Financial Pressure: Why It’s Important To Push Back
In this financial pressure episode, John exposes the three main areas directing pressure on your wealth. He sketches out some strategies for pushing back.
Don’t miss John’s key points:
- Firstly, the three biggest culprits applying pressure to your wealth are the government, financial institutions, and corporations
- The government exerts pressure in the form of layer upon layer of taxes. This comes in the form of federal income, state income, local sales taxes, capital gains taxes, social security taxes, real estate tax, excise taxes, Medicare tax, and estate inheritance taxes, to name a few.
- Also, financial institutions such as banks, mortgage companies, and insurance companies also add pressure. They sell products with fees, charges, commissions, and penalties built-in. Some of these fees are hidden. All fees are not inherently bad, but they deserve your attention.
- Corporations squeeze you with strategies designed to keep you buying their products:
- Planned obsolescence is another pressure on your wealth. It guarantees that products require frequent replacing. The use of flimsy materials, termination of the spare parts supply, or changes in design force us to spend more money, more often.
- Lastly, some companies offer multiple pricing choices. You choose one not knowing whether it actually saves you the most money.
These are a few of the many examples John walks through to illustrate each of the three pressure sources. Listen to podcast above for more.
John advises adopting a mindset of constantly scrutinizing what you buy. He stresses to look into how you are taxed in order to get the most benefit for yourself and your family.
It helps to have an experienced wealth manager sit down with you to discuss in detail these areas of pressure. That’s what we do at Smallwood Wealth.
If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here.
Or call us at 732-542-1565.