Happy Friday! It's Casey from Howard Bailey Financial! Every Friday, I'll send you my commentary on four financial-related articles that I think will be beneficial for you — plus a preview of my latest podcast episode.
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#1
Year-End Tax Planning Under The Forthcoming Biden Presidency
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Kitces — Regardless of what side of the political aisle you find yourself on, taxes are probably top of mind as we enter the era of a new presidency. Unfortunately, there is arguably more uncertainty around the short-term future of taxes than at any time in history following a presidential election.
Fortunately, the odds of the long-term future of taxes being substantially higher is almost certain. You’ve had the opportunity of a lifetime over the last four years to take advantage of one of the lowest, if not the lowest, tax rate environment in history.
There are some items you may want to delay until next year or accelerate into this year, but having a pro-active conversation about tax planning with your financial planner and CPA is not to be delayed. If you missed out over the last couple of years, don’t let it happen again. Your window of opportunity is closing.
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What should (or shouldn't) you be focusing on in the way of tax planning before year's end? The clock is ticking, so take a listen as we discuss our recommendations.
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#2
Six apps that help you stick to a budget
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The Verge — I don’t know about you, but I’m a sucker for a good finance app. When my wife and I first married, we utilized iBank on Mac. It was incredibly efficient for its time, but has since become well outdated.
Today, we use Credit Karma, Mint, Quickbooks and various tools provided by our banking institutions. You might be a spreadsheet junkie like me, though, and there’s nothing wrong with that. Nothing can beat the power of Excel and I utilize it daily.
If you’re trying to get a handle on your budget and you’ve never done it before, a solid budgeting app can be a great place to start.
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#3
An Uncomfortable Truth About Aging and Retirement Planning
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Kiplinger — You may be able to skillfully manage your financial affairs today, but the question is, will you be able to do it forever? If you are being completely honest with yourself, the answer is undoubtedly no.
I, myself, could be considered a do-it-yourselfer. I review my allocations, manage my budget, structure long-term financial strategies and goals, etc. However, I recognize that not only will I not have the cognitive ability to do this forever, but accidents happen, no matter what your age.
This is why I have a back-up plan, and his name is Marshal Johnson. Marshal is a CERTIFIED FINANCIAL PLANNER™ and Vice President of our firm, not to mention, a close, long-term friend. Marshal has a complete understanding of our financial situation and we regularly meet to review our financial strategy. We’ve never experienced a meeting where he didn’t point out something I overlooked, or delivered valuable insights to ponder.
Maybe you’re not ready to completely release the reigns, but everyone needs a Marshal on their side.
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Ready to seriously start thinking about retirement? My best-selling book, Job Optional*, is a good jump-off point — it will teach you how to secure your financial future so you can focus on what matters most to you now.
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#4
Supporting Adult Children Can Hurt Your Retirement Plans (and What You Can Do About It)
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The Street — You might have a past employer that provided you a breakdown of your total compensation after factoring in all your benefits. If you’re like many of the employees I have done this with, it may have been eye-opening to find out your total compensation was ten, or even 20 percent more than you see on your paycheck.
Why not do the same for your children? It’s unlikely that your children have any idea how much you are offering in the way of financial support, but think about the benefits. The most obvious benefit is simply allowing them to see the gravity of the situation, but it’s more than that.
Your children need to know what they cost in order to prepare for their own financial independence. This can also evolve into a greatly beneficial conversation regarding prudent financial planning.
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C O N T A C T U S
5916 Covington Rd., Fort Wayne, IN 46804
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Advisory services may be offered through Howard Bailey Securities, LLC, a Registered Investment Adviser. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.*Reached #5 on the Wall Street Journal eBook Bestseller List on 8/9/19. *Reached #1 on the Amazon Retirement Planning Bestseller List on 7/2/19. |
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