The Right Tools Make all the Difference:
Created by: Jeff Bullock
A few years ago I was helping my brother renovate his front porch. Part of the project included taking out old concrete steps. Thinking we knew what we were doing, we began the demolition by pounding a sledge hammer over and over to break apart the old steps. After swinging the hammer for a while and with very little progress to show for our efforts, we realized there was probably a better way to accomplish our task. Knowing we needed a new approach, my brother ran to the store and rented a concrete cutting-saw. This proved to be a difference-maker!
I believe we did more demo in the first five minutes with that saw than we did in an hour of using the sledge hammer. We quickly dismantled the old step with the proper tool and moved on to our next task. The small price we paid for a professional-level tool was nothing compared to the time, effort, and body aches we saved by trying to use an outdated approach.
Having the right tools, and in many cases, the right people to help operate those tools, can make all the difference in the outcome.
Are you using the right tools to manage your money? Have you ever found yourself saying, “There has to be a better way”?
Here are a few tools that can make a big difference:
- Tax Loss Harvesting Strategy: For invested money that is not in a retirement account, a tax loss harvesting strategy can help mitigate or delay taxes. These strategies are usually done through a separately managed account and can be an effective way to offset capital gains from other areas of your portfolio.
- Donor Advised Fund: Donor Advised Funds are great tools to facilitate charitable giving, especially if potential tax obligations merit a large charitable gift in a given calendar year. They can also be an effective way to set up a pseudo-family foundation without having to actually setup a foundation entity.
- Securities-based Credit Line: A credit line, collateralized by an investment portfolio, can be an effective tool to manage cash flows, bridge financing, or fund ventures without having to liquidate a portfolio or hold too much cash on the sidelines.
Having the right tools can make all the difference.
When I finally upgraded my driver after many years, I instantly hit the golf ball farther – nothing changed other than the tool I was using. The same is with money and investing. There are many tools that are available that will make a difference in helping you manage your money. Let us help you find and implement these tools.
Feedback from these newsletters is not only welcomed but encouraged. If you have any questions or comments, please email me at firstname.lastname@example.org. If you think this might be useful to any of your friends or family, feel free to forward it to them.
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