Tax Planning – Ideas By Mike™

This is Ideas by Mike™ (Ep. 10)

By Ideas by Mike™ | October 10, 2024

Imagine a financial plan that not only builds your wealth but also enriches your life.

This week, Mike reflects on the values he learned from his grandmother’s sandwich shop — values that now shape his approach to financial planning.

For Mike, wealth is more than money. It’s about aligning your finances with what matters most, like a secure retirement, supporting loved ones, or giving back.

So, his takeaway?

Start early, focus on what’s important, and partner with someone who understands that true wealth serves your life, not the other way around.

Key Highlights:

Lessons from Mike’s entrepreneurial grandmother and their lasting impact
Why aligning your money with your values is essential for financial success
How integrating health and wealth creates a balanced, fulfilling life
The key areas of financial planning (taxes, retirement income, investments, long-term care)
Ways tools like HolistaPlan, Halo, and Snug simplify and enhance financial planning
A real-life case study: How Mike helped a high-earning family reduce stress through smart planning
Practical advice for beginners
And much more!

Resources:

Connect with Mike Milligan, CFP®:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

This is Legacy Planning (Ep. 9)

By Ideas by Mike™ | September 26, 2024

Legacy planning is more than just dividing up financial assets; it’s about preserving the values, traditions, and harmony within a family.

This week on Ideas by Mike™, Mike Milligan, CFP®, highlights the importance of this often-overlooked step in his unique financial planning approach.

By incorporating SNUG — a powerful platform designed to streamline the organization of essential documents, final wishes, and family legacies — Mike empowers families to face the emotional and practical challenges that come with losing a loved one with greater ease and confidence.

Key Highlights:

How legacy planning is the final piece of a comprehensive financial strategy, working alongside tax planning, retirement income, investment, and long-term care
The importance of preserving more than just financial assets — ensuring family stories, values, and traditions live on
SNUG and its unique benefits in simplifying the organization of critical documents, wills, and final wishes to avoid disorganization after death
Real-life stories that highlight the emotional and practical burdens families face without a proper legacy plan
And much more!

Resources:

Connect with Mike Milligan, CFP®:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

This is Investment Planning (Ep. 7)

By Ideas by Mike™ | August 29, 2024

Investing is an important piece of retirement planning, but there is much more to it than just picking “the right” stocks.

This week on Ideas by Mike™, Mike Milligan, CFP®, breaks down the third step in his one-of-a-kind financial planning processes, investment management. Mike explains the importance of setting specific goals and developing strategies to achieve those goals through investments.

But that’s not everything! He also emphasizes the need for diversification and risk assessment in investment portfolios while highlighting common mistakes people make in investment planning.

Mike covers:

Why tax planning is crucial for your financial health
How to create a sustainable retirement income plan
The importance of diversification when it comes to crafting an investment plan
Common investment mistakes and how to avoid them
And more!

Resources:

Connect with Mike Milligan, CFP®:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Tips for Strengthening Your Retirement Income Strategy (Ep. 6)

By Ideas by Mike™ | August 15, 2024

Paychecks do not need to stop in retirement…

With the right financial plan, it’s entirely possible to keep those “paychecks” coming, even after you stop working.

This week on Ideas by Mike™, Mike Milligan, CFP®, dives into the second critical element of the Ideas by Mike™ one-of-a-kind financial planning process, retirement income. Highlighting personal experiences and historical insights, Mike unveils actionable steps to help secure your financial future without fear of running out of money.

Mike discusses:

The first step of his one-page financial plans, tax planning, and how retirement income planning builds off of that
Different methods to help you obtain consistent retirement income
Historical insights into the evolution of pensions and retirement systems
Innovative tools such as income forecasters that the Ideas by Mike™ team uses to alleviate financial fears for retirees
And more!

Resources:

This is Tax Planning (Ep. 5)

Connect with Mike Milligan, CFP®:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

This is Tax Planning (Ep. 5)

By Ideas by Mike™ | August 1, 2024

Did you know that over 56% of Americans now feel they pay more than their fair share in taxes?

This frustration is only growing.

So, let’s dive into how you can approach tax planning to keep more of your hard-earned money!

Join Mike Milligan, CFP®, as he unpacks the history of taxes in the United States, the impact of tax planning on your financial future, and practical steps to take control of your tax liabilities. Follow along to hear about the partnership Ideas by Mike™ has to help you navigate your tax situation and how their holistic approach could help you reach your retirement goals.

Mike discusses:

The historical context of tax rates in the United States and their current implications
How tax planning is the foundation of all real financial planning
The top 3 frustrations surrounding tax obligations
How their partnership with Holistiplan provides clients with comprehensive, personalized tax planning strategies
And more!