Financial success is supposed to be a purely positive thing that we are all encouraged to strive for throughout our lives. But the fact is that you have to pay the price for your success in the form of some rather harsh Federal taxes. This is one of the first things to keep in mind if you should find yourself in possession of a significant amount of money, and it certainly crossed the minds of Facebook founders Mark Zuckerberg and Dustin Moskovitz. According to Forbes magazine the Facebook … [Read more...] about Zuckerberg, Moskovitz Planned Wisely
What you want to accomplish over the long haul is going to impact how you proceed in the present. This is why it is advisable to ask yourself what you would like to accomplish with your legacy as soon as possible so that you have the time that it takes to accumulate the necessary resources. While there are some people who don't care a lot about what they will be leaving behind, others have a concrete vision. You may want to make sure that younger family members have the opportunity to attend … [Read more...] about How Will You Provide For Your Loved Ones?
Everyone who earns income has to pay into Social Security in the United States, but it is important to understand that this is not something that is necessarily going to entitle you to a comfortable retirement. The monthly benefit that you receive is probably going to be relatively modest, and if you are not doing anything to feather your own nest you may find that you will never be able to retire. Exactly how much you will be receiving is going to depend on your contributions into the program. … [Read more...] about What Is The Maximum Annual Social Security Benefit?
Entities that offer people credit dangle the enticement of buying now and paying later. That sounds pretty good...but when you pay later the price that you pay may be considerable. Indeed, it could cost you your retirement. Kicking debt down the road in one way or another is a perilous course of action. You may get it into your head that you will always have time to pay off your debt slowly as your cash flow permits. But along the way other shiny objects may get your attention. So, you may … [Read more...] about Heavy Debt Can Delay Retirement
Though it can be difficult to think this way as you are knee-deep in the events of each day, your life's path is leading somewhere. This is a reality, and you can address it in one of two ways. You can let the chips fall as they may and wander aimlessly to an unknown destination. Or, you can plan ahead proactively and map out a strategy that leads to the fruition of very specific goals. Long-term planning is very important for all people and it is especially important for small business … [Read more...] about Have You Mapped Out An Exit Strategy?
You may have noticed the initials "LLC" following certain business names in much the same manner that you are accustomed to seeing "Inc." The latter abbreviation is used by corporations, and most of us are aware of how they operate since they have always been so common. But an LLC is in fact a "limited liability company;" notice that that last word is company and not corporation. In corporations the principle shareholders and officers can be held personally liable for the actions of the … [Read more...] about Limited Liability Companies & Asset Protection
You may have seen a retired couple driving in front of you at some point in your life with a bumper sticker on the back of their car saying something to the effect of "We are busy spending our children's inheritances." This bumper sticker explains the ideology of some people when they are planning for the future. They may engage in retirement planning so that they feel confident that they have the financial resources that they need to stop working at some point and enjoy their spare time. But … [Read more...] about Estate Planning: Do You Have Goals?
When you hear people talking about the value of retaining an estate planning lawyer you may be skeptical at first. After all, what is so hard about arranging for the transfer of assets after you pass away? You may even think that you can simply give away most of your assets to those who would otherwise be inheriting them while you are still alive. The reality is that there are tax laws that can make it complicated to transfer assets to your loved ones without losing a lot in the process, both … [Read more...] about Yankee Fan, Jeter Ball, & Tax Laws