Hey, fellow dads!
It’s February! And outside it being my birthday month its also tax refund season ♓️. Many of us dads have already recieved our W2 forms in the mail, and are gathering mortgage, college tuition, health savings plan, and retirement fund documents so we can file our family’s taxes.
And hopefully get a refund to payback what we spent on Christmas.
I want to dive into a topic that might not be the most thrilling but is crucial for our families’ well-being: taxes and financial wellness. 📊💼
I recently had an enlightening conversation about taxes and personal finance on the Hey, Fellow Dads Podcast with Ronnie Withaeger, CPA, and I wanted to share some key takeaways with you all. Let’s break it down into bite-sized pieces.
Understanding Taxes and Financial Wellness
First off, let’s acknowledge that taxes can be daunting. But trust me, understanding them is a game-changer for your family’s financial health. So, what did I learn from our discussion?
1. Seek Expert Guidance
🔎 One key insight from our chat is the importance of seeking expert guidance. Sure, there’s a ton of information online, but nothing beats personalized advice from a certified public accountant (CPA). As Ronnie pointed out in our conversation, “Find people who are really good at this stuff and let them guide you.”
One of the most impact statements Ronnie made in our interview was, “I can tell if somebody’s doing everything they should within their taxes within five minutes.” This further shows the value of having a professional.
2. Prioritize Financial Building Blocks
🏗️ Another takeaway is the significance of prioritizing financial building blocks. Start with the basics: paying off debt, setting up life insurance, and saving for retirement. Ronnie says, “There are a handful of things that you should absolutely add to your life starting with these can get you started on the right track.”
3. Take Baby Steps Toward Financial Goals
👣 Remember, Rome wasn’t built in a day, and neither are our financial portfolios. Take baby steps toward your goals. Whether it’s setting up a college fund for your kids or paying off credit card debt, every small action counts. It is going to take time to get there.
Quotes to Remember
As we navigate the complex world of taxes and finance, here are some insightful quotes to keep in mind:
“Everybody’s gonna value certain things in different ways…find what you value for your family’s finances and start small in adding them to your family’s life”
“I think life insurance completely makes sense for everybody…there’s not anybody who shouldn’t have a life insurance policy.”
“Taxes are what you owe for living in this country.”
Dads, let’s prioritize our families’ financial well-being. Seek expert guidance, prioritize financial building blocks, and take small steps toward your goals. Remember, financial wellness is a journey, not a destination.
🍻Cheers To An Uneventful Tax Season!
Stay tuned for more tips and insights on the Good Dads Club podcast. And remember, Good Dads are Great Men! 💪
