It used to be an accepted hypothesis that along with the perception of some credit being a bad thing for your finances, economists believed that was also a type of “good debt.” Today, volatility is spread over many markets. Many long-held assumptions about good or bad debt should be reconsidered now, following a long year of unrest affecting our lives’ health, economic, climate, and social realities.
I tell all my clients that the true key to building wealth lies in building assets. Regardless of how much money you make, you can build wealth over time through assets. Think about how much of your life involves bills, taxes, purchases, contracts, etc. When it comes to financial planning, why not take advantage of the time you spend preparing for your tax filing and reconnect with your CPA to develop a financial plan for building wealth.
It's no secret that the last quarter of any year is a busy one for those who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. I understand completely. However, it's smart to look at ways you might minimize your tax liability.