Fort Lauderdale, FL (PRWEB) January 27, 2006
Profitable Financial Strategies of Coral Springs, Florida, headed by Jubin Keyvan, CFP, released today an article containing a wealth of tips and ideas for a more profitable 2006.
Jubin Keyvan, a Financial Advisor and president of Profitable Financial Strategies explains:
“Happy New Year! With those words the holiday season ends and the New Year’s Resolution season begins. In addition to making personal resolutions it might be smart to consider making some financial resolutions."
Mr. Keyvan recommends resolving to do tax planning early in the year. "Most people wait until their CPAs give them the bad news and then scramble to find last minute deductions. If you didn’t get a chance to grab all of your deductions for 2005, you can still make a contribution to your IRA until you file your return."
Looking forward for 2006, contribution limits for 401k’s will increased to $15,000 for people under the age of 50 and $20,000 for those who are older.
The topic of 401k’s naturally leads to the topic of investing.
We all know that the less money you give to Uncle Sam, the more money remains in your portfolio to grow. In addition to taking advantage of retirement plans, for those who qualify, there are investments opportunities that allow you to take significant tax credits to lower your income taxes. As with all things, however, there are downsides and risks to be considered. And what applies to one person may not necessarily apply to another. That is why it becomes critical to seek the help of a qualified professional to guide you through your options.
The beginning of the year is also a great time to review your portfolio. In addition to asking, “How were my returns?” it is critical to make sure that you’re whole portfolio is properly diversified and that you are not taking more risk than you need to.
As certain asset classes grow and do well, they naturally start to become a bigger and bigger part of your overall portfolio. This means that unless you take corrective action, what you thought was a balanced and well diversified portfolio may in fact actually be putting you at greater risk. How much risk one should accept in their portfolio will vary from person to person.
Another area to review this year is insurance coverage. If the storms of 2005 taught us anything, it was the importance of having sufficient coverage. Many people who were made unexpectedly homeless by the storms were shocked to find out how little coverage they actually had for loss of use
Finally, if you need financial guidance or financial advice, consider resolving to get the help you need.
Jubin Keyvan, CFP®
Profitable Financial Strategies®
10211 W. Sample Rd.
Coral Springs, Fl 33065
Profitable Financial Strategies is a Registered Investment Advisor in Florida. Securities offered through Questar Capital Corporation (QCC) Member NASD/SIPC. Investment advisory services offered through Questar Asset Management (QAM). Profitable Financial Strategies ® is independent of QCC and QAM
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