DID YOU KNOW?
Basic Tax Information Everyone Should Know Right Now
6 STEPS TO SUCCESSFUL WEALTH GARDENING What do a good gardener and a successful wealth manager have in common? They both tend to have more green than they know what to do with! Gardening and wealth-building have more in common than people realize. Here are six steps to help successfully grow your garden and your wealth. 1. Start with a plan. When you start a garden, you shouldn’t just bury a bunch of seeds and hope for the best if you want a bountiful harvest. You need to have a plan. What vegetables grow well in your soil and climate? Where should your garden be located so your plants get enough sun? Wealth-building calls for a similar level of planning. Outline your goals, research investment options, and learn what must occur to reach your goals. 2. Water and fertilize regularly. Once seeds are put into the ground, they need to be nurtured to grow strong and plentiful. A healthy garden needs to be watered and fertilized. The same is true in wealth management. You need to be making regular contributions to your accounts, utilizing periodic investing principles, and fund an emergency account.
1. If you need to file an extension request until Oct. 15, the extension is merely
more time to complete your tax return, any tax payments are still due July 15. Taxpayers need to estimate their tax liability on the form and pay as much as they can by July 15 to avoid possible penalties and/or interest.
2. If you cannot afford to pay your full tax obligation, qualified taxpayers can choose to request an installment arrangement. Use the Online Payment Agreement application to set up a payment plan (IRS.gov/payments/online- payment-agreement-application), or request a payment agreement by filing Form 9465, Installment Agreement Request. 3. Haven’t received your refund? Check the status online. Go to “Where’s My Refund?” on IRS.gov or download the IRS2Go mobile app to get the most up-to- date information.
3. Consider cost efficiency. The most expensive and exotic plants or opportunities are not necessarily the best options. They tend to need more attention and still may not survive. In gardening, you need to be aware of your growing zone and soil conditions in order to grow strong healthy plants. Likewise, when building wealth, you need to identify your risk tolerance — your ability to weather market fluctuations — and willingness to prune back fast growers to create the wealth and financial security you desire. 4. Don’t underestimate diversity. In a garden, a variety of plants is often most pleasing to the eyes and appetite. But too many varieties make it hard to manage and maintain your garden. The same is true for your portfolios. Having a variety of investments can minimize risk and
4. If you want to check the status of your Economic Impact Payments, Go to the IRS.gov website and search for “Get My Payment” or use this link: IRS.gov/coronavirus/get-my-payment.
lessen the impact of a volatile market, but overdiversifying can dilute those advantages. Too much of any good thing can become harmful, just like too much water in a garden can drown the plants. So diversify strategically, not for quantity. 5. Commit to weeding and maintenance. Sometimes plants struggle to grow or weeds invade the garden. When this happens, you need to roll up your sleeves and start pruning. It’s not uncommon for certain investments to become like weeds in your portfolio. You need to keep an eye on your portfolio and be prepared to prune back fast growers and replace investments that aren’t thriving. You don’t want any investment to be more than 20% of your total portfolio value. Stick with your plan to balance potential risk with potential growth. 6. Practice patience. A good gardener knows the importance of being patient. You have to wait if you want anything to grow. Wealth doesn’t grow overnight. Make sure you’re prepared for the long haul and are aware you may need to weather many storms. As you get closer to retirement age, you can look closer at other strategies to protect your nest egg. Some people seem like they have a green thumb for gardening or investments, but even the best will tell you it’s not a matter of luck but of dedication. If you need help getting started on your wealth-building goals, give us a call! And if you need help with your outdoor garden, we suggest checking out GardeningKnowHow.com.
DLJ Wealth Services, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Advisory services are provided by DLJ Wealth Services, LLC. DLJ Wealth Services, LLC is a registered investment advisor. Tax advice is provided through DLJ Tax Services, LLC, a separate legal entity, but both companies are owned by Deb Matz.
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