July 22, 2024
How to Budget with Commission or Fluctuating Income Sources
Budgeting with a fluctuating income, such as commission-based earnings, can be challenging but entirely manageable with the right strategies. Unlike salaried workers, those with variable incomes need to navigate financial planning with extra caution and foresight. Below, we'll explore essential tips to help you create a reliable budget and maintain financial stability.
July 16, 2024
The Importance of Tax Planning in Your Financial Strategy
Tax planning plays a critical role in achieving a successful financial plan. For real estate agents and self-employed professionals, partnering with a financial advisor who provides tax planning services is essential. At PeaceLink Financial Planning, we understand the value of lowering lifetime taxes and offer comprehensive tax planning and preparation services to our clients. In this article, we'll explore why tax planning is vital for financial success and how working with a financial advisor for taxes can help optimize your financial plan.
July 8, 2024
Three Ways Investments Make Money
Investing is a key strategy for growing your wealth and achieving financial stability, especially for real estate agents and self-employed professionals. But how exactly do investments make money? Let's break down the three primary ways: dividends, interest, and appreciation. We'll also touch on the tax implications of each.
July 1, 2024
Net Worth: The Clearest Reflection of Financial Health
When assessing your financial health, understanding your net worth is crucial. It provides a snapshot of your financial standing and is a key indicator of your overall financial well-being. But what exactly is net worth, how is it calculated, and why is it so important?
June 24, 2024
5 Reasons Why Real Estate Agents Need A Financial Advisor
Real estate agents are always hustling, whether they're networking, showing properties, or closing deals. But amidst all this, they often forget to prioritize their financial future. Unlike traditional employees, real estate agents don't have the luxury of a company retirement plan. They're essentially small business owners, and this makes financial planning even more crucial. If you're serious about building wealth and securing your future, partnering with a financial advisor is essential. Here’s why real estate agents should avoid the "For Sale By Owner" approach when it comes to their finances.
June 18, 2024
Roth Conversions: Pros, Cons, and Potential Pitfalls
Roth conversions offer a huge opportunity to lower lifetime taxes on retirement investments. Converting investments from a pretax retirement account (like a traditional IRA or 401(k)) to a Roth account can be a smart financial move for many, but it's essential to weigh the benefits against the drawbacks and potential pitfalls. Here, we'll explore the advantages, disadvantages, and common pitfalls associated with roth conversions.