New business owners who put off thinking about taxes may end up with an unpleasant surprise: penalties, interest, draining personal savings or emergency funds, needless headaches and distractions could ensue. As a small business owner and fiduciary financial advisor, Mindy McCubbin, CFP, ChFC, founder and CEO of Truman Wealth Advisors, understands the risks of embarking on and pursuing an independent entrepreneurial venture. McCubbin explains that having a proactive tax strategy, a clear picture of your financial situation, and a good financial mindset and habits can prevent the dreaded tax season panic. Originally published on Truman Wealth Advisors' blog May 2024, read The Big Tax Mistake New Business Owners Make. In a world of instant information, we know we can find answers at the click of a button. But is more information and better financial literacy the path to prosperity? So much of what is published in the media about money and wealth focuses on the “features” of money. Blogs, articles, Tik-tok videos and influencers will suggest if you only were somehow smarter about money characteristics, you could live the life of your dreams. And -- hot take from fiduciary advisor Mindy McCubbin, CFP, ChFC, founder and CEO of Truman Wealth Advisors -- financial literacy is great but it is focused on providing information about strategies for increasing the amount of money you have. This is necessary and important in the first half of life, when you are accumulating money. But as successful individuals experience wealth transitions know, having more money doesn't solve all your problems -- it just upgrades them. In fact, McCubbin says, they often find that money problems are not about money at all. Originally published on Truman Wealth Advisors' blog April 2024, read Why Financial Literacy Doesn’t Always Make You Good with Money. |
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