Archive - April 2016

1
Does Your Financial Plan Pass the Sleep Test?
2
Turns out money can buy happiness!
3
How do I Make a Business Exit Plan?
4
Taxes and Your Child
5
What is the Fiduciary Standard and Why Do I Care?

Does Your Financial Plan Pass the Sleep Test?

SleepWith the exception of my wife, my grandmother is the most inspiring person I’ve ever known. I don’t know where I would be today without her. Although we didn’t always see eye to eye, especially on financial matters, I learned an extremely valuable investing lesson from her.

Members of the Greatest Generation, my grandparents came of age during the Depression, a period marked by severe distrust of financial institutions and an extreme aversion to risk. After my grandfather died, my grandmother had to manage her finances for the rest of her life, 28 more years. The way she handled her …

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Turns out money can buy happiness!

We all know that money can’t buy you happiness, right?  As it turns out, this is not exactly true

A recent study by University of Michigan economists Betsey Stevenson and Justin Wolfers, examining data from more than 150 countries using World Bank data, has shed new light on the interaction between happiness and the size of your bank account.  Their first conclusion: the more money you have, the happier you tend to be, regardless of where you are on the income spectrum.  They concluded that multi-millionaires don’t think of themselves as “rich.”


However, there do seem to

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How do I Make a Business Exit Plan?

What will we talk about at our Business Exit Event?

One of the things that we’re looking forward to talking to business owners about at our Eat Toast or be Toast event on May 5th is how do you make an exit plan as a business owner.

There are a couple of key components we always recommend as part of forming a Business Exit Plan.

1. A Proven Process

First, you must have a proven process that will define the steps that will lead you through the creation of an appropriate exit plan. Too many times we see exit …

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Taxes and Your Child

When a child has unearned income from investments in his or her own name, taxes can be a bit tricky. Depending on how much the unearned income is, part of it may be taxed at the child’s parent’s tax rate, for example.

Recently the IRS published their Tax Tip 2016-52, which details What You Should Know about Children with Investment Income. The text of the Tip is below:

What You Should Know about Children with Investment Income

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to …

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What is the Fiduciary Standard and Why Do I Care?

The Department of Labor is expected to issue its long-awaited fiduciary rule, which means that advisers who provide investment advice for retirement accounts and IRAs will now be subject to the fiduciary standard.  Which begs the questions:  “What is a fiduciary, and what does this mean when I’m looking for a financial adviser?”

As you might note, most of my articles are aimed for people who are looking to help themselves–‘how-to’s’ of sorts.  This article is aimed at people who believe they need to hire someone to help them with their financial planning needs.  This doesn’t purport to advise whether …

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