From the Northeastern Section of the ACS, focusing on career management and development

December 2021
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Financial Dealings and Documents. 2. Index Card
Filed under: Recent Posts, Mentoring, First Year on Job, Mature professionals, Legal matters, Observ. Trends
Posted by: site admin @ 5:59 am

Harold Pollack shared a meaningful list that fits on an
Index Card of hints to deal with transitions.  Nine items

 - Live within your means, restraining impulses that
can get the best of you where your belongings can
take over.
 - Within one year, spend no more than 14% of 
your resources.
 - Set up accounts to deal with requests and bequests
where you limit budget items.
 - Control debt lines of credit where you avoid
high interest financial burdens.  Determine strategies
to eliminate existing ones.  Help others achieve the
 - Stick to your core expertise.  Consult with a 
professional about personal investments.  Beware 
of IT recommendations without the full picture.
 - Manage investment choices using low fee vehicles, 
shield investments from taxes and other obligations.
 - Interview and choose committed financial adviser,
attorney and insurance provider, so you are proactive,
thoughtful and within the law.
 - Bring in experts to financial decisions.
 - Give generously to reputable causes that meet your
purposes, knowing that you are responsible to 
establish credibility.
Many of these suggestions seem fit for approaching
retirement.  Yet, it is not too early to have these in
mind much earlier in your career and have them
carry over as good habits.

One Response to “Financial Dealings and Documents. 2. Index Card”

  1. site admin Says:

    Reminders for each tax filer at the end of the year.
    1. Roth IRA: Contribute to the “practical” maximum
    2. If you are paying estimated taxes quarterly, you have
    until Jan. 15, 2019
    3. Deductions: the change in standard deductions means
    most will benefit not itemizing, unless you have sizable
    non-reimbursed medical expenses.
     Caps on property and state income taxes are in force.
    4. Rule change: If you wish to pay first quarter 2019
    property tax bill in 2018, you need to receive an actual
    property tax statement.
    5. If you have passed age 70.5, remember to take your 
    full required minimum distribution from traditional IRA.
     If not, there is a hefty penalty.
    6. QCD: qualified charitable deductions for those over
    70.5, Must be done early enough to receive
    acknowledgement from organization in 2018; allows
    you to reduce taxable amount of required minimum
    distribution, while not impacting deductions.
    See articles in WSJ by Laura Saunders

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