Financially Simple

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

May 26, 2017
RMD's; retiring early

Retiring Early: Is it Possible?

In my business, I work with all different types of people. They run the gamut. Some are employers, while others are the employees. Some tell me they want to retire early. To that, I then ask them what retiring early means to them. Are we talking late 50s, early 60s, perhaps even early 40s? The key to helping them reach that goal is to know the age that goal needs to be achieved by. Retiring early constitutes walking away from making income, living solely off our assets and whatever income they produce. For our example, let’s say the person wanting to retire early and is looking to do so between 55 and 60. The very first thing to consider is how much is this person going to live off of each of retirement? There’s a calculation that needs to be made on your budgetary requirements based on what you are currently living off of each year. Then we must factor in inflation. We know the cost of living will go up, so it’s vitally necessary to prepare for that when quantifying these numbers for retirement. So if someone is retiring at 50 and they typical spend $50k a year for […]
May 26, 2017
Time to till the garden! So let's get to work!

Time to till the garden! Let’s get to work!

Here’s the weekly garden update from Joseph’s Ridge! It’s time to till the garden! Let’s get to work! We’ve got crops to plant
May 25, 2017
how a true wealth manager views your life.

How a True Wealth Manager Views Your Life

How a True Wealth Manager Views Your Life Hey, guys! Justin with Financially Simple here to help you understand how a wealth manager views your financial life. Most people think a wealth manager is just someone who invests money, but that’s not really the case if they are a setting up a comprehensive plan. Investing money is just one aspect of what we do. For example, think of your life as a box. Everything in the box is something you can control. We can either google to learn more, ask friends and family for advice or even hire professionals to help us build the custom life we want to have. Those areas are cash flow, risk management, investments, and distribution. What You Can Control Cash flow is how much money do we make and how do we make it. So few people know exactly where their money is spent. It happens far too often. This is why I stress budgets. They’re important for both the home and business. Risk Management is everything that has the word insurance on it and the legal documents we use to protect it. Many people don’t plan their insurance packages, rather they buy it on […]
May 24, 2017
liquid net worth matters

Liquid Net Worth Matters and Why

Finance is a multifaceted subject. It cuts across various aspects of human life and at certain times knocks the wind right out of us. For instance, today as I met with a client, we considered how to calculate liquid net worth. Yeah, I know liquid net worth doesn’t garner the attention that net worth alone does. However, both calculations have their place in your finances. So I’m going to share a little about why liquid net worth matters and how you can figure yours out. If you’ve never heard the term liquid net worth, then perhaps you are wondering what the difference between the two is anyway.  The difference is probably simpler than you think. Liquid net worth is more in depth than just net worth. With so many of us struggling to keep up with money as it is, let me explain in a little more detail. Imagine you walk into a bank, and the teller asks, “ What is your liquid net worth ?” Perhaps you look at the teller like a calf looks at a new gate?! (a little farming humor)  You’ve never took the time to figure it all up because you know liquid net worth is […]
May 23, 2017
Tips for Taxpayers Who Owe Taxes

Tips for Taxpayers Who Owe Taxes

Tips for Taxpayers Who Owe Taxes The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make payments using IRS electronic payment options: Direct Pay. Pay tax bills directly from a checking or savings account free with IRS Direct Pay. Taxpayers receive instant confirmation once they’ve made a payment. With Direct Pay, taxpayers can schedule payments up to 30 days in advance. Change or cancel a payment two business days before the scheduled payment date. Credit or Debit Cards. Taxpayers can also pay their taxes by debit or credit card online, by phone or with a mobile device. A payment processor will process payments.  The IRS does not charge a fee but convenience fees apply and vary by processor. Those wishing to use a mobile device can access the IRS2Go app to pay with either Direct Pay or debit or credit card. IRS2Go is the official mobile app of the IRS. Download IRS2Go from Google Play, […]
May 19, 2017
From Finance Extraordinaire to Weekend Farmer

From Finance Extraordinaire to Weekend Farmer

Hey, guys! Some of you asked how I decompress away from the office. So I decided to give you a glimpse of Justin the “Weekend Farmer” as I gear up for garden season! I’ll take you through the process on the homestead which we call Joseph’s Ridge and just because I can I’ll even throw in some bonus finance tips along the way! So get ready to not only walk the path to make your life financially simple but gardening simple too! Enjoy the journey and make it a great day!
May 19, 2017
Warren Buffet's take on modern portfolio theory

Warren Buffet’s take on Modern Portfolio Theory

When it comes to investing, the first name that pops into your mind is likely Warren Buffett. Most consider him to be the greatest investor in the world. While he definitely turns many investments into profit, he isn’t a genie with a crystal ball. He’s a shrewd businessman that knows how to work the market to his advantage. So what is Warren Buffet’s take on Modern Portfolio Theory? Modern Portfolio Theory or MPT is built on the theory that the markets are efficient. The premises is to build a portfolio that is comprised of various asset classes and different sectors. Then over time, you rebalance the portfolio as necessary. So how closely does his strategy for investing align with Modern Portfolio Theory? Not much at all really. Buffett is far from a typical investor though. He’s a billionaire for one. When he invests in a company, he often ends up with a seat on the board. Therefore his investments benefit from his managerial skills. How many board seats have your investments landed you? With so many investors in the world, it’s certainly not inconceivable to think that some are going to outperform the market every year. Warren Buffet happens to be one of those that […]
May 18, 2017
when will the bear come out of hibernation

When Will the Bear Come Out of Hibernation?

Despite the turmoil out of Washington, the bull market is still climbing as of midday. Over the last few years, we’ve seen everything from Brexit, to rising interest rates and nothing seems to be slowing things down too much. Stocks continue to trade at a higher rate and perform in an overall positive manner, even reaching all-time highs. So the question most are asking is, when will the bear come out of hibernation? Is the party over? With the firing of FBI director, James Comey and the latest news of President Trump disclosing classified information to the Russians, we’ve seen a slight drop. However, even by the afternoon today, stocks began to regain, and nothing indicates things are about to spiral downward—at least not immediately. There are obvious concerns that stock prices “as quite high relative to standard measures.” However, is appears at the moment stocks will keep climbing at a slower rate at the very least. How should I prep my portfolio? Whether stocks continue up or drop here and there, the key is to stay the course and expect volatility.That’s how the market works. Focus on your long-term goals and not your short-term gains. If retirement is just around the corner, maybe it’s time to pull back […]