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How to create year-end wealth

How to create year-end wealth

As the year comes to an end, there are some things that you can do to reduce taxes, and other strategies that can create wealth: Retirement: If you are self-employed (even part-time), consider opening a retirement plan and defer income from taxes. If you don’t have employees and depending on your salary and age, you could contribute $54,000 this year into a Solo 401(k). If you’re over 50, you can contribute $60,000. If you are employed with a company that has a 401(k), the

Department of Labor fails to protect consumers and what you need to do

Department of Labor fails to protect consumers and what you need to do

Deregulation is in the blood of this administration so it's no surprise that the onus is increasingly on you, the consumer, to make sure that your finances are in good order and that you're not being taken advantage of. The Department of Labor (DOL) recently announced a delay in the implementation of the fiduciary rule “until 2019, at the earliest”^1. The fiduciary rule was intended to enhance responsibilities of financial advisors to their clients, increase transparency of f

Time to Move to Palm Springs

Time to Move to Palm Springs

With the Tax Cuts and Jobs Act pending approval in the Senate, it's reasonable to assume that your taxes are likely going up. (More about taxes, read my tax blog.) Since taxes are a part of expenses then your cash flow will get squeezed no matter how you look at it. If you work from home, or have a job that's flexible, it may be time to make a change that will serve to better your financial health. The change I’m talking about is moving to Palm Springs, California. Besides