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As we look back on the last 12 months, there are some things that we may want to forget. Indeed, it was a year of unexpected challenges for most Americans. Job loss, pay cuts, working from home, canceled vacations, and homeschooling kids may have been just a few of the curveballs that Covid-19 has thrown our way.

But let’s not put it all behind us quite yet — Covid-19 has taught us some valuable financial lessons that we would do well to remember. Now moving forward, we can all be a little wiser with our finances. Here’s how.

In recent years, knowledge about fiduciary advisors has grown tremendously. But did you know that not all fiduciaries are created equal? Before hiring a financial advisor, be sure you understand the roles and regulations associated with different fiduciaries.

Building wealth is a tricky thing. It takes discipline, consistency, a trusted advisor, patience, and sometimes even a little luck. As an investor, you may find yourself wondering:

Warren Buffet is regarded as one of the most successful investors of our time. With more than 2,000 books dedicated to how he built his fortune, there’s no shortage of theories and explanations for his success, but very few understand his true secret.

As a business owner, protecting the value of your company has always been a top priority. When the time comes to sell your business, make sure your decisions are tax-efficient. By minimizing the effect that taxes have on your sale, you will help preserve the value that you have worked long and hard to create.

High income doesn’t necessarily make someone rich. Building and maintaining wealth is something that comes through careful planning and investing.

Although individuals of all income levels are prone to make investment mistakes, unfortunately, as a high earner, you have more to lose. Additionally, your level of wealth could cause you to be more prone to these specific pitfalls. Follow these tips from the top fee-only financial planners in Salt Lake City, UT, and the surrounding areas, to protect your wealth as an affluent investor.

As the year rounds out, tax planning is likely top-of-mind. However, as a high-income earner, remember that tax planning is not only done at the end of the year. In fact, the more money you make, the more important it is to regularly evaluate your tax plan throughout the entire year.

That high number on your paycheck doesn’t necessarily mean you are “rich,” and young professionals with a high income may feel this more than anyone. As you navigate the workforce and manage your finances, consider these five tips from Salt Lake City’s trusted fee-only financial planning advisors to help young high earners manage their wealth and prepare for the future.

It’s been quite a year—and as the end of 2020 approaches, many will breathe a sigh of relief.

Before your mind moves to 2021, though, be sure to take advantage of our fee-only financial planning services and review your finances with a trusted TrueNorth Wealth advisor, as many tax laws have changed. Even though the year has been rough in a lot of ways, 2020 might still be a great year for many taxpayers to perform a Roth IRA conversion.

Health Savings Accounts (HSA) have become commonplace since their slow start in 2003. According to the Employee Benefit Research Institute, the average account balance in 2018 (the latest published numbers) was $2,803 — and in 2020, the maximum deposit for a family headed by someone over the age of fifty-five could reach $8,100 per year.

If you participate in a Health Savings Account, though, you might want to reconsider how you use that money.