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Should You Invest in Bitcoin?

28 February 2018

Should You Invest in Bitcoin?

In the past year myriad stories of how some people have become super rich by buying Bitcoin have been circulating on the internet. Even my ballroom dance instructor asked me last December if I had been investing in Bitcoin and when it would be the right time to get in. With all the hype, do you feel you may be missing out if you don’t own bitcoins? Should you invest in Bitcoin?

Echo Huang, CFA, CFP®, CPA Awarded the Five Star Wealth Manager Award for 2018!

26 February 2018

Echo Huang, CFA, CFP®, CPA Awarded the Five Star Wealth Manager Award for 2018!

In conjunction with Mpls. St. Paul Magazine and Twin Cities Business, Five Star Professional has recognized Echo Huang with the 2018 Five Star Wealth Management award. Echo Huang has been a seven-year recipient (2012 - 2018) of this award.  She is among the 7% Twin Cities wealth managers to receive this award in 2018.

Check out Echo’s online profile and feel free to share it with your colleagues and friends who may be looking for a trusted wealth manager:

The Five Things You Can Do Now to Get Your Finances in Order This New Year

30 January 2018

The Five Things You Can Do Now to Get Your Finances in Order This New Year
  1. Create a new budget for the new year by reviewing last year’s actual expenses vs. budget. In my opinion, living below your means is rule #1 in personal financial planning. Regardless how much you make, if you do not save enough for your future, it would be difficult to achieve financial independence down the road. If you use expense tracking tools such as Quicken, www.mint.com or your own Excel worksheet, now it is the time to generate your cash flow statement by category to see how well you did in year 2017 by comparing actual spending to the budget.

    You should pay attention to the categories that are discretionary such as shopping, dining out, vacationing, entertainment and home improvement as they are the ones you have most control over. If you are overspending right now, consider this tip “Cutting Out The Fat”. Direct your money to the things and experiences that give you the highest Emotional Return on Investment (EROI), because these purchases bring you happiness weeks and months after the purchase. Go through your expenses for the last 1 to 3 months, and rate them from 1 to 5 (one being low EROI and five being high EROI). Cut out the expenses with 1 and 2 ratings and keep the ones with 4 and 5 ratings. Do this exercise now and revise your monthly budget.

    Another way to help you plan your cash flow is setting your discretionary spending at 20% (or your own percentage based on your monthly budget) of your take home pay. For example, if your take home pay per month is $5,000, then your discretionary spending is $1,000. Your weekly discretionary spending budget figure is $250. This can be set up to come from a separate checking account that you monitor closely, or you can just start using cash as an exercise toward getting into the habit of spending on the things that really matter. If you find that cash is tight after four to five days, you probably will tell yourself to hold off on buying that pair of dress shoes until next week, when you have extra cash in your purse.
     

The Highlights of GOP Tax Bill

18 December 2017

The Highlights of GOP Tax Bill

There is a tax bill, but there is no tax reform as it does not simplify the tax codes and will keep tax professionals very busy over the next 12 months to figure out a series of cuts and tweaks. These changes will not affect year 2017 tax returns. These are the highlights of GOP Tax Bill, a final reconciled version of the Tax Cuts and Jobs Act (TCJA) of 2017 that appears to be heading shortly to President Trump for signature:

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