tag:blogger.com,1999:blog-56768778360942794392024-02-20T01:47:04.591-08:00Jason W. Qualls, CFPA Commission Free Certified Financial PlannerAnonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.comBlogger52125tag:blogger.com,1999:blog-5676877836094279439.post-72184915513797633102014-07-24T12:49:00.000-07:002014-07-24T12:49:00.040-07:00Why I Don’t Trust Many Financial Advisors<!--[if gte mso 9]><xml>
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I am often asked, “Why have I taken such a stance against
commissions and those that sell financial products?”</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most Financial Advisors in my area (on some level) are
financial product salesmen. They earn a significant portion of their income
selling loaded Mutual Funds, life insurance, and/or annuities.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What’s wrong with commissions? What’s wrong with selling
financial products? </div>
<div class="MsoNormal">
<br /></div>
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I have no problem with commissions. And I have no problem
with those who are honest and admit they are Financial Sales people. </div>
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<br /></div>
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My problem lies with those who try to pretend they are an
Advisor or a Planner when in fact their hidden agenda is simply to sell you financial
products.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If your Financial Advisor must get you to purchase a
particular product to earn their living, how do you know if they are looking
out for you or their wallet?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u>Mutual Funds Truths</u></div>
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Many No Load mutual funds are better than mutual funds with
a commission. Has your salesperson ever told you this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Many Broker sold mutual funds have very high annual
expenses. Has your salesperson ever talked to about how much high mutual fund expenses
will rob from your retirement?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u>Annuity Truths</u></div>
<div class="MsoNormal">
Variable Annuities that pay a commission can cost you 3-4 times
as much as a commission-free Variable Annuity. Has your salesperson ever told
you this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Index Annuities: in my opinion, there are way too many lies
being told about Hybrid or Index Annuities to mention here. Just remember, you
can’t have your cake and eat it too!!!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u>A Word of Caution</u></div>
<div class="MsoNormal">
All Financial Advisors have a choice (yes, your Advisor has
a choice). A choice to sell financial products on commissions or not. Stop and
think… Why do most Advisors continue to operate their businesses by way of
commissions when they have a choice?</div>
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<br /></div>
<div class="MsoNormal">
All financial products have good and bad. ALLLLLL!!!!
Depending on your situation, many products have more bad than good. Don’t you
think you deserve to know the truth?</div>
<div class="MsoNormal">
<br /></div>
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If you aren’t working with a Commission-Free / Fee-Only
Certified Financial Planner chances are you will never hear about many of the
negatives with most financial products. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I see examples of the above almost every week.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And that’s why I don’t trust many financial advisors.</div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com1tag:blogger.com,1999:blog-5676877836094279439.post-67369857797964733162014-06-27T08:55:00.002-07:002014-06-27T08:58:34.218-07:00My Money Tips Of The Week (6/23-6/27)<!--[if gte mso 9]><xml>
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<br />
1.) Many annuities contain surrender fees if you try to get out
of the contract during the first few years. Make sure you know these fees! <br />
<br />
2.) How your Financial Advisor is paid can have a big impact on
the quality of the advice you receive.<br />
<br />
3.) Allocating less tax efficient asset classes like REITs and
taxable bonds to your IRA's can improve your after-tax returns.<br />
<br />
4.) Each year that you postpone Social Security past your full
retirement age, you get about an 8% increase until age 70.<br />
<br />
5.) Using dividends and new money are a great ways to re-balance
your portfolio!<br />
<br />
For more money tips and to learn how Fee-Only Financial Planning can help you visit <a href="http://www.jasonquallscfp.com/">http://www.JasonQuallsCFP.com</a> Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com1tag:blogger.com,1999:blog-5676877836094279439.post-52390443702486911302014-06-20T13:55:00.002-07:002014-06-20T13:57:03.191-07:00My Money Tips Of The Week (6/16-6/20)<!--[if gte mso 9]><xml>
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<br />
<ol>
<li><span style="font-size: 12.0pt; line-height: 115%;">Did you know
that 50-85% of your social security benefits may be included in your taxable
income? Plan ahead to lower your tax bill at retirement.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">Every
financial product has give and take. If you are getting something like a
guaranteed return, you are likely giving up something else. There is no free
lunch with most financial products.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">Are you
negotiating with your creditors to get them to settle? Forgiven debt could be
taxable income.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">The cheapest
company is not always the best company for Disability and Long Term Care
Insurance.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">You need an
expert preparing your taxes if you own a small business or rental property. Now's
a great time to get a 2nd opinion on your 2013 taxes.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">Are you
diligently tracking your monthly expenses? If not, stop scratching your head
about why you aren't sticking to your budget!</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">I prefer a
Credit Freeze over Identity Insurance. </span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">The "record
date" is the day you must own a stock or mutual fund to receive a dividend
that quarter.</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">Age 50+?
You're allowed to put an extra $1,000 in your IRA each year!</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">Never pay
sales loads to buy mutual funds! Too many great No Load funds out there to
choose from. This could save you tens of thousands!</span></li>
<li><span style="font-size: 12.0pt; line-height: 115%;">There is no
cookie cutter amount for your emergency fund. Base it on your access to other
liquid assets and job stability.</span></li>
</ol>
<span style="font-size: 12.0pt; line-height: 115%;"> For more visit <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a>.</span><ol>
</ol>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-11238213505040153942014-06-09T07:23:00.002-07:002014-06-09T07:26:57.089-07:00My Money Tips Of The Week (6/2-6/6)<!--[if gte mso 9]><xml>
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1.) Inflation is your Retirement Plan's archenemy! Make sure your Retirement Plan addresses this risk effectively.</div>
<div class="MsoNormal">
<br /></div>
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2.) If your 401k doesn't offer matching, an IRA may your better
option. Many 401k's have high fees and low quality investment options.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
3.) Pensions are mostly a thing of the past, and recent reports say
Social Security could be dry by 2033.Your financial future is your responsibility. </div>
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<br /></div>
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4.) Many aren't aware of certain Tax Tricks of Charitable
Giving. Tax Planning should be a part of your overall Financial Plan.</div>
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<br /></div>
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5.) The typical Advisor I find
endorsing Index Annuities are those that earn commissions to sell them. Coincidence? I think not.</div>
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</div>
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<br /></div>
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6.) Turnover ratio: % of a fund's holdings that change every
year. Frequent trading can drastically lower your returns. Don't ignore this
stat!</div>
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<br /></div>
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7.) Research has shown Asset Allocation
can be far more important for your performance than mutual fund selection. What's your investment strategy?<br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;"><span style="font-family: Times,"Times New Roman",serif;"><span style="background: none repeat scroll 0% 0% white; color: #222222; line-height: 115%;">For questions or to learn more about how my commission free Financial Planning process can help you, go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a> </span></span></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-79301259251542112582014-05-30T08:46:00.002-07:002014-05-30T08:48:29.003-07:00My Money Tips Of The Week (5/26-5/30)<!--[if gte mso 9]><xml>
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</xml><![endif]--><span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;">1.) Saving for college? The 529 plan is usually the best way to
go! </span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;">2.) How much Long-Term Disability insurance should you have? THE
MAX YOU CAN GET! Protect your income. It's your largest asset.</span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;">3.) Some of your largest assets may not be directed by your Will
at your death. Is your Will a worthless document? Estate Planning: a vital part
of your Financial Plan.</span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;">4.) Expense Ratio: The Mutual Fund stat you can't afford to
ignore. Do you know how much your funds are costing you?</span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;">5.) <span style="background: none repeat scroll 0% 0% white; color: #222222; line-height: 115%;">“Past performance is not necessarily indicative
of future results." There is a great reason to this heed warning: Chasing
mutual fund performance rarely pays off.</span></span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><span style="background: none repeat scroll 0% 0% white; color: #222222; line-height: 115%;">6.) You should never own real estate in a Corporation. It may go in tax free, but it always comes out taxable.</span></span></span><br />
<span style="font-size: small;"><span style="font-family: Arial,Helvetica,sans-serif;"><br />
</span><span style="font-family: Times,"Times New Roman",serif;"><span style="background: none repeat scroll 0% 0% white; color: #222222; line-height: 115%;"><span style="font-family: Arial,Helvetica,sans-serif;">For questions or to learn more about how my commission free Financial Planning process can help you, go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a></span> </span></span></span>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-85272885699732034552014-05-19T09:09:00.000-07:002014-05-19T09:14:26.548-07:00Money Lie Tellers<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
<u>Apathy</u>: <span class="ssens">indifference, lack of
interest or concern </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u>Complacent</u>:<span style="mso-spacerun: yes;">
</span>satisfied with how things are and not wanting to change them</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u>Bias:</u> a prejudice for or against something (or
someone) </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<u><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Backfire Effect</span></u><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: a mental “bias” when
your deepest convictions are challenged by contradictory evidence, you reject
the evidence, and your beliefs get stronger </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal">
Are you to <u>apathetic</u> about your personal finances? Do you have a real lack of interest in your financial success?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Are you <u>complacent</u> about your personal finances? Are you satisfied with financial mediocrity?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Do you have any mental <u>biases</u> about money or personal
finance? Are you favoring one financial investment over another based on inaccurate
information? Are you favoring one financial person over another based on inaccurate
information? When someone challenges your financial convictions is it easier for you to just
ignore the facts, and just keep on believing what you have always believed? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
These mental
hiccups in personal finance may be costing you thousands of dollars.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are many money truths. And there are many money lies.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I give it my all to only tell money
truths, and expose the money lies.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If I were to expose to you a money lie… Would it easier for you to just
ignore the facts, and just keep on believing what you have always believed? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is a TON of inaccurate financial advice in the world
today. A few of us are aware of this, but MOST are not. Some of the money lies that
are told come from crooks. Financial crooks who knowingly want to rip you off.
But most of the money lies are perpetrated by people that you like, know,
and/or trust. Many of these unaware “money lie tellers” (whether they are
Financial Advisors, or radio show hosts, or book authors, or financial
journalists) are not even aware they are telling you money lies. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
To say it another way, many “money lie tellers” don’t really
intend to do you financial harm. They are just ignorant about many of the “money
truths” thus they are unaware they could be doing you real financial harm.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let me ask you this. If you are on the “rear end” of a money
lie and it costs you hundreds or even thousands of dollars, or if a money lie
negatively affects a you or a family member… Do you really care whether or not that
the person intentionally wanted to harm you or if they just did out of money
ignorance? NO!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Ignorance about money truths is NOT an excuse when it comes
to dishing out financial advice that could harm someone. Don’t let yourself be misled or lied to any longer by someone
acting out ignorance or by someone who intends to scam you.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I could give you a long, long list of the money lies
right now that are told every week on 2 of the most popular financial radio shows in the
country.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I could give you a long, long list of the money lies that
are told in the majority of the “free dinner” financial workshops/seminars hosted by so-called Financial Advisors.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I could give you a long, long list of the money lies that
are told every day by the financial media.</div>
<br />
<div class="MsoNormal">
Did you know that many Financial Advisors don’t have any educational
background in finance? Nor do they hold any of the top financial credentials.
Did you know that many of the top financial journalists or top financial radio
show hosts have never held any top financial credentials, and many are considered
ignorant kooks by most of the top financial minds?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Just because someone has a title like Financial Advisor,
hosts a radio show, writes an article, or publishes a book does NOT mean they cannot be ignorant about many areas of personal finance! Too many money lies are told every day, and
too many of you believe them. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I have a BBA in
finance, a MBA in accounting, an international accounting certification, insurance
and estate planning designation, and also the top credential of Certified Financial Planner. I have been a student of my profession almost every day since
2001. Not because I always enjoy it or because I am math or money nerd BUT because
that is what it takes to learn the money trusts and avoid ever telling a money
lie.
</div>
<br />
<div class="MsoNormal">
You want to know how to avoid falling for money lies? Get
your financial information from real financial experts.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A financial expert is more than just a title, an author of a book, or host of a radio or TV show.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you keep looking towards those who are not truly financial experts
you will likely come up short in your financial life. You may not realize it
until it’s too late, but you will come up short.</div>
<div class="MsoNormal">
<br /></div>
<!--[if gte mso 9]><xml>
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</xml><![endif]--><span style="font-family: inherit;"><span style="font-size: 11pt; line-height: 115%;">Those of you who can locate the real financial
experts… Those without hidden agendas, without conflicts of interest, who understand the money truths will likely come out ahead in the long run.</span></span>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com1tag:blogger.com,1999:blog-5676877836094279439.post-29163856632108394142013-05-29T08:37:00.002-07:002013-05-29T08:38:28.326-07:00A Losing Strategy: Investing In What You Know<!--[if gte mso 9]><xml>
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<span style="font-family: Times,"Times New Roman",serif;">If you are over the age of 50, you probably remember Peter Lynch. He was the
famous manager of Fidelity’s Magellan Fund from 1977 to 1990. Over those 13
years, Mr. Lynch achieved a compounded average investment return over 29%,
while the S&P 500 Index only rose 15.8%.
</span><br />
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif;">Adages
of Peter Lynch: “Never invest in any idea you can’t illustrate with a crayon.” <span style="mso-spacerun: yes;"> </span>and “ Invest in what you know.” People use
these statements to justify terrible investing decisions. Warren Buffett has also offered similar advice about how you should never
invest in businesses that you don’t understand.
</span></div>
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;">But here’s the thing you need to remember: It is just the starting point for
investors like Mr. Lynch and Mr. Buffett, not the end point. Yes, they may have
started with things they knew. But they also did a ton of research, and it’s
this second part that’s missing from many investors’ decision-making process.</span><br />
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">A study was done to see if individual
investors could outperform a benchmark essentially by buying what they know.</span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Summary of the findings:</span></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Individuals failed to diversify</span></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Folks that invested in “what they know” did 5% worse
than the index</span></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The stocks they sold outperformed the stocks they
bought by about 4%</span></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Peter Lynch advocated buying what
you know. And research into human behavior demonstrates that people prefer to
bet in a context where they consider themselves knowledgeable or competent. </span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The authors of “Why Smart People
Make Big Money Mistakes," noted: "For every example of a person who
made money on an investment because she used a company's product or understood
its strategy, we can give you five instances where such knowledge was
insufficient to justify the investment." </span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Keep these findings
in mind the next time you're tempted to invest in what you think you know.</span></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-65076557879946087972013-05-07T15:51:00.002-07:002013-05-07T15:55:24.388-07:00ObamaCare Q & A<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">When
does enrollment start?</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">October 1st, 2013</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">When
does Obamacare take effect?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">January 1st, 2014</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">To
Whom does the ObamaCare Law apply?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Everyone. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
does Obamacare's "Employer Mandate" require?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">T</span><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">he mandate requires employers with 50 or
more employees (or “full-time equivalents”—we’ll get to that next) to offer
coverage or pay a $2,000 fine per employee, not counting the first 30
employees, starting in 2014.</span><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"> Employers
with an average of at least 50 or more full-time equivalent employees on
business days during preceding calendar year. For 2014 only, employers
can elect a 6 month averaging period during 2013 to determine if they meet this
threshold. Full-time under Obamacare is 30 hours per week, not 40.
Part-time workers are aggregated. Seasonal workers are excluded (if
they work up to but less than 120 days per year). Work performed by
employees outside the United States is not counted. All "related
entities" are counted together and form a SINGLE EMPLOYER</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
does the "Individual Mandate" mean?</span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">The law’s
individual mandate will require nearly all legal U.S. residents to obtain
health insurance whether they want it or not, with certain exceptions.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Is
anyone exempt from Obamacare?</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Yes.
Exemptions will be granted for financial hardship, religious objections,
American Indians, those without coverage for less than three months,
undocumented immigrants, incarcerated individuals, those for whom the lowest
cost plan option exceeds 8% of an individual’s income, and those with incomes
below the tax filing threshold (in 2009 the threshold for taxpayers under age
65 was $9,350 for singles and $18,700 for couples).</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
are the penalties if you’re not exempt?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Those individuals without coverage
are supposed to pay a tax penalty. Those without coverage pay a tax penalty of
the greater of $695 per year up to a maximum of three times that amount
($2,085) per family or 2.5% of household income. The penalty will be phased-in
according to the following schedule: $95 in 2014, $325 in 2015, and $695 in
2016 for the flat fee or 1.0% of taxable income in 2014, 2.0% of taxable income
in 2015, and 2.5% of taxable income in 2016. Beginning after 2016, the penalty
will be increased annually by the cost-of-living adjustment. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">How
are employees counted toward the 50 employee threshold?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">The law counts the hours worked, not
the number of full-time employees you have. If a company’s employees worked an
equivalent of 50 full-time employees' hours, the requirement to offer
affordable health care insurance is triggered.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
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<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">We
have less than 50 full time employees - do we have to comply?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">No, but there are parts of the law
which apply to you. Companies who employ fewer than 50 full time
employees are exempt from being required to provide affordable health
insurance. Smaller employers may opt to offer health insurance at a reasonable
cost by participating in a Small Business Healthcare exchange. All
employers regardless of number of employees are supposed to act as a "source
of information for employees. As of March 1, 2014, all employers covered by the
federal Fair Labor Standards Act are required to inform employees about the
existence of the exchange in their state and how employees can access it. The
Department of Labor has indicated that it will provide guidance to employers
and a template for providing such information. <br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Employers who do offer affordable
health plans to employees are required to begin reporting the value of
employees' health benefits on W-2 forms. This requirement takes effect for
large employers (those who file 250 or more W-2 forms) for tax year 2012 W-2
forms, usually filed in January 2013. The IRS has indicated the reporting is
optional for employers who file fewer than 250 W-2s) until they file their tax
year 2013 forms.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Will
my employer have to pay all of my insurance premiums?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">No, but employers with over 50
employees must pay at least 60% of covered health care costs. The
insurance also must meet minimum standards set forth (the minimum benefits of a
"bronze" plan bought on the Obamacare health insurance exchange) and cannot
exceed 9.5% of family income for the employee. </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
if my company doesn't offer me health insurance?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Employees will be affected by health
care reform in several ways, including a requirement that, effective January 1,
2014, all individuals must have health care coverage or pay a tax. Smart
employers will develop a communication strategy in advance of 2014, so they are
not inundated with employee questions later.<br />
<br />
Individuals who are not offered affordable health insurance may qualify to
receive a tax credit to purchase health insurance through an exchange if they
have no other insurance and their income is below 400% of the federal poverty
level, which is currently $11,170 for a single person and $23,050 for a family
of four. </span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Premium subsidies will be available
for individuals and families with incomes between 133 percent and 400 percent
of the poverty level, or $14,404 to $43,320 for individuals and $29,326 to
$88,200 for a family of four.<br />
<br />
The subsidies will be on a sliding scale. For example, a family of four earning
150% of the poverty level, or $33,075 a year, will have to pay 4% of its
income, or $1,323, on premiums. A family with an income of 400 % of the poverty
level will have to pay 9.5 percent, or $8,379.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">My
company doesn't offer health insurance and I can't afford it. Will I be
fined?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Beginning in 2014, the federal
government will impose new fines on citizens and legal residents who do not
obtain government-approved insurance. Those without insurance will pay a
tax that is the greater of a flat fee, or a percentage of family income. The
flat fee will be phased in over several years. In 2014, the penalty will
be $95 per adult in an uninsured household, increasing to $325 in 2015, then to
$695 in 2016, after which it will increase annually in line with consumer
inflation. For uninsured children, the fine will be half the amount
applied to uninsured adults. If greater, households pay 1 percent of
their income in 2014, 2 percent in 2015, and 2.5 percent in 2016 and thereafter
in lieu of the flat per person fee.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">How
will the fines or penalties be enforced? Will I go to jail?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">The Department of Labor has updated
its audit procedures to include a review of group health plans’ compliance with
PPACA, in addition to many other benefit laws (including new HIPAA rules, rules
regarding wellness programs and other ERISA requirements).</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">I'm
a small business and will offer affordable insurance under Obamacare - will we
get a tax credit?</span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">(In 2014, companies with less than
25 employees will qualify for a credit that could be as great as 50% of
premiums if you arrange insurance via one of the Small Business Health Options
Programs, or SHOP Exchanges). The tax break you get will depend on a couple of
variables: the number of employees you have and their average salary.
However, this tax break won’t be offered to sole proprietorship’s. That
factor may encourage you to incorporate or become an LLC. Small Businesses
can apply for tax breaks of up to 35% (25% for non-profits) of the cost of
their employees premiums if they have fewer than 25 full-time employees. To
qualify businesses must pay for at least 50 percent of their employees premiums
and their workers average annual wages can't be more than $50k. By 2014 the tax
credit amount is increased to 50% (35% for non-profit).</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
about pre-existing conditions after Obamacare takes effect?</span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Under the Affordable Care Act,
people with pre-existing health conditions cannot be denied health insurance as
of 2014, when the law takes full effect. No more “pre-existing conditions”. At
all. People will be charged the same regardless of their medical history.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Can't
my company just fire me or make me work less than 30 hours per week to get
around this?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">YES as long they don’t break any
employment termination laws.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Can
I keep the insurance I have now?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">A business owner may keep the same
group plan that is in place, but it has to meet the Affordable Act requirements.
As an employee you will have a choice to elect your employers insurance that is
offered or elect the State Exchange coverage and take a tax credit.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">What
will happen to annual spending caps?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">There will no longer be spending
caps after Obamacare takes effect. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Is
there a limit on how high of an annual deductible insurers can charge?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";">Obamacare places a limit on how high
the annual deductible insurers can charge their customers. </span></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com1tag:blogger.com,1999:blog-5676877836094279439.post-91348240227580362062013-02-27T14:20:00.002-08:002013-02-27T14:24:34.564-08:00Financial Planning On An Irregular Income<!--[if gte mso 9]><xml>
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<br />
Are you in a career that is feast or famine? Most self-employed folks and those
who work on commission face the challenges of an irregular income. I’m familiar
with this financial roller coaster since I have been self-employed for all but about 2 years since 1999.<br />
<br />
1.) Base your lifestyle on the “famine” times instead of your “feast” times.
When you’re starting out, most of your extra resources need to go towards
building a reserve. Living out of your cash register or business checking
account is an easy way to go broke. You must have a Personal Reserve and a Business
Reserve. Your Personal Reserve should be at least 3 months of your “personal”
expenses, maybe more depending on your unique situation. How much of Business Reserve
do you need? At all times, you should have enough to levelize your income for the
next 12 months.<br />
<br />
<u>Business Reserve Example:</u> Your monthly obligations are $4,000. You project
your income over the next 12 months to be as follows: Jan, Feb, March - $2,000
each month ; April, May, June - $6,000 each month ; July, Aug, Sept, - $3,000 each month ;
Oct, Nov, Dec - $5,000 each month. You would need at least $9,000 in Business
Reserves. Use the “Reserve” in months where you are short, and
replenish it in the good months.<br />
<br />
<div style="margin-bottom: .0001pt; margin-bottom: 0in;">
2.) When you bring home a fat
paycheck, DON’T go on a spending spree. Give yourself a small bonus as a
reward, enjoy a modest celebration, and save the rest.</div>
<br />
3.) As your career progresses, average out your yearly income over the past 2 or
3 years, and pay yourself regular monthly paycheck. Base it on real numbers NOT
anticipated income that also allows you to continue to reinvest back into your business and set aside money for taxes.<br />
<br />
4.) This should probably be #1 but I hate taxes, and I know you do too! Set
aside what you will need to pay Uncle Sam off the top of EVERY check. Don’t fall into the trap of relying on that next big
paycheck to take care of your income taxes. Designate a separate account to set aside money
for taxes based on your effective tax rate assuming you are NOT paying quarterly tax
estimates.<br />
<br />
5.) Eventually you’ll be in a position to start investing outside of your
business, and diversification is crucial. You must reinvest back into your
business to keep it viable, but you must also diversify away from your core
business. If you are in a real estate related industry for example, your
first investment should NOT be real estate. Unless, of course you want to risk
losing all your investments along with your business in the next major economic
downturn. You CANNOT out smart systemic risk. Believe me I tried and I lost
thousands of dollars in the 2008 collapse. Systematic risk can be mitigated only by being hedged. To diversify away from you core business, start with asset classes
that are as unrelated to your core business as possible. <br />
<br />
6.) Determine what, if any, formal entity is right for your business. For some
people it’s OK to always file a schedule C. For others an LLC, S-corp, or
C-corp is best. All depends on your business, amount of income, federal and
local taxes, and of course liability. Not setting up the right entity can be
costly to unravel. A business attorney along with your Financial Planner can
help you decide.<br />
<br />
7.) Last but certainly not least is you must have all the proper insurance coverage’s
based on your situation. Auto and Home. Health Insurance, Business Insurance, Disability
Insurance, Life Insurance. I know business owners and self-employed are usually
risk takers because I am one. But don’t be a bonehead! Risk Management is the
foundation of your financial plan.<br />
<div class="MsoListParagraph">
<br /></div>
<div style="margin-left: .5in;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-88826021723153127922013-02-22T13:24:00.004-08:002013-02-22T13:25:38.111-08:00Calculating the ROR on Real Estate<!--[if gte mso 9]><xml>
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<br />
<b>Cash on Cash Return On Investment Method</b><br />
<br />
The cash on cash return on investment is the Annual Before Tax Cash Flow divided
by your initial cash investment. The formula looks like this:<br />
<br />
Cash on Cash Return on Investment = Annual Cash Flow / Initial
Cash Investment<br />
<br />
Annual Before Tax Cash Flow: calculated by subtracting your annual
mortgage payment from your net operating income (NOI). The net operating income
is simply the total income from the property minus the total expenses.<br />
<br />
Example: $150,000 purchase price for an income
property requiring a 20% down payment of $30,000. Annual Before Tax Cash Flow is
$3,000 per year.<br />
<br />
Cash on Cash ROI = $3,000 / $30,000 = 10%<br />
<br />
The cash on cash ROI is a good measure of a property’s first year financial
performance. However, it does not include the additional benefits achieved
through real estate such as the amortization of the mortgage and any future
appreciation. The total return on investment addresses that.<br />
<br />
<b>Total Return on Investment Method</b><br />
<br />
The total return on investment provides a better and more complete measure
of a property’s financial performance. That is because it factors in
amortization and appreciation gained over time.<br />
Total ROI = (Annual Before Tax Cash Flow + Net Sales Proceeds –
Initial Cash Investment) / Initial Cash Investment<br />
<br />
In order to calculate the total return on investment, one must project the
net sales proceeds from the future sale of the property.<br />
<br />
Let’s take our example above and assume we have 30 year mortgage with a 7%
interest rate and we plan to sell it in five years with an average annual
appreciation rate of 4% per year. After five years our $150,000 property would
be worth $182,498, and our mortgage balance would be $111,665. Let’s also
assume that our selling expenses total 5% of the sales price, or $9,125.<br />
<br />
Using the figures above, our net sales proceeds from the sale of the
property in year five would be $61,708 ($182,498 – $111,665 – $9,125).
Additionally, our before tax cash flow after five years would total $15,000
assuming no annual increase in rents or cash flow. Formula looks like
this:<br />
<br />
Total Return on Investment = ($15,000 + $61,708 – $30,000) /
$30,000 = 156%<br />
<br />
To say it another way… You earned a profit a 56% on your initial investment
after your initial investment was returned. But I would recommend looking at
your profit as an annual percentage so you can compare it to other investments
like stocks and mutual funds. The annual rate of return on this 5 year
investment was 9.26% per year. So another investment would have to earn you at
least 9.26% per year over the same 5 year period assuming the same risk level.<br />
<br />
Note that some investors calculate their total return on investment using
their after-tax cash flow instead of the before tax cash flow. However, it does
not provide a good measure to compare one investment to another since tax
liabilities will vary between individual investors. <br />
<br />
The total return on investment can be a little shortsighted when used in
isolation. This is because total return on investment does not measure of the
property’s financial performance as it relates to its equity. For this we must
calculate the property’s return on equity (ROE) which I will save for another
day. <br />
<br />
This is just some of the basics, and can be a little overwhelming especially
for beginner investors. That is precisely why you need a CFP, knowledgeable
Real Estate Agent, and Tax Expert on your team. <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com2tag:blogger.com,1999:blog-5676877836094279439.post-45839506602992915702013-01-02T08:50:00.003-08:002013-01-02T08:51:20.680-08:00Details of New Tax Bill<!--[if gte mso 9]><xml>
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<span style="font-family: Times,"Times New Roman",serif;"><span style="font-size: 12.0pt; line-height: 115%;"><u><b>Payroll Taxes Increase by 2%:</b></u> For millions of wage
earners, the most immediate effect would be the lapse of a 2% payroll-tax cut
that was part of a deal President Barack Obama struck with Republicans late in
2010. It lowered to 4.2% from 6.2% the employee portion of the Social Security
tax, allowing workers to keep more take-home pay. For an individual earning the
maximum 2013 cap of $113,700 or more, the increase would be nearly $200 per
month. Overall, the expiration of this stimulus would cost working Americans
$125 billion a year. It will take up to four weeks for many workers to know
exactly what their 2013 take-home pay will be, according to Michael O'Toole, an
official of the American Payroll Association.</span></span></div>
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif;"><br /></span></div>
<span style="font-family: Times,"Times New Roman",serif;"><b>
</b><u><b>Income Tax Rates: </b></u>The top rate on ordinary income for joint filers earning
more than $450,000 ($400,000 for single filers) will rise to 39.6% from 35%. Left
unclear is whether the $450,000/$400,000 threshold refers to adjusted gross
income (AGI) or taxable income. AGI doesn't include subtractions for itemized
deductions, while taxable income does. Current law would be permanently
extended for income earned below the $450,000/$400,000 level.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><u><b>Capital Gains & Dividends:</b></u> For joint filers with income above
$450,000 ($400,000 single), the top rate on long-term capital gains and
dividends would rise to 20% from 15%. For taxpayers earning less than the
thresholds, there would be a permanent 15% top rate on long-term capital gains
and dividends, except perhaps for the lowest-bracket taxpayers, who currently
have a zero rate.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><b><u>Alternative Minimum Tax:</u></b> The bill permanently and retroactively adjusts AMT
to stop it impacting more taxpayers than designed. The current fix expired at
the beginning of 2012.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><b><u>Limits on Itemized Deductions & Personal Exemptions:</u></b> Starting at
$250,000 of income for individuals and $300,000 for married couples there will
be a limit on itemized deductions and allowed exemptions.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><b><span style="font-weight: normal; mso-bidi-font-weight: bold;"><b><u>Estate
and Gift Tax:</u></b> </span></b>The estate and gift tax exemption would remain $5
million or more per individual vs. the $3.5 million sought by President Obama.
But the current 35% top tax rate on amounts above the exemption would increase
to 40%.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><b><u>Other Good Stuff:</u></b> Several provisions that lapsed either at the beginning or
the end of 2012 will be back. Among these provisions are deductions for $250 of
teachers' classroom expenses; state sales taxes in lieu of state income taxes;
tuition and related expenses; and the direct
charitable contribution of up to $100,000 of IRA assets for people 70½ and
older. The deal would also extend for five years the American Opportunity Tax
Credit; for many taxpayers this dollar-for-dollar credit is worth up to $2,500
and therefore the most valuable education benefit. And it would extend for five
years the current versions of the Child Tax Credit and Earned Income Tax
Credit.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;"><b><span style="font-weight: normal; mso-bidi-font-weight: bold;"><b><u>Business
Owners:</u></b> </span></b>A one-year extension of current "bonus"
depreciation rules, which allow businesses to deduct up to 50% of the cost of a
wide variety of property and equipment, excluding real estate.</span><br />
<span style="font-family: Times,"Times New Roman",serif;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif;">For more 2013 Tax and Financial Planning go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a></span> Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-5400545856193728572012-12-11T12:19:00.002-08:002012-12-11T12:22:23.204-08:00Year End Tax Tips <!--[if gte mso 9]><xml>
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<![endif]--><span style="font-family: Times,"Times New Roman",serif; font-size: large;">I know year-end tax planning isn’t much
fun, but a little sound Financial Planning could reduce the
taxes you owe<b>. </b>With so much
uncertainty around the “Fiscal Cliff” and 2013 tax rates, now is the time to
plan!</span><br />
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">2013 tax regulations are still NOT
clear, and may NOT be until after the first of the year. You can still reduce
the taxes you owe for 2012 and get a plan in place for next year.</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><u>FOR INDIVIDUALS:</u></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><u><br /></u></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Accelerate Income for 2012 and Defer
Deductions to 2013</b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><u>Income Side:</u> If tax rates increase
next year, paying taxes now at this year’s lower rate may be the smart move. Consider
accelerating bonuses, self-employment income, taking IRA distributions,
and/or convert a traditional IRA to a Roth IRA before Dec 31st. </span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><u>Deduction Side</u>: You may be able to
delay mortgage interest payments, real estate taxes, medical expenses, and
gifts to charity until 2013. Delaying deductions until 2013 will help reduce
income next year that may be taxed at higher rates. Assuming Congress doesn’t
limit these types of deductions for 2013. Ugh!!!</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Itemize Deductions Every Other
Year</b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">If your 2012 itemized deductions will
be just under or just over the standard deduction amount consider combining
expenses for itemized-deduction items every other year. The 2012 standard
deduction is $11,900 for married couples filing a joint return, $5,950 for
singles and married individuals filing separately, and $8,700 for heads of
household. If you are age 65 or older, you may increase your standard
deduction by $1,450 if you file single or head-of-household. If you are married
filing jointly and you OR your spouse is 65 or older, you may increase your
standard deduction by $1,150. If BOTH you and your spouse are 65 or older, you
may increase your standard deduction by $2,300. I
think this year is a good one to go with the standard deduction and if the tax
rates go higher for 2013, itemized your deductions.<b> </b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Accelerate Medical Expenses This
Year </b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">For 2012, the itemized deduction for
medical expenses equals the excess of qualified expenses over 7.5% of adjusted
gross income (AGI). Next year, the threshold rises to 10% of AGI.</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Maximize Retirement Account
Contributions</b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">It’s not too late to maximize
contributions to your retirement accounts. Contributions reduce your taxable
income. </span></div>
<br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Take Advantage of Lower
Long-Term Capital Gains Tax Rates</b></span><br />
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">For 2012, the federal income tax
rate on long-term capital gains is 0% if you are in the 10% or 15% federal
income tax rate brackets. If all the Bush tax cuts are allowed to expire at
year-end, the 0% Capital Gains rate does too, so consider selling investments
with gains <i><span style="font-style: normal;">in
2012 </span></i>to take advantage of the current rate.
</span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b><span style="font-weight: normal;">Even if you fall into a higher tax bracket</span>,
</b>selling assets now to take advantage of today’s low rates may still
make sense. This move avoids the potential higher capital gains tax rate in
2013 and the new Medicare tax of 3.8% on net investment income, which goes into
effect for high net-worth investors.</span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Give Some Money Away <br />
</b></span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">The $5.12 million gift tax
exemption and the 35% rate are scheduled to expire at year end. Without
congressional action, the top estate and gift tax rate will be 55% in 2013,
with an exemption of only $1 million.</span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div style="margin: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><u>FOR BUSINESS OWNERS:</u></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Bonus Depreciation is scheduled to expire on Dec. 31</b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">A company can take “bonus”
depreciation of 50% of the cost for qualified property acquired and generally
placed in service by year-end 2012. A company is also allowed, under certain
circumstances, to expense up to $139,000 of qualified property in 2012—an
amount that drops to $25,000 next year. In considering this limit, you should
know that up to $25,000 of the cost for sport utility vehicles (weighing more
than 6,000 pounds) can be expensed in 2012, with an additional 50% bonus
depreciation allowed on the remainder.</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Consider Paying a Dividend</b> </span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">There’s a reason Dillard’s and Wal-Mart
are approving bigger dividends and paying them earlier. Generally, the
highest individual income tax rate on qualified dividends is 15% for 2012. This
rate is scheduled to rise to 39.6% for 2013 unless Congress otherwise extends
the 15% rate or agrees to some rate in between. There will also be an
additional 3.8% “Medicare” tax in 2013 on net investment income (which includes
dividends) for high income individuals. This tax applies to the lesser of net
investment income or modified adjusted gross income over $200,000 for a single
taxpayer ($250,000 for married filing joint taxpayers). The Medicare tax will
apply as enacted and should not be affected by whether the 15% dividend rate is
extended or increased up to 39.6 percent. This is particularly relevant for
closely held corporations and for S corporations that have C corporation
earnings and profits where shareholders could benefit from lower dividend rates.</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Review Future Impact of ObamaCare</b> </span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">Under the health care reform act an
employer can be taxed up to $2,000 per full time employee (with the first 30
exempt) if it carries insufficient or no health insurance for its employees.
This tax does not start until 2014 and it only applies to “applicable large
employers”, which are those employers who have, on average, at least 50 full
time equivalent employees during 2013. Companies should review their employment
levels in early 2013. </span></div>
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Hire A Veteran</b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">The Work Opportunity Credit of up to
$9,600 is still available for hiring an unemployed veteran, but in order to be
eligible for the credit, you must have the qualified veteran start work before
2013.</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">These are just a few of things sound Financial and Tax Planning can do to reduce your overall tax bill. If you current Advisor is NOT helping you solve these issues, let's meet for coffee so you can learn more about how my comprehensive Fee-Only Planning Process can help you. www.JasonQuallsCFP.com or 615-878-2134. </span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com3tag:blogger.com,1999:blog-5676877836094279439.post-85489740187640862142012-11-20T09:47:00.004-08:002012-11-20T09:49:45.610-08:00Celebrate Thanksgiving By Giving Back: 5 Places To Give<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b><u>Matthew 25:35-40</u></b> </span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">For I was hungry and you gave me
something to eat, I was thirsty and you gave me something to drink, I was a
stranger and you invited me in, I needed clothes and you clothed me, I was sick
and you looked after me, I was in prison and you came to visit me.’</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">“Then the righteous will answer him,
‘Lord, when did we see you hungry and feed you, or thirsty and give you
something to drink? When did we see you a stranger and invite you in, or
needing clothes and clothe you? Where did we see you sick or in prison and go
to visit you?’</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">“The King will reply, ‘Truly I tell
you, whatever you did for one of the least of these brothers and sisters of
mine, you did for me.’</span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">Celebrate Thanksgiving by giving back. 5 Places in Rutherford County, TN to give back this Thanksgiving: </span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Feed America First </b></span></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><a href="http://www.feedamericafirst.com/">http://www.feedamericafirst.com</a></span></div>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">A faith-based hunger relief organization. We
collect large scale food donations from manufacturers, growers,
distributors, and other charities, and then distribute that food at to
some of the numerous small agencies already engaged in hunger relief in
our poor communities. We currently supply about 200 agencies, most of
them on a monthly basis. These agencies are on the front lines. They are
children's homes and church pantries, homeless shelters and substance
abuse recovery centers. Often, they are neighbors helping neighbors,
and, as is common in rural America, those doing the giving hardly have
any more than those who receive the help. We believe that hunger will no longer be a problem in America when we refuse to allow our neighbors to go hungry.</span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Good Shepard Children's Home </b></span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><a href="http://gsch.net/">http://gsch.net</a></span><br />
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">The Good Shepherd Children's Home is a
Christian-based home for disadvantaged boys and girls facing difficult
circumstances in their lives at no fault of their own. Many of the
children we serve struggle with the effects of poverty, abuse or neglect
and in most cases, just need stability and a little extra love and
support to reach their full potential. Our goal is to provide hope and healing in a
Christian environment, where kids can develop academically, physically,
socially, and most important, spiritually. We strive to make each child feel safe, loved,
and cared for and to provide them with a biblical perspective for life
and an understanding that they are special and that God has a perfect
plan for their life if they will let Him have control.</span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>The Journey Home</b></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><a href="http://www.lovegodservepeople.org/">http://www.lovegodservepeople.org</a></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">The Journey Home is a Christian Outreach Center for the homeless
and at-risk individuals and families in Rutherford County. When someone
comes to The Journey Home, they often are looking for a place to feel at
home. Everything that a person might find in a home, our clients can find within
the walls of our Outreach Center, with the exception of a place to sleep. </span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>Greenhouse Ministries</b></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><a href="http://www.greenhousemin.org/">http://www.greenhousemin.org</a></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">Greenhouse Ministries offers life transformation as volunteers make
themselves available to encourage and motivate the clients, to inspire
them to dream, to make better choices and needed changes in their lives,
to promote wholeness, and to give back to others in the community.</span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>A Soldiers Child</b></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><a href="http://asoldierschild.org/">http://asoldierschild.org</a></span></div>
<div class="t-three">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">As citizens of the U.S.A., we are forever indebted to the men and women
who so unselfishly protect our freedoms. It is our objective to
communicate through ASC to the children left behind, that the memory of
their parent will not fade away. We want them to know that there are
many Americans that are forever grateful for their parent's sacrifice.</span></div>
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<![endif]--><span class="text Matt-25-40" id="en-NIV-24049"><span class="woj"></span></span>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-28745747300650563552012-11-14T13:34:00.005-08:002012-11-14T13:40:52.289-08:006 Things That Cause Couples To Fight About Money<!--[if gte mso 9]><xml>
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</xml><![endif]--><span style="font-family: Times,"Times New Roman",serif; font-size: large;">If you and your “honey bunny” are like most couples, chances are, you argue
about money sometimes. Hopefully not ALL the time! Many studies have shown that
money fights are a leading cause of divorce. Here is what sparks the six most
common types of arguments:</span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>1.) Marrying Your Money.</b> Should you merge everything you have into
one joint account, or should you maintain individual accounts and open a joint
one for household expenses? Many couples find that the ideal solution is some
sort of blended system. They share a joint account for household finances, but
each has a personal account to do with as they please. With this hybrid
approach, the real decision is about how to divide the household income.</span><br />
<ul>
<li><span style="font-family: Times,"Times New Roman",serif; font-size: large;">If you and your partner make roughly
the same amount, you could contribute equally to the joint account, and then
keep what’s left over in your personal accounts.</span></li>
</ul>
<ul>
<li><span style="font-family: Times,"Times New Roman",serif; font-size: large;">Some couples use a proportional
system: If one partner earns 2/3's of the household income, then they
contribute 2/3's to the joint account. After funding the joint account,
the partners can do whatever they want with the leftovers.</span></li>
</ul>
<ul>
<li><span style="font-family: Times,"Times New Roman",serif; font-size: large;">A final option is to use the “adult
allowance” system. In this case, both spouses put their entire paycheck into
the joint account, and then withdraw a fixed amount into their personal
accounts every month.</span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">What’s most important is honesty and
communication. Any system in which spouses are open about their money habits is
a good one</span></div>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>2.) Dealing With Debt.</b> Whenever debt enters the relationship,
it’s good to remember that no one is perfect. The debt is not a way to keep a
“scorecard” in the relationship. People in mature relationships accept that
solving the debt as a team not only strengthens the relationship, but helps
reduce the debt more quickly. </span><br />
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b><span style="line-height: 115%;">3.) Overspending</span></b><span style="line-height: 115%;"><b>. </b>In many relationships, one gets labeled
the “saver” and the other gets labeled the “spender.” Labels and categories never
serve to make you feel closer to your spouse. They key here is to remember that
you’re simply trying to avoid surprises, which a budget goes a long way toward
fixing. You must both agree on how your money will be spent or you'll be in more money arguments than you can count.</span></span></div>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>4.) Bone Head Investments.</b> Various studies show
that men are more willing to take financial risk than women. It's far too common for a husband to make a poor investment decision which starts a marriage towards deterioration. However,
investments are a secondary argument. The biggest issue is achieving agreement
and understanding of how specific investments will be made based on your goals. Once a discussion of goals and time frames are clarified for
different accounts and sums of money, it becomes much easier for couples to
align themselves with common goals and objectives.</span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>5.) Money Secrets.</b> Let’s face it… Most of us have
trouble not lying to ourselves, let alone other people. Lies about what we ate,
what we spent. This is one of the fundamental challenges of a relationship, to
be vulnerable and transparent in all areas (and not letting your own guilt and
money secrets come to such a point they damage you and the people around you).
Each must keep in mind that most relationships aren’t destroyed by one dramatic
act, but a series of small, even individually inconsequential acts that chip
away at your foundation of love and trust.</span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><b>6.) Cash Reserves.</b> Just like couples vary on the degree of
risk they are willing to take, they also vary on the level of reserves they
need to feel safe. Once a budget is clarified, issues of cash reserve savings
become secondary. Discuss it, make a decision about it, then don't dip into it behind the others back.</span><br />
<span style="font-family: Times,"Times New Roman",serif; font-size: large;"><br /></span>
<span style="font-family: Times,"Times New Roman",serif; font-size: large;">With honesty, open communication and a willingness to look at your
finances objectively, couples can avoid the top money
arguments.</span><br />
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-77479040077197838112012-11-08T12:24:00.000-08:002012-11-08T12:30:37.086-08:00Should You Move Your Old 401k to Your New Employer?<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Answer: <b>MAYBE</b></span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Moving your old 401k to your new
employer’s 401k plan could be good, but like all things in financial
planning… There is no cookie cutter answer. </span></div>
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<br /></div>
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Check out the rules with your new
company.</span></u></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Your old employer has no say in the
matter. If you want to move the 401k, you can. But your new employer may or may
not allow plan-to-plan rollovers. </span></div>
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<br /></div>
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">You may want to keep things simple.</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The advantage of the rollover to another 401k is that all of
your money is in one place, and you only have
one account to think about. You can also make all of your asset allocation
decisions inside one account. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">What are the costs in new plan? </span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">This one trumps the first two
considerations in my opinion. The downsides of many 401ks are their exorbitant
costs, and these costs can wreak havoc on your retirement goals. The cost of the
mutual funds in your new 401k plan is likely to be higher than the mutual funds you could select inside your own IRA. For that reason, I like rolling over into IRAs most of the time. Check
the fees on the mutual funds in your new 401k. If most of the funds have an
annual expense ratio more than 1% per year, you can do better in an
IRA. Ask your human resources department for their latest 401k fee disclosure</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Will you be able to get diversified?</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Make certain your new 401k has
enough choices for you to allocate your assets the way you need to. If not, a
good IRA provider offers all the choices you could possibly need—and more.
Basic asset classes your new 401k should have: US Stocks (large, mid, &
small), International Stocks (large and emerging markets), Fixed Income (US
& foreign with a range of maturities), Real Estate, and Hard Assets/Commodities.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Don’t be a do-it-yourselfer!</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">You may be able to grout the tile in
your shower because you watch the DIY network, but investing doesn’t work this
way. Most retail investors way under-perform the market because they have no
clue what they are doing. Also, most Financial Advisors are just mutual fund
salespeople. They have no incentive to show you all the great commission free
funds that are out there. By using a traditional Advisor, you may end worse
than if you just screwed it up yourself. I suggest working with a FEE-ONLY Certified
Financial Planner because they must act in your best interest, and have been
trained in all aspects of financial planning.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">For more about my Fee-Only Financial
Planning practice, go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a>
or call 615-878-2134.</span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-24322074504086612462012-11-02T11:59:00.004-07:002012-11-02T11:59:36.647-07:0010 Financial Planning Myths<!--[if gte mso 9]><xml>
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<u><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">1.) “I can retire when I save $X dollars.”</span></b></u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
How do you know that? When I hear someone say that a million dollars (or any
another number) is the exact amount you need to retire, it shows a lack of
understanding. First, many facets of your financial life tend to change
both before and after retirement: inflation, deflation, tax rates, market
returns, health care costs, family situations, etc. The “magic number” is
going to change right along with them. What if you decide to relocate and
the cost of living is different? What if you get divorced? What if
your spouse dies? What if your deceased spouse never updated his/her will
and the estate goes to a previous spouse or children? What if you
suddenly face a serious medical condition that isn’t fully covered by your
insurance? What if you need assisted living and don’t have long-term care
insurance? What if a parent or child falls on hard times
and you want to help support them financially?<span style="mso-bidi-font-style: italic; mso-bidi-font-weight: bold;"> </span></span></div>
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<br /></div>
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">2.) “Bonds are a safe investment.”</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b><u> </u></b>
Bonds have different risks than stocks, but they still have risks.
There’s interest rate risk, inflation risk and risk of default. As
interest rates and inflation rise, bond prices fall. That means your
“principal” or amount paid when purchasing the bond will drop. If you sell
your bond to get a better interest rate, you may recognize a capital loss on
the original bond. The reverse is also true. Your bond’s value will
rise when interest rates drop, because your bond will have a higher interest
rate than what can be purchased on the market. Interest rates are at historical
lows, and many experts are fearful of what may be the fate of bonds in
short-term.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">3.) “Once you retire, you’ll spend about 25% less than when you were
working.”</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> A recent survey done by Phoenix
Wealth indicated that many people will need 100% or more of their current income
in retirement. Usually the same amount of money is just spent in
different ways. Health care costs, inflation, and long-term care expenses are a
few of reasons why you may need more than you think.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">4.) “I only trust investing in real estate</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b><u>.”</u></b>
Now we all know better, but a few years ago we couldn’t imagine real estate
prices dropping so dramatically. The amount of time it now takes to sell
property is much longer than normal. The biggest problem with real
estate is that it is illiquid, meaning you can’t readily convert it to cash.
Now that the real estate market has started to re-bound, I fear many folks will
slip back into this pitfall.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";"><b><u>5.) “You should have X% / Y% portfolio allocation when you retire.”</u></b> (pick
your percentages) </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">How can anyone know this without
knowing your entire financial situation? Each investor’s risk tolerance,
timeline and goals are different, as are their intentions for their future
lifestyle. The other main factor influencing an asset allocation is the
amount saved. A long-term saver can afford to take less risk, whereas a late saver may need more growth to make their savings last
longer. Other sources of income such as pensions and post-retirement
employment also need to be taken into account. There is no one size fits
all.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">6.) “Your tax rate will be lower in retirement.”</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> Have you watched the news lately? Sounds like everyone’s
taxes may be going up next year. And with the debt crisis our country is facing
it’s not likely that tax rates will come down anytime soon. There are some
instances where you could be pay less in taxes at retirement mainly because you
would no longer be paying FICA taxes. But, you’ll likely lose some itemized
deductions. Most people don’t realize that there social security could be subject
to taxation as well. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">7.) “My financial situation is really simple and straightforward.”</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> You may think so, but when a qualified professional reviews
it, they may see opportunities for improvement or danger zones you haven’t
noticed. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">8.) “I don’t need a financial advisor.</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b><u>
I can do it all myself. I read a lot of financial magazines and watch CNBC”</u></b> You
might do a great job, but then, how do you really know for sure? A
trained professional with on-going continuing education across the spectrum of
income tax planning, cash and debt management, asset allocation, investments,
insurance, retirement planning and estate planning can best objectively
evaluate your finances in an integrated manner. He can look at how
various aspects influence one another. He can identify strengths and
weaknesses and recommend appropriate actions to take. Plus, all those
talking heads on TV and magazines are focused on the latest hot
tip. A Certified Financial Planner® will help you design a course of
action that makes sense for you for many years to come, adjusting along the way
as needed. A professional can help you focus on what counts, not on the
noise.<br style="mso-special-character: line-break;" />
<b><u><br style="mso-special-character: line-break;" /></u></b>
</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">9.) “All financial planners just want a piece of my money</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b><u>.”</u></b> As noted above, the financial planning process as defined by the
CFP Board of Standards covers a lot more than just investment advice. It
involves a six-step process: gather client data and goals, analyze and
evaluate the client’s financial status, develop and present recommendations,
implement the recommendations and monitor the results. In addition, an
unlicensed person may hold themselves out as a financial planner. A
Certified Financial Planner® practitioner must pass the CFP Board exam,
continue their education requirements and uphold the standards of integrity,
objectivity, competence, fairness, confidentiality, professionalism and
diligence. <br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">10.) “I can’t afford to pay for advice.</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><b><u>”</u></b> Perhaps the reason you can’t
afford financial planning is that you may not be managing your money as well as
you could. Perhaps you really need professional advice. In the long
run, those who use a Certified Financial Planner® reach their goals more often
and more quickly than those who don’t.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The fact is, there are no
certainties about our financial futures, only many changing variables.
Those who go forward alone, face those doubts, situations and decisions alone
with limited resources. They may make decisions based on emotion, not
professional experience and training. Others <span style="mso-spacerun: yes;"> </span>wisely use the advice from a Certified
Financial Planner. Their futures are just as uncertain, but they have seasoned
guidance to help steer their boat on both calm seas and through rough
waves. Their CFP® practitioner is required to objectively put the
client’s interest first at all times. Which way would you rather proceed?</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">For more about how my financial planning process can help you go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a> </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><span style="font-size: xx-small;">Article by C. Stone, CFP </span></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-6307052088592951972012-10-25T12:47:00.004-07:002012-10-25T13:02:31.316-07:0010 Steps To Improve Your Financial Life<!--[if gte mso 9]><xml>
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<b><u>1.) Get Organized:</u></b> Pull out that old shoe box where you keep all those important documents about your financial life and finally get organized. Don’t
just make a neater pile; actually create a categorized filing system. Categories you may want to
include: company benefits info, health and dental insurance, life and disability
insurance policies, home and auto insurance coverage, retirement account
statements, your kid’s college fund statements, Wills, Power of Attorney,
Trusts, tax returns, and all loan documents. </div>
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<b><u>2.) Reflection & Direction:</u></b> Now that you have the “Good,
Bad, and the Ugly” of your financial life all organized in front of you, reflect
on all the dumb money decisions you have made in your lifetime. All the ones
where you wish you had a “do-over”. Now focus on the lessons you learned from
those mistakes, and write them down. Next, really think about what you want for
your financial life. What does financial security and independence truly look
like for you? What scares the hell out of you? What do you really want in your golden years? How does debt and
overspending make you feel? Where would you like to send your kids to college? </div>
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<b><u>3.) Live Within Your Means:</u></b> This is not rocket science. We
all know we should live within our means, but yet this is where we all struggle
the most. Our culture has ingrained in us that if we want it now, then we
should have it now. This has driven many of us to overspend and rack up huge
amounts of debt. The savings rate by Americans is lower than ever before. It’s
time we put our “big boy panties” on and start acting like responsible adults! To
create your budget you can use some fancy software program, an Excel
spreadsheet like what’s available on my website, or just use a note pad. It really doesn't matter. Use whatever method is easier for you. You are no longer allowed to sit back scratching your head wondering where all your money is going. The
hard part is not creating the budget, but actually having the discipline to
stick it. First, just list all your income sources for the upcoming month. Then
list all of your expenses for the upcoming month. Don’t try to convince me you
have no idea what your expenses are! It’s 2012. We all have access to online
banking which will show you in great detail where you have been spending your
money. If you have more expenses than income, something has to go OR you must
produce more income. See, it’s not rocket science. Start analyzing where you
are wasting the most money. For many people this will be food. We all go out to
eat way too much. So STOP it!!!.<span style="mso-spacerun: yes;"> </span>Cut what expenses that can be cut out of your
budget then stick to it! A great FREE resource for budgeting is <a href="http://www.mint.com/">www.Mint.com</a>.</div>
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<b><u>4.) Create a Balance Sheet:</u></b> This is nothing more than a fancy
name for a list of all the things you own (assets) minus all the people you owe
(liabilities or debts). <span style="mso-spacerun: yes;"> </span>This is the
starting point of the scorecard on your financial life. Beside each of your
debts, list the interest rate and minimum monthly payment for each. Make it your number one goal to get to a positive Net-Worth (assets-debts) if you aren't there already.</div>
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<b><u>5.) Prepare For The Worst:</u></b> Most people try to skip some or all of the
areas of this one. But if your financial plan is going to come to fruition in the face of
adversity you must have proper risk management. I recommend you seek professional
help in many of these areas. There is no way I can be detailed enough in this
article. Don’t confuse the following list to mean that I am simply suggesting
you go buy stripped down basic insurance products. You need to own the proper
coverage limits based on your unique situation with a quality company. And that’s
why you should seek the help of a professional. Here is a list of all the Risk
Management areas: Cash Reserve Fund, Health Insurance Coverage, Home & Auto
Insurance Coverage, Personal Liability Coverage, Life & Disability
Coverage, Long Term Care Funding, and ID Theft Protection.</div>
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<b><u>6.) No Consumer Debt:</u></b> To become financial independent you must get
out of and stay out of consumer debt. That means no credit cards, credit lines,
or other high interest debt. I consider high interest debt anything with an
interest rate over 6% in today’s low yield environment. Your first order of business
after you have covered all the needed risk management areas is to pay off all
consumer debt ASAP before you start saving. It makes absolutely no sense to
contribute to your IRA where you will be lucky to get an 8% return over the
next decade and pay 18% interest on a credit card.</div>
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<b><u>7.) Plan for Major Purchases, Retirement, and Sending the Munchkins
to College:</u></b> Do you have to replace a vehicle in the near future? Do you have to
pay for braces for little Suzie? If so, you will want to save for these types
of things first. Why? Because it’s highly unlikely you can go without a
vehicle. And little Suzie can’t go without straight teeth, unless of course you
live in the Deep South. So if you don’t plan to pay for those sorts of things separately
the money will either come out of your retirement fund, cash reserve fund, or you
will be forced to go back into debt. As for retirement and college savings,
there is no magic savings percentage I can give you. Obviously the more you can
save the better. We all have different ideas of what retirement will look like.
So I highly recommend working with a Certified Financial Planner to develop the proper plan. But let’s not
get too wrapped up in the numbers. You can only control what you can control. If
you aren’t able to save 15-20% of your income (or whatever!) it doesn’t matter
what I tell you should be saving. So control what you can, and save the maximum
you are able towards retirement and college.</div>
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<b><u>8.) Recognize What a Professional Investment Strategy Is (and Isn't):</u></b> This one is a blog post (or more) all
by itself. A couple things here: Most financial advisors are sales people. So
beware of taking investment advice from someone who is paid by what they sell
or based on the size of your account. Work with a Fee-Only Advisor, someone who
is paid only to provide advice. And don’t try to do this on your own. A
sound investment strategy should be based on your unique situation with a focus
on diversification, low costs, and common sense. <span style="mso-spacerun: yes;"> </span>Contact me for free review of your investment
strategy.</div>
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<b><u>9.) Avoid the Tax Man</u></b>: No one wants to pay more in taxes than they
have to. The more complex your situation, the more you should seek out an extremely
knowledgeable tax person. Don’t try to be cheap here. Proper tax planning will
save you way more than it costs you. And avoid places like “H&R Hack”. Far
too often I see tax returns with all kinds of mistakes coming from these guys.
If your situation is fairly simple, like you earn a modest W2 income for
example, programs like Turbo Tax are perfectly capable of helping you.
But hire an expert if you own rental property, a business, or you are a high
income earner.</div>
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<b><u>10.) Get a Will:</u></b> Just as no one wants to talk about insurance,
people really don’t want to talk about incapacitation, death, and who will get
your stuff. But you must protect your assets and your heirs by having a proper Estate Plan. At the very least you need a Will, Healthcare Directive, and a Power
of Attorney. And don’t try to use some website like wwww.USCrappyLegalForms.com.
You need expert advice from a qualified Estate Planning Attorney.</div>
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I have painted some very broad stokes in this article. There
is no way I could cover it all, and do each area justice in blog post. My goal
is for you to realize that true Financial Planning involves many moving
parts. You need help of a Certified Financial Planner along with many other
professionals. Contact me for a free initial consultation at
<a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a>.</div>
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Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-90744009531249859582012-10-15T12:57:00.001-07:002012-10-15T13:01:48.287-07:00Should You Hate Your Financial Advisor?<!--[if gte mso 9]><xml>
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<span style="font-size: 14.0pt; line-height: 115%;">We all want
to be around people we like. Many of us will only spend money at a restaurant
or business because we know the owners or employees.</span></div>
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<br /></div>
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<span style="font-size: 14.0pt; line-height: 115%;">But it may be best if you really don’t like your Financial Advisor.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 115%;">Let's assume </span><span style="font-size: 14.0pt; line-height: 115%;"><span style="font-size: 14.0pt; line-height: 115%;">you and your Advisor become close friends outside of a typical business arrangement.</span> He sends you birthday cards, takes you to play golf, out to
lunch etc. Maybe you belong to some of the same civic organizations or go to the same church. Or your kids go to same school and they are also friends. Heck maybe you were "BFF’s" back in college.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 115%;">It may not be such a good idea to develop such a close personal relationship with your Financial Advisor. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 115%;">Here’s why… If you and your Advisor are big bud’s, what happens if you find out that he or she hasn't been giving you the best advice? </span></div>
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<br /></div>
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<span style="font-size: 14.0pt; line-height: 115%;">What if you decide to get a review of your current plan from a Certified Financial Planner, and you learn that your plan has a lot holes in it? Your "friend" the Financial Advisor has sold you
an insurance policy or an annuity you didn’t need. And maybe some crappy mutual funds that are way too expensive.
Basically you learn that your "BFF" the Financial Advisor has
made many bad recomendations.</span></div>
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<br /></div>
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<span style="font-size: 14.0pt; line-height: 115%;">What are you
gonna do? Can you imagine how difficult your next conversation will be? Do you think you will still be "BFF's" after you FIRE him
or her? </span></div>
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<br /></div>
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<span style="font-size: 14.0pt; line-height: 115%;">That’s why you should hate your Financial Advisor OR at least work with an Advisor who doesn't get paid to sell you and must act in your best interest at all times.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: 14.0pt; line-height: 115%;">For more about my commission free, objective financial planning process, go to <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a> or call 615-878-2134. </span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-37789389217379558392012-09-26T10:41:00.001-07:002012-09-26T10:41:14.876-07:00Your Net Worth vs Joe Biden’s<!--[if gte mso 9]><xml>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">“They may be the most powerful couples in the world and rub
shoulders with the likes of George Clooney and the Queen of England, but the
Obamas and Bidens face many of the same financial challenges as the rest of us
– neglect, inertia, poor diversification and spotty investments.”</span></i></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">I came
across a July article of Kiplinger magazine</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
disclosing an amazing fact about VP Joe Biden. He has a total net worth of only
<span style="mso-bidi-font-style: italic; mso-bidi-font-weight: bold;">$215,000</span>.
The whole purpose of the article was to show that even the powerful politicians
should be paying closer attention to their money.</span></div>
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<br /></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Obamas and Bidens Finances</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Both the Obamas and Bidens have high-interest loans. Obama
has a mortgage on his old Chicago house at 5.625% interest, and Biden has
other loans over $65,000 in the 7.5% and 9.9% range. Maybe no one has told him that rates are at historic lows?</span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Bidens also have 9 total checking and/or savings
accounts in their names ranging from anywhere between $1,000 to $15,000. Umm... maybe
it’s time for some consolidation?</span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Obamas are far too conservative and poorly
diversified, while the Bidens are too spread out.</span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Obamas have 92% of their money in cash at around
$4.7 Million but only $325,000 in mutual funds. In fact, they only
own 1 fund: The Vanguard Index 500. </span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Bidens have 6 small cash-value life insurance
policies, of which they’ve taken loans out against between 5%-8%, and also
looks like they have a variable annuity. </span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The Obamas have between $100,000 and $200,000 in each
of the girls’ 529 college savings accounts. Least he's doing something right!</span></li>
</ul>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Looks like
even if you have the “Gift of Gab”</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">
to be elected the leader of the free world, you can be still be dumb enough to make
bonehead financial decisions. Maybe it’s not entirely his fault? His financial
advisor may be a commission-based financial hack job! So he didn’t build that...</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Love him or hate him, Mitt Romney
has been dang good with his money. His net worth is estimated at about $250
million. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Who would you rather have as the CEO
of our country? </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">If you want to make sure you aren’t making
the same mistakes as the Obamas and Bidens, work with a Fee-Only Certified
Financial Planner like me ;D <a href="http://www.jasonquallscfp.com/">www.JasonQuallsCFP.com</a></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Here is a link to the Kiplinger article:
<a href="http://www.kiplinger.com/features/archives/obama-biden-family-personal-finances.html">http://www.kiplinger.com/features/archives/obama-biden-family-personal-finances.html</a></span></div>
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<br /></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-26568852434306555422012-09-21T14:12:00.001-07:002012-09-21T14:12:46.812-07:00Selecting The Right Business Entity<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Whether you are a new business or an existing
business, selecting the best legal entity affects not only
profitability and operations, but also your tax bill and your risk exposure. Proper business planning should tie together your business strategies with your
personal tax, investment and estate planning goals. Apart from protecting the owners from liabilities,
income taxation is probably the most important factor when choosing an entity
structure. There are 4 main types of business entities: C-corp, S-corp, Partnership, and an LLC. </span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">The C corporation or “regular” corporation is subject to “double
taxation.” This means that the corporation pays tax on its net profits, and
when dividends are paid to its shareholders, the shareholders also pay tax on
those dividends. If a C corporation has net losses, it must use them against
its own income, either carrying the losses back to obtain refunds of prior
years’ taxes, or carrying them forward to offset future years’ income, or both.
C corporation shareholder/employees generally receive income as either salary
or dividends. The corporation can deduct compensation paid to employees, while
dividends are not deductible, and therefore are paid after tax. At the employee
level, wages will generally be taxed at a higher rate than dividends because
wages are ordinary income with rates up to 35 percent, and they are also
subject to employment tax. Qualified dividends, on the other hand, are
currently taxed at a maximum federal rate of 15 percent, without employment
tax. Remember that dividends must be paid to all shareholders pro rata, while
compensation can be customized. </span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">S corporations, partnerships and limited
liability companies (LLCs) generally are “pass-through” entities for tax
purposes. This means that the net profits or losses of the entity are reported
directly on the owners’ individual income tax returns, and the entity pays no
tax itself. </span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">When considering which entity is best for you, do
not limit your consideration exclusively to the tax benefits with the various
entity structures. Think ahead to what types of assets the business will have,
how you will finance the business, what will happen when you are winding down
or liquidating the business and how or when you intend to take distributions
from the business. Sometimes it makes sense to change your business structure
after you have been operating in your initial form in order to accommodate new
goals or facts. Make certain you thoroughly understand the tax consequences
before making a change. For more details on business entities read the <a href="http://www.cbiz.com/pdfs/2011-2012_cbiz_mhm_business_tax_planning_guide_banner.pdf" target="_blank">CBIZ Business Tax Planning Guide</a>.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">For more about my unique financial planning practice go to <a href="http://www.jasonwqualls.com/">www.jasonwqualls.com</a></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-34091291651801032182012-09-11T12:27:00.000-07:002012-09-11T14:04:47.843-07:00How To Protect Your Child From Identity Theft<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Imagine this: Your daughter has finally flown the nest! She applies for her first mortgage or car loan, and she's denied. Turns out, her identity was stolen years ago, and she’s
thousands of dollars in debt.</span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Child identity theft is more common
than you think. Stats suggest that as many as 1 out of every 10 kids will be a
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Scammers target children—even
infants!—so they have years to use the identity (racking up credit card debt,
buying a home or car, getting a job or driver’s license) before being
discovered.</span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Fortunately, parents can help
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<u><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Be a Little Nosy</span></b></u></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">In the era of “helicopter”
parenting, no one wants to be accused of hovering too closely. But parents
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schoolers surfing the Internet alone.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Decide which websites are
appropriate, and block any inappropriate sites using parental control software.
Set a few ground rules: <u><i>don’t buy anything online without permission, never
open emails from a stranger, and never click on pop-up ads</i></u>.</span></div>
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<u><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Set Rules About Sharing</span></b></u></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Over-sharing on social networks like
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personal information like her birth-date, address, phone number, or school when
on the computer.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Thieves often only need your name
and the last four digits of your Social Security number and <i>voila</i>,
they’re able to call your bank and request a change of address—meaning they
start receiving your sensitive documents.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Explain that scammers use Social
Security numbers or other information to open credit cards or create fake
documents, racking up way more debt than she will ever have her piggy bank.</span></div>
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<u><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Be On Fraud Alert</span></b></u></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">To make sure your kids are in the
clear, contact each of the credit reporting agencies (TransUnion, Experian, and
Equifax) every few years and ask if your child has a credit report. If yes,
check it for fraud or errors. No report means there’s no problem.</span></div>
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<u><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman";">Make Kids Street Smart</span></b></u></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Start a conversation about identity
theft by reviewing the tips at <a href="http://moneyasyougrow.org/"><u>MoneyAsYouGrow.org</u></a>. And for more ways to
safeguard your child’s financial future, visit <a href="http://ftc.gov/idtheft">ftc.gov/idtheft</a>.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">At the very least, following these
four steps will ensure that once your kids are older, they won’t be naive enough
to <span style="color: windowtext;">post photos of their debit or credit cards on Twitter</span>.
(Yes, folks are really doing that!)</span><br />
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></div>
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: "Times New Roman","serif"; line-height: 115%;">Contributed by </span><span style="font-family: "Times New Roman","serif"; line-height: 115%;">Beth Kobliner</span></span><br />
<br />
<span style="font-size: x-small;"><span style="font-family: "Times New Roman","serif"; line-height: 115%;"><span style="font-size: small;">For more on "Teaching Your Kids About Money" go to <a href="http://www.jasonwqualls.com/">www.JasonWQualls.com</a></span></span></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-75652115363977197602012-09-05T11:24:00.001-07:002012-09-05T11:25:16.091-07:00Are We Hard-Wired to Make Bad Financial Choices?<!--[if gte mso 9]><xml>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Proper financial planning that
provides for our financial needs in retirement is perhaps the
prototypical example of “willful blindness”. We all know that most people have
not saved enough to provide for a sustainable long-term income in retirement.
The core issue here is that we (as a society and as individuals) are making
consistently bad financial decisions that affect our futures, beginning with
how we pay for college.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Sure, it’s always easier to simply
ignore the long-term issues and plan to deal with them later in life. As
humans, we have an enormous behavioral bias to focus on the now and not on
the future. In his recent Ted talk, Shlomo Benartzi estimates that
only <span style="mso-bidi-font-weight: bold;">11%</span> of Americans
are saving enough to meet their future financial needs. This is, in my opinion,
a disaster in the works.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal;">
<span style="font-size: large;"><b><span style="font-family: "Times New Roman","serif";">What are we thinking? </span></b></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Benartzi explores the ways that our
innate behavioral biases allow us to ignore the looming crisis. He frames the question
of how and why people make consistently bad decisions in a range of example,
like taking out a mortgage you can’t afford. Using a series of lab experiments,
he explains how we seem to have some hard-wired (neurological) biases that tend
to make us totally discount our future needs in favor of current consumption.
To quote Benartzi:</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">“<i>Self-control is not a problem in
the future. It’s only a problem now when the chocolate is next to us.</i>”</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Economist Daniel Goldstein,
characterizes this problem as the conflict between our present and future
selves. His main thesis is that we have an incredibly difficult time
actually envisioning future outcomes. Because we cannot see our future
selves, we are less likely to save on his or her behalf. Our choices today are
implicitly a conflict between our own interests and the interests of some other
person—meaning our future selves. Our future self is someone that we don’t even
know—some old, gray-haired stranger.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The fundamental issue here is that
consumption is instantly gratifying while denying ourselves in the present is
not. Denying our impulses to consume requires effort, whereas consuming is both
easy and pleasurable. Yet, there are plenty of people who manage to train
themselves to eat healthy, to exercise, or to save for retirement. The problem
is how we, as a society, motivate more people towards making better, and
(sometimes harder) decisions.</span></div>
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<b><span style="font-size: large;"><span style="font-family: "Times New Roman","serif";">The Implications of Poor Financial Choices</span></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">When society does not teach high
school students that their choices about what they spend on a college education
are directly tied to a potential substantial debt that their future selves will
have to repay, it is no wonder that so many young people take on such enormous
debt burdens without grasping the personal implications.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">When mortgage brokers and realtors
talk home buyers into a larger house that they can’t afford (or even that buying
as large a house as possible is a good investment, which they have been known
to do) we cannot be surprised when they take on an unsustainably large
mortgage. The thought here is that it does not take a lot of convincing to get
someone to make a choice that they want to make in the first place.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
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<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">The field of behavioral economics is
fascinating and I hope it will help policy makers figure out new ways to
motivate people to make better financial decisions. The problems of inadequate
savings and the propensity to take on too much debt, have enormous implications
for our society. The research into why it is easier (or perhaps more natural)
to make bad financial decisions does not alleviate that individual
responsibility.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">We all have to choose the harder
path of consuming less and saving more.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">For more about how my Financial Life Coaching process can help you get on the right track go to <a href="http://jasonwqualls.com/" target="_blank">www.jasonwqualls.com </a></span></div>
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<i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">“Are We Hard-Wired to Make Bad
Financial Choices?” was provided by Portfolioist.com. </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-29135446709084342652012-08-23T10:13:00.000-07:002012-08-23T10:13:18.415-07:00What is the Fiscal Cliff?<!--[if gte mso 9]><xml>
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<br />
What is this “Fiscal Cliff” you keep hearing about on the news?<br />
<br />
It is the combination of large spending cuts and tax
increases that are scheduled to be automatically enacted at the start of 2013. The
Bush tax cuts are set to expire for millions of Americans, and billions of dollars of
spending cuts will take effect because Congress couldn’t reach a deal last year
to reduce the deficit by at least $1.2 trillion over 10 years. <br />
<br />
Democrats want a combination of spending cuts and tax increases on the high income earners, while
Republicans want to cut spending, but don’t want to raise taxes. Both want to
avoid the fiscal cliff because of the huge impact on our economy.<br />
<br />
<u><b><span style="font-weight: normal; mso-bidi-font-weight: bold;">What are
the immediate threats to the economy?</span></b></u><br />
<u><b><span style="font-weight: normal; mso-bidi-font-weight: bold;"><br /></span></b></u>
The sudden rise in taxes and cuts in spending would have a harsh impact. According
to an analysis by J.P. Morgan economist Michael Feroli, $280 billion would be
pulled out of the economy by the expiration of the Bush tax cuts, and $125
million from the expiration of the Obama payroll-tax holiday. Also, $40 million
from the expiration of emergency unemployment benefits, and $98 billion from
Budget Control Act spending cuts.<br />
<br />
<u><b><span style="font-weight: normal; mso-bidi-font-weight: bold;">How would
this impact growth?</span></b></u><br />
<br />
The nonpartisan Congressional Budget Office projects that if the tax
increases and spending cuts go into effect, the economy would contract at a
2.9% annualized rate in the first six months of 2013 and the unemployment rate
would rise to 9.1% at the end of next year. If the spending cuts and tax
increases are avoided, the economy would grow at an anemic 1.7% next year and
unemployment would fall slightly to 8.0% by the end of next year.<br />
<br />
<u>My Thoughts</u> <br />
<br />
We've got to stop kicking the can down the road!!! Our economy needs certainty, and we must demand that the government make the decision that is best for our economy, not the one that holds the most political gain. Our economy is a disaster and it's time to "pay the piper". Even if that means we all have to chip in. <br />
<br />
Learn more about my unique view on Financial Planning at <a href="http://www.jasonwqualls.com/">www.jasonwqualls.com</a>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-20073295405315293602012-08-07T12:02:00.000-07:002012-08-07T12:02:05.780-07:00Does the Stock Market pick the President?<br />
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Does the stock market influence the presidential election?<br />
<br />
InvestTech Research of Montana has concluded that the direction of the stock
market during the last two months before the election has the greatest
influence on the outcome. The Market has predicted 90% of the presidential
elections since 1900. There have been only four exceptions to date: 1956, 1968,
and 2004. A February 24, 2012 article about this research by Lauren Fox of US
News summarizes the results. Of 28 elections during the period, there were 16
during which the stock market went up preceding the election and the incumbent
was re-elected in 15 of them. There were 12 elections during which the stock
market fell preceding the election and the incumbent lost in 10 of them. </div>
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What's your opinion? Contact me at <a href="http://jasonwqualls.com/" target="_blank">www.JasonWQualls.com </a></div>
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</div>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0tag:blogger.com,1999:blog-5676877836094279439.post-46474136258324349792012-07-11T16:10:00.001-07:002012-07-11T16:20:28.420-07:005 Reasons Why You Don’t Have a Financial Plan<br />
1.) <b>You are too complacent!</b> Complacency is defined as “Contented
to a fault; self-satisfied and unconcerned”. Get off your butt! And get your
financial life in order.<br />
<br />
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2.) <b>You believe that “Financial Planning” is just for people
with lots of money or it’s too expensive.</b> This couldn’t be further from the
truth. My clients have all levels of net worth. If someone came to me who
really needed my help, I would do my best to work the cost of my services into their budget.</div>
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3.) <b>You think “Financial Planning” is just about investing or
retirement.</b> Nope, not even close. Financial planning involves everything your
money touches. Including your budget, investments, taxes, and your estate plan.</div>
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4.) <b>You think you “got a guy”. </b>Most so-called Financial Advisors
are really just investment sales people with no formal training in financial
planning. If your guy works on commission, and isn’t a Certified Financial
Planner… You ain’t “got a guy”! </div>
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5.) <b>You listen to Dave Ramsey!</b> Oops, did I really just say that?
YES!!! While I concede that Mr. Dave is a marketing genius, much of what he
teaches about personal finance is crap! Yes, crap! Why is it crap? I could list
at least a dozen reasons, but I’ll just stick to a few that really irk me the
most. </div>
<ul>
<li>#1 He teaches his followers to only invest in 4 types of
mutual funds. If it were really that simple, why don’t all the top money
managers in the world follow this strategy? Because it’s a stupid strategy! It’s
better than no strategy at all, but it is nowhere near a real investment plan. Follow
his strategy, and you'll likely be disappointed by sub-par returns
with higher levels of risk when compared to working with a professional.</li>
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<ul>
<li>#2 He says to ONLY buy mutual funds that charge a
commission. How ridiculous is that!? Mutual funds that charge a load or
commission are usually actively managed. 60-70% of actively managed mutual
funds don’t even beat the S & P 500 Index! And actively managed mutual
funds can be 4 or 5 times more expensive than index funds. He says this because
all of his “ELP’s” work on commission! And if he told you to only buy “no-load”
funds, his “ELP’s” would go out of business.</li>
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<ul>
<li>#3 He says that bread-winning spouses should only buy 10
times their income in term life insurance. I can’t even bring myself to waste
time on this one again! Just find my other posts about life insurance. If you
still need convincing that much of what Dave says is crap, I have a little
homework assignment for you. Multiply your income by 10. Then go to Google and
find the last 5 or 10 years of actual stock market returns because he says to
only invest the money in the stock market. Then assume you died 5 or 10 years
ago, and your wife was trying to survive by taking 10% of the starting principal
balance each year. Next deduct or add back the positive or negative returns of
market to/from the remaining balance each year. You will see that your wife will
likely run out of money in 7-10 years. But Dave doesn’t tell you that, does he?
His advice tramples on widows in my opinion.</li>
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Last point on Dave… I think he is AWESOME at the get out of debt
stuff. But most of everything else he teaches is just crap. Most CFP’s would
not disagree with me. If you still don’t believe me, I would be more than happy
to sit down and mathematically prove it to you. How does he get away with giving
inaccurate advice? That’s simple… He is not liable for any of the advice he
gives because he is in the book selling business, not the financial advisory business. </div>
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As I mentioned earlier, Dave is a marketing genius! He figured out a way
to package up over-simplified financial planning so he could sell it to the
masses. He has tons of followers. But that doesn’t make everything that comes
out of his mouth true! Ron Hubbard and Scientology have a ton of followers too! And both have sold millions of books. Do you believe in Scientology?</div>
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Now, go get started on a real Financial Plan! <a href="http://www.jasonwqualls.com/">www.jasonwqualls.com</a></div>Anonymoushttp://www.blogger.com/profile/14054956666682589473noreply@blogger.com0