Recent Articles from Wayne Farlow
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 […]
Beware of mutual fund hype
Whenever I see advertisements for a mutual fund family, I am reminded of the famous saying by Garrison Keillor “Welcome to Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” Similar to the children of Lake Wobegon, mutual fund families want you to believe […]
When can I retire? Part 2
In Part 1, we provided an easy to calculate approach to determining if you will be able to retire when you wish. For some people, this simple calculation helps confirm that they can retire when they want. For others, the “income gap” is too large to safely retire at the age they desire. In this […]
Increase investment returns—guaranteed!
There is guaranteed way to increase investment returns without adding any investment risk or even changing your current investments. Most investors have taxable investment accounts as well as tax-deferred retirement accounts and even tax-free (Roth) accounts. To increase investment income, determine which investment assets should be held in which types of accounts. With this approach, […]
Reduce your 2010 taxes—it’s not too late!
Even though its 2011, there may still be ways to reduce 2010 taxes. Funding an IRA between now and April 15 is one of the few remaining methods to reduce 2010 taxable income. Let’s look at three popular IRAs to determine if a year-end contribution is appropriate for you. If you are self-employed and have […]
The two-year tax reprieve
If you are considering retirement and have an ownership position in your business worth $250,000 or more, the two year extension of the “Bush tax cuts” could provide an opportunity for significant tax savings. For the next two years, long term capital gains and qualified dividends will be taxed at a maximum rate of 15 […]
Invest in your health
The Patient Protection and Affordable Care Act (PPACA) has altered much of the traditional health insurance landscape. One health insurance plan that has remained virtually unchanged is the High Deductible Health Plan (HDHP), which can be combined with a Health Savings Account (HSA.) The only modifications that PPACA made to HSAs were to: 1. Restrict […]
Celebrate abundance—financial and otherwise
For me, Thanksgiving is a time to express gratitude for my many blessings and to celebrate abundance. It is also a time to reflect upon the seventh step in the Seven Steps Toward Financial Abundance, “Have Faith in Your Continued Financial Abundance.” In these times of high unemployment, investment uncertainty, political turmoil and international tensions, […]
The myth of low inflation
The Federal Reserve continues to fret over low inflation rates and how this could lead to deflation. While the Fed claims that we have virtually no inflation, my recent personal experience has been just the opposite. The cost of living, especially the cost of food, energy and health care, appears to be rising at rates […]