Being wealthy doesn't mean having all the money in the world, just not having to worry about it.

Taxes on Trust Accounts

Question: A friend has trust funds for each of her children’s college education. Each trust is currently about $200k. The elder child is a high school sophomore and the trust is currently 70% equities. Should that number be reduced even though the capital-gains taxes may be quite high? Answer: The taxation of income retained by trusts is Read more »

Seven Steps to Financial Peace of Mind

Before addressing specialized areas, I’d like to offer my thoughts on basic financial advice for do-it-yourselfers: Spend less than you earn Be an owner, not a loaner Commit to your service Locate yourself Adopt pay-as-you-go Protect against major threats Focus on relationships 1. Spend less than you earn. You want your life to point up rather Read more »