Money Matters

Personal Financial Management!

January 2017 Patrick Lyte Graphical Elements

By: Patrick R. Lyte, the Financial Network Group Legacy

 

We live in a financial world more than ever today where the level of or lack of, sound, effective personal financial planning and management play a critical role in your financial health (wellbeing) and ability to achieve your financial goals and objectives. It’s the beginning of a New Year – the time for resolutions and to do list(s). Two things that should be on your list are:

 

  • Conducting an in depth and thorough financial review.
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Financial and Legacy Planning Essentials Part 2 of 3

Income Tax Planning

By: Patrick R. Lyte, the Financial Network Group Legacy
 

Objective: Minimize income taxes liability and maximize tax savings, benefits, credit and deduction.

 

Some examples of employing effective income taxes strategies:

  • Participating in qualified retirement plans to shelter some of your income from taxes.
  • Holding non-qualified assets and investments (stocks, bonds mutual funds shares etc) for 12 months or longer to take advantage of long-term capital gain rates.
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 Financial and Legacy Planning Essentials Part 1 of 3

By: Patrick R. Lyte, the Financial Network Group Legacy
 

Financial management and legacy planning is essential and here is why. You work hard during working years (pre-retirement years) to maximize your earnings (income), to fund and maintain your lifestyle (spending budget), save, invest and build wealth to live off of in retirement and leave a strong financial legacy. The planning process requires focusing on life time financial goals, setting priorities, fine tuning and adjusting your goals, objectives and strategies to take advantage of favorable tax laws, manage and mitigate risk of changing financial markets and products to your advantage/and benefit.…

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Successful Investing Topic: Managing Investment Risk

By: Patrick Lyte, Financial Planner, The Financial Network

 

Effective risk management contributes to successful investment, this is because, risk (which is by definition the possibility of incurring financial loss) is a common and inherent of any investment opportunity, product and/or instrument. Thus, knowing and understanding the level or risk and exposure you are willing to take with your investments should be very important to you as an investor.
It is common for inventors to minimize risk in their quest to obtain maximum gain.… Read More »