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Thursday, December 7, 2017

Do the Math

We are going to start out this post with a shout out to our friend, Al Zdenek.  Al is a best-selling author and wealth advisor.  Learn a little more about him at the bottom of this post.

Forbes has recently re-released Zdenek’s best-selling book, Master Your Cash Flow: The Key To Grow And Retain Wealth. We would like to share with all of our How To Manage Your Monkey audience what a great financial advisor can do for you.

There are many things that Al advises that not only work for the super wealthy, they also work for us down here on the beans and rice level of society.

One of those things is for us all to “Do the Math”.  Whenever you are faced with an economic decision, it is important that you know how it will affect you.

It is just as important to know how that rent-to-own television will affect your ability to buy the Gi-Joe with the Kung Fu Grip for your kid’s Christmas as it is to know how buying that luxury auto will affect your retirement years.

You may be at the level where you contemplate putting off buying a Pumpkin Spice Latte (never had one) so that you can invest more in your retirement, or you may be at the level where a $1 large cup of coffee means your kids go without lunch money for a day.  Either way, it is important to understand that you should do the math before making any financial decision.

We here at How to Manage Your Monkey are sometimes asked, “Should I put my money in a Traditional IRA or a Roth IRA?  The best answer we can give you is, “It depends.”  Another answer would be to “Do the Math.” We do not yet know what Al would advise in this situation.

No one knows what the tax laws will be like in the future.  Therefore, some financial writers we have read, and there have been many, say “Both”.  It really boils down to where you are right now financially-speaking versus where you believe you will be when you start to draw the money out.

If you are like us, well below the poverty line, taking the tax bite right now would be a good idea.  We know that one day we will be one of the super wealthy that Al advises.  

But, if you are making a very good income right now, and you believe that you will be in a lower tax-bracket in your retirement years, then it might be wise to defer the taxes.  

This brings up another one of the very wise bits of advice that Zdenek gives his readers in his first book. Consult a trained, licensed professional.  When you are dealing with your financial future, it is always wise to let someone who knows what they are doing look over your financial plans and advise you.

Whether you are the kind of person who knows the differences in wine vintages or you are like many of our friends that know the difference between red label and blue label Thunderbird, it is always important to have a good, solid financial plan based on the best financial advice available.

Al has a new book coming out in March of 2018.  Even though Manian Debil Productions is a Top Reviewer on Amazon, we do not yet know if we will be one of the lucky ones chosen to review the book.  

Even if you have to roll the change under your couch cushion to buy Master Your Cash Flow: The Key To Grow And Retain Wealth, you should add it to your financial library.  It will make a great Christmas gift for those on your list who are serious about their retirement years.


About Al Zdenek
Al Zdenek (www.AlZdenek.com) – author, speaker and
Al Zdenek
wealth advisor – is the President, CEO and founder (1982) of Traust Sollus Wealth Management, a boutique wealth management firm dedicated to empowering people to live the life they wish now and in the future by consistently making the best financial decisions.

His bestselling book, Master Your Cash Flow (Forbes Books) shows readers how to avoid making poor and disastrous financial decisions, finding additional cash flow from every-day decisions that, if saved, will build wealth sooner.

Zdenek has been contracted by ForbesBooks to continue writing the Master Your Cash Flow series, with a new book entitled Master Your Cash Flow: The Key to Build a Valuable Business, to be released in March 2018.  The upcoming book will be for entrepreneurs, business owners, CEOs and anyone who wishes to run a successful business.  

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