Comments on: You Can’t Control These http://advancedpersonalfinance.com/you-cant-control-these/ Moving beyond the basics Thu, 04 Dec 2008 06:32:51 +0000 http://wordpress.org/?v=2.2.2 By: Jessica Bennet http://advancedpersonalfinance.com/you-cant-control-these/#comment-13491 Jessica Bennet Wed, 16 Jan 2008 09:58:36 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-13491 Hi, very valid points have been discussed here. But I would like to say something regarding the last point, that is about taxes. It's true that tax planning isn't easy and many of us keep away from it, but there are so many areas where we can plan out and reduce our taxes - for instance, contributing to an IRA, deferring gains from stocks, contributing to a flex plan etc. Besides, there are 34 and above tax tips available at: http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20071126005200&newsLang=en http://www.mortgagefit.com/tax/34tips-deduction.html Happy tax planning! Regards, Jessica Hi,

very valid points have been discussed here. But I would like to say something regarding the last point, that is about taxes. It’s true that tax planning isn’t easy and many of us keep away from it, but there are so many areas where we can plan out and reduce our taxes - for instance, contributing to an IRA, deferring gains from stocks, contributing to a flex plan etc. Besides, there are 34 and above tax tips available at:

http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20071126005200&newsLang=en
http://www.mortgagefit.com/tax/34tips-deduction.html

Happy tax planning!

Regards,

Jessica

]]> By: Your Greatest Asset is The Ability to Create Income | Cash Money Life http://advancedpersonalfinance.com/you-cant-control-these/#comment-11833 Your Greatest Asset is The Ability to Create Income | Cash Money Life Thu, 03 Jan 2008 12:51:21 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11833 [...] streams is much like diversifying your investment portfolio, and just as important. There are many financial factors that are out of your control. One cannot control the markets, inflation, gas prices, and other important financial matters. [...] […] streams is much like diversifying your investment portfolio, and just as important. There are many financial factors that are out of your control. One cannot control the markets, inflation, gas prices, and other important financial matters. […]

]]> By: KMC http://advancedpersonalfinance.com/you-cant-control-these/#comment-11813 KMC Thu, 03 Jan 2008 10:33:37 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11813 @ Tim & CFO - Good point about taxes. I think maybe a better subtitle would have been 'Tax rates' as CFO suggests. Thanks for your ideas. @ Patrick - One of the things I don't like about many goals people set is that, unlike you, they set ones they cannot actually have final say over. For example, setting a goal of 'getting 1000 subscribers to this site' is not nearly as good as 'write 5 posts per week.' Thanks for reading and your kind compliment! @ Tim & CFO - Good point about taxes. I think maybe a better subtitle would have been ‘Tax rates’ as CFO suggests. Thanks for your ideas.

@ Patrick - One of the things I don’t like about many goals people set is that, unlike you, they set ones they cannot actually have final say over. For example, setting a goal of ‘getting 1000 subscribers to this site’ is not nearly as good as ‘write 5 posts per week.’ Thanks for reading and your kind compliment!

]]> By: Chief Family Officer http://advancedpersonalfinance.com/you-cant-control-these/#comment-11730 Chief Family Officer Wed, 02 Jan 2008 20:00:56 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11730 I've been thinking about taxes too, and I think your #5 should actually be Tax Rates. Because as Tim points out, there are some things we can do to minimize how much tax we pay. In fact (since I do set goals), I think one of my goals in 2008 will be to meet with my CPA to talk about tax-reduction strategies. I’ve been thinking about taxes too, and I think your #5 should actually be Tax Rates. Because as Tim points out, there are some things we can do to minimize how much tax we pay. In fact (since I do set goals), I think one of my goals in 2008 will be to meet with my CPA to talk about tax-reduction strategies.

]]> By: Tim http://advancedpersonalfinance.com/you-cant-control-these/#comment-11722 Tim Wed, 02 Jan 2008 18:51:23 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11722 I completely agree with you about determining what you can influence and what you cannot. Many people focus on the things which they cannot influence. Although I agree in principle to your list, all the items except for economic indicators have elements which are within the realm of influencing. 1. interest rates: although you cannot determine the base rates, you can influence which rate you get on a loan or interest that you can earn in a savings account. 2. housing prices: yes, the market dictates, but this does not mean that you cannot negotiate for a better deal and walk away if you can't find something that you find is worth the price. 3. gas prices: you can reduce consumption, or find the best price, though. 4. direction of the stock market: adding to your points, you can reduce risk in the market through diversification and looking long term. 5. taxes: you can determine your tax exposure and manage your investments in order to mitigate tax consequences of transactions. I completely agree with you about determining what you can influence and what you cannot. Many people focus on the things which they cannot influence. Although I agree in principle to your list, all the items except for economic indicators have elements which are within the realm of influencing.

1. interest rates: although you cannot determine the base rates, you can influence which rate you get on a loan or interest that you can earn in a savings account.

2. housing prices: yes, the market dictates, but this does not mean that you cannot negotiate for a better deal and walk away if you can’t find something that you find is worth the price.

3. gas prices: you can reduce consumption, or find the best price, though.

4. direction of the stock market: adding to your points, you can reduce risk in the market through diversification and looking long term.

5. taxes: you can determine your tax exposure and manage your investments in order to mitigate tax consequences of transactions.

]]> By: Patrick http://advancedpersonalfinance.com/you-cant-control-these/#comment-11696 Patrick Wed, 02 Jan 2008 14:30:43 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11696 Great points, all. I try to make goals for myself, but I don't think it is realistic to make a Net Worth goal for the reasons you mentioned. You just can't control what will happen in so many different markets or the economy, such as inflation. You can, however, try to set goals or standards for what you contribute, which is the goal I made this year. (I plan on maxing out a Roth IRA for myself and my wife, and try to max out both of our 401(k) plans. What the market does with those is anyone's guess. But I can do my part. Great article! Great points, all. I try to make goals for myself, but I don’t think it is realistic to make a Net Worth goal for the reasons you mentioned. You just can’t control what will happen in so many different markets or the economy, such as inflation. You can, however, try to set goals or standards for what you contribute, which is the goal I made this year. (I plan on maxing out a Roth IRA for myself and my wife, and try to max out both of our 401(k) plans. What the market does with those is anyone’s guess. But I can do my part. Great article!

]]> By: StumbleUpon - Your page is now on StumbleUpon! http://advancedpersonalfinance.com/you-cant-control-these/#comment-11695 StumbleUpon - Your page is now on StumbleUpon! Wed, 02 Jan 2008 14:30:27 +0000 http://advancedpersonalfinance.com/you-cant-control-these/#comment-11695 [...] Your page is on StumbleUpon [...] […] Your page is on StumbleUpon […]

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