensive resources and global reach of Forbes. As a result, Forbes Council members get access to the people, benefits, and expertise they need to grow their businesses — and a dedicated member concierge who acts as an extension of their own team, providing personalized one-on-one support. When asked about the opportunity, Justin said, “I am excited to join this elite team of finance professionals.  My life long career as an entrepreneur has specifically prepared me for advising, teaching and training today’s young business owner.  In my practice, Heritage Investors, I serve at the privilege of select clients, many of whom are […]
February 8, 2017

Keeping Up with Market Returns

The media is great when it comes to reporting the everyday happenings in the world around us, even when it comes to keeping up with market returns. However, when it comes to reporting on financial matters, they can sometimes inadvertently scare folks away from working with a financial advisor. Over the last couple of weeks I took on two new clients, one of which we interviewed a year ago, that decided to go with a stockbroker prior to coming to us. One had a negative growth on a large seven-figure account. In that same period of time, the equity markets showed a 7% return. So this decision to work with someone who would prefer to time the market turned out to be a costly mistake for my new client, to the tune of a missed six-figure gain. Not Uncommon Unfortunately, that type of story really isn’t uncommon in my office. Many clients come in with this media-hyped mentality of trusting the flashy, fast-talking, big credentialed brokers that will offer them the better return. In reality, that just isn’t the case. CXO Advisory Group, a research company in Virginia, collected 6,582 forecasts from 68 different financial experts from 2005 to 2012 […]
January 20, 2017
park the college savings

10 Questions to Ask Your Prospective Planner

When it comes to needing a check up on your health, you probably make an appointment with your doctor. Your money isn’t any different. Ever so often you need a financial check up too. That’s where hiring a Certified Financial Planner™ comes in. However, you don’t want to hire just any old Joe on the street claiming to be a CFP®. So what do you do? Ask questions. The CFP® Board suggests as least ten questions to ask your prospective planner to make sure they’re the right fit. 1. How experienced are you? Experience is essential. You want to know their track record. It’s important to know how they’ve helped other clients like you. 2. Are you qualified? Ceritfication matters when you’re looking to hire a financial professional. A CFP® practitioner, a certified public accountant-personal Financial Specialist (CPA-PFS) or a chartered financial consultant (ChFC) earned credentials to support those titles. They took the time to educate themselves further. You also want a planner who has experience in several areas too. The should know about insurance, tax planning, investments, estate planning and retirement planning. 3. What services are available to me if I hire you? Find out which financial products they offer. Can you […]