{"id":1058,"date":"2023-09-18T16:22:07","date_gmt":"2023-09-18T16:22:07","guid":{"rendered":"https:\/\/scottmarsh.com\/?page_id=1058"},"modified":"2023-09-18T16:22:58","modified_gmt":"2023-09-18T16:22:58","slug":"million-dollar-choices-start-planning-now-for-later","status":"publish","type":"page","link":"https:\/\/scottmarsh.com\/million-dollar-choices-start-planning-now-for-later\/","title":{"rendered":"Million-Dollar Choices: Start Planning Now for Later"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">Are you preparing for your retirement? Everyone likes to envision their golden years as peaceful, if not luxurious. However, today\u2019s inflation and market volatility are threatening to diminish retirement stability. That\u2019s why now is the time to start planning financially, to maximize your savings, lower your taxes, and invest as wisely as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We call these rungs on the ladder to your financial future \u201cMillion-Dollar Choices\u2122\u201d because, over time, they can prove amazingly rewarding. In fact, through wealth financial planning, you could wind up facilitating much more than monetary security for your retirement: This is how a family\u2019s generational wealth may begin, as well.<\/span><\/p>\n<p><b>This article covers these topics:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are Million-Dollar Choices\u2122?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Why Is Generational Wealth Important?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How Financial Planning Helps a Utah Small Business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A Comfortable Retirement Has to Be Planned<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u2019s Never Too Early for Estate Planning<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u201cBy Their Fruits, You Shall Know Them.\u201d<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]    <div class=\"with_anchors\">\r\n\r\n        <section class=\"chapters-grid\">\r\n            <div class=\"row g-3\">\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-0\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                            <h3 class=\"chapter-title\">What Are Million-Dollar Choices\u2122?<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-1\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                            <h3 class=\"chapter-title\">Why Is Generational Wealth Important?<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-2\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                            <h3 class=\"chapter-title\">How Financial Planning Helps a Utah Small Business<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-3\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                            <h3 class=\"chapter-title\">A Comfortable Retirement Has to Be Planned<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-4\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                            <h3 class=\"chapter-title\">It\u2019s Never Too Early for Estate Planning<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-5\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                            <h3 class=\"chapter-title\">\u201cBy Their Fruits, You Shall Know Them.\u201d<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-6\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 7<\/div>\r\n                            <h3 class=\"chapter-title\">Today\u2019s Planning Can Be Tomorrow\u2019s Million-Dollar Choices<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                            <\/div>\r\n        <\/section>\r\n\r\n        <div class=\"chapters-info-w\">\r\n                            <section id=\"chapter-0\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                        <h3 class=\"chapter-title\">What Are Million-Dollar Choices\u2122?<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1062 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-2-500x378.jpg\" alt=\"million dollar choices\" width=\"500\" height=\"378\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-2-500x378.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-2-768x581.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-2.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Million-dollar choices are financial decisions that can have life-altering impacts on your future. These choices may involve taking risks, such as accepting a job in a different market, investing money in the stock market, or trying out a new business venture.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Making calculated and informed decisions around these risks can result in positive long-term financial outcomes. However, sometimes, a million-dollar choice begins as something with seemingly little significance. For example, a decision to cut back on fast food meals might not seem like much at first, though all savings add up over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many people today believe that being wealthy is a matter of luck, but this is far from the truth: Real wealth never happens by accident. It must be built through saving, investing, and strategic tax planning. Establishing saving habits and having a clear approach to how you will acquire, grow, and protect your wealth is essential.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, even with the best of intentions, building wealth as an investor involves taking risks, some of which could become losses. These, unfortunately, are sometimes necessary in order to generate greater potential returns from your assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I say these things as a result of<\/span> <strong><a href=\"https:\/\/scottmarsh.com\/wealth-management\/30-years-teaching-personal-finance-at-byu-tips-from-an-elite-financial-advisor-in-salt-lake-city\/\" target=\"_blank\" rel=\"noopener\">30 years of experience in the financial industry<\/a><\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong> Even today, it\u2019s possible to look forward to a nice retirement, but you cannot do it through rolling dice and hoping. You have to be conscious about it because commitment, honesty (particularly with yourself), discipline, and persistence are essential.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also important to stress that saving money alone doesn\u2019t constitute a million-dollar choice. This is only half of the equation: <\/span><i><span style=\"font-weight: 400;\">True<\/span><\/i><span style=\"font-weight: 400;\"> Million-Dollar Choices\u2122 are made when you reinvest those savings so that they can grow. By turning freed-up cash into equity, you can potentially see far greater returns over the long term than you might if it only sits in a bank account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At times, it also requires sacrifices. Learning to make peace with spending less and saving more is now an important lesson for all of us. The current economic climate has created a period of high volatility, inflation, and low returns from traditional retirement income sources.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, now is the time to start planning your financial future. Becoming mindful of your spending habits can lead to greater financial security down the road. Learning to balance between enjoying today and preparing for retirement can also free up funds for more immediate goals at times, such as travel or special occasions.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-1\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                        <h3 class=\"chapter-title\">Why Is Generational Wealth Important?<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1061 alignright\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-2-500x333.jpg\" alt=\"planning generational wealth\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-2-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-2-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-2.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Real wealth is much more than money; it\u2019s freedom. In other words, it goes beyond what can be quantified with dollars and cents. <\/span><strong><a href=\"https:\/\/scottmarsh.com\/wealth-management\/nurturing-your-family-legacy-the-science-of-generational-wealth\/\" target=\"_blank\" rel=\"noopener\">Genuine wealth often extends across generations, creating a family&#8217;s story over years of disciplined work, saving, and investing<\/a>.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The freedom resulting from generational affluence is only possible once a family legacy has been established and secured. Recognizing this, it becomes vital to secure a family legacy now for generations to come. Thankfully, even amid today\u2019s inflationary market volatility, lasting wealth is still obtainable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though these factors can provide challenges, savvy savers and entrepreneurs can still reach their financial goals (or even surpass them). Investment opportunities like real estate trust funds, for example, can be accessed to expand your portfolio.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Success there, in turn, could lead you further down the path of long-term prosperity. I can\u2019t guarantee these things any more than I can tell you what you\u2019ll have for breakfast two years from now. Nevertheless, when you plan your personal and business finances for it, you\u2019ve taken the first steps in the right direction.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-2\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                        <h3 class=\"chapter-title\">How Financial Planning Helps a Utah Small Business<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1060 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-2-500x333.jpg\" alt=\"small business retirement planning\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-2-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-2-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-2.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Financial planning for Utah\u2019s entrepreneurs is an important factor in enhancing their success. For instance, those who\u2019ve proactively anticipated the <\/span><strong><a href=\"https:\/\/www.fool.com\/retirement\/2023\/01\/05\/social-securitys-big-raise-good-news-for-retirees\/\" target=\"_blank\" rel=\"noopener\">2023 Social Security Cost-of-Living Adjustment (COLA)<\/a><\/strong><span style=\"font-weight: 400;\"> should have the least trouble budgeting for its impact on payroll taxes and in other areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While most family businesses focus on day-to-day operations, anticipating long-haul changes like those stemming from the COLA can help ensure your long-term stability and success. Additionally, by allocating funds and resources for investment, retirement planning, and protective insurance policies, savvy companies can potentially thrive during economically uncertain times.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax planning is another invaluable tool for entrepreneurs looking to maximize their profits. By taking time to assess things like your business expenses and finding ways to reduce liability, deductions can be used to decrease the amount of taxes you owe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Knowing ahead of time about these different options for facilitating deductions can mean extra money in your pocket. It\u2019s mainly a matter of ensuring that you\u2019re making use of all available deductions, credits, and strategies that apply to your situation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you have an office lease, that may be deductible. The same may go for keeping your car\u2019s gas tank full if you commute to work in it. Understanding how these deductions work can make a marked difference in the profitability of any entrepreneur\u2019s business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The difference tends to be more noticeable when a small business owner has been planning proactively over a longer stretch of time. Although money can sometimes be saved off a given year\u2019s tax cost, longer-term planning is where the truly significant savings are found.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if you haven\u2019t already, start planning early to improve your potential savings. The sooner you begin, the better off you are likely to be.<\/span><\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/scottmarsh.com\/wealth-management\/with-million-dollar-choices-you-can-build-a-million-dollar-retirement-plan\/\"><b><i>Build a Million-Dollar Retirement Plan Through Million-Dollar Choices. We Can Make It Easier.<\/i><\/b><\/a><\/h3>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-3\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                        <h3 class=\"chapter-title\">A Comfortable Retirement Has to Be Planned<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1059 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-2-500x333.jpg\" alt=\"planning a comfortable retirement\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-2-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-2-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-2.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Again, real wealth doesn\u2019t typically fall from the sky. If you don\u2019t plan for it, it doesn\u2019t happen on its own (or last a long time, for that matter). This is why, if you want to retire <\/span><i><span style=\"font-weight: 400;\">in style,<\/span><\/i><span style=\"font-weight: 400;\"> you\u2019re much better off getting proactive today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is going to be a shock to some, but please hear me out: Enjoying every imaginable luxury today <\/span><i><span style=\"font-weight: 400;\">does not <\/span><\/i><span style=\"font-weight: 400;\">mean that you have a luxurious retirement locked in when you\u2019re ready. So far, the 2020s have been an unprecedented economic roller-coaster.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inflation and market volatility\u2014plus impacts from COVID-era supply line shortages\u2014have threatened to shrink even the savings of the very wealthy. I\u2019m not pointing this out to say that you can\u2019t retire comfortably. The point I\u2019m making is that now more than ever, you have to plan your finances carefully if you want to pursue this goal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, diversifying your retirement portfolio can be a wise decision with regard to your long-term savings. By \u201cdiversifying,\u201d I mean investing in a variety of types of assets, such as stocks, bonds, mutual funds, real estate, and cash investments. This may help reduce your risk (and, possibly, maximize your returns) by avoiding placing all your eggs in one basket.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spreading your investments across different categories of assets creates a sort of firewall between them. When one kind is performing poorly, you have others that may be doing better. As a result, you may have a buffer against those losses. In fact, if another asset type is gaining, its returns could even make up for your losses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, consider alternative assets alongside your traditional investments. These are financial vehicles offering the potential for greater returns than traditional stocks, bonds, and savings accounts. Examples include commercial real estate, venture capital, structured products, commodities (such as corn or aluminum), currencies, private equity funds, hedge funds, and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike typical investments, these can help diversify your portfolio <\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\"> give you exposure to a wider range of markets and investment products. During periods of volatility, they may help protect a portion of your wealth while helping you maintain strong growth potential, as well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ultimately, by diversifying your portfolio and considering alternative assets, you could help ensure that your retirement nest egg is primed for success, regardless of the current economic conditions.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-4\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                        <h3 class=\"chapter-title\">It\u2019s Never Too Early for Estate Planning<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1063 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-1-500x334.jpg\" alt=\"estate planning\" width=\"500\" height=\"334\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-1-500x334.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-1-768x513.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>It\u2019s been said that death and taxes are life\u2019s two most unavoidable certainties. However, for people who pass away without proper estate planning, I\u2019d say that death, taxes, <\/span><i><span style=\"font-weight: 400;\">and probate<\/span><\/i><span style=\"font-weight: 400;\"> are a more complete list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When someone\u2019s heirs are unable to locate a will, those loved ones may be forced to go through probate in order to settle the estate of the deceased. This is a time-consuming and detailed legal process that can drag out the resolution of assets and liabilities for months (or longer). It can be especially burdensome for heirs who don&#8217;t have attested documentation of what their loved ones wanted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever someone\u2019s financial legacy drifts into probate, resources such as lawyers or trust officers may be needed to negotiate with creditors. Meanwhile, expensive additional fees can add up over time, depending on complexities in the estate itself.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are only a few of the many reasons why it\u2019s a good idea to get an estate plan in place, even if you\u2019re young. Creating a will can help to get your estate settled quickly and efficiently, should the unthinkable happen. Establishing a trust can also help to ensure that things go as you intend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trusts are estate planning tools that allow an individual to transfer assets to <\/span><strong><a href=\"https:\/\/www.investopedia.com\/terms\/t\/trustor.asp\" target=\"_blank\" rel=\"noopener\">a separate legal entity, known as the trustor<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> for the benefit of a designated beneficiary. The trustor nominates a trustee to manage the trust estate and distribute its assets according to the terms in the trust document.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These legal arrangements provide flexibility for estate planning and tax deferral purposes. Depending on the jurisdictions involved, they can also provide different levels of privacy, asset protection, and estate taxation benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A trust may also help defuse possible disputes among your survivors, keeping the peace and protecting against potential financial losses. By eliminating any doubt regarding what happens with your estate assets (while specifying who carries the estate\u2019s administration), you can reduce the amount of kindling for family flare-ups.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just as importantly, planning your estate proactively can help you have a degree of peace amid today\u2019s concerns. Knowing that you have things settled\u2014and the experience of squaring it all away is behind you\u2014can mean a lot.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-5\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                        <h3 class=\"chapter-title\">\u201cBy Their Fruits, You Shall Know Them.\u201d<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1064 alignright\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-2-500x361.jpg\" alt=\"retirement planning for high-net-worth individuals\" width=\"500\" height=\"361\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-2-500x361.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-2-768x555.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-2.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>What I\u2019m going to say next may sound contradictory to all the discussions of savings and investments above, but here goes: Life is about more than money. Contrary to popular belief, money itself isn\u2019t evil. <\/span><strong><a href=\"https:\/\/www.biblegateway.com\/passage\/?search=1%20Timothy%206%3A10&amp;version=ESV\" target=\"_blank\" rel=\"noopener\"><i>The love<\/i> of it<\/a><\/strong><span style=\"font-weight: 400;\"> is what Jesus condemns as evil and troublesome.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Okay, okay: <\/span><\/i><span style=\"font-weight: 400;\">I\u2019m getting off my soapbox. Now that we\u2019ve established that money isn\u2019t the source of good or evil, I can say that our lives are meant (or, if you like, designed) for deeper things. For example, I\u2019d never force anyone to try it, but I can honestly recommend charitable giving as a source of joy and peace, even when the Christmas season is months away.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, I\u2019m not preaching a sermon here. The point I\u2019m making is that philanthropy can be a great beyond-money legacy: It\u2019s one thing to leave your descendants a pile of wealth. It\u2019s another to <\/span><i><span style=\"font-weight: 400;\">also<\/span><\/i><span style=\"font-weight: 400;\"> leave them with memories of helping you share some of it with worthy causes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Private foundations, for instance, have the ability to donate to <\/span><strong><a href=\"https:\/\/www.investopedia.com\/terms\/d\/donoradvisedfund.asp\" target=\"_blank\" rel=\"noopener\">donor-advised funds (DAFs)<\/a><\/strong> <span style=\"font-weight: 400;\">and grant-making public charities. This can mean that your survivors have the flexibility to recommend grants of their own. These grants are eligible for a tax deduction, as with any other donation, providing your descendants with potential tax incentives (in addition to those you can get today).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Individually, you can leave gifts that keep giving, as well. For example, you might opt to donate an asset that continues generating dividends long-term. Similar arrangements have allowed people\u2019s initial donations to last for years or even decades.\u00a0<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-6\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 7<\/div>\r\n                        <h3 class=\"chapter-title\">Today\u2019s Planning Can Be Tomorrow\u2019s Million-Dollar Choices<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\">Financial success, ironically, can mean less time to manage the wealth you labor to earn. This is why I keep saying that you need a financial plan. However, I don\u2019t say that you should tackle it by yourself. <\/span><strong><a href=\"https:\/\/www.gao.gov\/assets\/gao-22-104960.pdf\" target=\"_blank\" rel=\"noopener\">The IRS admits to deliberately targeting achievers for audits<\/a>.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">So, unless you want to lose time and money to mistakes on a return, get experienced financial planning from a professional. <\/span><strong><a href=\"https:\/\/scottmarsh.com\/\" target=\"_blank\" rel=\"noopener\">Scott Marsh Financial<\/a><\/strong> <span style=\"font-weight: 400;\">is a CERTIFIED FINANCIAL PLANNER\u2122 in Utah.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We specialize in retirement planning for high-net-worth individuals, but that\u2019s far from all the services we provide. <\/span><strong><a href=\"https:\/\/info.scottmarsh.com\/contact-us\" target=\"_blank\" rel=\"noopener\">Contact us<\/a><\/strong><span style=\"font-weight: 400;\"> for financial planning in Utah today.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                    <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Are you preparing for your retirement? Everyone likes to envision their golden years as peaceful, if not luxurious. However, today\u2019s inflation and market volatility are threatening to diminish retirement stability. That\u2019s why now is the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1065,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Million-Dollar Choices: Start Planning Now for Later<\/title>\n<meta name=\"description\" content=\"Inflation and market volatility are threatening to diminish retirement nest eggs, but wealth financial planning can help you fortify your savings and assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scottmarsh.com\/million-dollar-choices-start-planning-now-for-later\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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