Lupe

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About Lupe Camargo

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So far Lupe Camargo has created 16 blog entries.

Plan for Bittersweet Life Transitions

Lupe CamargoIt’s true. One day you’re holding a baby in your arms, and then the next you land where I am today – watching your child walk across the stage at her high school graduation, and entering into a new chapter of her life away from home. It does feel like a flash. How do you plan for bittersweet life transitions like this?

Reflecting back, there were many choices made along the way that helped create a path paved with options for her future. So much planning and preparation is required in raising a child. Ultimately, it is how we use resources under our control that can increase the likelihood of creating opportunities down the road for our child. Those resources include our energy, care, time, money, skills and experience. Success can come when all of these resources are carefully balanced.

The Next Stage

As I think about this next stage in life, I am delighted to see my daughter become a kind, independent and mature young woman. When that bittersweet moment arrives as I drop her off at college, I hope she remembers these life lessons my husband and I have imparted to her:

Only spend what you have. Living on modest means early on will give you freedom and options later.

  1. Be grateful for what you have and, for those things you have, use them wisely.
  2. Success is not measured by status or what car you drive. It is determined by who you are, how you treat others, and how you lead your life.
  3. Pay attention to the things that matter, and don’t get distracted away from your goals.
  4. You are part of a community, so remember to always give back and support those in need.

Shifting from an active participant to a spectator in her life will be challenging; however, I trust she is ready to handle what life throws her way.

I also share with her three things that I have always carried with me, and hope that she carries them forward as well: Be brave, be wise and be kind.

By |May 21st, 2018|Financial Planning|

Year-End Tax Saving Strategies

Lupe Camargo, financial plannerNow is a perfect time to check for any remaining opportunities to help minimize your tax bill before 2017 comes to a close. There are many year-end tax saving strategies for you to consider.

At Perspective Financial Services, we take a proactive approach to minimize our clients’ tax bills through a variety of investment strategies. Selling a security in a taxable account at a loss and replacing it with another security of the same asset class can help offset some of your capital gains tax; this is referred to as tax loss harvesting. We also research mutual funds that may generate a capital gains distribution before making end of year purchases; this helps avoid unnecessary capital gains taxes on new investments.

There are additional things you can do, with the help of your financial planner. Here is a checklist of things to think about.

When possible be proactive about the timing of your income. This can make a significant impact on your tax bill.

  • Defer a bonus or a sale of appreciated property to the following year when it becomes advantageous to avoid the income this year.
  • Pay expenses this year, such as fourth quarter state income taxes or medical expenses. This helps especially when next year’s income will be less than this year.
  • Increase your federal income tax withholding to soften the blow of a significant tax bill.

Take advantage of the vehicles that not only help you plan for the future, but give the added bonus of reducing your income taxes.

  • Max out your IRA contributions, and take advantage of the catch-up if you are over 50 years old.
  • If you are over 70 1/2 years old, or you have an inherited IRA, do not forget to take your required minimum distribution. The penalties are very steep if you do not.

If you are planning to gift money to family or charities, do so before the end of the year.

  • Give $14,000 per individual annually in federal tax-free gifts.
  • Make planned charitable contributions and take advantage of the charitable rollover provision if you are over 70 1/2 years of age.
By |December 4th, 2017|Advisors, Charitable Giving, Taxes|

Influence Change for Personal Success

Lupe CamargoBuilding a foundation for a strong financial life begins with good habits. But what if you don’t have those habits, despite all the efforts to fully fund that 401K, grow that rainy day fund, or become debt free? With almost half the year behind us, how many are disappointed that the New Year’s resolutions lost steam along the way? How can you influence change for personal success?

The authors of Change Anything: The New Science of Personal Success offer ways to change our unproductive behavior cycles. Based upon research in a number of psychological and medical fields, they show that traditional will-power is not necessarily the answer and that people are often affected in their behaviors by more subtle influences.

If we’re blind to what influences our choices, we have unseen forces working against us as we strive to move forward. Identifying and understanding those forces can help us turn the tables.

For change to occur, we need both the motivation and the ability to create it. Motivation and ability need to be applied to each of the following three categories (which, according to the authors, creates six sources of influence that drive our behaviors to either change or resist change):

  • Personal: what you do to change (or what you avoid)
  • Social: others who help or hinder your change
  • Structural: elements of your environment that can influence or block change

The authors of Change Anything suggest you design a plan that is adjusted to fit your personality, your situation, your weaknesses and your tendencies. Become a social scientist. Study yourself as the subject, and experiment with what works. Make it homegrown. You know you best.

 

By |June 19th, 2017|Books|

Time for Self-Reflection

Camargo-WEBThe last quarter of the year has arrived, and it will likely pass in a flash as we enjoy the cooler weather and celebrate the holiday season with friends and family. despite the hurried pace of life in the final months of the year (or perhaps because of it), I find it helpful to slow down for a little bit and make time for self-reflection.

I like to take stock of my financial life and goals by considering a series of questions. Perhaps this is because of my profession. Still, the questions I ask myself apply to all of us. Making time for self-reflection helps me feel more grounded and in control of my finances. It also tends to recharge my motivation to work and save and achieve my goals.

If you’d like to give it a shot, here are a few questions and ideas to get you started.

  • How much did I save this year? Could I have done more? How much do I want to save next year? One way to make saving easier is to make it automatic, through direct deposit from your paycheck to your savings or investment accounts.
  • Did the money I spent in 2016 reflect my values and priorities? Make a list of five uses of your money that made a significant, positive difference in your life this year. If you have trouble thinking of five, consider outlining a plan for more purposeful spending in 2017.
  • What are my top three long-term financial goals? Reviewing your goals every now and then can help boost your motivation and drive.
  • How much debt am I taking into the New Year? Take an honest look at the number. If the size of your debt is holding you back from saving for your goals, develop an action plan for reducing your debt next year.
  • What are some poor money habits I can squash? We all have at least one or two. Consider the areas in your life where you can make changes, no matter how big or small.
By |October 24th, 2016|Current Affairs, Financial Planning|