Month: March 2024

Mind Blowing & Challenging

Picking a topic for this week’s edition of TGIF 2 Minutes was both mind-blowing and challenging. Choices ranged from:

  • the sentencing of Sam Bankman-Fried to 25 years in prison for fraud tied to his crypto exchange,
  • the tragedy and enormity of the awful Francis Scott Key Bridge destruction in Baltimore,
  • the exposing of betting scandals in college and professional sports, namely the recent scandal around LA Dodgers superstar, Shohei Ohtani and his interpreter (an overall financial greed concept gone beyond awry),
  • a March 20th update from the US Congressional Budget Office on the long-term effects of the Federal Deficits (all young, yes young, people under the age of 35-40, please pay attention to this issue).

Wow, lots of JOY going into Easter weekend.

Continue reading “Mind Blowing & Challenging”

MSFS Ltd Edition – “D” for Dawn

Thomas Pablo said it best.

And Mike Minter described beautifully the relationship between “D for Dawn” and Brett and the family that Brett and Dawn’s relationship and businesses have created. For those reading today, that means the MSFS Family.

Maybe there are advisers or leaders within the MSFS & BDLLC corporate umbrellas who were not aware of how strong a family they had joined, or how wise it might be to “dive in” to the MSFS Family (families can be stressful sometimes). But by now I am thinking it is apparent to All, not to look a gift horse in the mouth. Continue reading “MSFS Ltd Edition – “D” for Dawn”

Teaching Inflation to Kids (& Adults)

From the archives of TGIF 2 Minutes – with updates, including perhaps why the US Federal Reserve is taking longer to start lowering interest rates…

“Mommy, Why are you buying our food at Walmart?”

…”Daddy, Why are we not eating my favorite fancy meals and brands of food?”

It is not quite Chef Boyardee and Ramen Noodles yet, but there is data reporting higher-end households shopping at lower-priced food stores (i.e. Walmart).* There is a lesson for kids and adults here. First a few more details.

Continue reading “Teaching Inflation to Kids (& Adults)”

The Power of Human Capital

Continuing with the theme of “tax season time crunch” comes another 1-minute read. The in-depth 2-minute version of TGIF 2 Minutes will return soon.

Amidst tax season, questions can come to mind:

  • WHY do we work so hard to pay so much in taxes?
  • Why am I not on a beach somewhere getting “more” out of life?
  • What is the “right” balance or timing around working now/spending later or spending now/working later, especially in light of all the taxes we pay?

There are too many answers to these simple yet complex questions. Given the 1-minute time frame of this Friday morning read, simplicity rules. Please consider the concept of human capital in order to apply a common aspect to all three questions above.

Continue reading “The Power of Human Capital”

Tax Season Time Crunch

It is tax season, which means time is at a premium. TGIF 2 Minutes is designed for this concept. Therefore, a 1-minute read today!

Preparing tax documents, expense spreadsheets, records of charitable deductions, W-2 forms, 1099’s, K-1’s and all the rest can really be a hassle. Here are a few bright spots:

  • Learn something right now this year from every time you find yourself saying, “I am going to do this differently next year!“
  • Whether it is your filing system for tax documents and charitable deductions or set-up of online folders for rental property files, go overboard with keeping better track along the way, starting now for tax year 2024.
  • Make sure to ask your financial adviser about tax loss harvesting this calendar year. Last year there were UP months in markets and DOWN months. Make sure your adviser is possibly using the market’s down months to a tax advantage in non-IRA accounts.
  • If it is not already obvious, have a CPA.
  • Ask your financial adviser for assistance in compiling or finding tax documents. This task is always something with which I am happy to assist – with advance notice – for my clients.
  • Look at ways to make changes and tweaks to the way you are contributing to 401k and IRA accounts while it is still early in 2024. Changes can involve:
  • increasing/decreasing contribution rate
  • creating a mix of before- and after-tax (Roth) contributions
  • spreading contributions over the course of the entire year
  • Consider Roth IRA conversions in 2024.

Tax time is not always the most pleasant time of the year but all we can do is make the best of it. Thank you for all the positive feedback in recent weeks!

This material has been prepared for informational purposes only and is not intended to provide, and should not be relied upon for, tax, legal or accounting advice.