Retiring Soon? Do You Have all Your Questions Answered?

Written by Kevin Jacobs on November 4, 2011 in broken arrow, Certified Financial Planner, CFP, fee based, fee only, Fee Only Financial Planner, Financial Planning, Investing, Retirement Planning, Tax Planning, Tulsa - No Comments

If you are looking at retiring soon, do you have the answers to the questions to adequately prepare for this time in your life?  I have listed below and also included in the video typical questions I help clients answer.  If you have these questions, you may want to consider seeking out a financial planning professional.

  • Will I outlive my retirement savings?
  • What will I spend my time in retirement doing?
  • Will social security be available to me?
  • Should my annuity really be inside of an IRA account?
  • How much money do I really need to retire?
  • I want to retire early.  How much should I be saving now?
  • I am a teacher.  What pension payout option should I select?
  • What will be my cost of living in retirement?

What Should You Expect from Step By Step Tax and Financial Planning

Written by Kevin Jacobs on November 3, 2011 in Certified Financial Planner, Enrolled Agent, fee based, fee only, Fee Only Financial Planner, financial advisor, financial planner, Investing, Retirement Planning, Tax Planning - No Comments

SBS_What_to_Expect (Click here to listen to short audio version of this blog.)

What should you expect if you engage Step By Step Tax and Financial Planning for holistic tax and financial planning services?

1.  Straight Talk

2.  Easy Access

3.  Value for Your Money

4.  All-Inclusive Approach

5.  Adaptive & Ongoing Service


Looking for a Planner? Want to know who we serve best?

Written by Kevin Jacobs on November 2, 2011 in broken arrow, Enrolled Agent, fee based, fee only, financial planner, Investing, Oklahoma, Retirement Planning, Tax Planning - No Comments

I often get asked who would be a good fit for the services we offer here at Step By Step Tax and Financial Planning.  Well just watch this short 2-minute video and you will find out.

“Hitting it Big Time” Success of Zanybandz

Written by Kevin Jacobs on February 22, 2011 in broken arrow, Broken Arrow Business Conference, Oklahoma, Tulsa - No Comments

On March 3rd at the “Finishing the Race” Business Conference at NSU/BA Lori Montag and Jim Howard will share their success story of their newest business Big Time Brands, located in Broken Arrow,  which provides the world famous ZanyBandz. 

Those colorful silicone wristbands that have taken over preschools, Kindergartens and elementary schools across America have found their way onto the LPGA Tour. Never heard of Zanybandz? They’re the Beanie Babies of 2010, only easier to find and a lot cheaper to buy. They’re glow-in-the-dark “bracelets” that come in an array of colors and shapes, from animals to sports paraphernalia.

Big Time Brands have placed their silicone bracelet products in over 25,000 stores nationwide.  They have also developed the silicone rubber band bracelets for more than 10 international retail accounts.  They have launched ZandBandz, UndergroundBandz, Splash Watches, and Slap Watch.

Learn how these entrepreneurs came up with this trendy concept from the animal Zanybandz to tie-dye and underground specialty bracelets.  Listen as they talk about market tactics, distribution and staying on the cusp of technology and latest fashions. 

For more information about the “Finishing the Race” Business Conference, other speakers, and the program, go to the website www.babusinessconference.com

Open Letter Regarding BA Business Conference on March 3rd-4th, 2011

Written by Kevin Jacobs on February 16, 2011 in Uncategorized - 3 Comments

We are planning on a great conference and we want you there.  Last year’s conference was well received by all who attended and it was only our first year.  We have learned from our mistakes and improved this year!  We are hosting incredible speakers who will inspire you to grow both personally and professionally.

The planning committee desires nothing other than your success and that is the mission behind this event.  We believe this event serves the membership of the Broken Arrow Chamber of Commerce and the surrounding communities well.

I can speak from personal experience my tax and financial planning business improved from attending last year’s conference.  The Monday after last year’s conference I set out a game plan to reach a certain level of success in 2010.  On December 15th, 2010, I hit that level and I did not think it was possible until I attend the BA Business Conference last spring.

I encourage you to take a risk and come to this conference.  We want to see you, your business and the local communities succeed in 2011.  Be part of the solution and “finish the race!”

Sincerely,

Kevin Jacobs, CFP®, EA

Owner of Step By Step Tax and Financial Planning, LLC

Chairman-BA Business Conference 2010 and 2011

918-806-6596

Press Release for Broken Arrow Business Conference

Written by Kevin Jacobs on February 14, 2011 in Uncategorized - 1 Comment

For Immediate Release

February 3, 2011

www.babusinessconference.com

 

 

Broken Arrow Area Chamber of Commerce Presents the 2nd Annual Business Conference

Businesses Learn How to Succeed and Finish Strong

BROKEN ARROW, OKLAHOMA – The Broken Arrow Area Chamber of Commerce will host its 2nd annual business conference designed to help business owners beat the odds and improve their chances of succeeding.  The theme for this year’s conference is “Finishing the Race” and will be held on Thursday, March 3rd and Friday, March 4th at the Northeastern State University – Broken Arrow Campus. In addition to the dynamic speakers, attendees can visit local businesses at the Conference Expo and attend the Business After Hours networking reception. 

Speakers at this year’s conference are the following:  Scott Klososky – Former CEO of three successful startup companies who applies his skills to help organizations thrive, Heather Rumley – Founder of ClearWater Performance Group who works with senior level executives to improve their organizational performance, Dr. Brian Epperson – Founder and CEO of Human Performance Advisors who works one-on-one with business leaders to help them navigate critical issues that impact them professionally, Kelly Riggs – Founder and President of Vmax Performance Group, who is a powerful speaker and dynamic trainer in the fields of leadership, sales development, and strategic planning, and Jack Nation – Running coach who has participated in numerous 5Ks, 10Ks, half marathons, full marathons, Duathlons, and Triathlons. 

Business owners who want to increase their bottom line, need innovative ideas on successful small business practices, are looking for ways to “get out of the box”, and want to be challenged to step their business up to the next level should make plans to attend this information packed conference. 

Registration and additional information about the conference can be found at www.babusinessconference.com or by contacting the Broken Arrow Area Chamber of Commerce at (918) 251-1518.

Contact:  Vanessa Komara (918) 729-2616

                  Brenda Senter (918) 251-1518

Services Offered By Step By Step Tax and Financial Planning

Written by Kevin Jacobs on February 8, 2011 in Uncategorized - No Comments

I often get asked to give a brief summary of the services I offer here at SBS.  With that in mind, I have written the following blog post.  Enjoy and please comment!

At this time, we have three predominant services we offer to individuals and businesses:

1.  Fee-Only Financial Planning Retainer Service for Pre-Retired Married Couples and Entrepreneurs

Step By Step Tax and Financial Planning is a fee-only financial planning firm in the metro-Tulsa, OK area. What makes us different from many financial firms is that we offer professional, objective tax and financial planning services on a one-to-one personal level. We are an independent firm whose complete focus is on the client.

We work with a small number of individuals in order to best serve each one, remaining focused on the needs of our clients. The only compensation we receive is directly from our clients. We do not receive commissions, referral fees or third-part incentives. 

2.  Individual and Business Tax Planning and Preparation

Along with the holistic financial planning services we offer to our clients, Step By Step Tax and Financial Planning, LLC also services the tax preparation needs of many individuals and businesses. Kevin Jacobs, CFP®, EA is enrolled to practice before the IRS.

The fees for tax preparation are very straightforward. We serve the needs of our tax preparation clients on an hourly basis. For individual clients, the hourly rate is $75/ hour for the first four hours and $37.50 for each additional hour after the initial four. For business returns, the hourly rate is $75/ hour. There is a minimum fee of $75 for all returns.  If you are looking for a second opinion on your individual or business return, we also offer that service at our standard business tax preparation rate.  There are no additional charges for e-filing or document preparation.

3.  401k Retirement Plan for Small (as few as one participant) to Medium-Sized Companies

If you are looking to start a 401k plan for your company or if you are not happy with your current provider, please contact me so we can discuss the benefits of a multiple employer plan.  Most small businesses do not know the liability they take on in offering a plan to their employees.  On top of that, the fees charged by most providers are astronomical for the small to medium-sized businesses.  You have nothing to lose by setting up an initial consultation for us to discuss your company’s retirement plan.

R U Ready for 2011? “Retool” Presentation Notes from BA Lead$ Summit

Written by Kevin Jacobs on January 27, 2011 in broken arrow, Enrolled Agent, Tax Planning - No Comments

Below are my notes and questions I used for the Lead$ Summit today at the Broken Arrow Chamber of Commerce.  Use these notes to help you “retool” for the New Year!  Feel free to leave comments below.

Retool

 Presented by:  Kevin Jacobs, CFP®, EA

Owner of Step By Step Tax and Financial Planning, LLC

 Definition of Character

  • “The ability to meet the demands of reality.”
    • Dr. Henry Cloud, Integrity, pg. 24

Aspects of Character

  • “The ability to connect authentically (which leads to trust).”
  • “The ability to be oriented toward the truth (which leads to finding and operating in reality).”
  • The ability to work in a way that gets results and finishes well (which leads to reaching goals, profits or the mission).”
  • The ability to embrace, engage, and deal with the negative (which leads to ending problems, resolving them or transforming them).”
  • The ability to be oriented toward growth (which leads to increase).”
  • The ability to be transcendent (which leads to enlargement of the bigger picture and oneself).”
    • Dr. Henry Cloud, Integrity, pg. 35

http://www.drcloud.com/index-5.html

 With knowing the definition of character, now we can progress at evaluating our life and retooling for the future.

General

  • Are there things you want to do that you haven’t done yet?
  • What is not working in your life?
  • Is your life in balance? 
  • Do you have enough leisure time, vacations, travel, hobbies, and fun in your life?
  • What is your “top ten” list and what are you doing do achieve them?
  • What are 10 things you most love doing?
  • Are there any big adventures you want to have?

 Physical

  • How’s your health?  Are there changes you want to make?
  • Do you want to reduce stress or increase your level of fitness?

 Educational

  • Are there areas of personal growth that you would like to pursue?
  • Is there a degree or professional designation you want to receive?  What steps are you taking to achieve it?

 Social

  • Are you as involved as you would like in your community?
  • Are your friendships what you would like them to be, in terms of both quality and quantity?

 Vocational / Business

  • Are you happy in your current career or profession?
  • Is it rewarding for you?
  • Do you want to increase your income?
  • Is your business profitable?
  • Do you want to start a business?
  • Are there planning or marketing ideas you would like to pursue for your business?
  • Are you working a reasonable number of hours?
  • Have you set your 2011 business activity and income goals?

 Financial

  • What priority does money take in your life? 
  • What are you building wealth for?
  • How much do you need?
  • Are there changes you would like to make in your income, expenses, cash flow, debt, savings, reserves, emergency funds, investing, taxes, or net worth, for example?
  • Are you making the progress toward your retirement / financial independence that you would like?
  • Are there any impending financial decisions that you need to plan for?
  • Is college education funding for your children / grandchildren satisfactory?
  • Are there any changes or improvements you need to make to your home?
  • Is your estate planning up to date?  Are you on track to leave the end-of-life gifts you want to make?
  • Have you reviewed your insurances recently?

 Family

  • Are there family goals you have – trips, more time together, for instance?
  • How is your relationship with your spouse?
  • How are your relationships with your children?
  • How are your relationships with other family members – siblings, parents, confidants?
  • Are your family members taken care of for the future?
  • Do the important people in your life know how much you love and care for them? 

 Philanthropy/ Charitable Giving

  • Do you want to volunteer more – or differently?
  • Are your charitable contributions at the level you would like?
  • Are you satisfied with the legacy you plan on leaving?

 Spiritual

  • Are there things you want to simplify or consolidate in your life?
  • How is your spiritual / religious life?  What can you do to improve it?
  • Are there any spiritual growth activities you want to participate in?

Why It Matters How Your Advisor Gets Paid?

Written by Kevin Jacobs on October 19, 2010 in fee based, fee only, financial adviser, financial advisor, Financial Education, Financial Planning - No Comments

I get asked a lot of times what is a “fee-only” advisor and why should I work with one?  Let me answer these frequent questions.  First, a fee-only financial advisor’s compensation comes directly from the client.  The advisor does not receive any commissions or referral fees from selling financial products, such as annuities, insurance and investments.  A fee-only advisor may receive compensation from assets under management, retainer fees or an hourly rate.  I focus the majority of my business on retainer fees, however, I do some minimal pay per hour projects. 

For information sake, a “fee-based” advisor receives compensation from both charging a fee for completing a financial plan and also selling you financial products that come about as a result of the planning recommendations in the plan.  I call these folks “double dippers.”  Many times the financial plan is offered at severe discount.  Their real profit comes from selling you the products they recommend.  They beleive if they charge you a fee for their advice you are more likely to implement their advice.  Some “fee-based” planners criticize “fee-only” advisors because they say “fee-only” advisors offer planning without implementation. 

A commission-only advisor makes his compensation strictly from selling you financial products that have a load or commission attached to them.  In my humble opinion, I tend to trust “commission-only” folks more than “fee-based” advisors because you know they are only getting paid from what you buy from them and they do not have any ulterior motive in offering you a “plan”. 

I personally believe that each of these advisors have a place in the financial world, however, the main thing I ask from each one of them is to disclose to the client how they are going to get paid and allow the client to make the decision. 

The #1 reason why you should work with a fee-only advisor is they can give you “objective, unbiased” financial advice free of the potential conflict of product sales.  Yes, a fee-only advisor is still selling a product to you. The product he is selling is an education and trustworthy advice.

When it comes to you and your money follow this common rule:

“Know how your advisor gets paid and you will likely find out the quality of his advice!”

Revisiting Financial Security

Written by Kevin Jacobs on April 5, 2010 in Economics, Financial Education, Investing, Motivational, Security, Tax Planning - No Comments

When I first started this blog, I wrote an entry about defining and achieving financial security.  As I talk to more and more people about their experiences over the last 18 months during what the popular culture has called the “Great Recession,” I am witnessing some common themes of concern:

1.  The stock market is up considerably since its low in March of 2009, but how do we know it won’t “crash” again tomorrow? We don’t know! It used to be common knowledge and belief that you knew you would have some ups and downs in your investments, but in the long run you would achieve profits by investing in market.  From the conversations I have had with many people, it seems like there is this general sense they are waiting for the “next shoe to drop.”  It reminds me of the weeks and months after 9-11 where I was glued to the cable news networks waiting to hear about the next terrorist attack.  I sense an underlying fear in most individuals and business owners.  They are waiting to see how everything works itself out.  The danger of this view is that you become a market timer and try to “guess” what your latest stock holdings and the economy as a whole will do.  The danger is you get so consumed with things you can’t do anything about and fail to make a difference in your life and the lives of those you care about the most.

2.  What will higher taxes do to my future plans? I have been hearing this one especially since the passing of the health reform bill.  There is a general confusion of what is and what is not in the legislation and I think people are skeptical of what may happen to their individual tax situation in the future.  For the clients I work with, I tell them there is one thing for sure:  their taxes will go up!  How much their taxes will go up we do not know yet.  I tell them it is important we continue to plan and make the best tax and financial planning decisions we can at the time with the information available to us.

3.  How do I know I have reached financial security? I hear this quite often.  An individual may also say, “how do I know I will not run out of money?”  These are important questions to address no matter what the economy and the stock market are doing.  Where many people fail in their quest to achieve financial security is they fail to define what financial security is for themselves and instead they allow the “talking-heads” on TV or the magazine covers to define it for them.  Until you define what is most important to you and lay out a plan to achieve it, you will never reach financial security.

So these are some of the concerns people have right now is these difficult times, however, with all the chaos it is important to remember you are in control of your situation more then you believe.  You need to control the things you can, such as how much you save, how much you spend and what you invest in and let everything else take care of itself.

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