June 16, 2017
should i use a roth or traditional

How a Properly Planned 401k Can Lower Your Taxes?

If you participate in a qualified 401k plan, you’re among millions of Americans utilizing this option for retirement planning. These plans are a great way to stock away pre-tax dollars to fund your future lifestyle once you retire. A properly planned 401k can also represent an excellent benefit for a business owner as well. Here’s how. The Scenario We recently met with small business clients, along with their CPA. This particular client generates around two-and-a-half million dollars in gross revenue a year. The owners, a husband and wife team, each earn $75,000 a year in W-2 wages, and the business saw a profit of just over $297,000, which is split 50/50 between them. They’re frugal with their money, carrying no debt and spending roughly $6,000 a month on living expenses. This has been the key to their success. The Before and After They’re making almost $450,000 a year in taxable income. Before they incorporated 401k planning into their business model, it wasn’t unusual for them to get tax bills ranging from $150,000 to $180,000 a year. Now, with their 401k plan in place, their combined tax bill was $63,000. We placed $106,000 of their income into the plan. Utilizing employee […]
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 […]
April 19, 2017
epic financial battle

VIDEO: An Epic Financial Battle! Dave Ramsey vs Robert Kiyosaki!

  An Epic Financial Battle Hey, guys! It’s Justin Goodbread with Financially Simple. I’m in the conference room today and we’re going to have an epic financial battle. Dave Ramsey vs. Robert Kiyosaki. Dave Ramsey is famous for his Financial Peace series and Robert Kiyosaki is known for his book “Rich Dad, Poor Dad.” Which strategy is right for you? Is one right and the other wrong? Not necessarily. They’re just different. Let’s look at the differences in how they approach finances! They have completely opposing views when it comes to some aspects of finances. We’re going to take their top seven strategies and dissect them. How closely should you follow either plan? Will either plan make you rich? What exactly do they offer that you can incorporate into your own financial strategy? Many consider both well known financial “experts” that offer advice to move your finances in the right direction. After we break down both trains of thought, I’ll tell you exactly where I stand when it comes to both of camps. The answer may surprise you! Always remember, no system or financial planning strategy can guarantee future results.  Therefore, no current or prospective client should assume that future performance or any specific […]
April 6, 2017
tips for entrepreneurial doctors

Top Financial Mistakes Self-Employed​ Doctors Make

If you’re a physician, then you attended one of the best medical schools in the world. Why? Because you live in the U.S. However, you may be struggling to make reach your financial goals, despite a hefty salary. Physicians are some of the most unique investors out there. Not only do physicians have a higher student debt, they also have higher liability risks, an above-average income, and a complex situation to start with. Here are the top financial mistakes self-employed doctors make and what you can do to change your future. What’s So Different for Physicians? First off, physicians go through years school, meaning they finally begin their career around 27. However, with a residency, it could even be as late as 30 before they potentially start. A much later start could hinder investment options early on leading to some poor decisions. Next, roughly more 60% of all physicians owe more than $150,000 by the end of their education; only 17% owe absolutely no debt whatsoever. Shockingly, three-quarters of doctors that specialize in low-risk areas receive some sort of malpractice claim against them before the age of 65. This statistic alone clearly shows the higher liability risk than most industries. Finally, an ever-changing […]