While on my way to Napoleon, ND I was called by a reporter from CNNMoney to get my feedback on the Fiscal Cliff. Many individuals are overly fearful about the Fiscal Cliff talks and what might happen. What I have found helps is building a financial plan. By understanding your current financial situation you can then begin to understand your options for outcomes that may or may not come of the Fiscal Cliff negotiations. By empowering yourself with that knowledge you can start to make a plan A and a Plan B. Your plan A can include options if the Fiscal Cliff negotiations result in a similar tax situation as you are in now. Plan B could include options if the Fiscal Cliff negotiations fail and we receive, an initial, perceived, worse outcome.
Check out some helpful links on why you should create a plan:
The information in this article is not intended to be tax and/or legal advice and should not be treated as such. You should consult with your tax advisor and/or attorney to discuss your personal situation before making any decisions.
Additionally, If you are looking for additional help, seek help from a CERTIFIED FINANCIAL PLANNER™ Professional that can look at your individual situation holistically.