Keep Your Money - Don't Buy Insurance!
Last month I broke a simple financial rule I follow regarding warranties and insurance. The purpose of any Insurance or warranties is to transfer catastrophic risk that you can not afford to bear.
Follow the Rules
If you follow rule 1 of our financial planning system, you will set aside an emergency fund equal to about 3 months of your monthly expenses (in more volatile income jobs like sales this might be 6 months to 12 months), but no matter your job the 1st bucket to ...Read More
How to Save Taxes as a Business Owner With Kids
How to Save Taxes as a Business Owner With Kids
Many Business owners today are looking for ways to save on taxes but didn't know that they can pay their kids at a lower tax rate for work the kids do around the office. This strategy is one that has been around for a long time, but doesn't get talked about as often as it should be. It's been around for a long time, long enough that my wife used to help clean her dad's office back in the 1990's.
Let me take some time to explain ...Read More
Am I Paying too Much for My Investments?
Have you ever wondered if you are paying too much for your investments? If so, you're not alone. We have clients come to us to be a second set of eyes on their portfolio and ask this quite often. The short of it is, maybe. You have to make sure that you are comparing apples to apples, not apples to oranges.
At Mills Wealth Advisors, we believe costs matter and we strive to keep our portfolios with low fees. Our average portfolio has a 0.28% fee. So if you are looking for an advisor ...Read More
Business Owners - Don't Make This Estate Planning Mistake!
The One Mistake
Did you know that the death of a founder or owner of a company can lead to 17% job cuts and almost 60% lower sales? Often times, we as humans put the cart before the horse. However, when it comes to end of life decisions we like to leave the cart at home and go out just on the horse. I can't tell you the number of people we talk to who should have a business succession plan or estate plan and don't. That is a big risk for your company and loved ones. According to ...Read More
Are You Being too Risky with Your Investments in the Market?
I read an article today that I think reflects what we are thinking at Mills Wealth Advisors right now. Now, I don't agree with 100% of what was written, but the main premise I agree with very much.
We have been having many conversations with clients about their current risk appetite and whether or not it would be prudent to lower risk right now. With the run up of the market recently, it may be time to ...Read More
MWA Quarter Update - Diversification, Housing, and Taxes
In the update below, you will find the following links that will direct you to the topics and resources we have assembled for your benefit. I hope you find it informative and useful. If you have an extra second, read Section III: Around the MWA Office for some great updates. You’ll notice that ...Read More
How Markets Across the World Performed in the Second Quarter of 2021
Each quarter we put together a PowerPoint detailing how different markets performed over the last quarter. You will notice that in Quarter 2 of 2021 each equity market was up more than 5%, with Global Real Estate as the top performer at 10.17% and the lowest, the Emerging Market up 5.05%. US Market was up 8.24% and the International ...Read More
Having Your Cake & Eating It Too: Health Savings Accounts
There are many things I love about my job as a financial planner, but none more so than being able to sit across the table from clients and hear their stories. Some are young professionals just getting started in their careers, whereas others are empty nesters nearing retirement. Some are entrepreneurs looking to begin their next venture, and others are celebrating anniversaries after being with their company for 20+ years. And while each of these groups may be wildly different from ...Read More
Five Investing Principles that are Built to Last
I came across an article recently that I found to be profoundly timeless. I keep hearing about the new normal, and that times have changed. However, there are many things that have and will not change that I believe are being forgotten and sometimes swept under the rug. I hope you enjoy this article as much as I did. I changed some of the wording to fit the end consumer, as theirs was geared towards advisors. You can find the article ...Read More
MWA Quarter Update - Hello Value, My Old Friend
If you have an extra second, read Section III: Around the MWA Office for a few attaboys. Please skim Section II’s Warning label where I discuss today’s high valuations, look at some charts and graphs, and issue a possible developing bubble warning ...Read More