Category: Financial Planning
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Investing an inheritance
Yesterday I handled a consumer question about investing an inheritance and published the Q&A after-the-fact. The amount of money being passed to the baby boomer generation is phenomenal and it is a huge impact on many people’s lifetime financial success. One recent study by the Bureau of Labor and Statistics indicated almost 1 in 3 American households…
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My ideal client
This exercise in developing “my ideal client” profile is part of a business plan development program. My Ideal client is female, age 45 to 55, with a master’s degree, married, adult children, with a small private professional office and a few employees in the Philadelphia area. She tends to be focused on her business activity…
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Accounting vs. bookkeeping vs. artificial intelligence
I read an article that started out with a silly statement “It’s not a reality—yet—but accounting software is poised to eliminate accountants”. The article goes on to discuss the role of bookkeeping software, not the work of accountants. I responded “If you believe that this next generation of software will replace accountants, then I would…
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What if I don’t have supplemental health insurance?
I recently recorded a presentation called “How to find supplemental health insurance” for Freedom Benefits. For those not familiar with the topic, the question may be “so what, what if I don’t have supplemental insurance?” It’s a good question in the rapidly changing field of health insurance. Health insurance policies have changed dramatically since the…
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Script of new introductory video
This is the working script to my new personal introduction video that will be recorded soon and then made into a multi-media video some time after that: “Hello, this is accountant Tony Novak with a quick 10 point personal introduction: 1. The value I bring to clients today comes directly from experience and relationships built over several decades…
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The problem with fee-only financial advice
Much is written about the benefits of fee-only financial advice. Yet the drawbacks that prevent its wider adoption among the relatively large portion of working-class affluent individuals are almost totally ignored in public media. The result is that we are sending a harmful message to the bulk of Americans who would otherwise benefit from solid professional financial advice.…
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Now is the time for effective tax planning
Today is June 30, 2014; the year is half over. Now is the time to be effective in planning and implementing changes that will be effective in reducing taxes. Those who wait until the last quarter will – like those in every other year – be told that tax planning strategies are “too little too…
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“Fee only” financial planning update
It was great to read in Financial Planning Magazine that the Boards of two of the nation’s most prominent financial planning organizations (CFP and NAPFA) finally synchronized their definition of “fee only financial planning”. Under the new rules, a planner cannot even own a minority interest in a commission-based business. One prominent planner said that…
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IRA owners consider new threat from Supreme Court ruling
A recent Supreme Court decision seems to leave IRA account assets vulnerable to the claims of health care providers, even in the event of bankruptcy of the owner (Health care costs are believed to be the most common primary cause of personal bankruptcy, especially late in life). The ruling affects inherited IRAs. Industry data indicates…
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10 unconventional tips for replacing health insurance
Changing health insurance is a ritual part of changing jobs, graduating from school or starting your own business. Health insurance market reforms through the Affordable Care Act have not made the process any easier or less stressful. The simple questions “What are my insurance operations?” can still be addressed only with a complicated response. The…