How To Save Money On Taxes

Faith is not always enough to Save the Day: sometimes re-evaluating how we approach things is necessary.

 

There is a famous saying: if it’s not broke, don’t fix it. Sounds logical doesn’t it?! However, when applied to our finances or business success that point of view can sometimes lead to complacency. That, as anyone knows, can spell out a slow and painful death of all we have worked hard to achieve.

 

People are so busy that they don’t take time to look around them and really notice what is happening to their financial health, life, money, retirement, assets, and taxes!

 

 Looking outside of our current list of advisors can sometimes yield unexpected results. In addition, if we begin to edge a little further out and explore some new ways of thinking or approaching an old subject something amazing can happen. We can find that what we needed was sitting here all along.

 

You want advisers that have a VESTED interested in your financial health and are in it to win it with a win / win playing field.

 

I have a long term friend of mine, whom I consider family, has elderly parents with failing health, the bills have been piling up, and their attorney has instructed them to keep their assets in their names, and let their children fight over the assets upon their death. Why do you think that is?? It is simply because the attorney will earn more money for himself by letting the assets go through probate upon their deaths, and then the heirs will be left with not only the pain of losing their parents, but the pain of paying the estate taxes, probate tax, and losing the things that they grew up with.

 

How to turn that corner is often the hardest step to make. It means acknowledging that what has worked so well in our wealth building journey for so long no longer has the horsepower to work. It means acknowledging that our financial education is a little rusty, and our long-held goal of financial independence is slowly slipping away,

 

In fact, financial freedom may have completely gone off the tracks. Avoidance of this fact is easy in the short term. Unfortunately in the long term, it will mean that our retirement has often been eaten up by shoring up our current situation or our hard won assets are now at risk.  Not such a pretty picture is it.

 

However, there is a point of view – a skill set – available to everyone who believes their family, business, retirement, assets, tax planning and every other aspect of their lives is worth protecting. It is when you recognize that you need help and that help can come in the form of an advisor or wealth building coach.  If you think of any successful sports person or team, wealthy person or business you know they have at least one top-notch coach they can depend upon.  You can have the same level of commitment as well.

 

Try looking around for the coach (and their approach) that will work best for you. Look at their references, past track record and important information that backs up all their claims. For instance, if they talk about saving money on taxes: just how much have they saved and can they prove it? How do they protect assets? What is their proposal for long term financial health for you and your family? Is it customized to YOU personally? Is it able to be implemented? Will your advisers be able to support it, and does the IRC and laws of the nation we live in support it?! All of these things are very important when choosing the right wealth building coach for you.

And now I would like to invite you to claim your Free CD at www.masterywealthtips.com From Gabby Huguenin, – A Wealth Builder, Accredited Investor, in Northern Idaho 
www.wealthbuildingdna.com

You can talk live with Gabby and Tim McGilberry CPA by calling 888-888-3612 or email: gabbysupport@gmail.com or support@wealthclasses.com

My partner, George Antone and I did a teleclass not long ago about the concept of the Zero-Sum Game. It was an eye opener for many students and I think it is time to revisit this concept because we’re past the half way point of the tax year. A little year-end planning starting about now would be a great idea!

Zero-Sum Game & The Stock Market
You need to understand the definition of Zero-Sum Game because many of you are playing it and don’t know it. Here’s an example. Three guys go into a casino to play a little poker. They each have five chips at the table for a total of 15 chips in the entire game. At the end of the evening, one player has 5 chips, another has 10 and the third player has zero. A Zero Sum Game has just occurred for the loser. No more chips were created in the process of playing the game. Kind of like the stock market isn’t it?

The Stock Market or the Casino
From a big picture perspective, the stock market is a Zero-Sum Game. Like poker chips, stocks are bought and sold over and over but the same number of shares still exists. Someone wins, someone loses. Nothing new is really created from that same pool of stocks. And then there’s the concept called Leakage. Like a dripping faucet, someone skims a few of the shares/chips off the table every once in a while. You might consider those brokerage fees or commissions, “leakage.” So, add a Zero-Sum Game and a little Leakage together and what do you have? A costly game!

So what does this have to do with your building long-term wealth? Well the truth is, without a well-thought out wealth building strategy, you may have both a Zero-Sum Game and leakage going on in your investment portfolio and not even know it.

Tax Saving Tip - Checkbook-Controlled IRAs
What we want our clients to do is save on their taxes and increase their wealth by ending the Zero-Sum Game, stopping the nearly invisible leakage going on in their IRAs and other so-called secure retirement planning tools and get a plan in place that allows you to clearly understand where your money is going and what it is costing you.

A self-directed IRA may be a great tool but is it a Zero Sum Game waiting to happen? Every situation is different so I couldn’t tell you for sure but what I do know for sure is that a Checkbook-Controlled IRA is going to give you control and leverage that you most likely didn’t know existed. You must be very careful with a Checkbook-Controlled IRA but it can be a very powerful way to leverage your assets for significant tax savings.

I think going to the casino once in a while can be entertaining but when it comes to our client’s wealth building strategies we teach our clients to have as much control as possible. A Zero-Sum Game is not in the cards for this Wealth Building Dame. :-)

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

Call about setting up your own wealth building strategy. There is no charge for the initial consultation and I usually can find a few ways for you to save money on taxes in that first call.