5 Reasons Gen X Needs To Build Their Own Wealth

At 46 years old, the statistics would classify me as Generation X.  The media defines this generation by people who were born between 1965 and 1979, although I would say practically it is more in the line of people born from 1960 to 1980.  For those that fall within these age brackets, I think you better start planning on not receiving much of an inheritance and focusing on building your own wealth.   I don’t say this because your parent’s bumper sticker says “I’m spending my children’s inheritance”, but really because of five trends I see happening over the next twenty years that may spend it for you. Your parents have reached the age of 65– According to the Center for National Health Statistics (www.cdc.gov/nchs), men who reach the age of 65 have a normal life expectancy of 82 years old.  For women it is even better with the average female who turns the age of 65 having a normal life expectancy of 85 years old.   With social security in sore... ...

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Tony Bennett Proves You May Never Want To Retire

A few weeks ago, I had the wonderful privilege to see Anthony Dominick “Tony” Benedetto a.k.a. Tony Bennett perform in concert at the ripe young age of 88.   On August 3rd, he turned 89.   In fact, what made the performance even more amazing is that he sang duets with Lady Gaga who strutted the stage with at least six outfit changes.   As I stood in amazement watching this legend belt away his famous tunes, it made me think about how people should be approaching this word we call retirement. A friend of mine and fellow Wall Street Journal author Professor Olivia Mitchell from the Wharton School of Business recently pointed out in an article about how people are aging more vibrantly than they did in the past.   On the left is the famous artist Albrecht Durer’s portrait of his 63-year-old mother in 1514.  On the right is the lovely actress Helen Mirren at the same age more recently. Portrait of the Artist’s Mother – Albrecht Durer Helen Mirren As we age... ...

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How To Deal With The Stock Market Drop

How to Get Rich w/ oXYGen Financial Topic: How To Deal With The Stock Market Drop Taped 8/25/15 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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8 Ways To Make Your 401(k) Balance Grow Faster

The 401(k) has become, for most individuals, the cornerstone of their retirement savings.   As these funds grow into the six figure level, and for some into the seven figure level, actively managing your 401(k) will become an important component to your overall plan for the future.  Often, I get the question about how someone can make their 401(k) balance grow faster.   Here are my eight smart money moves tips on how you can drive your 401(k) balance at a greater pace than it may be moving today. Increase your contributions every year- Many 401(k) participants cannot start with the maximum level of savings.  Every year you should work hard to increase your contribution level by at least 1% until you reach the maximum contribution (2015 Levels: $18,000 under the age of 50/$24,000 for those who turn 50 this year and above).   If you get the money out of your hands, it will be harder to spend especially if you are getting a pay raise every year. Use the catch up... ...

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Why You WILL tell your child YES

Like many parents, I recently experienced the sadness and euphoria of sending our first child off to college.   As much as you can prepare yourself for that moment, it’s an incredibly bittersweet moment as you pull away from campus and see your child really start to begin life on their own.    These are the beginning moments where they make more decision on their own, handle their day to day affairs, and begin to take over the basic management of their finances. I’ve always considered myself to be a parent who would tell my child like is really is without any of the sugar coating.   It wasn’t long before my children realized my feelings on things including why participation trophies make no sense, why your chores in the house don’t deserve allowance, and that soon they will be responsible for their own financial future.  I am in the financial planning business, so you can imagine that money is a top of mind topic in my household. Since I earned everything I... ...

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Tiger Woods, Mike Tyson, and Money Happiness

Every year that the birthday clock turns another year I ask myself one simple question, “Am I getting any wiser?” Many say that gaining wisdom in life is far more powerful than any bit of knowledge that you can acquire. Of course, you can know a lot of information about many different subjects, but the key to making progress is about applying your wisdom to situations for the best possible outcome. I’ve come to the conclusion when it comes down to two important areas in our lives, we often spend more time reminiscing or hoping than we do actually enjoying. Those particular areas are sports and money. It dawned on me several weeks ago that we don’t spend enough of our lives enjoying the ride. Far too often, we churn our energy hoping for dreams of yesteryear or the way we wish it could be versus the way that it really is at this time. Take Tiger Woods. Tiger likely had one of the best all time runs that we... ...

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How Much Money Did My S Corporation Make

When business owners set up an S Corporation and creates a business entity, it is usually an accountant or bookkeeper (or both) that crank out the profit and loss statements for an S Corporation owner.   What can be confusing at the end of the year, because an S Corporation owner has multiple methods to receive cash through the business, is to actually figure out what you made in the business.   Taxes in many cases can be even more confusing to the S Corporation business owner.   Here’s a ‘your smart money moves’ breakdown to figure out just how much you made in your business. Salary- When you own an S Corporation, the IRS has salary guidelines on how much you should be paying yourself.  The IRS has created an outline of what’s called “reasonable compensation” that should be paid to the owner.    There are a myriad number of factors including industry averages, number of hours worked, and what is being paid to other employees in the company.   S Corporation owners don’t... ...

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