Sedona Arizona

Financial Planning

Latest "Financial Planning" Articles

Estate Planning Adjustments To Consider before 2026

Image of our free checklist: What Issues Should I Consider Before and After the TCJA Sunset Occurs?

With potential changes to tax laws coming in 2026, now is the perfect time to revisit your estate planning strategies. The Tax Cuts and Jobs Act of 2017 (TCJA) increased the federal estate tax exemption to $13.61 million per... Continue Reading

Maybe Cash Isn't Trash... This Time

100 dollar bills and and various coins spilling out of treasure chest

Ever the heard the phrase "cash is trash"? For years that has been the case, certainly since the 2008/2009 time frame when interest rates were too low to pay a cash yield. For the past year or so, this... Continue Reading

What Happens to Your Business When You Die?

image of a buy-sell agreement document on an office desk

Let’s deal with an uncomfortable question: What happens to your business when you die? The thought of death is unsettling - it’s the great unknown of this life. Because no one really wants to deal with their own mortality,... Continue Reading

$33 Trillion and uncertainty

Cover art for episode 32 of the Financial Purpose Podcast, $33 Trillion and uncertainty.

Signs of economic uncertainty are showing up in more places throughout the BIG economy, which impacts the LOCAL economy that you and I intersect every day. From home prices to mortgage rates, car prices to auto loan rates, inflation... Continue Reading

About investment minimums...

Investment minimums are an old-school way for advisors to filter out prospective clients. Advisory firms and their advisors set investment minimums as a way to target growth of assets under management (AUM) and revenue per client. In fact, advisors... Continue Reading

How to choose the right financial advisor

Cover art for Financial Purpose Podcast Episode 29: How to Choose the Right Financial Advisor

Have you ever wondered how to choose the right financial advisor? Whether you’re looking to work with a financial advisor for the first time, or you are looking to change advisors, the looming question in your mind might be:... Continue Reading

Using Kaizen to become a 1%-er

Today I want to talk about using Kaizen to become a 1%er. I’m not talking about those that fall in the higher earning bracket…. Although that may be a goal for some… And, I’m not talking about that particular... Continue Reading

Student loan payments restart

Chart showing the student loan debt growth relative to student borrowers

Federal Student Loan payments are scheduled to begin on October 1, 2023. After more than three years of extensions, delays, an executive order, and a pending Supreme Court hearing, you may be wondering what to expect. A few things... Continue Reading

Is buying a house NOW a good move?

Is buying a house vs renting right for you?

If you're considering buying a house vs renting, here are several important considerations based on the seven key areas of financial planning. Even with mortgage interest rates at a higher level, buying a house can still be an opportunity.... Continue Reading

Advice gap

a survey of wealthy advisors shows a massive advice gap between the services clients expect of their advisors vs what is received

What services do you expect from your financial advisor? What are you actually getting? Think about it. Is there a gap between your advisory expectations and the reality? Research from SpectremGroup among wealthy investors shows there’s a massive advice gap in... Continue Reading

What to do with your 401(k)

What should you do with your 401(k) when changing a job? The US is the only developed economy where cashing out is an option. It's called Retirement Leakage, and it's harmful to your wealth.

Changing jobs and wondering what to do with your 401(k)? You have four options available for your 401(k) plan when changing jobs. Yet, almost half of job changers cash out. A Harvard Business Review study found that approx. 41%... Continue Reading

Making better decisions!

an insightful visual aid to demonstrate how the quality of our decision-making process impacts our results.

Making better financial decisions requires an effective and structured process. Consistently following such a process can be challenging, especially when emotions come into play. Emotions can cloud our judgment and steer us away from the logical path. This generally... Continue Reading

Is your financial advisor a fiduciary?

Dictionary definition of fiduciary

The fiduciary standard is one of the more misunderstood and misquoted obligations in financial services. Many financial advisors would say they take on a fiduciary duty. At the same time, many advisors are not truly bound by the standard.... Continue Reading

Spaghetti and Financial Planning

Who should do financial planning? What is the point of financial planning, especially if you've already been investing for some time? In this video, I provide a visual aide for how your financial life and your investments work best... Continue Reading

529 plans ➠ Roth IRAs?

Big changes are coming in 2024 to 529 plans and Roth IRAs.

Big changes are coming in 2024 to 529 plans and Roth IRAs. More importantly, for the first time ever these two savings vehicles will soon have a direct link. Here's a brief overview of what to expect in planning... Continue Reading

The end is near!

I'm here to tell you the end is near. No, this isn't a conspiracy theory. The end of the year is coming fast and there's nothing you can do to stop it from happening. You can, however, take steps... Continue Reading

Is a Roth Conversion right for you?

Since 2010 the federal government has allowed people to complete Roth conversions, which is simply moving money from a Traditional IRA to a Roth IRA. Because of contribution limits and income phaseout requirements, some tax payers simply don't qualify... Continue Reading

Will you get a QBI Deduction?

Are you eligible for a Qualified Business Income (QBI) deduction? If you expect to earn business income of less than $170,050 single or $340,100 married filing jointly, you may qualify. Your type of business and source of income received... Continue Reading

Federal student loan forgiveness

The Biden Administration released a relief program, including the forgiveness of up to $10,000 federal student loan debt for most borrowers. How will the program work? What's included in the package? How will this impact the economy? What about... Continue Reading

The Now vs the Not Yet

Now and the Not Yet video thumbnail photo

I've been thinking of this concept that, for lack of better marketing, I'll call "the now vs the not yet." Or, for ease of common terminology, living now vs. waiting for retirement. Here's how the concept works - Grab... Continue Reading

Financial goals vs financial direction

Financial goals vs financial direction

One of the most common questions advisors ask prospective clients is: "what are your financial goals?" Financial services firms market a goal-centric approach to the general public. With this question, advisors are communicating that you need to have specific... Continue Reading

Wealth Management for High Net Worth

Scottsdale wealth management

Think financial planning is only for people planning to build wealth? What if you already have wealth? I've written about how financial planning helps build and protect wealth; in this article I'll speak to wealth management for those who... Continue Reading

5 Things to Consider Before Starting a Business

"I'm tired of these constant emails and meetings. I'm tired of the stress. I want out of this corporate job!" If you've ever said these words... or even have thought them in quiet desperation, you are not alone. In... Continue Reading

Selling Your Business

Many businesses begin with a well-crafted business plan including the product/service, pricing, supply chain, customer demographics, and marketing ideas. A sound business plan may also include a defined exit strategy, including selling your business. With good fortune and hard... Continue Reading

What is financial planning?

What is financial planning?

Here's the definition of financial planning, as expressed in the CFP Board’s updated Code and Standards published in October 2019: "Financial Planning is a collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice... Continue Reading

The National Association of Personal Financial Advisors
The Society of Advice

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