When working with a financial advisor, don’t just ask how much you will pay in fees. Make sure you know how the fees are determined.
Equifax, one of the three credit monitoring services, admitted recently that hackers gained access to the sensitive identify and financial information in their database for 143 million people (44% of the U.S. population). The hackers exploited a website weakness from mid-May to July. Equifax learned of the intrusion on July 29th but did not disclose the information to the public until 40 days later on September 7th. The credit breach is about as bad as you could expect a breach to be. Much of the data acquired is timeless information that could be used for years.
The argument about which party is better for stock returns has been going on for decades. Leading up to the 2016 presidential election, the argument was made that the stock market does better with a Democratic president than a Republican president. After the election and the subsequent stock market rise, the argument has been made that Donald Trump as president will be great for U.S. stocks. In fact, the Trump administration has taken much of the credit for the great returns thus far in 2017.
What can I do to reduce my taxes?
This is a very common question we get as financial advisors and tax preparers in my firm.
Simply put, get organized! I know you probably hate to hear such a finger-wagging statement, but really, what if the mere fact of organizing meant an extra $1,000 in your pocket? You may be asking, “How’s that?” or thinking, “I’m not an organized person.” Fortunately, you don’t need to be on par with Martha Stewart’s level of organization to seize your opportunity!
First, a clarification: This is an article about the “how” that makes a person, couple, or family wealthy. That is, how do people go from having a little money to having a lot? This article is not about what being wealthy means to you or, in other words, how much money would make you wealthy. We’ll save that philosophical discussion for another article.