Financial Planning Archives

Does More Money Equal More Happiness?

Written by Zachary Morris, CFP® on June 22, 2022.

It’s Not About the Material Goods, but Rather Financial Stability

Does more money equal more happiness? Well, you’ve probably heard the age-old adage, “Money can’t buy happiness,” but how true is that statement, really? When we think about it, we tend to focus on the luxuries that money can buy, like lavish vacations or expensive cars. However, an influx of cash provides something else that’s often overlooked – financial stability. When it comes to day-to-day happiness and peace of mind, financial stability goes a long way in decreasing our overall stress and freeing us from common worries.

8 Ways to Build Wealth Over Time

Written by Jeff Diamond, AIF® on June 8, 2022.

You Need Vision, Discipline, and Patience to Achieve Your Financial Goals

Everywhere you look you can find get-rich-quick schemes that promise a shortcut to building wealth for anyone who believes them. Yet, more often than not, these schemes carry significant risk, and most investors who take them on end up losing money rather than making what they were promised. Instead of falling victim to these sorts of promises, focus on building your wealth with traditional, prudent methods. This requires smart wealth management skills, a comprehensive investment strategy, and a long-term mindset.

If you’re ready to be disciplined about building your wealth over time, check out the eight tips below.

Does a Small Business Owner Need a Financial Advisor?

Written by Jeff Diamond, AIF® on May 25, 2022.

The Right Advisor Can Help You Boost Your Small Business Profit While Preparing for Retirement

As a small business owner, have you wondered whether you need a financial advisor? Most often, the answer is yes.

While there are certain parts of running a business that you can teach yourself as you go along, managing your business finances with little or no background may not be one of them. In fact, poor money management is one of the most common reasons businesses fail. If you’d like help with things like building a budget, developing a smart tax strategy, and fine-tuning your cash flow, it may be time to hire a financial advisor. Read on to learn about the benefits and how to choose the best advisor for you.

Estate Planning Tips for Small Business Owners

Written by Zachary Morris, CFP® on May 9, 2022.

What You Need to Know to Protect Your Greatest Asset

Estate planning for small business owners isn’t always at the top of the to-do list, but it’s one of the most important steps you should take to set up a legacy of success. It may feel overwhelming to think about what happens when you pass on, but it’s critical to have conversations now to ensure all your hard work doesn’t go to waste.

If you don’t have an estate plan, then your local state law will likely dictate where your business goes after you die. There are many things you can do now to prepare, from focusing on tax efficiencies to drafting up a solid will and estate plan, that will help you secure the proper transition of your company.

Read on for six smart estate planning tips for small business owners.

Tax-Smart Strategies to Help Your Kids Pay for College

Written by Zachary Morris, CFP® on April 19, 2022.

In the Face of Skyrocketing Education Costs, it Pays to Prepare

Even if they’re still quite young, it’s never too soon to begin planning strategies to help your kids pay for college in the future. Higher education is already expensive, and because college costs increase at about two times the rate of inflation each year, it will only get pricier as the years go by. Currently, it’s estimated that today’s toddlers – who will start college around 2038 – can expect to spend around $35,592.339 each year on tuition, fees, room, and board for an in-state public school. For kids who want to go to a private school, they can expect to spend around $81,470.95 yearly for the same.

Luckily, there are many financial aid opportunities, scholarships, and grants that can help your child cover college costs. In addition to these, there are also some key financial planning strategies that can make college costs a bit more manageable.

Take These Financial Steps to Prepare for Your Post-Retirement Life

Written by Jeff Diamond, AIF® on April 5, 2022.

Four Ways to Level Up Your Retirement Readiness

Planning for retirement can feel overwhelming, especially if you happen to be getting a late start. However, it is essential to prepare your finances for retirement, especially as you enter your fifties and sixties, and have more clarity on what you want out of this next phase of your life. Use the three steps below as a roadmap to get started, or to help ensure your current retirement plan covers these essential areas.

5 Small Business Tax Credits to Know

Written by Zachary Morris, CFP® on March 14, 2022.

Are You Using All the Tools Available to You?

If you’re a small business owner, you should be using every tool in your arsenal to grow and protect your business. This includes taking advantage of the many federal tax credits available. Since this can be a confusing topic, I’m going to share a primer on how tax credits work, which ones you should be aware of, and the forms you need to file in order to capitalize on them.

8 Benefits of Your Health Savings Account

Written by Zachary Morris, CFP® on March 2, 2022.

When Used Correctly, HSAs Can Be a Great Financial Planning Tool

It’s no secret that healthcare costs are on the rise and there are no signs of prices falling anytime soon. In the face of skyrocketing costs, many people are turning to their Health Savings Accounts (HSAs) to help pay for current and future healthcare costs. Often, these accounts are offered through an employer, but they can also be opened individually. To qualify, you must be covered under a high-deductible insurance plan, and if you are, you can take advantage of an impressive array of benefits.

If you have an HSA but you aren’t sure you’re optimizing it, read on for eight important benefits.

Retirement Savings vs. Your Kids’ Education Fund: Which Comes First?

Written by Zachary Morris, CFP® on February 23, 2022.

Putting Your Retirement Savings First Isn’t Selfish – It’s Smart

Saving for the future can seem like a herculean task, especially for young families who are still settling into careers and are burdened with an abundance of competing financial demands. It can be difficult to see the big picture, let alone plan for it, when you’re raising children, paying off a mortgage, staying on top of household bills, and the countless other expenses that come with living life. So, if you’re having an internal debate about retirement savings versus college savings, you’re not alone.

The Self-Employed Cash Balance Plan

Written by admin on February 9, 2022.

Small Business Owners Can Benefit from These Plans in More Ways Than One

Within many companies, employees enjoy a plethora of benefits that come along with their salary. Typically, there’s paid time off, health insurance, and for some, access to retirement savings accounts through the employer. One way a company may offer to help their employees save for retirement is through a cash balance plan, which works almost like a traditional pension plan but with some differences that make it attractive to small business owners. In essence, a cash balance plan provides self-employed individuals the opportunity to make sizable contributions to a retirement savings account while also enjoying tax benefits for their businesses.

This is an important option to consider because, oftentimes, self-employed individuals end up robbing themselves of the benefits that others get because they’re focused on putting all their money and resources into their business. However, cash balance plans come with tax benefits that significantly help any self-employed individual in the present, while offering a valuable way to save for retirement, too.