Weekly Notables

from the Desk of Brian Bickett, CFP®

for the Week of January 08, 2020

Getting the basics right, first…

This week’s notable personal finance article covers the importance of the initial building blocks that the foundation of your financial success should be built upon.

I have been blessed with the opportunity to lead a Dave Ramsey Legacy Journey class this new year and this article correlates very well with the framework of the class.  The class begins with outlining the framework of Now, Then, Us, Them.  Now focuses on immediate issues with your family.  Then looks towards your future.  Us expands the future view to include generational legacy.  And finally, Them expands that legacy beyond your family. 

The Now is the initial building block that needs to be mastered before you can pick your head up and look beyond now and into the future.  Looking up before the Now is being managed correctly only takes the focus off of what needs to be done first and allows the Now to continue to snowball down the path of larger and costlier errors. 

This week’s notable personal finance article focuses on how so few have the basics down, such as spending less than you make, and how easy it is to get distracted by the complexity and excitement of what’s next.  Build your foundation on rock, revisit it from time to time, and then begin to look towards the future.  The foundational work will seem boring at times; however, the discipline this develops will serve you well into the future. 

Enjoy the ride of YOUR life!

— Brian

Find Your Financial Roadmap.

Brian can help you develop a roadmap to get you from where you are to where you want to go — and then put it in action, making your money work for you to avoid behavioral mistakes.

Don’t Make Things More Complicated Than Necessary

(Trent Hamm, The Simple Dollar) – This week’s personal finance article covers the basic tenets that often are the foundation of financial success and also points out how it is important to focus on the things that you can control.  Quoting the article: “Keep it simple. Spend less than you earn.  Do something smart with what’s left.”

The 2020 Tax Season Starts Soon

(Brad Tuttle, Money) – This week’s tax article covers the critical dates associated with the upcoming tax season as well as the expected processing time for refunds and how some can file taxes for free.  The bookends are that IRS will begin accepting and processing returns on January 27th and are due by April 15th.

The SECURE Act is Changing Retirement

(Alessandra Malito, MarketWatch) – This week’s retirement article covers the how the recently passed SECURE Act effects current savers and future retirees.  The pros and cons of the introduction of annuities into 401(k) plans, increasing the required minimum distribution age and contribution age, elimination of stretch IRA’s, increasing access to multiple employer retirement plans for small business, and encouraging auto-enrollment for employer sponsored retirement plans are all covered. 

Where’s Brian?

Happy New Year!

Additional Articles You May Find Interesting

CARES Act – Returning unwanted 2020 RMDs

CARES Act – Returning unwanted 2020 RMDs

Article written by Brian Bickett   One of the key provisions of the CARES Act, the coronavirus relief act that took effect this spring, permitted retirement account holders to bypass required minimum distributions (RMDs) for 2020. RMDs are the annual withdrawals...

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Summary of the 2020 Social Security Trustees’ Report

Summary of the 2020 Social Security Trustees’ Report

The Social Security Board of Trustees released their annual report at the end of April once again this year.  The report for 2019 spans 276 pages that go into detail about the current financial status, future assumptions, and projections.  Once again…

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Understanding Arch Coal Pension Plan Benefit Options

Understanding Arch Coal Pension Plan Benefit Options

Article written by Brian Bickett   I’ve been able to help a handful of people make educated decisions concerning their Arch Coal Pension Plan in the recent months. While it all comes down to your personal financial goals, here are a few points that have helped my...

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