The 7 Best Ways To Build Generational Wealth, According to Experts
By Nicole Spector
January 31, 2022
Our Managing Partner, Lauren King is quoted on GOBankingRates.com
Check out the full article HERE
Be Tax Aware When Putting a Savings Plan in Place
“The biggest expense most people will pay in their lives is their tax bill [so] implementing strategies to mitigate your current and long term tax bill will greatly help with wealth accumulation,” said Lauren M. King, MBA, CFP, managing partner at Compass Advisors. “In current years, taking advantage of qualified retirement plans through your employer, for example a 401(k) plan, will reduce your current year taxes. If you are self-employed there are many opportunities to greatly save on current year taxes through putting a retirement plan in place.”
King added that thinking about your future tax bill will greatly impact your ability to leave a legacy for future generations.