3 Reasons Paying Your Bills Early Will Benefit You

If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath. One of those steps is both simple and remarkable in the power of its impact: Start paying your bills ahead of time, before they are due.

At first glance, it may seem like paying bills early won’t change anything. But there are three important ways that it makes a big difference.

  1.  Boost your FICO® Score and your reputation while lowering your anxiety.

Have you ever found yourself unable to log on to your credit card’s payment site on the day that a bill was due? Not only will paying early eliminate that nightmare from your life, but at the same time it will lift your FICO® Score. More than one third of your credit score is based...

Continue Reading...

MEMBER FORUM HIGHLIGHT -- Using QuickBooks for Personal Finances

Q: How can I make use of QuickBooks for my personal finances? 

A: The good news is, it’s not much different than using it for business.  Start off by simply using your personal name instead of a business name to initiate the file.  Then, instead of a business-themed chart of accounts, create one that includes all relevant personal categories. 
Make sure to include all bank accounts, checking and savings, as well as credit cards.  The income and expense accounts will be mapped to your personal income and expenses, which will typically include things like your mortgage or rent, taxes, charity, food, gas, utilities, etc. 
One tip when you set up the chart is to think about the data you usually end up hunting for around tax time, and then make sure those categories are prominent and easy to find/access in your chart of accounts. 
Continue Reading...

Personal Finance 101: Taking Financial Inventory

personal finance Jul 09, 2021

The next step in your personal finance 101 journey is to take financial inventory -- what this means is, looking across your portfolio and financial situation and assessing where things stand today.

This inventory will set the groundwork for all subsequent planning: tax planning and management, financial investment planning, tax planning for retirement, and estate planning strategies, among others.

In this video, I show you how to step back and begin taking your financial inventory to solidify the foundation for future planning.

Continue Reading...

7 Personal Finance Tips for Freelancers and Gig Workers

Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019, with increasing numbers likely to join in the future. You can choose freelancing as your sole source of income or you can do it in your spare time for extra money, but whatever path you choose, you need to pay attention to how you’re managing your money — otherwise you’re liable to end up facing costly consequences. Here are seven personal finance tips that can benefit every person working as part of the freelance economy.

  1. Always start with a budget

Being your own boss is a common dream, but it isn’t easy. When you go out on your own as a freelancer or gig worker, you need to be able to gauge how much income you need in order to make it both worthwhile and feasible. To make that determination, you start with how...

Continue Reading...

Where Are You Now? Personal Finance 101


As you begin laying the foundation for your financial planning efforts (personal finance 101, as I like to call it), you need to have a clear starting point. This means you need to know your numbers: things like net income (after-tax income), net worth, your current lifestyle spending.

In this video, you'll learn how to calculate net monthly income, how to calculate your net worth, and how to analyze a balance sheet (your personal balance sheet).

Continue Reading...

Know Your Why (Personal Finance 101)


Before you can develop a sound financial plan, you need to know your "why." This means understanding why you're even planning in the first place. What are you goals? What are your dreams? What and how much do you need to first achieve financial security?

Think of this process as personal finance 101.

In this video, we'll get you going on how to achieve financial security and how to start financial planning, by first determining that big question: "why?"

(We re-posted this video from our YouTube channel -- please click this link to subscribe!)

Continue Reading...

Wealth.Tax YouTube Channel is Live!

Exciting news! The Wealth.Tax YouTube channel has officially launched as of this week!
If you want to learn how to add 5-6 figures of after-tax cash flow in the next 90 days and add a 0 to your net worth long term, check out the channel and make sure to Subscribe.
On the channel, I will show you how to apply advanced wealth planning, tax & real estate specific strategies to increase your after-tax cash flow by 5-6 figures or more and add a 0 to your net worth for long-term generational wealth. Even better, you’ll be able to tell your CPA or advisor exactly how they can help you get there (or find a new advisor that can!).
Make sure you hit the Subscribe button and the Notification bell so you know when new videos drop! We post videos every Monday, Wednesday and Friday, every week!
Continue Reading...

The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020

Obviously, the still-ongoing COVID-19 pandemic has been a major challenge for all of us since it kicked into high gear in March of 2020. In the months since, millions of people have found themselves out of a job and the ones that remained were suddenly faced with working remotely for the foreseeable future.

Even though a vaccine is in the process of being rolled out and a proverbial light at the end of the tunnel seems to finally be in sight, there's no denying that the impact of the pandemic will continue to be felt for quite some time. Case in point: according to one recent study conducted by the Mortgage Brokers Association's Research Institute for Housing America, about five million Americans were unable to make their rent or mortgage payments on December of 2020. To put this into context, that number translates to more than 5% of all renters and mortgage holders in the country.

COVID-19 and a Potential Mortgage Crisis: What You Need to Know

In addition to the significant...

Continue Reading...

Offensive & Defensive Financial Planning

Are you constantly on defense when it comes to your financial planning? 
Do you find yourself lacking in any or all of the Offensive planning categories, as shown in the attached graphic?
Don't get us wrong -- Defensive planning is critical in laying down the proper financial foundation.  Things like cash reserves, insurances and sound budgeting must be solid before attempting to build upon them.
But to truly get ahead financially, you must also address the upper tiers of the pyramid -- offensive planning measures.
OS where does that leave you?  Do you know your overall planning -- top to bottom -- is lacking and could use a boost?  Or may be there are some areas that are vulnerable while others are in good shape?
If you said yes to any of the above, drop us a line so we can help get you started in the right direction!
Continue Reading...

What You Can Do to Finally Get Out of Credit Card Debt

credit personal finance Jan 04, 2021

Thanks to the significant challenges presented by the ongoing COVID-19 pandemic, more Americans than ever are struggling financially. With a lot of people out of work due to the staggering number of business closers, many are turning to credit cards to help make ends meet.

According to one recent study, total credit card balances in the United States ballooned to a massive $893 billion as of the first quarter in 2020. People with average or good credit scores ranging from 670 to 739 tend to carry the most debt, with an average of about $9,712 per card.

Thankfully, all hope is not lost. Even if you're currently carrying large balances, there are a number of steps you can take to find the relief that you seek – you just need to keep a few key things in mind along the way.

Getting Out of Credit Card Debt: One Step at a Time

By far, one of the best moves you can make to get out of credit card debt involves using a balance transfer card as strategically as possible....

Continue Reading...

50% Complete

Schedule a free, no obligation time to talk