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
Savant offers perspective on a variety of topics. Entries range from current events to timeless insights in the world of finance and investments.
For most individuals, income often comes in the form of salary, commission, tips and other job-related earnings. What many do not realize is that there are other, more creative ways one might find themselves with income, and Uncle Sam has made it his mission to attempt to capture all of them within the tax code. One such type of income we tend to forget about is income generated when an individual acquires prize winnings.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
There are a number of important decisions that most people must make when reaching their 60s. One, of course, is when to begin receiving Social Security benefits. Another has to do with Medicare. These two benefit programs, and their claiming strategies, are inextricably linked.Read More
Crafting a great estate plan can be a fascinating exercise, yet most of us never quite get around to it. Perhaps it’s a bit like a challenging recipe: start with a natural reluctance to contemplate your own demise, sprinkle in some unique family dynamics, season liberally with ever-changing tax laws and fold in that one heir you’re not quite sure about. Is it any wonder we procrastinate?Read More