As you grow your wealth, you may find the desire to give back. That’s where charitable giving comes in. Charitable giving can allow you to support causes and organizations you believe in while reducing your income tax, capital gains, and estate taxes. Here are several ways to incorporate charitable giving into your overall financial plan:
While there’s no obligation to pay for your child’s or grandchild’s college education. Helping them fund some or all of it can allow them to avoid overwhelming amounts of student loan debt. It can also help them to begin adulthood on the right foot.
Here are some tips if you’re interested in incorporating college planning into your financial plan:
In simple terms, inflation is the rate at which the cost of goods and services rises. Due to inflation, it costs more money to buy groceries, gas, or anything else than it did in the past. Inflation can also affect your retirement savings as stocks, and other investments don’t automatically adjust for it. Rising inflation means your investments will have to work harder to keep pace. The extent to which inflation will impact your 401(k) will depend on several factors, like your investing strategy and how close you are to retirement.
“Your life journey is about learning to become more of who you are and fulfilling the highest, truest expression of yourself as a human being. That’s why you’re here.”. – Oprah Winfrey
This is a significant part of our journey on this earth. We explore. We experiment. We fail. We win. We serve others. We contribute.
This is the sense of freedom I believe we all would like to obtain by leveraging our resources for what matters most to us. This includes our time, networks, colleagues, and certainly our wealth. However, much of the typical advice surrounding our finances takes wealth away from us and our ability to impact and contribute how we wish.
The U.S. Navy SEALs have a saying: “Get comfortable being uncomfortable.” If you can be comfortable being uncomfortable, you’ll be prepared to handle whatever situation comes along in your own life. Now, you don’t have to subject yourself to the extremes these individuals do, but progressing in any part life will likely require you go through some uncomfortable stages.
Richard Kiyosaki, author of the best seller of “Rich Dad, Poor Dad” typically states that there are three sides to every coin (Heads, Tails, and The Edge). Your ability to understand contrasting points of view and your ability to glean what information you believe to be valuable from each side is a crucial skill.
This is key in all aspects of your life that you deem important and is especially important as it relates to your personal finances and wealth. Yes, it will require you take responsibility for your success, but the control, wisdom, and wealth can be so rewarding. Let’s get to work.
In the fast paced world we live, it requires that we become professional jugglers. We have to balance so much from work, our businesses, family, finances, health, relationships, and even our hobbies. For many it may feel there just isn’t enough time to manage it all and have time for ourselves.