Tag: personal finance

The Self-Employed Cash Balance Plan

The Self-Employed Cash Balance Plan

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.

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Should Your Children Play a Part in Your Business Succession Plan?

Familial Considerations for the Next Generation of Your Business

When you view your business succession plan from a strictly financial standpoint, you’ll cover a lot of ground. You’re likely to think through things like market valuations, trust strategies, taxes, and more. What you might fail to put enough thought into, however, is the more personal aspect of business succession. Specifically, you’ll need to decide whether to include your children in your plans for maintaining the infrastructure of your business after your eventual retirement or death.

If you have adult children with an interest in taking over your company, you’ll need to plan for efficiently transferring both equity and control – as well as how to do so fairly. Below, we’ll talk through four considerations to keep in mind as you explore the more personal and familial aspects of your business succession planning.

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Four High-Impact Financial Resolutions for the New Year

Four High-Impact Financial Resolutions for the New Year

How to achieve a more prosperous 2022

Reflecting on the ups and downs of the current year and setting financial resolutions for future goals is a longstanding tradition to usher in the new year. What better area for focused, deliberate improvement than your finances? If you want to turn your finances around or simply experience more prosperity in 2022, you need to keep three key factors in mind: earnings, expenses, and savings.

If you’d like to improve your finances in the new year, consider the four financial resolutions below.

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5 Tips for Physicians: Paying Off Student Loan Debt

medical school debt
Medical School Comes with a Hefty Price Tag, but Here’s How to Tackle It

Though medical school can be a fantastic investment, it’s no secret that it can be incredibly expensive. Most med school students believe this investment to be worth it due to the estimated income of most healthcare professionals. However, it comes at a high cost. Statistics show that the average student loan debt for college students is $32,731, whereas the average medical school debt is $201,490 – quite a drastic difference.

Having large amounts of debt can seriously impact your finances, as well as your emotional and physical well-being. It can increase stress and tension and contribute to things such as poor judgment, inability to focus, and habitual procrastination. These are obviously not conducive to establishing a thriving medical career.

If you’re a medical student or doctor looking to protect your net worth and quality of life, it’s imperative that you establish a savvy plan for paying off your student loans. Here are five tips to get you started.

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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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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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Estate Planning: Keeping Your Legacy in the Family

Ways to Ensure the Wealth You Pass on Stays with Your Children

It’s a blessing to be able to pass on significant assets to your children – and it’s likely one of the reasons you worked so diligently and saved so strategically throughout your lifetime. It’s natural to want to keep your wealth in the family, especially as we find ourselves living through an economically uncertain time. Even though you might love your daughter-in-law or son-in-law very much, recent world events have reminded us that you can’t predict what the future may hold. This leads many people to wonder whether there’s a way to leave money to their children without passing any rights on to their children’s spouses.

Typically, once you pass assets to your children outright, their spouses will have equal rights to those assets. When you have positive relationships with the spouses, it’s natural to feel a bit guilty about trying to avoid passing on any rights to your wealth. However, if you feel strongly about preserving your financial legacy for your children, there are ways to do so.

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