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Organizing your finances

Organization is at Least Half the Battle

Most of my clients seek me out to solve a financial or tax problem. What many of them later discover, is that the “problem” is usually related to how they are organizing their finances (or if they organize them at all).

In my 10+ years of experience in the financial industry the most common issue I find among potential clients (especially the more wealthy/higher income ones) is a lack of clear organization in their financial life.

It’s not that they are “messy” per se – but rather, as their financial lives became more complex over time, they failed to implement strategies that could have helped them get and stay organized along the way.

Usually, this organization problem shows itself in three main areas: Cash Flow, Unnecessary Accounts, and Income Tax Withholding/Payments.

All three of these are distinctly different problems, and all three of them have a multitude of potential solutions, but they seem to persist across different client personas.

Obviously the devil is in the details, but here are a few basic concepts to help you understand the potential root of these problems:

  • Cash Flow
    • Small business owners/sole proprietors/commission-based employees aren’t handling variable payments/income well
    • Couples aren’t communicating or have different priorities that create cash flow crunches often
  • Unnecessary Accounts
    • Multiple checking/savings accounts without a clear purpose or delineation of their function
    • Duplicate investment accounts with different investment strategies, but the same tax treatment (multiple IRAs for the same person, e.g.)
  • Income Tax Withholding/Payments
    • Under withholding from your W2 employer
    • Unequal withholding between spouses
    • Lack of quarterly estimated payments strategy or execution

While this is a short list, it’s likely that you may be facing one or more of these issues right now. It’s never to late to get organized, and though it takes some work, the benefits far outweigh the costs. Take some time today to start mapping out your organization challenges and begin working towards them. If you find you need some additional help, you can schedule your consultation below.

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Joshua Duvall, CFP®, RTP

Joshua Duvall, CFP®, RTP launched his own Registered Investment Adviser in 2017 after more than a decade in the financial industry, working for some of the world’s largest and most successful firms including LPL Financial, New York Life, and State Farm Ins. Co. Married with two children, Josh resides in Tabernacle, New Jersey and is an engaged member of his community. Josh enjoys coaching youth sports, rooting for The Ohio State Buckeyes, and sharing his passion for Jesus through biblical ministry and community service.