Five Ways to Do Financial Planning Differently in 2021, taking advantage of investment tools and tax advantages. We are two weeks into December, which means we are a few weeks away from the end of the year. 07 Dec 2020. RJ Frometa 7 seconds ago Business Leave a comment. This, according to Crandall, “provides some amazing opportunities to buy residential and commercial properties as an investment at very low prices.”. Home » Grow Your Business » Five Ways to Do Financial Planning Differently in 2021. 4 money experts share their big finance tips for 2021 Stylist Magazine - Hollie Richardson. Leading Financial Expert Marco Soriano of Soriano Group offers financial advice for preparing for 2021. sorianogroup.com. Posted: Dec 9, 2020 / 04:35 PM EST / Updated: Dec 9, 2020 / 05:39 PM EST. Small business owners across the country have been forced to change the way they operate, interact with customers and conduct business during this time. Richard Hill, lead advisor at Compass Financial Group, emphasizes the need for an emergency fund: “Emergency funds are more important than ever — economic shocks such as those from COVID have shown us the importance of having emergency reserves to cover unexpected events such as layoffs, furloughs or car and home repairs.”, He also highlights the concern when it comes to independent contractors and freelancers who “are at greater risk for frequent and longer work interruptions and therefore should seek to build larger emergency funds than those with more stable employment.”. Have an Emergency Fund. For those close to retirement age, there may still be the need to continue working for a variety of reasons, including financial reasons and the need to remain socially engaged. “With a high probability of tax rates going up in the future, tax-free income will be especially valuable. By Coryanne Hicks , Contributor Nov. 2, 2020 A time where we look back and reflect on the trials and triumphs of the year, but it may also trigger a thought: what will … This means adding $1 to ANY Roth IRA starts the five-year clock ticking on ALL Roth accounts.”, Whether you are ready to retire or have recently lost a job, it’s always advisable to have a backup plan in a time of need. So, if you’re ready to see your finances soar in 2021, take a look at these four tips to help get you and your business’s finances off to a good start. And through the chaos, many goals - financial and otherwise - have been abandoned. Set Clear Financial Goals. 2 days ago. BMO Private Wealth CIO Lesley Marks shares her three key investing trends for 2021 – and her advice to young women looking to enter the industry Theo Golden 2020-12-12T13:00:00Z Don’t neglect setting money aside for taxes. Most of us decide to follow a budget plan to take care of our expenses. “For those just starting out, it can be as simple as an envelope system where you have envelopes for office supplies, meals/entertainment, auto repairs, gas, equipment purchases, etc.” Lorrie also recommends working with a business tax consultant or bookkeeper to help identity what expenses you should track for tax purposes. 4 Retirement Tips for 2021 and Beyond. As the lead advisor for Compass Financial Group, Hill highlights the importance of having a Plan B as part of your 2021 strategy. Roth IRAs provide income free from federal and state taxes provided you are 59 ½ and at least five tax years after the first contribution to any Roth IRA you own. Pay Yourself First Choose a percentage of your income (1-5% or so) to go automatically into your savings account before you make any payments. The new year is almost upon us. 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