The Classic Story of a Spender and a Saver

The untypical financial planning blog! Yes, my wife came up with the title as I get teased a bit for being a little frugal. However, we do try to find some humor in it. Hopefully some of these random thoughts will help you in your financial journey, So enjoy! - James Daniel, CFP®, CFA, CMT, EA Now for the DISCLAIMER: This blog is not intended as financial advice. We encourage you to consult with your personal advisor before acting on anything you read here.

Something to think about

Written on April 4th, 2017 by Jamesno shouts

We never know if this will happen to us or how it could affect our retirement dreams.  A very real disease that we all need to have a plan for:  https://www.yahoo.com/style/this-son-is-documenting-his-mothers-dementia-in-a-heartbreaking-video-series-173544541.html

Why hire a CFA to manage your wealth?

Written on April 4th, 2017 by Jamesno shouts

There is a difference:

https://www.cfainstitute.org/learning/investor/Documents/why_hire_a_cfa_charterholder.pdf

Retirement Minute – max Social Security in 2017

Written on March 13th, 2017 by Jamesno shouts

What’s wrong with a rule that advisors have to act in their clients best interest?

Written on February 3rd, 2017 by Jamesno shouts

I’m not a fan of the government over regulation, but asking financial advisors to act in their clients best interest seems like a no brainer.  Why are the big guys asking Trump to repeal this rule?

Rise Up!

Written on January 23rd, 2017 by Jamesno shouts

NFC Champs!  Nice to have our home team going to the Super Bowl.

What is a Fiduciary?

Written on January 5th, 2017 by Jamesno shouts

pretty soon you will have instant Amazon deliveries!

Written on December 29th, 2016 by Jamesno shouts

New patent from Amazon – flying warehouse with drone delivery:  http://www.cnbc.com/2016/12/29/amazon-flying-warehouse-deploy-delivery-drones-patent.html

$55B in profit over 28 years

Written on December 22nd, 2016 by Jamesno shouts

Pretty interesting read on a secretive hedgefund.  Sometimes patterns trump fundamentals:  https://www.bloomberg.com/news/articles/2016-11-21/how-renaissance-s-medallion-fund-became-finance-s-blackest-box?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

Last minute tax deductions for 2016

Written on December 15th, 2016 by Jamesno shouts

You’ve got 2 weeks remaining in 2016, here is a quick checklist of ways to reduce your taxes:

  • max out your 401k ($18,000 + $6000 if over age 50)
  • max our your HSA if you have a High Deductible Health Plan ($6750 for families / $3350 for singles)
  • do you have any investment losses in a taxable account?  Sell now and deduct up to $3000

And don’t forget about Itemized Deductions on your Schedule A form, plan ahead and get more deductions:

  • Medical/Dental Expenses:  keep track of your out of pocket expenses.  If over 10% of Adj Gross Income you can deduct.
    • Long Term Care premiums can be included in this
  • State Tax or Sales Tax (you choose which one to deduct)
  • Personal Property Tax
  • Real Estate Tax
  • Mortgage Interest
  • Mortgage Insurance (PMI – deductible for some income levels)
  • Mortgage Points/Loan Orig fees (basically prepaid mortgage interest can be deductible)
  • CHARITABLE – big one you can do in the next two weeks
    • Cash donations to qualified charities are deductible (keep records and written verification from charity)
    • Non Cash Donations (donating household items to your favorite charity thrift store or qualified charitable institution)
      • < $250 just need to record name of organization and description/value of property
      • $250 to $500 need above + receipt from organization
      • $500 to $5000 have to list more details with tax return including form 8283, still very easy
      • >$5000 you will need to have an appraisal of the property.
  • Misc Itemized Deductions (may or may not be subject to 2% AGI threshold) :
    • Investment expenses and fees + some legal expenses
    • unreimbursed employee expenses
    • Job search expenses
    • Job related education
    • work uniforms (some restrictions here)