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The Leading Edge Financial Planning Blog.
So many of us are making a great living but still can’t seem to build wealth. Why is this?
What we often see at our firm is that lifestyle inflation is the culprit. When our standard of living improves our discretionary income rises and former luxuries become new necessities. We can find ourselves with little income left over each month. The idea of putting that small, leftover amount into savings can trigger a true, visceral fear. We don’t want to lose the flexibility the excess income affords us.
Kevin discusses how a “start low and go slow” approach can help you overcome this fear and build wealth for yourself and your family before you know it. Click below to watch the short video.
The new tax law made it hard to know how much to withhold from your paycheck every few weeks. As a result, many people withheld less last year than they might otherwise have, and either received a smaller rebate than expected or had to pay additional taxes in April. Now the tax agency has released a proposed new updated Form W-4, which reflects the changes from the Tax Cuts and Jobs Act —including the doubling of the standard deduction, eliminating personal exemptions and limits on certain itemized deductions.
Stocks and bonds are both up. Optimism has returned. Hooray! In this video, Kevin highlights some of the questions we received from our recent client survey and how they apply to current market conditions.
The lure of trying to time the market may tempt even long-term investors. But outguessing markets isn’t as straightforward as it sounds.
It can sometimes be hard to understand just how large the U.S. economy is compared with the other countries of the world. You’ve probably read that California alone, if it were an independent country, would have the world’s fifth largest economy. But what about the rest of the states?
How to Avoid Losing Money When the Market Tanks. Even though the evidence overwhelmingly proves that time in the markets is more important than timing the markets, people still try at every market downturn.
Make a Lot of Money But Not Getting Rich? As our income rises, we tend to experience 4 phases of growth. How we recognize and handle each phase dictates our likelihood of actually becoming wealthy in the long run.
ax season is over… why in the world did I just receive a Form 5498?! A brief explanation on why you received Form 5498 and what to do with it.
The Future of Social Security & Medicare and How it Affects You. Kevin recommends the 3 SPECIFIC STEPS he recommends you take to be prepared for any potential shortfall in your benefits.
Kevin Gormley CFP, CPA® discusses the five most important steps you should consider when it comes to investing in rental real estate. No matter how ‘easy’ you may have heard owning rental property is, you could find yourself in real financial trouble without a good process to analyze the property, the local area, cash flow, and the tax implications of your rental property.