Comments on: Relocating The ‘You Are Here’ Marker On Your Own Financial Map

By: BawldGuy

BawldGuy — Wed, 31 Dec 2008 01:58:09 +0000

True enough — And sometimes the judgment must be made as to whether the income will do more harm or good being shoved into the next year. Often, that’s a difficult call.

By: Cher

Cher — Wed, 31 Dec 2008 01:47:27 +0000

Jeff, When I mentioned a review with the CPA, I was talking about little year end tax planning finesses, not R.E.advice.
Agreed, most CPA’s are good at math problems, tax consequences and how to stay solvent, but not “purposeful plans”
However, a one hour meeting at year’s end to check the income and expense situation can save thousands with a few tweaks. It’s much better to pospone an income check from Dec 31 to Jan 2 than it is to hit the AMT!

By: BawldGuy

BawldGuy — Sat, 27 Dec 2008 22:33:19 +0000

Crackin’ up — affect is the one. Decisions, especially adjustments to new realities can result in both the avoidance of disaster and/or the creation of new options.

By: KC Investments

KC Investments — Sat, 27 Dec 2008 22:19:03 +0000

Just sitting down and looking, honestly looking, at your current situation does wonders for your future. It has an affect (or is it effect…my English teach would not be happy with me right now) on decisions you will make throughout the year.

By: BawldGuy

BawldGuy — Sat, 27 Dec 2008 16:57:25 +0000

Thanks guys — see what happens when I get into ‘quick, down and dirty’ mode?

CPA – I’ve found the 90/10 rule applies to new clients’ CPA’s. (if they even have one) Having 90% of the accountants out there ‘review’ your status is almost counter-productive. That’s not in any way a knock on them. It’s that they’re usually not real estate oriented. That’s crucial.

I should’ve mentioned a Purposeful Plan review is a must — but then that’s my job with the client’s complete and active participation, not theirs alone.

Great points, Cher and Dave. Thanks

By: David Shafer

David Shafer — Sat, 27 Dec 2008 15:59:23 +0000

And one more idea; revisit your purposeful plan to revise based on the year’s worth of changes both personal and economic. Of course if you don’t have a plan then……you know the answer!

By: Cher

Cher — Sat, 27 Dec 2008 15:49:10 +0000

Great financial plan for year end. Thanks. We are simplifying, downsizing, getting rid of the dead wood, giving away excess junk, and redefining our vision in light of the “new reality”.
One more suggestion. See your CPA at years end. He never fails to see something we missed.