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How to Use the S.M.A.R.T. Goal-Setting Framework to Set and Achieve Financial Goals

financial goals
A Savvy Strategy for Meeting Your Money Objectives

If you want to achieve your life’s goals, you must first envision them and then create expectations for yourself. When you begin to see your goals as reality, it can become easier to see how to reach them, too. However, this can often feel like an uphill battle – especially when it comes to your financial goals.

Planning for success in your financial future is a challenge, but you can help yourself stay focused and on track by setting the right type of goals at the outset. To improve your chances of success, set S.M.A.R.T. financial goals.

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Zach Morris Provides Perspective on How to Talk to Your Parents about Estate Planning in a Recent Article for The Balance

estate planning

In an article published by thebalance.com,  Co-Founder Zach Morris offered his insight and expertise on how you can best talk to your parents about estate planning, and why it’s so important to start the discussion now. Here’s a snip of the article:

Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day that they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.

Reasons You Need to Have the Talk Now

The unpredictability of 2020 hammered home the frailty of life and how quickly someone can succumb to an ailment. But besides the possibility of your parents getting sick, there are other reasons to have this conversation now. In short, it’s not always about an inheritance or power of attorney, according to Zachary Morris, co-founder of Atlanta-based Paces Ferry Wealth Advisors.

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Understanding the Pros and Cons of High-Risk Investments

high-risk investments
A Look at Seven High-Risk Investment Options for the Investor with High-Risk Tolerance

There is no one right way to invest. Smart investing takes into consideration the individual and their personal preferences, and these preferences include things like risk tolerance and overall comfort as an investor. This is because there is a broad spectrum of investment options available, and some are inherently riskier than others. As the level of risk increases, so too do the possible gains – and the potential losses. While some level of risk is a natural part of investing, high-risk investments aren’t a good fit for most people. Still, if you have tolerance for it, you may be able to reap great rewards by adding them to your investment portfolio.

Below we’ll discuss the pros and cons of seven of the most popular high-risk investments.

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Navigating Inter-Generational Wealth Transitions When You Run a Family Business

wealth transfer
Guidance for Overcoming Common Challenges

Having something to pass down to future generations of your family is a dream shared by many people, especially those with family businesses. If you’re lucky enough to achieve it, however, you may face some of the common challenges of an inter-generational wealth transition. So challenging is such a transfer, in fact, that 90% of affluent families have greatly diminished wealth by the third generation. Below, we will discuss three common wealth transfer issues and provide guidance to help you navigate these potential challenges and ensure your assets move smoothly to the next generation.

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Tax-advantaged Savings Accounts for High-Income Earners

tax-advantaged savings accoutns

Saving for retirement requires planning and, to some extent, strategizing on a multitude of levels, this is especially so if you’re a high-income earner. If you’re a high-income earner, in particular, one of the most important strategies you’ll need to implement is a tax strategy that maximizes the benefits provided by different types of retirement savings accounts.

These accounts encourage individuals and households to save toward their retirement goals. For more affluent households, however, there are more options available regarding which accounts to allocate savings to. So, the question becomes, how can you maximize the tax benefits of various retirement savings accounts when your high-income status allows you the ability to contribute to several different accounts simultaneously? We’ll discuss your options below.

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Why Bankruptcy Can Sometimes Be the Right Option for Your Business

bankruptcy
If you can get past the stigma, bankruptcy can be a vital lifeline.

Running a business is always a challenge, and it’s been made more so in recent months as stimulus aid for COVID-19 begins to run out for many struggling small business owners. If you find yourself in this boat and you are unsure of your options for survival, know that there is a way forward. If you’re unsure how to stay afloat and avoid closing your doors for good, bankruptcy may be the right option for you.

Bankruptcy may seem like a frightening concept, but it can offer a struggling small business the opportunity to reorganize, oftentimes without the need to lay off employees or even close temporarily. In this way, it can preserve your relationships with vendors and customers, too. Of course, there’s a certain stigma around bankruptcy, which makes many business owners reticent to choose this option, but it could be key to your business’ survival during this pandemic.

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How to Maximize Your Earnings Through Smart Career Moves at Any Age

maximize earnings
Steps to Bring You Closer to Financial Security in Any Phase of Life

Achieving financial security demands the cultivation of good money habits. These include saving regularly, sticking to a budget, and investing wisely. However, wealth management isn’t the only way to go about establishing a firm financial footing. It’s also critically important that you manage your career smartly. The choices you make at work can have a lasting and significant impact on your future financial comfort.

Here are some steps you can take to maximize your earnings at work no matter where you are in your career.

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401(k) 101: Six Things You Need to Know Before You’re 50

401(k) retirement funds
Considerations for Your 401(K) as You Approach Retirement Age

Contributing to your 401(k) is a habit you’ll want to start as soon as you enter the workforce. Likely, it will become a yearly or monthly contribution you don’t actively think about for the most part. However, as retirement approaches, it becomes even more imperative for you to understand your 401(k) and the best ways to access it. Here are six things to know about your 401(k) as you approach age 50.

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401(k) Plan Sponsors: 5 Reasons to Outsource Your Plan Sponsorship & Fiduciary Obligations

Our Fiduciary File Checklist and Expertise in Plan Sponsorship Can Save You Time and Money

As an employer, offering a 401(k) plan to your employees can be incredibly rewarding. However, it is also a challenging undertaking – one that requires much of you, including meeting your fiduciary obligations to plan participants each year. The basic rules outlined by the Employee Retirement Income Security Act (ERISA) offer a standard of conduct that must be followed in administering a plan and managing its assets. Since the required actions and responsibilities are manifold, many small and medium-sized business owners outsource their plan sponsorship through a third-party service provider. 

At Paces Ferry Wealth Advisors, we understand your regulatory responsibilities as a 401(k)-plan sponsor and the need for proper documentation – and we know it can be a bit overwhelming. We believe that having a solid knowledge- base of plan governance, plan design, investments, participant investment behaviors, and recordkeeper services is unique, and we are proud to offer our knowledge and experience to our clients wishing to outsource their plan sponsorship. With the growing number of court cases and settlements related to the mismanagement of retirement programs, the stakes are increasing for sponsors to fully appreciate their plans’ risks and take necessary steps to meet their fiduciary obligations. 

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2849 Paces Ferry Rd SE, Suite 660
Atlanta, GA 30339

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