A key concept in wealth building and retirement planning is the Three-Bucket System. The overarching concept is to fill one bucket with pre-tax dollars (taxes not paid now but deferred until a later date), fill the second bucket with no-tax dollars (taxes paid now and no taxes paid at a later date), and fill a […]
You may be familiar with the Chinese proverb about the best time to plant a tree: “The best time to plant a tree was 20 years ago. The second best time is now.” This same proverb can also be applied to investing. Time, not timing, is key to building wealth. Building wealth is not about […]
Grandma would always tell us kids to save some money for a rainy day. Grandma was wise in many matters. Money was no exception. Essentially, Grandma referred to the three foundational behaviors to building wealth: create excess cash flow by living below your means, embrace risk and put excess cash flow to work by investing […]
Estate planning constitutes an essential aspect of any personal finance journey. It’s important to be proactive in determining how your assets will be distributed and managed after your passing. Planning also offers an opportunity to specify the care arrangements for minor children. Whether you realize it or not, everyone has an estate plan. It’s either […]
Watching your investment or commercial property values increase can be satisfying. But when it’s time to sell, capital gains taxes could present a hard pill to swallow. You’ve probably heard of a so-called 1031 like-kind exchange, which could prove useful if you wish to maintain a similar property. Section 1031 of the Internal Revenue Code […]
I’m an enthusiast of all things personal finance. Over my 30-year career as a certified public accountant, I’ve been blessed to work side by side with many brilliant CPAs and advisors and nurtured close advisory relationships with numerous successful clients. But my role with these clients has been more than that of an advisor. I’ve […]
I’ve worked as an accountant for more than 25 years. But it seems like only yesterday when I started out as a staff accountant, ready to take on the world’s finances. My days were busy ensuring clients complied with the Internal Revenue Service and other regulators. The years flashed by, and each new year brought […]
What’s the single greatest advantage any company can achieve? Organizational health. Yes, it’s ignored by most leaders even though it’s simple, free and available to anyone who wants it. I’m a big fan of Patrick Lencioni and try to gobble up every book he writes. “The Advantage” is one of those books every leader should […]
At the beginning of a new year, it’s essential for business owners to step back, take a breath and contemplate the future of their ventures and wildly important goals they hope to achieve in the coming year. Every business has a strategy. Even the “no strategy” approach is, in essence, a strategy. I believe a […]
When it comes to the new tax law, the topic on the minds of most small business owners is the 20 percent deduction for pass-through income and what should provide a substantial tax benefit to individuals with qualified business income. Be warned: This is one of the most complex provisions of the Tax Cuts and […]