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October 24, 2019

Investment Basics Part II – Risk Tolerance & Investment Horizon

In my last article, I outlined the basic asset types that are involved in investing. Just as important as knowing the types of assets that are available for you to invest in, is knowing just how much risk you’re willing, able to take and, ultimately, should take. Of course, you want to keep your portfolio balanced, but there are different investment strategies that can come into play when you know what risks to take for your individual needs. So join me as I continue with part two of investment basics where I will explain risk tolerance and give you the opportunity to take a free risk tolerance assessment!
October 22, 2019
basic asset types

Investment Basics Part I – Asset Types

Few things get me fired up like the talking heads of Wall Street talking at me. I have the credentials. I know the world of investments and finance. And yet, these Wall Street “experts” always seem to invent new words and overcomplicate things – and on purpose (my humble opinion). If the process of investing seems way too complex for the average Joe to do it on his own, then brokers get to inflate their fees. It’s not all doom and gloom obviously, but investing just isn’t that difficult. That’s why I want to spend some time taking you through the ins and outs of investing over the next few articles calling it “Investing 101.” This is part one, asset types. Join me as I uncover the mystery of investing for business owners, making it the way it ought to be—financially simple.
October 15, 2019
small business retirement plans comparison - a guide to ones available to the business owners

Retirement Plans Comparison – A Comprehensive Assessment

As we begin our investing portion of the Personal Finance for the Business Owner series, I thought that it would be wise to, first, do a small business retirement plans comparison. Being prepared for our retirement is so vitally important, but there’s another reason for digging into this subject matter before we go much deeper into investing. When you are ready to begin investing, you need to know where to purchase those investments. Retirement accounts offer so many benefits and options in helping us to maximize our dollar and minimize our taxation, especially for business owners. With that said, get comfy because this is a lengthy post, but it is an extremely valuable one comparing retirement plans.
July 2, 2019
What's the Cheapest Way to Buy a New Car

What’s the Cheapest Way to Buy a New Car?

As a financial planner, I don’t believe in going into debt so I always buy used cars. In fact, I’ve never had a car payment. Last year I needed to purchase a “new-to-me” vehicle. When I started doing my research, though, I found that I would pay (at this time in the economic cycle) essentially the same price (over the life of the vehicle) for a used car as I would a new car. Ultimately, I decided to buy a NEW truck and I am sharing with you the math from my research in my quest to find the cheapest way to buy a new car.
June 11, 2019
How to Avoid the 10% Early Retirement Penalty

Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways

Not surprisingly, people want to make sure they have the income to last throughout their lifetimes. If you plan well, you could theoretically retire at age 55, 50, 45 or sooner. Maybe you’ve sold your business for profit, you’ve maximized your retirement account contributions for years, you’ve invested in non-qualified accounts, and you own multiple rental properties. At that point, you could take a blended distribution from various accounts and investments so that your money continues to grow tax-sensitive to you. However, if you take distributions from your retirement accounts before age 59 ½, many times, you will owe the IRS a 10% early distribution penalty. Sometimes, though, the government will waive that 10% early retirement penalty if certain conditions are met.
May 9, 2019
IRC 280A(g) - Earn Tax Free Income Beyond the Home Office Deduction

IRC 280A(g) – Earn Tax-Free Income Beyond the Home Office Deduction

Can you imagine taking money out of one of your pockets, deducting it as a business expense, and then putting it back in your other pocket tax-free? That’s pretty crazy, right? What if it were legal? Actually, this tax strategy is so common that the IRS issued a private letter ruling on the matter. So what is this tax gem I’m talking about? You can rent your home to your business for business meetings! This even goes beyond the standard home office deduction found in IRC 280A tax code. Let me explain how the “14 day rental rule” can work for you.