In our never-ending search for paying fewer taxes, consider two definitions from the IRS: Tax evasion: The failure to pay or a deliberate underpayment of taxes. Tax avoidance: An action taken to lessen tax liability and maximize after-tax income. The IRS explains that tax avoidance is legal. As taxpayers, there is nothing wrong with avoiding…
Something troubling about investors in recent years is the fixation on comparing their globally diversified portfolios’ performance to the S&P 500. Whether it should be or not, the S&P 500 has become a standard portfolio measure for all other portfolios.
Wealth management can be a daunting journey and takes sticking to a diligent, ever-evolving plan to achieve long-term goals. The easiest part, however, is to start! The foundation and first step to any financial plan are to create a budget that allows you to set and meet short-term goals. These short-term wins include allocating to…
The Hard Truth of Lifestyle Inflation In a recent TrueNorth Wealth Radio episode, we discussed the impact of Mindset and Habits on your financial outcomes. In our conversation, we discussed that while most people think investment returns and mathematical optimization primarily drive financial success, we’ve found that behavior, mindset, and habits have a much stronger…
The 1st quarter of the year following the holiday season is filled with a commonplace task for each of us: taxes. Big and scary, complex and misunderstood, many Americans find an aversion to doing their taxes for many reasons, simplicity being chief among them.
In his book, Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health, author Courtney Pullen takes readers through various techniques to build and preserve family wealth and legacy.
What causes them, and how could they affect my portfolio? The nation is currently grappling with record-breaking inflation. In 2021, inflation was about 7%—the highest it’s been since 1982. From gas prices, to airline tickets, to our utility bills, we have seen price increases across the board. Prices for meat products and eggs rose around…
A Simple Three-Step Framework to Revamp Your Financial Plan and Achieve New Financial Goals There is a common misconception in personal finance, and it’s wreaking havoc on many people’s money. It’s the misconception that once you’ve created your financial plan, you are set—everything is on autopilot, and you just need to “stick to the plan.”…
For many entrepreneurs and business owners, their business represents a significant portion of their total net worth and retirement nest egg. That means when it comes time to sell their business, it may be one of the largest transactions of their lifetime.
Ryan Lochte won his first Olympic gold medal in 2004, at the young age of 20. For the next 12 years, he would go on to collect a total of 12 Olympic medals, becoming one of the most well-known and successful American swimmers to date—earning millions of dollars in the process. He was recently featured…