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?

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.

Five Fundamentals of Fiscal Fitness

Written by Kevin Jacobs on July 21, 2011 in fee based, fee only, Financial Planning, Home Buying, Investing, Oklahoma, Tax Planning, Tulsa - 1 Comment

Are you looking for a way to heat up your financial plan? Check out the fundamentals of fiscal fitness below.
1. Save 10% of gross income
2. Have proper cash and emergency reserves
3. Buy house you can actually afford (usually 2-2 1/2 times gross income)
4. Fully fund available retirement plans
-Take advantage of the “guaranteed” tax savings the government wants to give to you.
5. $0 Consumer and Credit Debt

“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.

What makes a “fee-only advisor” different?

Written by Kevin Jacobs on May 31, 2010 in Annuities, broken arrow, Economics, fee based, fee only, Financial Education, financial planner, Financial Planning, Investing, Oklahoma, Security, Tulsa - No Comments

I am frequently asked:  what is a “fee-only advisor” and why should I work with one?  First, a fee-only 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 or 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.

In contrast, a “fee-based” advisor receives compensation from both charging a fee for completing a financial plan and from commissions on the products recommended as part of the “implementation strategy.”  Many times the financial plan is offered at severe discount.  Their real profit comes from selling you the products they recommend.  Their belief is that by charging you a fee for their “objective” advice you are more likely to “implement” the strategies they recommend.

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” advisors more then “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 each of these advisors has a place in the financial service industry.  However, the main thing I ask from each one of them is to disclose to the client how they are going to get paid.  The main reason why you should work with a fee-only advisor is they can give you objective, unbiased financial advice free from the potential conflict of interest inherent in product sales.  Yes, the fee-only advisor is still selling to you, although the “product” he is selling is an education and trustworthy advice.

When it comes to your money follow this common sense rule:  “When you know how your advisor is getting paid you will know who he is really working for!”

You may find this article from Money Magazine interesting:  http://money.cnn.com/2007/09/27/pf/planner_advice.moneymag/index.htm

Taking Stock of the Dow

Written by Virginia Nolen on May 6, 2010 in Financial Education - No Comments

Today was an unprecedented day in the stock market.  At one point the Dow Jones was down nearly 1,000 points (I can’t believe I am even writing that number).

I want to stress that the best thing to do is to remain focused on the things you can control, i.e. your savings rate, your asset allocation, your debt-to-income ratio, etc.  You can not do anything about what the market does day to day,  but you can do something about those things mentioned above.  You are going to hear many “talking” heads on the radio and TV give various explanations for why things happened the way they did.  However, the real question is how these events are going to affect you and the ones you love.  We have a tendency to get lost in the stress of everyday life and we forget to make note of the blessings we have each day.

I am not telling you to be oblivious to what is going on in the world but that you need to work on the things you can do something about and let everything else take care of itself.  It is important you do not overreact to short-term market events.  During times like these it is important to remember the basics regarding your financial life:

  1. Live on less then you make
  2. Have $0 consumer debt
  3. Don’t buy more house then you can afford
  4. Pay as little in taxes as you are allowed
  5. Have proper cash and emergency reserves
  6. Save for the short-term and invest for the long-term
  7. Spend time with your family and those you love instead of watching the latest stock market charts.

As for the rest of it, take a deep breath and remember with me to control the things we can and let go of those things that are outside of our power.

Avoiding the Extremes

Written by Kevin Jacobs on April 18, 2010 in Uncategorized - No Comments

I believe one of my greatest responsibilities is to help my clients avoid extremes.  It seems like there is a lot of “extreme” talk right now.  I hear it everywhere.  Regarding politics, this is either the worst time in American history (if you are a conservative) or this is the beginning of a new era of Enlightenment (if you are liberal).  I hear it with sports as well.  How many people said the last Super Bowl between the Saints and Colts was the best Super Bowl ever?  How many times did you hear reporters ask Coach K if he thought this year’s Duke team was the best ever?  How many people are already comparing LeBron James to the all-time greats of NBA history?  On the other hand, how many people would watch “Makeover:  Home Edition?”

The reason why I say this is to show you how all this “extreme” talk effects people’s view of their finances.  When people believe the investments they own will either go to one extreme or the other, then they will make an irrational decision not based on the facts, but based on fear or foolishness.  It is my job and the job of any Financial Advisor worth the fee you pay him to help you avoid the “extremes” regarding your financial life and financial decisions.  It is okay to be concerned about the future of the economy and to invest more conservatively or to feel a need to invest more aggressively because you think the market will go up.  However, it is not okay to go extreme!  The saying is true:  Do not put all your eggs in one basket.  The basket is your emotions and it is important to know the facts and to make decisions based on facts, not the latest idea conjured up by the talking head on TV or the “guru” you read about in the paper.

If you are looking for financial guidance, I encourage you to seek out a Financial Advisor that can help keep you from making “extreme” decisions about your money.  You do not want a “yes-man” who is only looking out for themselves but rather, you need to look for an advisor that will keep you and your emotions in mind, so you do not make inappropriate long-term financial decisions.

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