I'm very blessed to work with a wonderful team of highly skilled advisors who help folks just like you every single day achieve financial independence and we do that from a biblical point of view.
Many of you are worried that events in our world are spinning out of control; that it’s going to negatively affect your financial independence, specifically your retirement.
We help you build a plan to achieve financial independence, so that you can take the wonderful resources God has given you and do amazing things in this world, for Him and for others.
Financial Independence starts with a comprehensive financial plan;a plan that's written, sustainable and will get you from now through the end of life and take your resources beyond. As part of that plan, there are many pieces to the pie.
First, make sure you’ve got a great written risk management plan. Second, have a good income plan, health care plan, estate plan, and so on. But today, we're going to talk about that slice of the pieI left out: taxes.
There aren’t many things we can count on in life, but we’ve learned that death and taxes are certain. “As long as we have the government that we currently have, we have a tax problem. We have a challenge. I call it ’The Coming Tax Storm’.” It's a storm building on the horizon and it's going to affect all of us. You say, “Wait a minute. If I listen to the news properly, I'm hearing that it's only going to affect the“rich people”who make $400,000 or more.” You are promised you'll never see an increase in your taxes. There may be good intent, but as long as their lips are moving, a politician is lying.
More often than not, there's simply a desire to get elected, to stay in that seat in Congressor in that office in the White House. We believe that our clients should be prepared in advance for what's coming. We know that there is an agenda to increase your taxes. I'm going to explain why inthis and in future segments.
Most of you, like average Americans, have been taught to save in tax-deferred vehicles.This is money that you won’t pay taxes on now but will later when you with draw from your account. You say, “Well, where are good places to do that? That sounds pretty good. I don't have to pay taxes right now.”You can do that in an individual retirement account called an IRA.
You may have heard of Section 401K. Your account may even be matched through work. There are other sections of the code like 403B, or 457 and so on. These are programs that work with governmental, nonprofit, and for-profit companies that allow you to invest your money and defer taxes on the principal and growth until later.
Hopefully, you get a little bit more growth than you would otherwise because you're not having to take money away to pay taxes. Here's a little problem, though. Most people having saved in those vehicles are going to pay tax both on what the yput in now for the future, and on the growth.