In today's complex financial landscape, discussions about money management may evoke apprehension and uncertainty for some people, especially individuals who manage both their personal and business finances. Despite how daunting the idea is, postponing financial planning can hinder a family from building generational wealth.
At the core of effective financial planning lies a fundamental step: assessment. Whether contemplating retirement, preparing for a child's education, or navigating business working capital, the journey begins with an evaluation of one's financial circumstances and aspirations. This reflective process sets the stage for envisioning a clear financial trajectory—a roadmap tailored to individual goals and aspirations.
We sat with the experts at Altland and Harris Financial Group, Inc. to get their input on some common questions families and business owners may have like, "How do I save for my child's college education?", "How much money do I need to retire comfortably?", "How do I get more capital to grow my business?", or the infamous, "What is considered a tax write-off for my business?".
Henry Harris, the CEO of Altland & Harris, states that "Although there may be quick solutions like a 529 College Savings Plan, a tax-advantaged savings plan for future education costs, there are restrictions and limitations that consumers must be aware of". As far as a “comfortable retirement,” that might look different depending on who you ask, which will lead to further questioning like, "What's your timeline until retirement?".
When it comes to business finances and a business owner looking to grow their business with limited capital, having a trusted CPA is a key business partner. A good CPA should help identify tax-savings advantages by understanding your business as if it were their own and help set up tax savings measures. Further, they can help you prepare your business finances, which is a requirement for most creditors and/or banks when qualifying for a loan.
As much as we would like to separate our personal and business life, especially when it comes to finances, it can be challenging since they may impact each other inherently, especially for a business owner who has devoted their personal life savings in hopes to create financial freedom for themselves or their families.
When it comes to your financial investments and well-being, it is imperative that you work with someone you trust who is knowledgeable and understanding of your unique set of circumstances.
One thing that defines Henry, and his firm, is the sheer amount of time and knowledge he gives back to his community. When he’s not volunteering to tutor children and adults at his local church, he is an adjunct professor at Collin County Community College where he teaches a class to help students earn their certification through the American Institute of Professional Bookkeepers. He’s also a volunteer facilitator of a free monthly tax workshop at the college to help business owners get off to a successful start.
Henry is a natural-born educator with the knowledge and desire to help people succeed — whether it’s building a prosperous business or investing for retirement. When you work with Henry and his team of qualified professionals, you’ll get the dedication to deliver superior service and attention to detail you need to help reach your goals.
All that being said, when it comes to financial planning, there is not a “one-size-fits-all” for any one client. If you have any questions, please reach out to Altland and Harris at hharris@moneyconcepts.com.
Important Investing Information: Money Concepts registered representatives are restricted to conduct business only with residents of a state and/or jurisdiction for which they are properly registered. When investing from outside of the United States, you are subject to the securities and tax regulations governing your jurisdiction. Contact us directly for detailed information about investment regulations outside of the United States. All Securities Through Money Concepts Capital Corp., Member FINRA/ SIPC Investments are not FDIC or NCUA Insured Disclosure May Lose Value - No Bank or Credit Union Guarantee. Money Concepts Advisory Service is a Registered Investment Advisor with the SEC All Non Securities and Non Advisory Products through Money Concepts International, Inc. Altland and Harris Financial Group, Inc. is an independent firm not affiliated with Money Concepts Capital Corp.
Whether contemplating retirement, preparing for a child's education, or navigating business working capital, the journey begins with an evaluation of one's financial circumstances and aspirations.
When it comes to your financial investments and well-being, it is imperative that you work with someone you trust who is knowledgeable and understanding of your unique set of circumstances.