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Taxes: A Year-Round Activity 🤯

Congratulations on finishing your 2022 tax returns! Most people think that dealing with taxes is a painful once-a-year event. So, why would you consider thinking about taxes all year round? Well, do you hate paying taxes? Do you want to trim your lifetime tax bill and increase your wealth? If you answered yes to the last two questions, then using tax-efficient strategies like tax loss/gain harvesting, Roth conversions, and asset location strategies throughout the year is a smart financial move. These strategies used appropriately can increase your overall wealth by decreasing the amount of money you owe to the IRS over your lifetime.

Read more about one tax-efficient strategy in the first article.

Asset Location Fundamentals

This article does a good job at explaining why using asset location strategies can increase your overall wealth in the long run. Investment management isn’t just about what you invest in, but also which accounts you use.

How to Negotiate a Better College Financial-Aid Package

Hard to believe we are approaching May when high school seniors and their families are coming upon the deadline to decide which college to attend. This article shares how you can negotiate financial aid packages to save money. We’re now on numbers 4 and 5 from 5 Things to Know About Paying for College.

Paying for college…
NBC’s Parks and Recreation

Difference Between a Will and a Trust

Remember when trust funds were for rich people? It’s not true any longer. Living trusts can be a more effective choice in certain situations.

When looking at your whole financial picture, estate planning is critical to ensure the ones you leave behind are cared for and aware of your wishes, especially if you have minor children or are single. Having your estate in order is a kindness for the loved ones you have left behind.

Amy Danneil of Danneil Law shares the differences in the two legal documents. Her comments are specific to Colorado, but there is basic information that is relevant to everyone. Please contact an estate attorney in your state if you have any questions.

Are You Living the “Deferred Life Plan”?

Tomorrow is not guaranteed. Where are you spending your time and money?

Why More Female Executives Don’t Play Golf – and Why That’s a Problem

This article irritates me. A lot. Throughout my career, successful female mentors told me, “You have to play golf” or “You have to be a Major League Baseball / National Football League super-fan.”

Translation: Pick up a hobby you have no natural interest in so that you can bond with your boss and other decision makers who are likely male. Change You so you are likable to Them.

Wish I could say I didn’t try this advice out. But I was young and ambitious, so I did what wiser women before me told me to do. I took golf lessons and starting reading the sports pages regularly. NFL, fine. MLB, painful. And none of these efforts lasted long because I wasn’t genuinely interested.

The fact that this career advice is still being given to women by the Wall Street Journal 25 years later is just sad. It makes me angry that women are still being told to change who they are so they have a chance of being invited to the conversation. What about the golf clubs that have men-only eating/bar areas inside the men’s locker rooms? What are we supposed to do then?

For the record, I do play golf (badly) with friends to enjoy their company and nice weather, not to further my career. Looking forward to a corporate world where women aren’t told to change who they are to be more successful!

50 Ways the World is Getting Better

Sometimes I feel like the world is going the wrong way. I enjoyed this article as a reminder.

23. Americans are half as likely to be murdered as they were two dozen years ago.

Yay! Win for humanity!

In the Media

5 Things You Should Never Do With Your Savings

Tax Deductions and Education: What You Should Know

Compelling Solutions for Female Investors

Fun Stuff

Remarkably Bright Creatures was my favorite read of the month. Not life changing, but warm and quirky. The other books I read were Pulitzer winners… and maybe I have less refined literary taste because I didn’t love them.

In addition to tv watching staples of Ted Lasso and Succession, I recently binged watched The Diplomat with Kerri Russell. Try it if you are looking for something new!

Disclosures: BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. This communication is for informational purposes only and should not be construed as legal, accounting and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax and/or accounting adviser.

Financial Planning, Tax Planning, Wellness