Where People Go Wrong with Their Understanding of Money

Where People Go Wrong with Their Understanding of Money

  Scott Sonenshein, Management Professor at Rice University, gets it right when he points out that people often misunderstand how money relates to their broader life goals: People often misunderstand that their relationship with money and how they manage their personal finances don’t exist in isolation of their well-being and the pursuit of their life goals. Since money is a component of our well-being, and a means to supporting our life goals, it warrants careful consideration. […] Too often we mindlessly chase after money (and lots of other things too). Sometimes the pursuit of more money might lead us astray from a meaningful goal, such as having enough time outside of work to enjoy family and friends, or the pursuit of a deep interest, such as learning a new language or how to play an instrument. There are even times when we’re so focused on accumulating money that we miss opportunities to do things that would bring us real pleasure, such as a barbeque with friends or a playing a recreational sport. This is something we talk with our clients about every day. In fact, helping people understand where money fits within their broader objectives and values is one of the greatest ways a financial planner can help, and this is why it’s a critical part of our own financial planning process. Again, Sonenshein, is spot-on when he says that “The best way to figure out the role of money is to reflect on and define our life goals.” This is important because it not only helps one have a holistic view of money, but it also can drive important tax, investment,...
Couples Spending Huge Amounts to Get Married

Couples Spending Huge Amounts to Get Married

  Couples are spending the big bucks to get married. With an average cost now surpassing $35k, it will be important for couples to consider how the cost of a wedding fits in with other goals, such as retirement, a new home, or paying off student loans. It’s a good idea for couples who are considering getting married to consult with a fee-only financial planner, and perhaps even a tax accountant, before deciding how much to spend on the big day. Read more…  ...
Is the Future of Tax Filing Just a Smart Phone Click Away?

Is the Future of Tax Filing Just a Smart Phone Click Away?

    Perhaps filing your taxes in the future will be nothing more than a smart phone click away. “Miami-based Taxfyle launched a more robust version of its app that makes it easier for consumers, freelancers and small businesses to file taxes. On Thursday, the technology startup announced it has raised seed financing to fund its growth through this tax season and beyond, including with the millions of consumers and businesses who have complex returns.” What is Taxfyle? “Taxfyle was co-founded by Richard Lavina, Michael Mouriz and Will Sahatdijan in August 2015. Today it is the top-ranked tax app in the App Store. It has grown its network to more than 700 Certified Public Accountants and Enrolled Agents. Taxfyle gives CPAs and EAs the opportunity to participate in the “gig economy” by building their own businesses or earning extra money by taking on accounting gigs on their own time.”Read more…    ...