Investor Psychology: 6 Behavioral Biases That Can Lead to Costly Mistakes
It can be difficult to act rationally when your financial future is at stake, especially when unexpected events like COVID-19 upset the markets.
Don’t Fall Prey to This New Scam Targeting CFOs and Bookkeepers
One of the most common types of scams these days technically doesn’t involve any hacking but can cost your business time and money.
Overcoming Loss Aversion and the Desire to Sell When the Market is Down
If we were playing a game and were to offer you a choice of a sure win of $50 or, on the toss of a coin, a chance to win $100 or nothing, while the probabilistic outcome (50% probability of $0 plus the 50% probability of $100) you would likely choose the guaranteed $50 according to scientific studies. After all, it’s a sure thing—you win. But let’s say we change the rules in the second round, and we offer you a sure loss of $50 or, on the toss of a coin, the chance to lose $100 or lose nothing at all, again the same -$50 probabilistic outcome. What would you pick?
Think Twice Before Speculating on a COVID-19 Cure
Headline-induced price swings suggest that investors are making investment decisions driven by hopes and fears, and possibly based on limited information.
In the News: Advance directive for health care only applies when there is no chance of survival
In the Marietta Daily Journal, Bil Lako, CFP®, explains how your estate planning documents may not affect your treatment if you contract the coronavirus.
7 Tips to Keep Your Business Afloat During COVID-19
COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take…
Drug and Alcohol Addiction Treatments May Be Tax Deductible
Generally, drug and alcohol addiction treatment expenses are tax deductible as itemized deduction medical expenses.
Couples and COVID-19: 5 Ways to Work Together to Protect Your Finances
If you and your partner are among the millions whose finances have been impacted by current events, now is the time to make sure you have a plan in place to allow you to work together through the crisis.
Minimizing the Tax Burden of an Inherited IRA
Our Financial Planning Experts tackle a listener’s concerns about passing a tax burden to his children with an inherited IRA.
2019 IRA Contribution Deadline Has Been Extended
You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019).