March 30, 2017

Stop Being Financially Obese

When it comes to diet and exercise, we all know exactly what we need to do to maintain that svelte shape we so desire. The problem is more often than not, we end up sitting on the couch dreaming of the body instead of maintaining it. The obesity epidemic in America is at a staggering rate, with 1 in 3 adults weighing in as obese. However, statistics show that 32% of those who take control of their weight and hire a personal trainer and keep working with them beyond their goal weight, stay motivated to lose the weight and keep it off. The truth is our finances aren’t any different. We’re financially obese in America too. Our debt to income ratio is 69%. Less than 35% are involved in saving for retirement. So what’s the answer to this problem? Working with a financial professional is what most of us need to whip our finances into shape. The Mistake Recently, I met with a client that previously worked with us for about a period of four years. At the end of the fourth year, he felt he could handle it on his own and decided to cut ties in order to […]
March 29, 2017
Early Withdrawal from a retirement account

What You Can Do to Minimize Your Taxes

Hey guys! It’s Justin Goodbread from Financially Simple.You know early season, January through April, one of the most popular questions that I receive and most certified financial planners receive is, “Justin, how can I minimize the amount of money I’m going to pay Uncle Sam?” So I’m going to give you my top three things you can do to help minimize your taxes in tax season, Number one, work with a CPA. Don’t try to shortcut. Don’t try to skimp on the area of your life. These individuals are trained on how to maximize your deductions, work within your amortizations, depreciate as much as needed, these guys and gals…they’re really good. Don’t settle for this cheap do it yourself tax programs. Don’t even go to those who are out on the sides of the street, like I saw yesterday, dressed up in a statue costume, whirling signs around. Forget all that noise. There’s not another area in your life that is going to erode your wealth more than taxes. Go straight and work with a CPA and they’re money well spent. My first recommendation, number one. The second thing you can do is don’t forget to max out your accounts. […]
March 28, 2017

Ten Tax-Time IRS Tips to Consider

The tax filing deadline is Tuesday, April 18 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers to avoid waiting until the last minute to file their taxes. For those who have yet to file, the IRS has 10 quick ideas to help: 1. Gather Records. Good recordkeeping is important. It helps to ensure that nothing gets overlooked. Records such as receipts and cancelled checks also provide expense documentation. 2. Use IRS Online Tools. The IRS has many useful online tools. The Interactive Tax Assistant tool provides answers to many tax questions. It gives the same answers that an IRS representative would give over the phone. 3. File Electronically. Most taxpayers file electronically these days. It offers ease and convenience. The tax software guides people through the entire process. There are no forms to fill out. Electronic filing is also a more accurate way to file. 4. Use IRS Free File. Free File is available only on their website. Taxpayers earning $64,000 or less last year can use free name-brand tax software to file a federal […]
March 23, 2017
timing the markets

Is Market Timing a Good Idea?

If you’ve ever thought about timing the markets then you need to watch this video. Hey, guys! This is Justin Goodbread with Financially Simple. I gotta tell you a story. One particular client was looking for someone to help them reach their goals before retirement. With a seven-figure portfolio, he has done quite well for himself. Then they interviewed us and some other brokers in town. They decided to go with the broker. Now, let’s fast forward about eight months. I receive a phone call early January of this year, and the now client said, “Hey Justin. And I need to sit down and talk with you because I made a mistake”. Well, that’s not something you hear from a prospect. I said, “In what way did you make a mistake?” He said, “Well I went with another person, a broker in town, and this last year I made no return on my portfolio.” I was thinking that makes no sense to me. How is that possible? The S&P is hitting all-time highs, the DOW Jones just broke 21,000, you would think the portfolio would be reflecting some gains. Come to find out, the portfolio had actually lost 2%. In a […]