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Finding My Tribe at Wealth/Stack

I recently had the opportunity to attend the Wealth/Stack Conference in Scottsdale, Arizona. There are so many conferences for our industry that it is sometimes hard to determine what will be a good one to attend and which will not be a good use of your time. I must say, Wealth/Stack was a great conference and worth the time I spent away from the office. This conference, being held for the first time, brought 700 plus attendees who represented a “Who’s, who” of the #FinTwit and Fintech community. It was also the first conference that I have gone to where the vast majority of attendees were advisors.

The sessions were all informative, helpful and interesting, hands down, but I want to spend my time sharing with you the sense of community that was projected at this event. Some would say that many of the attendees were competitors to a degree, but that was never felt. What I did feel was a community of likeminded people coming together to help, support and bring each other’s respective businesses to the next level while providing the best level of advice and service for their clients.

During the few days I was at this conference I connected with people I knew, met others I had never met previously in person and those that I met for the first time. Each conversation I had allowed me to learn something new or build a relationship with someone that I wanted to stay in touch with so we could continue the conversation. This conference allowed me to find my tribe and put us all in a position to learn and grow together.

As we go through life it is important for us to find our tribe, community, which helps build you up and inspire you. Wealth/Stack did that and more. I have a community of experts in all different areas of financial services following this trip, from all over the country. This community will be valuable to me and my clients as time goes on. I have seen this in a few other areas of my life, the author and hockey communities. Like the financial services community, the author and hockey communities also serve to build up, inspire and help those that are part of it.

It is important to find your community and become active in it. Once you find the right community you will know as you will feel inspired, feel great about what you do and know that you have a network of others like you there to help in a moment if needed. Thank you Wealth/Stack for providing a great opportunity to learn and grow!

 

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

What Rink Is Larry At? (Week One)

𝗪𝗮𝗻𝘁 𝘁𝗼 𝘄𝗶𝗻 𝗺𝗼𝗻𝗲𝘆 𝗳𝗼𝗿 𝗬𝗢𝗨𝗥 𝗳𝗮𝘃𝗼𝗿𝗶𝘁𝗲 𝗰𝗵𝗮𝗿𝗶𝘁𝘆?!?!

Join us in playing "What Rink is Larry at?" during the upcoming hockey season for a chance to win money 💰 for YOUR favorite charity!
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TO ENTER:
✔️Name the rink Larry is at in the video and put the name of the charity you would like the donation made to if you are selected as the winner. 
✔️Feel free to tag a friend who might also enjoy playing 
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Those who correctly name the rink Larry is at will be entered to win $100 for their favorite charity.
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Videos are scheduled to be released every other Tuesday and the winner will be posted one week after each video is released.
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Thank you for playing and Good Luck
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This contest is not sponsored or endorsed by any of the social media platforms it is found on.

 

 

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.  

What you should know about Investment Accounts, Capital Gains, Income

 What you should know about Investment Accounts Capital Gains and Income

Investing is a complicated topic that many do not fully understand and they rely on their advisors to assist them through the process of investing and becoming retirement ready. Taxes are an area that cause significant confusion and the fact that they have a tendency to change over time adds to the confusion.

Taxes on investment accounts can come in several forms and we will discuss some of the most common types along with strategies to help you over time. We touched on this topic in a recent article, Tax Planning Is A Year Round Concern, and we will expand on it here.

Income from investments can come in several forms, such as dividends and interest. The best type of income, especially for high net worth clients, is tax free income. This income will not be taxed, assuming it is tax free on both the Federal and State level. There are investments that will pay tax free income that will only be federally tax free and it is important to be aware of this, especially if you live in a State that has a high income tax bracket. The majority of interest and dividends will be taxed as ordinary income, unless they are a qualified dividend. This will typically be your highest taxed form of income generated from your investments. In these cases, unless you are in need of this income to live on or are in low tax bracket, it would make the most sense to try and place these types of assets in a qualified account. This would allow you to own the asset and not pay taxes on the income.

Capital gains are another consideration when it comes to taxes on investments. These types of gains are broken down into short term, less than twelve months, and long term, longer that twelve months. Depending on your income, the taxes owed could vary widely. The higher the tax bracket you are in, the larger the difference. Short term capital gains are taxed as ordinary income and will be taxed at your normal tax bracket. However, if you hold the asset for twelve months and a day the capital gain becomes long term providing a maximum tax of twenty percent (depending on your income tax bracket) on the Federal return, plus the State tax owed. This could amount to a significant difference in tax and you will want to make sure you are holding assets, if you can, for the long term in order to maximize your tax position. In the instance that you are looking to purchase an investment with the intention of only holding it on a short term basis, we would recommend placing this asset in a Qualified account and avoid the capital gain altogether.

We know that clients do not like to take losses, but sometimes it makes sense for you to bite the bullet. We recommend that you, along with your advisor, review your portfolio each November to evaluate gains and losses for the year. Long term and short term gains and losses will net out each year and you can develop a picture of what your capital gains will be for the year. Based upon the review, it may make a lot of sense to sell an asset at a loss and negate some of your overall capital gain. At times, we have seen clients that understand they need to do this in order to mitigate their tax liability, but at the same time are still confident the asset will work out long term. In these cases, you can double up the position thirty plus days before the end of the year and on day thirty one, in order to avoid a wash sale, sell the initial lot for the loss. This will provide you with the opportunity to capture the loss and still own the position, while participating in the upside potential of the holding.

Planning like this is an important aspect of working with the right advisory team. This type of review should take place with you, your wealth advisor and your CPA annually to make sure things are being done in your best interest. It is key to have your CPA and wealth management firm on the same page with a good working relationship. This is why we always look to build relationships with our clients’ tax advisors. Please feel free to contact us, Mitlin Financial, at (844) 4-MITLIN x12 if you or someone you know has encountered tax issues with regards to their investments, has questions about how taxes like these will affect them or simply does not feel their CPA and advisor are on the same page. We look forward to helping you, and them, make the decision that is best for all. 

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

Follow The Leaders

RegisteredInvestmentAdvisor Follow The Leaders 06202019                       RegisteredInvestmentAdvisor Follow The Leaders 2 06202019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RegisteredInvestmentAdvisor Follow The Leaders 3 06202019

 

Our founder, Lawrence Sprung, had the honor of being recognized in Registered Investment Advisor magazine on June 20, 2019 in their Follow The Leaders article by Courtney McQuade.  Twitter is celebrating its 13th birthday next month and they highlighted 10 RIAs to follow on Twitter.

Over the past few years, Larry has worked hard to put out valuable content so it is truly an honor to have him recognized with other great voices in the RIA space.  Take this opportunity to read about why he was chosen and follow us too.

For those of you that do not know how to find us, here is where you can find us on social media, Twitter, Instagram, and LinkedIn.   We look forward to interacting with you on social media and having you a part of our community.

 

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. 

 

Wedding Bells and Your Wallet

 Wedding Bells and Your Wallet

 

One of the best times of our client’s life is when they or their kids have decided to get married. It means they are embarking on a new chapter in their life, either their own or through their children. This life event typically comes with a hefty price tag. According to ValuePeguin, the average cost of a wedding in the US ranges from $12,000 (in Mississippi) to $88,000 (in Manhattan). The cost of a wedding can certainly take a bite out of your financial life.

Traditional wedding ceremonies and celebrations can be hugely expensive, as outlined above, and detrimental to your financial plan. We would recommend that you take a few minutes with your advisor and have them assist you through this financial juggernaut. It is key to determine what type of celebration is in your budget or to what degree you would be able to help your children. This is an expense that you would want to have as part of your overall financial plan. Hopefully it is part of your overall plan and you have a separate savings where you have been setting aside money for this momentous occasion. This would certainly help you reach your desired expectations while not forcing you into debt and hindering your financial goals.

Helping out children tends to be a bit more difficult conversation than speaking with a client that is planning their own wedding. We all want to help our kids and provide them with the best. We have seen some parents sacrifice their own financial stability for the pleasure of their kids. It is important to educate yourself on what you can and cannot afford. We have had our clients use us as the bad guy and inform their children that they only have a certain amount of financial resources, a dollar amount, available to contribute. These are not easy conversations, but ones that will help keep you from making a financial misstep.

There are many ways to celebrate a wedding and it is definitely a matter of preference. Spending tens of thousands of dollars for a several hour celebration may not be the best use of your financial resources. It is important that the happy couple or the parents and children sit down and outline what the expectations are for the cost of the wedding or what they will contribute to the event. Recently, we had a client who asked if they could take a deduction for the expenses they are incurring for their son’s wedding. This is not an option, but it makes you think if they would spend more if it were deductible. There are certainly ways to make a memorable event without bankrupting the family’s financial situation.

Every marriage should start out on the right foot and being in a financial hole does not help a marriage one bit. Please feel free to contact us, Mitlin Financial, at (844) 4-MITLIN x12 if you or someone you know is planning on paying for a wedding, their own or for a child. We look forward to helping you, and them, make the decision that is best for all.

 

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

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