Financial planning is extremely important, whether you are in high school or are approaching retirement. However, many people appear lost when it comes to setting financial goals for their future and achieving them.
There are three steps to successful financial planning, no matter your current situation. First, according to financial coach Ross Riskin, it is crucial to split your monetary objectives into short, intermediate and long term goals. This step is relatively simple. Goals such as getting rid of student debt, purchasing property or building a retirement nest egg can easily be categorized based on their timeframes.
Step two of financial planning is to carefully calculate what you need to do to meet your objectives from step one. Know how much your end goal will cost and assign it a timeframe. If you are successful in this step, you will likely be able to see yourself moving closer to achieving your … Read More
Consider Filing for an Audit Reconsideration
Simply hearing the word “audit” can often make taxpayers shudder. But these situations are not hopeless. If you were surprised by an unexpected audit and were unprepared, you may be able to file for reconsideration. There is usually no form required. Simply mail your request to the office which issued your examination report. The IRS generally responds with a decision within 30 days
Before you submit a request for reconsideration you should carefully review the previous examination report and identify which items you believe are incorrect. You can file a reconsideration request if you meet any of the following criteria.
If you meet one of the listed requirements, you should … Read More
Financial Planning for All of Life
Financial planning is extremely important, whether you are in high school or are approaching retirement. However, many people appear lost when it comes to setting financial goals for their future and achieving them.
There are three steps to successful financial planning, no matter your current situation. First, according to financial coach Ross Riskin, it is crucial to split your monetary objectives into short, intermediate and long term goals. This step is relatively simple. Goals such as getting rid of student debt, purchasing property or building a retirement nest egg can easily be categorized based on their timeframes.
Step two of financial planning is to carefully calculate what you need to do to meet your objectives from step one. Know how much your end goal will cost and assign it a timeframe. If you are successful in this step, you will likely be able to see yourself moving closer to achieving your … Read More
Millennials Struggling to Invest Wisely
Several recent studies have found that millennials are struggling to manage their investments. According to bankrate.com, 69% of individuals currently under age 30 haven’t started a retirement savings account. This is due to numerous reasons including unemployment, student-loans and recessions. However, Business Insider has pointed out that “You don’t have to choose between saving for retirement and paying down your debt.” If you start early and utilize the value of compound interest over time, your retirement is almost certain to be pleasant.
Greg McBride of the Wall Street Journal has another piece of advice for young professionals. For those who have already started a retirement account, he encourages an aggressive investment strategy. He argues that while safe investments can provide a sense of immediate security, they are often quite risky down the road. This is because they don’t provide a sufficient rate of return to grow a retirement nest egg. In … Read More