To help businesses attempt to weather the storm, Congress and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is nearly 1,000 pages long and full of provisions that affect small businesses. This white paper is an attempt to help you, the small business owner, navigate these waters. It is important for you to know what is available to you and in what order you should be doing things.Read More
Now that the Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law, you’re probably wondering if and how it applies to you. We recently put together an educational video on the key provisions for individuals and small business owners.Read More
If you’ve been able to remain in a comfortable financial position amidst the COVID-19 pandemic, you may be wondering if and how the newly passed CARES Act legislation may impact you. Financial advisor J. Peter Doyle reviews some strategies.Read More
Finding the best time to refinance your mortgage isn’t always easy. Teryn Fitzgerald walks you through four primary factors that could help you make the decision.Read More
10 Lessons From a CERTIFIED FINANCIAL PLANNER™ Professional Who Did It Himself
I lived most of my life in the Midwest – born and raised in Minnesota, college in Michigan and then 15 years in Chicago. My family was finally ready to get out of the cold, so we embarked on a two-year journey that ended with us settling into our new life in Phoenix.Read More
Most families are surprised when they see their personal Net Worth Statement documented for the first time. Often, total net worth is larger than they had thought! As we go through life, we tend to collect many possessions which fill our houses, garages, and closets. Similarly, with our financial lives we collect accounts, assets, and debts and never put in the effort to see how the puzzle fits together and how to best build a financial plan.Read More
Slow Down and Pay Attention
We all have hectic lives. From caring for young children, to helping our aging parents, along with balancing a busy career and community commitments, it seems that there is never enough time. However, when it comes to your financial security, it is important to slow down and think about what is important to you.Read More
In 1954, renowned management consultant Peter Drucker wrote a book called The Practice of Management, in which he introduced a process known as management by objectives (MBO). MBO was a simple yet groundbreaking way for business managers to define and convey specific objectives to the organization’s team members, as well as to prioritize these objectives and achieve them on time.Read More
As summer comes winding to an end, many families are preparing to send their children off to college. For a first year college student this is often a very exciting time in their life with the opportunity and freedom to live on their own for the first time. However, with great freedom comes great financial responsibility.Read More
One of the major aspects of a business sale is whether the business will be sold as an asset or as stock. An owner might be thinking, “Does it really matter as long as I get the highest sales price?” Well, as you’ll see below, there are plenty of circumstances that can make a lower sales price more attractive.
To highlight some of the key differences between an asset and stock sale, let’s review some important tax, business liability, and complexity considerations.Read More
The yield curve inverted. So what?
What does it mean, and what should you do?
A yield curve is a plot of interest rates on bonds (typically U.S. Treasury bonds) of various maturity lengths. Some bonds mature in thirty days, some in three months, one year, two years, five years, ten years, on up to 30 years.Read More
Since childhood, many of us have set financial goals. Perhaps it was saving for our first bike or an ice cream treat, or simply enjoying our first taste of wealth as it accumulated in the piggy bank. Whether these actions were influenced by our parents attempting to teach responsibility or it turned out to be an innate personality trait, the process of establishing a goal and seeing the fruits of that accomplishment is as important as ever.Read More
At one time or another, we all have likely heard someone longing for the “good old days.” It is quite common to look back nostalgically at simpler times when we had less stress and fewer responsibilities.
While there are certainly advantages to growing up and getting older, we can glean some financial wisdom from the things we learned as kindergarteners.Read More
Financial planning revolves around what is in our control. For example, we can’t control stock market returns, tax rates, or unexpected events, but we can plan to mitigate these risks through diversification, tax planning, and insurance. Of all the areas in financial planning, we probably have the highest degree of control over our income, expenses, and savings, making it extremely important to create a workable budget. Let’s review the five keys to creating a budget you can stick to.Read More
Does your financial planner advise you on the tax impact of your financial decisions as well as help you with tax saving strategies? If not, you should consider finding one who does. Here’s why your tax advisor should be your financial advisor.Read More
Good money management skills are not something you are born with; rather, they are acquired over a lifetime of successes and failures. Giving your children a weekly allowance is a great way to give them experience with money and get them on the path to successful money management as an adult.Read More
Certain events in your life are happy and planned – graduations, getting that job, and having a child. Other significant events may be sudden and unexpected – disability, divorce, and premature death. We call these “life’s critical events.” They happen to each of us, albeit not at the same time or in the same magnitude, but the associated financial consequences can be considerable.Read More
There you are, in your mid 40’s, working hard and raising your family. Have you had the conversation with your parents yet? Have you received the email from mom and dad telling you that it’s time? When is it time to discuss their finances in preparation for the day when one or both of them are no longer around or able to manage their affairs?Read More
Becoming a first-time parent is both exhilarating and exhausting. For new mothers especially, it can be frightening. Caring for a newborn adds so many new things to worry about. As a new mom myself, I’ve experienced this firsthand. From the moment we brought our son home, I worried about whether he was eating enough, sleeping enough, and, dare I say it, pooping enough.
In addition to new worries, I oftenRead More
We may not consciously think about it, but how we handle our finances from day to day is based on our deeply held beliefs about money. By acknowledging our personal habits, we can open up about our beliefs, our fears, and our dreams.Read More
At least once a year I like to reflect on my own personal financial planning. I think about what I did well and where I can improve financially. I prefer to evaluate my financial planning at the beginning of the year because I feel more comfortable implementing any needed changes and starting the year off on a strong financial note, but there is never a better time than right now to review your own plan.Read More
While Savant’s Women’s Wealth Initiative is new, Savant empowering women to pursue their best financial futures is not.
Certain aspects of this initiative are brand new and others were developed during our first generation women’s initiative called “Savvy Women”.Read More
If you are a business owner who receives “pass-through” income, the Tax Cuts and Jobs Act included a major provision that you need to be aware of and start planning for. The largest take away from the new legislation might be the reduction of the corporate tax rate from 35% to 21%. However, this does not help you if your business is set up as a Sole Proprietor, S-Corp, Partnership, or certain LLCs. So, in an effort to ensure someRead More
With the new tax reform, now is a good time to re-evaluate your current and future tax strategies. With the ultimate goal of increasing after-tax return, the focus here will be less on items like standard deductions, personal exemptions or child tax credits and more on investment tax toolsRead More
If you are one of the lucky ones, growing up, Mom always looked out for you, offered you advice, and was there for you in good times and in bad. This Mother’s Day, it’s time to look out for your mom or another mom you love by offering financial education that can help her, both now and into her future. You may have picked up your current beliefs about money from someone in your family growing up.Read More
Yes, that is Pease, not peace.
Donald Pease was a Congressman from Ohio who inserted a “stealth tax” into the Omnibus Reconciliation Act of 1990. The purpose of this Pease limitation was to raise revenue by limiting itemized deductions for high income earners.Read More
Home ownership has changed from the way it used to work for prior generations. Fifty years ago, many people bought a home and stayed in it for 30 years or longer. Far fewer take that approach today. As a result, many past “rules of thumb” need to be reevaluated. The answer to “How should I finance my home purchase?” is, as with so many financial planning questions, “It depends.”Read More