I’m going to walk through a quick process that I use to help our clients understand whether or not they should contribute to a Roth 401k. Step 1: Do you expect your future effective tax rates to be the same or higher than the current rates? If the answer is…
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Rich vs Wealthy
Rich and wealthy, two words that many people use interchangeably but mean vastly different things. Being rich means you have a lot of money coming in, but it does not mean you are wealthy. Being wealthy is not only having enough money to meet your needs but being able to afford not to work…
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Little Known Facts About Planning for your Future
There is a belief that we should know exactly how to plan out our finances for the future. We should know exactly what it’s going to take to be able to pay for the lifestyle that we want in retirement. A retirement that now likely lasts into our…
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Who Else Wants to Know if We Are in a Bubble and What to do About it?
A question that has come up often in recent conversations is, are we in a bubble? It has often been said that asset bubbles can’t be identified except in hindsight. I don’t totally agree. I do know that bubbles can continue to inflate for months or years after…
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Why Boring is Beautiful When it Comes to Investing
“Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle “The individual investor should act consistently as an investor and not as a speculator.” — Ben Graham “I don’t look to jump over seven-foot bars; I look around for one-foot bars…
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What Everybody Ought to Know About Whether they can Contribute to a Roth IRA
A question that often comes up is, can I contribute to a Roth IRA? I am going to walk you through the steps of whether or not you qualify. First of all, do you have an earned income? If you don’t have an earned income you cannot make a Roth IRA contribution. If you do have earned income,…
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The Secret of a Successful Financial Planning Strategy
Begin with the end in mind -Stephen Covey One of the most important things that you can do to help you realize your financial goals is to develop a strategy to help reach those goals and then stick to that specific strategy. It is much easier to change the…
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Guess Who’s Back… Back Again
Welcome back everyone to Inside Look at Building Towards Wealth. What was originally intended as a three or four-week hiatus from writing my weekly newsletter, ended up being a four-month hiatus. Unfortunately, life sort of got in the way, as it seems to do in general, but especially in this year of 2020. We have…
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Will This Change College Savings Forever?
“Change is the only constant in life” -Heraclitus “Just because it is being done this way now does not mean it always be done this way.” When you look out ahead, towards your financial future, there are a few huge expenses you must plan for. For a large portion of people,…
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Are you Measuring What’s Important?
“Measure what is important; don’t make important what you can measure.” – Robert McNamara I was listening to a podcast recently and it got me to thinking about what is important for us to measure. How are our actions shaped and influenced by what we…
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