The book is closed on 2009. The year 2010 begins with optimism and too many New Year's resolutions. Sales of gym memberships, diet schemes, and how-to-quit-smoking plans peak at this time of year.
What's the best New Year’s resolution you can make this year? Don't make any! A better solution is to have goals, write them down, review and adjust every ninety days.
Affluent people know the damage taxes can inflict on their income and net worth. These can be income, estate, gift, property, excise, and sales taxes. Take a page out of their playbook and work at reducing these taxes and expanding your income and net worth.
Action Item: Stick with us and we'll be your guide on this journey. This will be much more rewarding than most New Year’s resolutions that are forgotten by Groundhog Day.
Thomas F. Scanlon, CPA, CFP®