Financially Simple

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

June 9, 2017
will corn grow on rocky top

Will Corn Grow on Rocky Top???

Will we be getting our corn from a jar or will corn grow on Rocky Top? Here’s this week’s garden update. Will Corn Grown on Rocky Top?
June 8, 2017
tips for entrepreneurial doctors

Tips for Entrepreneurial Doctors

Tips for Entrepreneurial Doctors I work with a lot of entrepreneurial doctors and often see quite a few mistakes they tend to make when it comes to business. Here’s the top 4 and what you can do about them. 1. Don’t forget the liabilities of your business. 2. Check for insurance savings. 3. Don’t buy the toys!!!! 4. Don’t forget to pay yourself first. Follow these four tips and you may see greater success in your balance sheet. Make it a great day!
June 7, 2017
reasons you don't need an annuity

Reasons You Don’t Need an Annuity

In the world of finance, advisors are sometimes scolded for selling annuities. Dave Ramsey is especially popular for doing this. While I agree that annuities aren’t always the best option for every individual, there is a time and place for everything. When you’re trying to keep expenses to the client as cheap as possible, achieve an overall comprehensive plan, which includes everything, their asset protection, savings, investments, taxes, etc., an annuity considered holistically may not be the best recourse. However, I have used annuities for clients. So what are some reasons you don’t need an annuity? Reasons you don’t need an annuity The first is that you are smart enough to control your own money. You don’t have to allow annuity companies to manage it for you. Sometimes better investment tools exist, like mutual funds or exchange-traded funds. Even if you know nothing about investing you can typically invest money with a broker for cheaper than you can invest in an annuity. Another reason why an annuity might not be the best selection is, the fees are typically extremely high. While you may think they don’t cost you, there are several things you need to consider. How much is the surrender […]
June 6, 2017
create strong passwords

Safeguarding Taxpayer Data: Create Strong Passwords

Create Strong Passwords Passwords are often the key to the identification and authentication process for access to your computer, email and encrypted information, both received and transmitted. For this reason, it is critical to your business and the security of your client data that you have strong passwords and that you protect those passwords. Things you should consider in creating and protecting passwords Longer passwords are safe and more difficult to guess. A strong password should be a minimum of eight characters. It should include a combination of letters, numbers, and symbols or special characters. Your password should include at least one uppercase letter, one lowercase letter, one number and one symbol or character. Personal information should not be included in your passwords.  Names of siblings, children, pets, etc., are generally available on social media, which makes it easier for cybercriminals to figure out your password. Avoid using the same password for all of your information systems, accounts or devices. If someone does guess one password, they will not have access to all your systems, devices or data. Substitute numbers and symbols for letters in words or phrases to make it more difficult to guess a password. Do not share […]
June 5, 2017
keep your beneficiary statuses updated

Keep your Beneficiary Statuses Updated

Marriage is a bond that not only ties your hearts but your finances too. Recently, a client that lost a spouse asked me, “What should I do with the money?” There are many answers to this question dependent upon you own personal situation. In this particular case, both spouses were previously married to other people. One ended in death, while the other ended in divorce. So obviously this was a blended family. When the wife passed, she left the money in her IRA to the husband. His primary concern was how do I take this money and divide it among the beneficiaries? That’s why it’s so important to keep your beneficiary statuses updated on all important accounts and legal documents. Here’s a breakdown of their financial scenario. He is now handling three separate pots of money basically; the money he had before marriage, the money she had before marriage and the money they had together. So his question is a valid one in what some would probably consider a sticky situation. This client is a fair man and wanted to benefit their children equally. He had no intention of trying to benefit himself or just his children over hers. He wanted […]
June 2, 2017
rain, rain go away

Rain, Rain Go Away: Handling the Unexpected Storms

Here’s the weekly garden update from Joseph’s Ridge! Can you say, rain, rain go away! Heavy downpours hammered us with rain right after planting our crops! No matter how well you plan, sometimes, you just have to deal with life at it comes at you. Here’s how we handled unexpected storms! Rain, Rain Go Away!
June 1, 2017
always is never always

Always is NEVER Always

Recently an interaction with another financial professional left me a little puzzled. He suggested that a ROTH is always better than a regular IRA. If there’s one truth in the financial world, it’s that always is NEVER always. Always is NEVER Always
May 31, 2017
How to set a Financial Goal; Should I use a roth or a traditional

Should I Use a ROTH IRA or a Traditional IRA?

It’s an age-old question when it comes to retirement accounts. Should I use a ROTH or a Traditional IRA? Both are great vehicles to prepare for retirement. However, neither are ALWAYS a perfect fit for everyone. Let me break them down a little further to help you understand the differences and when you might want to choose one over the other. What is the difference? First, you need to know what each account does and how it shelters your money. ROTH IRA’s are the accounts that you place after-tax dollars in. So for example, if you put $5,000 in a ROTH, you’ll get the earnings from that tax-free later in life. Since the money was initially taxed before being placed in the account, it is set up to shield those gains from taxes. Essentially it’s tax-free money for retirement. A Traditional IRA works the exact opposite. The money placed within these types of accounts are pre-tax dollars. Therefore, you’re getting a tax break up front. When you file your taxes, you’ll often get a tax deduction because you chose to fund a Traditional IRA. However, once you begin to withdrawal that money in retirement, the earning from it are fair […]