Tagged with Taxes

TAKE ACTION ON WHAT YOU CAN CONTROL

TAKE ACTION ON WHAT YOU CAN CONTROL

I have often noticed that people spend valuable time worrying about things they cannot control.  In the financial arena this includes trying to predict what the stock market is going to do in the next day, week or year, how fast China will be growing, what interest rates will do, what the price of oil … Continue reading

WANT A SUREFIRE WAY TO MAKE YOUR MONEY LAST LONGER IN RETIREMENT?

WANT A SUREFIRE WAY TO MAKE YOUR MONEY LAST LONGER IN RETIREMENT?

Reduce taxes.  Most retirees admit that they did a poor job proactively managing taxes both before and throughout retirement.  In my experience, clients are not getting the advice they need in this important area of their financial lives.  At Innovative Wealth Strategists, we concentrate on tax planning heavily because we know how important it is … Continue reading

HOW YOUR CHILDREN CAN SAVE YOU MONEY

HOW YOUR CHILDREN CAN SAVE YOU MONEY

If you own a business and have children, you may be overlooking a valuable opportunity to reduce income taxes.  The basic idea is to shift income to your children and take advantage of their lower tax bracket.  In order to implement this strategy, you must first have a business that lends itself to hiring your … Continue reading

AMERICAN SNIPER

AMERICAN SNIPER

I recently saw the movie American Sniper.  In honor of that movie I thought I would write about the most deadly retirement enemies.  These are the combatants that can take you out unless you know about them and have a plan to protect yourself.  The hazards you face during retirement are different than those you … Continue reading

HOW TO VET A FINANCIAL ADVISOR

HOW TO VET A FINANCIAL ADVISOR

I have worked in the financial services industry for over 30 years.  What I have learned is that it is very difficult for the typical consumer to distinguish between a good financial advisor and a bad one. A bad financial advisor could cost you hundreds of thousands of dollars over the course of your relationship.  … Continue reading

THE TAX DRAIN

THE TAX DRAIN

I wanted to officially congratulate everyone for making it through another tax season.  We are now in financial freedom territory.  This means you get to keep what you earn versus it going to the government.  If you live in California, “Tax Freedom Day” was April 27th.  That means up until April, 27th, all your earnings … Continue reading

TAKE CARE OF THE BASICS FIRST

TAKE CARE OF THE BASICS FIRST

If you have read any of my writing, you know I am big on taking care of the basics.  I believe in fundamentals.  That is why I like the movie Karate Kid so much.  Daniel-san was mentored by Mr. Miyagi who helped him learn the fundamentals that carried him a long way.  The same is … Continue reading

WILL YOU OUTLIVE YOUR MONEY?

As people enter retirement, the above question weighs on them. Most, if answering honestly, would say, “I am not sure”.  Some of the factors that influence the outcome are:  How long you are going to live?  What will inflation be?  How are your assets allocated and how much of your earnings do you get to … Continue reading

KEEPING WHAT YOU MAKE, A TAXING ISSUE

With April 17th right around the corner, many people have taxes on their mind. What people don’t realize is that we are in one of the lowest tax rate environments that has ever existed. The top tax rate for an individual is currently at 35%. The capital gains rate is at 15%. To give you … Continue reading

A TAXING TIME

A TAXING TIME

Tax rates are at historical lows with capital gains rates at 15% and ordinary income tax rates at 10-35%.  What a lot of people don’t realize is that in times past, capital gains rates have been as high as 77% with the top ordinary income tax rate as high as 94%.  Add to this estate taxes … Continue reading

MASTER THE FUNDAMENTALS

MASTER THE FUNDAMENTALS

I love the original Karate Kid movie where Daniel-san wins the tournament.  My view of why he won the tournament is because he focused his energy on the things he could control and mastered the fundamentals first.  In sports and in wealth management, I see too many people focusing on the fringe areas and not … Continue reading