Updated: Oct 14
As we begin 2021, many people are trying to kickstart their New Year's resolutions. Take control of your finances, and make 2021 the year you start Connecting Capital to Wealth.
The problem with these resolutions is that there is rarely an executable plan in place that has been thought through and can be sustained -- not only through the first month, the first quarter, and throughout that year, but indefinitely. Without a plan, it is difficult to see everything you really need to do to achieve your goal.
Take control of your finances! Make 2021 the year you start Connecting Capital to Wealth.
For example, maybe your health resolution is to exercise this year. But what is your true purpose? You need to have a goal. Maybe that goal is a desired body weight. You know that one of the things to do is exercise. But you also need to have a diet plan, as well as a proper sleep schedule so your body can recover and get stronger. So, to achieve your goal, there are actually several interrelated factors that will determine your success.
Making a financial resolution is actually a life long plan
The same is true with finance. I have built a career around achieving financial goals for my family, for our business, and for all of our investors looking to connect capital to wealth. Just like someone trying to lose weight, you can’t just focus on one aspect of wealth building. Yes, you want to maximize income, but you also want to maximize your savings plan and what you're going to do with that savings. Your efforts need to be built strategically around what you're trying to accomplish with your wealth portfolio. It’s true that you can gain wealth quickly when your Investments are gaining at a double-digit rate... but you can also lose it just as quickly because of taxation.
Equally important to your income, your savings, and your Investments is your tax planning strategy. The problem is that most tax preparers are just historical reporters of data that you provide. They don't create a tax strategy specifically built around your income plan, your savings plan, your investments, and your overall wealth objectives. You need to work with an experienced CPA who is focused on tax planning for high net worth individuals.
It's time that you take control of your finances. Establish your strategy and build a clear, executable plan of action that leads directly to your goals.