Below are some beginner-friendly financial tips we share from 10 different famous financial advisors that have proven to lead to success, both for individuals and businesses.
Michael Kitces of Pinnacle Advisory Group, Inc.
Mr Kitces says that having a budget for expenses be they individuals or a business, is just as important. Establishing a budget is the foundation of any plan.
Ted Jenkins, oXYGen Financial, Inc.
Ted reminds us that being comfortable and confident with your budget can be the difference between sticking to a plan and achieving goals or backing off and not achieving success.
Joshua Brown, Ritholtz Wealth Management, LLC
Joshua tells us that setting goals are the basis, along with a budget, for all future decisions. It doesn’t matter if you are starting a new business or improving your finances, goals will help you stay motivated and execute your plans better.
Sophia Bera, Gen Y Planning
Ms Bera wants people to know that cash reserves, allow you to better handle the unexpected without disrupting their goals or changing your lifestyle.
Cary Carbonaro, United Capital
Cary thinks one of the keys to a plan you can live with as life progresses has to incorporate your comfort levels in risk management. Some people are uncomfortable with higher risks and need a more conservative strategy.
Committing to a plan needs to accommodate the investors’ comfort levels with risk.
Marguerita Cheng, Blue Ocean Global Wealth
Mrs Cheng adds that one of the best ways to understand your risk strategies is to get yourself a certified CFP (Certified Financial Planner). They can both explain the strategies and offer investments tailored to your goals and risk assessment.
Jeff Rose, Good Financial Cents
Once you have established your risk comfort level, Jeff recommends that your investment strategies should consider tax-advantaged opportunities. He suggests discussing this with a CPA (Certified Public Accountant) to maximize performance towards your goals.
Douglas Bonaparth, Bone Fide Wealth LLC
Mr Bonaparth advises those nearing retirement or after retirement should consult with an Estate Planning expert licensed to enact transactions. Estate Planning is sometimes the difference between tax-advantage and tax penalization and is integral to using assets now and letting your heirs benefit from tax leveraged positions.
Ron Carson, Carson Wealth
Mr Carson wants to talk about tax strategies saying many people and businesses fail to set up their expenses and investments to take advantage of numerous tax leveraged positions. They can substantially improve your financial position.
Lanzetta Braxton, Financial Fountains
Lanzetta emphasizes that the best-laid plans won’t reach your goals without an investment strategy that is designed not just for your risk comfort level. They should also include returns on investments planned to reach those goals when you want them.
GH & I CPA Digital Magazine delivers the top ten financial advisors are offering you their tips through our magazine. We cover the spectrum of tax-advantaged investments and the latest in tax strategies for everyone from the beginning investor to the retiring businessman, as a bonus.