Aug
Cpa Final
Posted in Adult and Career Opportunities | No Comments »
A Cpa Explains How to Fire Your Financial Planner
Have you gotten tired yet of paying the five, ten or twenty thousand dollars a year that you’re currently paying your financial planner?
You should think about taking a do-it-yourself approach to financial planning. By following a handful of steps, you can actually plan and manage your personal finances yourself. And as long as you’re thoughtful and careful, the job you do will beat the performance of about 99% of financial planners and registered investment advisors.
Seriously, firing your financial planner is easier than you think. You simply need to follow five steps:
Step #1: Learn to Invest Passively Using Index Funds
The first step in firing your financial planner or investment advisor is learning how and why passive investing works–and then committing to using passive investing as the foundation of your wealth-building.
If you don’t use a financial planner or investment advisor to pick your investments or make investment recommendations, you’ll need to come up with your investments. And passive investing provides an easy, powerful way to do this.
In a nutshell, with passive investing, you don’t try to pick the best investments. Rather, you buy all the possible investments. And, the weird thing is, you actually do better using passive investing because the cost of making bad investment choices is less than the fees a financial planner charges.
You can begin your research into passive investing by reading about index funds on various investment web sites. But you should also take the time to read one or both of a couple of books, The Random Walk Guide To Investing by Burton G. Malkiel, an economics professor at Princeton University and The Little Book of Common Sense Investing by John Bogle, the founder of the Vanguard Group, a mutual fund company powerhouse.
Step #2: Get Serious About Retirement Saving
After you learn how passive investing works–and why you’ll always use an index fund if you have the choice–you need to get serious about your retirement saving.
Specifically, if you work someplace where your employer provides a 401(k) or similar retirement savings option, you need to participate. At a minimum, you want to participate at a level that means you get any “free matching money” the employer provides. And if you can save more money, even better.
If you work someplace where your employer doesn’t provide something like a 401(k), you need to use (and ideally maximize contributions to) an individual retirement account.
Almost always, people who use 401(k)s and individual retirement accounts to invest in a small handful of index funds build wealth much faster and with much less risk than people who use financial planners.
Step #3: Play Worst-case Scenario with your Finances
Here’s a third step you should take. Grab a pencil and pad of paper and list your family’s financial worst-case scenarios. You’re going to include scenarios like “loss of income due to death of the breadwinner,” “catastrophic medical expenses,” “disability of breadwinner,” and so forth.
To the extent that it’s practical, you want to buy cheap insurance to mitigate these worst-case scenario risks. For example, you want to buy cheap renewable term life insurance for the family’s breadwinner(s). You want to buy major medical insurance for family members. And, if possible, you want to acquire long-term disability for the family’s breadwinner(s).
Cheap insurance–which insurance agents often don’t like to sell–provides an effective way to minimize your biggest financial risks.
Step #4: Keep Your Finances Simple
A fourth quick step: Work to keep your financial affairs simple. Don’t put money into complicated investments. Don’t buy complex financial products. Don’t let your finances get disorganized.
Complexity doesn’t save you money. Complexity costs money. Furthermore, complexity leads to mistakes.
Step #5: Make Sure You’ll Pay Off Your Mortgage Before Retirement
A fifth final tip or step: Make sure you’ll have your mortgage fully repaid before you retire–and preferably well before you retire.
Related to this point, if you receive a windfall–perhaps an inheritance or an unusually large bonus from an employer–use part of the after-tax proceeds to accelerate your mortgage pay down.
Paying off your mortgage well before retirement should mean that you’re in good shape to retire when the time comes. And “siphoning off” a portion of any windfalls for accelerated mortgage repayment will mean that at least some part of any financial windfalls you receive get used for wealth-building.
About the Author
CPA Stephen L. Nelson writes about the limited liability company and the S corporation options and taught the Golden Gate Univ. class: Limited liability company versus S corporation
CPA FINAL
|
|
BECKER CPA 2011 REVIEW FULL SET & 2010 FINAL REVIEW $999.99 |
|
|
2011 Becker CPA Review FULL(4 books+Flashcard+DVD) (Apr 2013)+Final Rev $875.00 |
|
|
2011 Becker CPA FULL(CPA Review+Final Review)(8 books+CD)(mar 2013) $845.00 |
|
|
2011 Becker CPA Review ALL(4 Books+5 CD)(Apr 2013, 1 inst)+Final Rev $725.00 |
|
|
2011 Becker CPA Review ALL(Mar 2013)+Flashcard+Final Review+Passmaster $655.00 |
|
|
2012 BECKER CPA FINAL Review WHOLE SET w/BRAND NEW Start-UP CD + BONUS Material $619.00 |
|
|
NEW & SEALED 2012 (NOT 2011) BECKER CPA FINAL REVIEW COMPLETE SET $590.00 |
|
|
NEW Becker CPA 2012 Complete Final Review Course (PC/MAC) $575.00 |
|
|
NEW 2012 BECKER CPA FINAL Review SET with Books+DVDs + START UP CD + BONUS $574.95 |
|
|
2011 Becker CPA Review ALL /w Course CD(Apr 2013, 16 mth)+Final Review(Mar 13) $499.00 |
|
|
2011 Becker CPA Review ALL /w Course CD(Nov 2012)+2012 update +Final Review pdf $455.00 |
|
|
2011 Becker CPA Review FULL(SEP 2012)+2012 UPDATE + Final Review $430.00 |
|
|
Brand new! 2011 Becker CPA FINAL Review ALL Books and CDs (18 months, 3 inst) $399.00 |
|
|
BRAND NEW 2011 Becker CPA Review Final Review (FULL SET) $350.00 |
|
|
Becker CPA Final Review 2011 (Textbook + CD + Start-Up Disc) $350.00 |
|
|
2011 Becker CPA Review FULL(Mar 2012 2013)+Final Review $325.00 |
|
|
2011 Becker CPA Review Flashcard+(CPA+ Final Review book+Passmaster MC pdf) $250.00 |
|
|
NEW 2012 BECKER CPA FINAL Review Auditing (AUD) Text +DVD+ START UP CD + BONUS $236.00 |
|
|
NEW 2012 BECKER CPA FINAL Review Financial (FAR) Text +DVD+ START UP CD + BONUS $236.00 |
|
|
NEW 2012 BECKER CPA FINAL Review Business (BEC) Text +DVD+ START UP CD + BONUS $236.00 |
|
|
NEW 2012 BECKER CPA FINAL Review Regulation (REG) Text +DVD+ START UP CD + BONUS $236.00 |
|
|
NEW 2012 (NOT 2011) BECKER CPA FINAL REVIEW REGULATION REG & START UP CD $235.00 |
|
|
NEW 2012 (NOT 2011) BECKER CPA FINAL REVIEW BUSINESS BEC & START UP CD $235.00 |
|
|
NEW 2012 (NOT 2011) BECKER CPA FINAL REVIEW AUDIT AUD & START UP CD $235.00 |
|
|
NEW 2012 BECKER CPA FINAL Review Start Up CD and Auditing (AUD) Text +DVD $210.00 |
|
|
2011 Becker CPA Business BEC(book+DVD)+COURSE CD(Apr 2012 2013)+Final R $199.00 |
|
|
2011 Becker CPA FINAL REVIEW NOTES AND DISC $179.00 |
|
|
NEW 2012 BECKER CPA FINAL Review AUDITING (AUD) Textbook + DVD + BONUS $149.00 |
|
|
NEW 2012 BECKER CPA FINAL Review REGULATION (REG) Textbook + DVD + BONUS $149.00 |
|
|
NEW 2012 BECKER CPA FINAL Review FINANCIAL (FAR) Textbook + DVD + BONUS $149.00 |
|
|
2012 BECKER CPA FINAL Review BUSINESS (BEC) Textbook + DVD + BONUS Material $148.95 |
|
|
2012 BECKER CPA FINAL Review AUDITING (AUD) TEXTBOOK + DVD + BONUS $148.95 |
|
|
2012 BECKER CPA FINAL Review FINANCIAL (FAR) TEXTBOOK + DVD + BONUS $148.95 |
|
|
NEW 2012 BECKER CPA FINAL Review BUSINESS (BEC) Textbook + DVD + BONUS $147.00 |
|
|
2012 BECKER CPA FINAL Review Start-UP CD + (BRAND NEW) + BONUS $145.00 |
|
|
NEW FINAL REVIEW 2012 (NOT 2011) BECKER CPA AUDIT AUD SECTION $140.00 |
|
|
NEW FINAL REVIEW 2012 (NOT 2011) BECKER CPA REGULATION REG SECTION $140.00 |
|
|
NEW FINAL REVIEW 2012 (NOT 2011) BECKER CPA FINANCIAL FAR SECTION $140.00 |
|
|
2011 Becker CPA FINAL Review (4 sections) (mar 2013) $125.00 |
|
|
2011 Becker CPA Full (CPA review+Final review+Passmaster /w IFRS)for 2012 exam $125.00 |
|
|
2011 BECKER CPA FINAL Review Start-UP CD + (BRAND NEW) $119.00 |
|
|
2011 Becker CPA Review ALL /w Course CD(July 2012)+2012 update +Final Review pdf $100.00 |
|
|
2011 Becker CPA Review ALL(4 Books+5 CD)(Apr 2013, 1 inst)+Final Rev $100.00 |
|
|
2011 Becker CPA Review ALL /w Course CD(Apr 2013, 16 mth)+Final Review(Mar 13) $100.00 |
|
|
Updated to 2012 – BECKER CPA FINAL Review 2011 REGULATION (REG) Textbook + DVD $99.00 |
|
|
Brand New 2012 Becker CPA Final Review Business BEC Textbook w/ Data Dvd $99.00 |
|
|
2012 Updates + BECKER CPA Final Review 2011 FINANCIAL (FAR) Textbook + DVD $89.95 |
|
|
2012 Updates + BECKER CPA Final Review REGULATION (REG) Textbook + DVD $89.00 |
|
|
NEW FINAL REVIEW 2011 BECKER CPA FINANCIAL FAR SECTION $79.00 |
|
|
2012 Updates + 2011 BECKER CPA FINAL Review FINANCIAL (FAR) Textbook + BONUS $79.00 |
|
|
2011 Becker CPA REG Final Review Lecture DVD and Book $70.00 |
|
|
New 2011 Becker CPA Final Review Financial FAR Textbook w/ Data Dvd – LAST ONE ! $69.00 |
|
|
New 2011 Becker CPA Final Review Regulation REG Textbook only w/sealed REG DVD $39.00 |
|
|
2010 Becker CPA Exam Review – FINANCIAL Final Review Notes and Disc $24.99 |
|
|
2010 Becker CPA Final Review Set: Startup CD – 1 inst 18 mon & ALL 2010 CDs $19.95 |
|
|
2011 Becker FINAL REG CPA Review (full book in PDF only) $9.00 |
|
|
2011 Becker FINAL FAR CPA Review (full book in PDF only) $9.00 |
|
|
2011 Becker FINAL BEC CPA Review (Full book in PDF only) $9.00 |
|
|
2011 Becker FINAL AUD CPA Review (full book in PDF only) $9.00 |
|
|
Becker CPA Final Review – Financial Section, Auditing Section, Regulation Section, and Business Section … |
|
|
Advanced Financial Accounting, 8th Edition $74.78 The eighth edition of Advanced Financial Accounting is an up-to-date, comprehensive, and highly illustrated presentation of the accounting and reporting principles used in a variety of business entities. The new edition continues to provide strong coverage based on continuous case examples that tie all of the disparate details of Advanced Accounting together for the students. The text is highly i… |
|
|
Wiley Registered Tax Return Preparer Exam Review 2012 (Wiley Tax Return Preparer Competency Exam Prep: Individual Tax Filing) $33.30 The most effective system available to prepare for the new Tax Return Preparer Competency ExamIn recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax admini… |
|
|
Chasing Daylight:How My Forthcoming Death Transformed My Life $7.95 As CEO at accounting giant KPMG, Eugene O’Kelly was so immersed in his job that over the course of a decade, he managed to have lunch with his wife on weekdays just twice. His travel schedule was set 18 months out. Once, he was so obsessed with impressing a potential client that he tracked down the man’s travel schedule, booked the seat next to him on a flight, schmoozed the guy all the way to… |