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The Mallard Money Blog

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Five Simple Steps to Wealth

Most wealthy people were not born rich. In fact, 80% of wealthy people are first generation millionaires. In other words, never assume you are born into a standard of living that you can’t move out of. Your circumstances may not be ideal, or you may have been dealt a poor hand. However, even if your circumstances are not your fault, it remains your responsibility to manage your financial future. Don’t expect to be bailed out by family, the lottery, or the government. My goal is to empower you to take small steps towards wealth, even when you can’t see the immediate results.

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Set Up an Alternative to a Private Foundation!

You don’t have to be as wealthy as Bill & Melinda Gates in order to set up your own private charitable foundation. There is an alternative to a private foundation for those of us not as wealthy as the Gates called a Donor Advised Fund (DAF). What is a Donor Advised Fund (DAF)? Simply put, a DAF is your own private charity, funded in a lump sum or over time with cash or securities. You can then invest the dollars in your DAF and allow it to grow, or you can direct your DAF to donate some or all of the funds to the charities of your choosing whenever you decide.

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Spend Down Your Home with a Reverse Mortgage

Retired homeowners likely have some equity in their homes that is actually a large "asset" that they don't think about, or consider valuable in any way. However, for most clients, their home equity is a large asset that should be evaluated and considered as part of their overall "portfolio". The best way to do this is to think of your home’s equity the same way you would think about an IRA. They are both assets that are available for withdrawals. Spending down your IRA is easy to understand and to execute, but how do you spend down your home?

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Build Wealth by Paying Taxes

What if I told you that you could build wealth by paying taxes—and paying them now instead of later? Most clients don’t want to pay taxes at all, let alone sooner rather than later. In fact it is common wisdom to defer income taxes as long as possible. How do you defer income and therefore taxes? The table to the right shows some typical income acceleration / deferral strategies.

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