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Financial Clarity Blog

Helping people make smart financial decisions.  

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Getting Your Partner Involved in Your Financial Plan

Often when I work with couples, one person takes the lead, and the other is silent or possibly even absent. It totally makes sense. Sometimes one person is interested, and the other just isn’t. The path of least resistance is to go with it. You can make things happen on your own, so why bother to rope your partner into something they couldn’t care less about?

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Resources to Grow Your Financial Literacy

Continuing with the Financial Literacy Month theme, we thought it would be a good idea to list some valuable resources to grow your financial literacy. Rather than focus on one topic, like we typically do each week with the blog post, we’ll reference a number of resources that we and others have created to help you grow your financial knowledge and ultimately reach financial independence.

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23 Terms for Your Financial Literacy Vocabulary

April is Financial Literacy Month, we figured it would help boost people’s financial literacy by putting together a short glossary of common finance vocabulary and jargon. You would need an entire dictionary or encyclopedia to cover all of the terms, but below are some of the more popular financial words or phrases you might hear and what they mean.

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Your Life Story Told Through Your Spending

Back in June 2019, I wrote down a tweet by Carl Richards that resonated with me. I saved it in my blog folder and haven’t done anything with it until now. The tweet said (not sure if I’m quoting or paraphrasing because I didn’t save the link): “Pretend you died and someone had to tell your life story through your spending history. What story would it tell?” Think about that for a moment. What would your story be?

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Tax Tips for Doctors

It’s tax season, so of course, we’re writing blog posts about tax tips for doctors. While there’s not much, you can do to improve your tax scenario for this tax filing. You can do a number of things throughout the rest of the year to put yourself in the best tax position possible next spring. That’s the thing about taxes – we typically file our taxes by April 15th for the previous calendar year. Once the year is over, there’s not much you can do after the fact. Therefore, the best tax tip I can give you is to start your tax planning now for next year’s taxes.

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Cash Balance Plans Pros and Cons

We get many questions from business or practice owners and self-employed individuals about ways to save on taxes. Assuming they are putting the maximum allowed into a 401k (many are not), a cash balance defined benefit pension plan can be a great option to implement for additional retirement and tax savings. Today we will look at the cash balance plan pros and cons so you can decide if this is something worth exploring.

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Fear of Missing Out

Every investor is looking for the next big thing that starts from the ground and revolutionizes the world in a few short years. The problem is, for every one of those companies, hundreds fizzle out and fade into the sunset. Some of the most popular and valuable companies 20 years ago don’t even exist today. And some of the most popular and valuable companies today didn’t exist 20 years ago!

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