Being self-employed comes with plenty of perks—flexibility, control over your income, and the ability to shape your career. But it also comes with responsibilities, including staying on top of taxes. One way to reduce your tax burden is by taking advantage of every deduction available to you.
Essential Business Succession Planning for Dental Practice Owners: Protecting Your Legacy
Are You Leaving Your Family Unprotected? Part 1: Life Insurance
You’ve worked hard to build a stable life for your loved ones, but are you taking the necessary steps to protect their financial future? Life insurance is a crucial tool that provides peace of mind, ensuring that your family won’t be burdened with financial worries if something happens to you. It’s an essential part of any comprehensive financial plan, whether it’s to support your family’s needs or to preserve the stability of a business.
The Ultimate Guide to Retirement Plans for Dental Practice Owners: SEP IRA, Simple IRA, 401(k), and Cash Balance Plans Explained
As a dental practice owner, planning for your retirement is essential—not just for your future but for your practice's long-term success and your team's well-being. Choosing the right retirement plan can be overwhelming, with options like SEP IRA, Simple IRA, 401(k), and Defined Benefit Cash Balance Plans. Each of these plans offers unique benefits and challenges, so it's crucial to understand which option best aligns with your financial goals and practice needs.
What are the Critical Estate Planning Documents for Every Dental Practice Owner? | Ep. 5
In today's video, Certified Financial Planner™ Ed Leach delves into a crucial yet often overlooked aspect of estate planning for dental practice owners. For both your personal and business life, ensuring the correct legal documents are in place with updated beneficiaries is essential. This video will provide a quick overview of all the estate planning documents and their purpose for your financial health.
Retirement Plan Options for Business Owners: SEP IRA, Simple IRA, 401(k), and Defined Benefit Cash Balance Plans
As a business owner, planning for retirement is crucial not only for securing your future but also for attracting and retaining top talent. With various retirement plan options available, it can be challenging to determine which one best suits your needs and the needs of your employees. In this article, we'll explore four popular retirement plans, SEP IRA, SIMPLE IRA, 401(k), and Defined Benefit Cash Balance Plans, to help you make an informed decision.
How Can Dental Practice Owners Use Savings Buckets to Manage Short-term and Long-term Goals?
In the fast-paced world of dental practice ownership, making informed financial decisions is crucial for long-term success and stability. In this informative video series, a financial expert, Ed Leach, guides dental practice owners through the complexities of managing their finances. The series introduces a straightforward framework designed to help owners make smart money decisions, whether just starting or looking to optimize their financial strategies.
Tax Lot Identification: It’s Not What You Make, It’s What You Keep
Maximizing Financial Health: A Guide for Dental Practice Owners
In this comprehensive guide, Ed Leach from Highland Financial Advisors extends his expertise to dental practice owners, outlining essential strategies for optimizing financial health. As a seasoned partner and wealth adviser, Ed emphasizes the significance of understanding and evaluating various financial aspects crucial for professional practices and personal wealth management. From analyzing financial reports to assessing net worth and diversifying assets, this guide offers invaluable insights tailored to the unique needs of dental entrepreneurs.
Making the Most of Your Retirement: Prioritizing Healthspan Over Lifespan
As Wealth Advisors with extensive experience guiding high net-worth families through the intricacies of planning for their transition to retirement, we have witnessed firsthand the evolving dynamics of what it means to retire well. Traditionally, the focus has been on ensuring financial security through wealth accumulation, aiming to cover the expanses of one's lifespan. The traditional definition of "Retirement Planning".
What’s Your “Number”?
I often asked this question in high school – it usually involved someone walking away without me finding out.
And now that I have your attention…
In September 2008, the financial services company ING launched a marketing campaign called “Your Number”. You may remember these commercials – they showed busy people going about their day with large six or seven-figure numbers floating over their heads.
Do You Know the Game You’re Playing?
During my sabbatical, I read a book by Simon Sinek, “The Infinite Game,” which was published in 2019 and inspired by James Carse’s 1986 book on game theory titled “Finite and Infinite Games.”
In the books, finite and infinite games are described in this way:
A finite game is played to win, like baseball or golf. The players are known, the rules are set, and the endpoint is defined.
3 Common Causes of Recessions
Most recessions are the result of fiscal tightening following periods of high growth and inflation, with the Federal Reserve raising overnight rates to put the brakes on the economy.
A second common cause of a recession is the collapse of a group of businesses or assets due to lousy management resulting in a financial contagion. The Savings and Loan Crisis and the real estate bubble and sub-prime mortgage of the Great Recession are examples.
The third type of recession is an event-driven collapse of investor and consumer confidence leading to massive selling of stocks, reduction in spending, and eventually a business slowdown and employee layoffs.
When it comes to event-driven market selloffs and recessions, it is essential to understand that, historically, when the event is waning, the markets have already begun to rebound.
Here is a look back on Recessions since WWII, and S&P 500 performance during those recessions, showing not all recessions are created equal.
How Often Should You Check Your Portfolio?
It goes without saying, this has been a challenging year for investors. Every asset class has experienced significant loss at one point or another – International Equities, US Bonds, and recently, US Equities. As much as we say uncertainty and risk of loss is the cost of realizing long-term capital returns, times like this can make even the most rational long-term investor fear the future.
529A Accounts: A Way to Save for Disabled Beneficiaries
According to the US Department of Agriculture's most recent annual estimate, it will cost a middle-income family $233,610 to raise a child to age 18, ignoring college and inflation. This is a staggeringly high number, but the cost to raise a child with special needs can exceed that number by 5 or 10 times, depending on the child's condition.
