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In our December 2020 post, we detailed “investing with a purpose.” In that post, we stated, “Accumulating wealth is not a purpose. It may be an outcome, but it is not the reason why people make long-term financial decisions.”
The Good News Is That You Owe More Taxes Than You Expected. No Really! This is the time of year that savvy people who have experienced business success in 2021 think hard about their tax bill.
With Your Investments, It All Boils Down to This When investing your money for retirement, tuition expenses, or large purchases, people sometimes focus on topics that don’t matter too much. To achieve your investment goals, the brand of investments or the financial services company you choose matters very little.
After Your Death, Do You Want the State to Make Decisions About Your Estate? The answer is NO (capital letters and italics intended)! Without an estate plan in place, the state’s probate court will decide how your assets are distributed—who gets what and how much—and even who shall be a guardian for your children. And the cost for probate proceedings will take a chunk out of your inheritable assets.
As our localities lift restrictions and open more fully, the COVID-19 pandemic will eventually cease becoming the dominant theme of our daily lives. The COVID-19 pandemic changed a lot of people’s plans, because it affected their ability to save money, plan for the future, and pay their ordinary expenses. If you’re like me, you may be eager to break out of “pandemic thinking.” For many, the pandemic was a painful financial learning experience. Loss of jobs, cuts in hours worked, significant slowing of business, and children schooling at home resulted in big impacts on our monetary reserves.
Ms. Bass is a single mother with two children, earning between $80,000 and $85,000 each year. She wasn’t falling behind in her debt payments, but she felt she was living paycheck to paycheck. She was contributing to a 401K at work, but she would take out loans on her 401K savings to cover any shortfalls she incurred. She contacted Isakov Planning Group, asking, “How can I save money for the future?”
Home mortgage rates have been historically low. Anyone seeking to buy a new home today knows that competition is at an all-time high.
Americans are straining under the weight of their credit card debt, auto payments, housing loans, and student borrowing. Total household debt in the US had reached $14.5 trillion by the end of 2020. Home mortgages were by far the greatest contributor ($10.3 trillion).
In our last communication, we discussed the importance of achieving “financial peace.” In this article, we go to the heart of the matter: how to achieve it.
When speaking with our clients, we often mention the term “financial peace.” What is it? Like the name implies, it means achieving a sense of security that your financial needs are being met today and will be met tomorrow. That is pretty much the same definition for everyone.
When thinking about investing over the long term, most people will say that financial independence is a key goal. However, simply earning money and paying bills is not the best way to achieve that goal.
If you have been careful about saving your money over the years and stuck with a solid investment plan, your nest egg will have grown considerably.
This year has been a strange one for all of us! In light of the alarming events that we’ve experienced in 2020, this is also the anniversary of my 10th year at Isakov Planning Group! This year in particular, it is easy to overlook the true basis of business relationships—our connection to you. We are grateful for our close association with you! Thank you for your trust in Isakov Planning Group and for your past referrals.
It’s a common plight among small business owners: Taking on too many responsibilities, only to figure out later that others can do these tasks more efficiently.
“Barbara, I don’t mean to pry,” said her family’s long-time attorney, “but did you or Roger manage your home finances?”
Two weeks earlier, Barbara lost her husband of 30 years only to a heart attack. The emotional toll has been terrible, but still she knew the importance of this question. Barbara worried about it often. “It was Roger,” she replied. “He wrote the checks, paid the bills, managed the budgets, everything. And I’m not even sure how to order new checks. What should I do next?”
Social distancing, check. Mask, check. Weekly run to the food store, check. Zoom call with your parents, check. Worry about your job and kids not in school, check!
Owning life insurance gives you the peace of mind knowing that your family will be financially protected if something happened to you. But your policy isn’t a set it and forget it product and it’s important to give your life insurance policy a review once in a while. It’s not something you are thinking about on a regular basis, so it can be easy to forget. Out of sight, out of mind, right?
The Importance of Financial Literacy in the COVID-19 Pandemic As highlighted in my recent Facebook post, April is Financial Literacy Month, and the topic of financial literacy is critical to everyone concerned about their financial security and future in the era of COVID-19.
Getting a Big Refund Check: What’s not to Like? Actually, the US Treasury check you received last April and paid for your 2-week summer vacation may not be the best approach. Think of it another way: instead of saving, investing, or pocketing all that money yourself, you are giving the federal government (and possibly the state government as well) interest-free loan.
