The true key to building wealth lies in building assets. And the first step toward building assets is to get serious about tax planning. Regardless of how much money you make, you can start converting your income into assets using smart tax strategies.
We recently posted a New York Times article "Does Personal Finance Still Work in Our Changing Economy?" on our Facebook page. It opened with references to Income Volatility, an economic situation that many Americans find themselves in today. If irregular employment, inconsistent work hours, and unpredictable income are the new normal in your life, does it mean that you should give up on savings and retirement planning?
Some don’t think filing early is a big advantage, especially if they plan to get a refund and won’t be penalized for late returns. Others file extensions to defer paying taxes. Here are some of the reasons you should think seriously about filing your tax return as early as possible from year to year.
With careful management, any amount of money you make can work hard and increase in usefulness and the ability to create wealth, stability, and comfort for you and your family for generations. Conversely, even with an incredibly generous income, if not strategically managed, you can end up with cycles of debt, and chronic financial anxiety.
Many well-intentioned people think they are following sound financial advice when in reality, they’ve bought into some dangerous money management myths. This can lead to real financial trouble. If this sounds eerily familiar, then keep calm and read on. Here are some of the most common myths.
Debt has become more the rule than the exception in the financial lives of most Americans. The best financial advice anyone can offer, however, is to free yourself from a seemingly endless cycle of debt accumulation and repayment. Debt can hinder other financial goals and get in the way of investing in your future.
An essential part of financial planning begins with ascertaining your resources, debt, and dreams for life, which is the basis for financial goal setting. The best advice for setting long-range financial goals is to start early to have the most time to achieve them. But what about short and mid-range goals?
Even though we don’t like to talk about it, our finances and money management habits are a primary way to ensure economic security - or the lack of it - for ourselves, our families, and retirement. Let’s look at the time-honored practices of good money management and how to use them effectively to create a bright and comfortable financial future.
Many people think of spring as a special time for getting your income tax refund. We dream about how we want to spend it all year, on anything from a vacation to splurging on an expensive item we couldn’t usually afford. And why not? It’s an unexpected windfall from the government, right?
How old do you have to be to start thinking about planning for your retirement? It’s never too early, but when is it too late? Even later in life there are a number of ways to prepare for retirement, but what if you’re self-employed? You may be surprised to hear that you have many similar options as those who are employed by others.