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What You Can Do with Your Money - September 10, 2020

Let’s look at 5 buckets you can place your money in:

  1. Spending
  2. Saving and investing
  3. Gifting to family, friends, or charity
  4. Paying taxes
  5. Setting up an estate plan.

These are 5 broad-based buckets. For example, you may save and invest money for various goals, including retirement or a child’s education.

How you may strategize giving for your cherished charities can also affect your taxes.

Bottom line

A holistic financial plan will take each bucket into account. However, a financial plan is not static. It may change over time as various elements in your life change.

Most importantly, there are things you can control and things you cannot control.

You cannot control the markets, and you cannot control changes in the tax laws.

But you can control how you adapt to a changing environment. You can adjust when your situation changes.

And, you can control and optimize your financial plan.

@LWMLLC