These days, I’m often glad that it’s our busy tax filing season, so that I have an easy excuse when political conversations are happening: Oh THAT [crazy new political story]? Huh, didn’t see it — I’m too busy with tax season.
With all of the chaos out there, it’s helpful to try to tune out the shouting across the aisle and focus on what is actually in our sphere of productivity.
So speaking of being productive, it might be time to get moving on your tax files, if you haven’t already.
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The IRS did a study a few years ago that computed that the *average* time that it takes to complete a tax return is 22 hours. And obviously, that number varies by the return, but I’m reminded (again) of the blessing that it is to free our clients’ TIME — not to mention the additional deductions we find, the stress we remove, and the security we can provide in knowing that it’s being handled right.
Already, we have Central PA clients who’ve filed, have received refunds, and have written us happy-with-our-services notes. And of course, their happiness makes me happy too, as you might imagine.
We’re also talking with clients every day about their current situation. And the topic of these conversations vary — it’s not all taxes. A lot of times we’re like a financial counselor for our clients as they make decisions about their money. It’s a role that we embrace around here: for some, we’re the only people who see the underbelly of their financial life … and who will still infuse a dose of hope.
Because no financial situation lasts forever, something I’ve learned during my years as a tax professional. No one should be resigned to a financially bleak future. I’ve seen plenty of clients crawl out from under six-figure (and higher!) debt obligations to believe people can’t recover.
But finding security in your finances in the future requires making some wiser decisions now. In fact, because we work with these kinds of clients all the time, we’ve got our thumb on a pretty good profile of what that looks like. We’ve even seen some of our Pennsylvania clients work HARD to join the ranks of those who’ve achieved this, and it’s worth applauding.
Perhaps you’d be interested in what we have seen? Then read on…
Eleven Ways Central PA People Can Improve Financially Security
“A photograph is usually looked at, seldom looked into.” – Ansel Adams
Watching the news reminds us that chaos is a constant in our world… and, unfortunately, more of the same is likely on the way. The news thrives on this reality. It’s how they get you to pay attention.
That’s one reason I recommend carefully monitoring just how much media you’re taking in regularly. If you want to be successful in life, you’ve got to become a household that’ll be able to ride through instability and uncertainty
So, let me take this time today to tell you about clients we’ve served who have prepared themselves well for just this kind of reality. This isn’t about names. This is about commonalities. And you’ll notice that these commonalities are just as significantly about your mindset as you relate to your finances, as about your behaviors.
Eleven financial security lessons from our successful clients:
1) She spends less than she earns — always. Over the long run, you’re better off if you work to be rich without anyone really knowing it instead of being deceptively poor.
2) He realized early on that money doesn’t buy happiness. Financial joy attaining freedom in your finances go hand in hand.
3) Her credit cards are paid off every month. She’s knows if she can’t afford to pay for something with what money she already has, then she can’t afford it.
4) One thing he knows to be true: Patience is key. Becoming a millionaire overnight is unlikely (and that’s an understatement). If you’re like him, you diligently save your money over multiple decades, a gradual building of your financial security.
5) He wasn’t afraid to think big with his savings goals. Financial success demands you have a vision that is a lot bigger than you can currently deliver on.
6) “Pay yourself first” is one of his mantras. It’s an essential principle of personal finance. It’s also an excellent way to build your savings and develop financial discipline.
7) She knows that becoming a millionaire rarely happens because of dumb luck. It takes care planning to reach that level of financial standing. It’s not enough to shout your desire to be financially free to the universe
8) Something she knows is true: stuff happens. That’s why you MUST insure yourself against risk. Bankruptcy is potentially always just a breath away. It can be triggered from multiple sources: the death of the key moneymaker in the family, a divorce, or even sudden disability that ends up in a loss of work.
9) He is familiar with the reality that time is an ally of the young. He started saving in his twenties, a smart (and fortunate) decision on his part. This allowed him to take maximum advantage of the power of compounding interest on his nest egg.
10) She’s not impressed that you drive a fancy car or that you live in a massive house that’s two sizes too big for your little family. External “signals” of wealth don’t really mean much to her.
11) She understands that money, like a toddler, is incapable of managing itself. For your money to grow and mature, there must be some form of credible money management.
Bonus insight: He doesn’t pay taxes which could have been avoided with a little consultation with his tax professional. He doesn’t waste his time trying to learn the tax code. Instead he gets the advice, guidance, and expert assistance of a professional who has put in thousands of hours of their life to offer that level of service.
Here’s to you joining these ranks in future years.
Warmly,
Tina Nail