Financially Simple

Getting on the path to simplifying your finances, depends on where you are.
Choose which one best describes you?

January 14, 2017

7 Steps for a Successful Business

  Hey guys this is Justin Goodbread with Financially Simple. I’m gonna talk today about one of my favorite subjects. And that’s for the entrepreneur.   What are 7 things you can do to make sure your business is successful? 1. The first step you must do is determine where you are at right now. Where are your assets? How much money are you spending? What have you saved thus far? Do you have your business plan? Figure out exactly where you’re at. 2. Where do you want to be? Why are you starting your business? What aspirations do you have? Do you want to retire one day? Do you want to sell your business and travel the world? Do you just want to have a residual based income that you can enjoy for the rest of your life? 3. Determine the gap. After you know where you’re at and where you want to be, determine the gap. How much difference do you have of what do you need to make up from where you are currently and where you want to be? 4. Maximize your savings. A good financial planner or wealth manger will show you how to take […]
January 12, 2017

25 Investing Statistics You Must Know

As a CFP® I’m constantly in contact with investors who develop ideas and opinions about the stock market.  I understand their angst. I too struggle to make the best decisions with my personal funds. (This is why I hired a financial planner for myself!) For that reason, we decided to put together a list of 25 of some the most interesting investing statistics we think you must know before diving in. Just about every day we hear how bad finances are in this country. Unfortunately, we tend to be apathetic and just to accept those statistics. So it’s important to learn all we can about finances to drown out the excess noise. On the opposite end of the spectrum, some tend to discredit stats altogether. Both are dangerous. BE CAREFUL! These approaches are costly! Don’t make the mistake of not learning from the mistakes of others. Before we start any investment, it’s crucial to get acquainted with the market and knows some investment stats. Hopefully, that give us the power to avoid common investing mistakes. If you do not start saving until 45, you will need to save three times as much as if you start at 25. Since 1980, 40% […]
January 5, 2017

33 of the Worst Financial Decisions You Can Make

As 2017 gets underway, now is the time you to do a major overhaul of your finances and make sure you aren’t making any of these bad financial decisions. No budget—I’m not trying to beat a dead horse here, but budgets are crucial to staying financially healthy. Not sticking to your budget—Blowing the budget is just as bad as not having one. If you don’t stick to it, you’ll find yourself turning to credit. Make a budget and stick to it!! No emergency fund—Life happens. It happens to all of us, and when you aren’t prepared for that unexpected expense, you’ll resort to #2. So stock some money away into an easily accessible account like a savings account or money market. Then vow not to touch it unless you have an emergency. Keeping too much money in cash—Cash-on-hand is great. However, too much cash-on-hand isn’t. Whatever excess you have lying around is costing you interest. Keep money on hand to pay for necessities and then invest the rest. You could put it in your emergency fund, a Certificate of Deposit or even a money market account. Or better yet, buy some stock with it. Make your extra cash work for […]
December 31, 2016

17 Financial Resolutions for 2017

We all do it at the beginning of every year; make resolutions with the intention of keeping them. And while you may be ready to kiss 2016 goodbye, it doesn’t mean you’re ready to tackle 2017, especially when it comes to your finances. So we here at Financially Simple® decided to help you become happy, healthy and wealthy (to some degree) with 17 financial resolutions for 2017. 1. Start an Emergency Fund We’ve all been there. The car breaks down, while a water pipe bursts in your home and little Tommy falls out of a tree breaking his wrist. Misfortunes are in everyone’s future. No matter how you spin it, you’re likely to see an unexpected emergency with unexpected expenses this year. However, that doesn’t have to derail your financial plans IF you prepare. Don’t get caught without extra cash to spare your budget when life does happen, because we all know it will. If you don’t already have an emergency fund, start one today. We’ll help you get started here. 2. Budget! Then follow it!!! When it comes to budgeting, we Americans stink at it. Or at leas the sticking to it part. Just one in three actually take […]
December 29, 2016

Understanding Gift-Tax Exclusions

What are gift-tax exclusions? According to the IRS, a gift must be given with no expectation of receiving anything of equal value in return. Gifts can be cash, property, interest-free loans, payments made to a third party (like a school or hospital) on behalf of the recipient, below-market rate sales, and other types of property transfers. Generally, gifts that meet the following requirements are not taxable: Gifts that are less than the annual exclusion amount for the year ($14,000 in 2016 and 2017) Tuition or medical expenses Gifts to your spouse Gifts to qualified charities and certain political organizations For more information about gifting and end-of-year tax issues, please contact a qualified tax professional. Tip courtesy of
December 29, 2016
How to set a Financial Goal

How Long Does an Investment Portfolio Actually Last?

With varying rates of withdrawal, how long does an investment portfolio actually last? That’s the question three professors from Trinity University in Texas wanted to know. They decided to examine the returns of various stocks and bonds from 1926 to 2009. Here are the five portfolios, each with different allocations, their study looked at: 100 percent stocks 75 percent stocks/25 percent bonds 50/50 stocks and bonds 25 percent stocks/75 percent bonds 100 percent bonds For each portfolio, the researchers applied various withdrawal rates—ranging from 3 % to 12 %. The researchers made adjustments based on inflation during the period as well. They wanted to know, “How likely it that an investor’s portfolio will last a lifetime?” The Trinity study’s underlying premise, if certain withdrawal rates provide lifetime income based on historical market data and returns, then the withdrawal rate is sustainable for the future. However, there are a few problems with the study. First, there’s a danger in relying on historical data when it comes to returns. There’s no guarantee when it comes to the market’s performance for the future. Next, predicting how much a retiree can safely withdrawal yearly is difficult. Everyone’s situation is different, and there’s no single […]
December 27, 2016
take action on 401k, retiemrent

Take Action on your 401k to Secure your Future

With Christmas over and a new year around the corner, now is the time to take action on your 401k. In the past, most people found a job and stayed with it until retiring. However, times change. Studies suggest we hold down around eleven jobs from the age of 18 to retirement. Not only are we getting used to new surroundings and new colleagues eleven times, but it also possibly means a new 401k plan with each new company. If you just leave these 401k plans alone, they may not be in the best position for you at retirement, so here’s what you should actually do with them. Take Action on your 401k When considering moving jobs, you’re probably thinking how it will affect your personal life, career, and more. For the most part, your 401k plan isn’t at the top of your list of priorities in making that decision. So it gets left alone. However, now is the time to change that for the betterment of your future. Some people think that the whole process is too confusing to worry with, but there are four simple options you can choose from when it comes to the old plan: If the […]
December 22, 2016

Capitalist Economics: What We Can Learn from the Manger?

an overbooked in Capitalism versus Socialism is an age-old story. It’s a battle that could even possibly trace back to that fateful night when a babe born in a manger changed the world. What exactly can a 2,000-year-old story teach us about capitalist economics? More than might think actually. The story goes like this: “And it came to pass in those days that a decree went out from Caesar Augustus that all the world should be registered. This census first took place while Quirinius was governing Syria.  So all went to be registered, everyone to his own city. Joseph also went up from Galilee, out of the city of Nazareth, into Judea, to the city of David, which is called Bethlehem, because he was of the house and lineage of David, to be registered with Mary, his betrothed wife,[a] who was with child. So it was, that while they were there, the days were completed for her to be delivered. And she brought forth her firstborn Son, and wrapped Him in swaddling cloths, and laid Him in a manger, because there was no room for them in the inn.” (NKJV Luke 2:1-7) There are several theories suggesting why there was no room in […]