Recent Articles from Wayne Farlow
It’s your inheritance
Recent studies have found that more than two-thirds of the baby boomer generation will receive inheritances from parents and/or other family members. While many of these inheritance gifts will be small, almost 54 percent will likely receive gifts of $100,000 or more. Often, the beneficiary has a d...
Maximize your college savings
There are two main financial planning goals that my clients most often want addressed. One is attaining an abundant retirement; the other is saving for college expenses. One method of minimizing your child or grandchild’s college expenses is to maximize tax savings. Another is to maximize college aid opportunities. Here are some ideas on how […]
A guide to inherited IRAs
There are few areas of the tax code as confusing as inherited IRAs. Let’s examine your current tax deferred retirement accounts (IRA, SIMPLE IRA, SEP IRA, 401(k), 403 (b), etc) and what is required to minimize taxes from an inherited tax deferred retirement account. The single, most important step you can take to assure that […]
A great alternative to early retirement
Many of my baby boomer clients are questioning their ability to retire before they reach their Full Retirement Age (FRA) for Social Security. When we do our annual retirement planning, we always explore several different retirement options to allow for the abundant retirement they desire. The goal of any retirement plan is to live throughout […]
Seven simple tax-saving tips
I have never met anyone who wanted to pay more income taxes than they legitimately owe. The super-rich have accountants and lawyers scrutinizing every aspect of their income and expenses to assure they take advantage of every tax loophole and pay the absolute minimum in taxes. Since most of the rest of us cannot afford […]
The key to successful investing
A question that is commonly asked in times of market volatility is “Should I invest or keep my savings in safe Certificates of Deposit?” Even if the questioner is stuffing their cash in a mattress, they are “investing.” Thus, the question that should be asked is, “How will I invest my funds?” For many investors, […]
Your children—or your retirement?
One of my greatest blessings was to be the father of two children. When we become parents, it is understood that we are taking on a large, new financial responsibility. Most young parents believe that their financial responsibility will end when their children graduate from college. Many parents of grown children have found that their […]
Take control of your financial future
The economy, government spending and debt, unemployment, housing foreclosures and our banking system all contribute to a fear of the financial future. These fears are all outside of our control. However, we can control many decisions related to our own financial future. Financial Abundance Guide (available free at www.finabguide.com ) identifies many areas of personal […]
New medical taxes are coming your way
In March 2010, the Patient Protection and Affordable Care Act (PPACA) was passed by Congress and signed by the President. This act includes several “features” that will raise the amount of taxes we pay on medical related services, regardless of your income bracket. It has always seemed inequitable to me that we may deduct 100 […]
Seven steps to a financial independence day
On July 4, 1776, our forefathers declared that we should be an independent nation. Today, many of us would like to declare our financial independence. As financial conditions continue to change throughout the world, it has become more challenging to attain this goal. While there are no guaranteed methods to become financially independent, here are […]
Seven simple steps to prosperity
It appears that the economic news and the destructive political dialogue have gone from bad to worse. With summer upon us, perhaps it is time to take a deep breath and celebrate the abundance that surrounds us all. Financial Abundance, LLC, was founded to help individuals and families learn to approach their financial lives from […]
Should you DIY?
The April issue of Money magazine included an article addressing when it is appropriate to DIY (do it yourself) certain financial tasks. Two of the tasks included were “Managing a Portfolio” and “Creating a Retirement Income Plan.” Money did not distinguish between the types of personal financial support available, implying that two different professionals may […]