In the Revenue Act of 1978, the 401(k) retirement savings plan was born. This law gave employees the choice to receive a portion of their earnings as deferred compensation held in a special account. The employees did not pay tax on that money in the year it was earned. They would pay income tax in …
goal setting
Five Investing Traps to Avoid
We all know somebody who thinks they’re the smartest person in the room. They know the best vacation spots, the hottest bands—and the best wealth building ideas. But just because they know the difference between echidnas and enchiladas doesn’t mean they’re a financial wizard. Chances are you’ll run into one of these people at a …
Who Needs Friends?
I remember the time my sales training coach said, “We are not trying to make friends. I got all the friends I need. What I need is more clients.” He was urging us to be more direct in asking a prospect to buy our products. Like a lot of people, this was challenging for me. …
Planning for your financial goals
Most folks don’t have a financial goal at all. Many feel their true financial goals are unrealistic, or they don’t see a path to achieve them. But putting goals into words can be the first step toward a sound financial future. For years, I’ve been told that simply writing goals down on paper can be …