By Dr. E. Lance McCarthy
Dr. E. Lance McCarthy aka Dr. Lance is an internationally recognized economist and investment advisor, with a specialty in urban development. U.S. Global Business Forum named Dr. Lance as the Economic Advisor and Chairman of Business Development. He is the economic advisor to the George Floyd Foundation. Courtesy of Tedx Talks.
SMART MONEY MOVES IN 2023
Planning for the year in January is imperative to give persons both revenue and tax strategies. Instead of resolution, it’s more of an absolute that financial planning is a must. It really shouldn’t be an option. Having a clear plan gives one a baseline to compare monthly to make sure goals are set.
Financial planning has a combination of both revenue and tax structures and how you do both of those correlates to how successful you will be. So, it’s always great to start off in January to have a yearly plan and then a monthly plan so you can have some way to analyze if you’re on target or not. And again, that will come by what you want to make for the year in your revenue, and then how you look at tax strategies in order to retain that or keep as much revenue as possible. And so, it just depends on each person or what their revenue goals are for the year. You can always come back and reevaluate that as you go on a monthly basis,
A combination of calendar and strategy is a combined reason for January financial planning. A good financial plan takes advantage of planning and a comparative and goal setting plan. Start off in January is a great way to make that happen. You want to again look at your revenue for the year. You’re looking at your tax implications. You will look at your savings which I mentioned calling 15 to 20% and then we’ll look at investment, another 10% If you can of what you can invest, because again great financial planning is having sustainability, having great taxes and being able to have new revenue streams.
Understand capitalism, if you don’t, you’re a foreigner in your own country. Look at it as a language, we need to learn the language of business.
Dr. Lance, who authored the best-selling book, ““Wall Street to the Hood: The Blueprint for Economic Empowerment,” gives proven solutions for rebuilding Urban America.
Evaluate trends that are government led. Such laws are opportunity zones combined with emerging laws connected to electric cars and sustainable energy. There’s a couple of ways to chart trends and look at what is hot and what is not. And if you look historically, during legislation, you can see emerging trends for opportunities in business. One of them is the opportunity zone for best legislation has ever been done before. It gives incentives for capital gains tax investments or urban areas. That’s for both real estate and for business.
Environmental legislation, looking at things such as electric calls and sustainability is the second area. The third is what I call high risk with high return. Look at opportunities in the tech arena everything ranging from cryptocurrency to new and innovative technology. Your financial plan has to have sustainability as well as some risk. And those three areas are always great: government legislation, opportunity zones sustainability and technology.
More importantly, educate yourself. Understand capitalism, if you don’t, you’re a foreigner in your own country. Look at it as a language, we need to learn the language of business. The language of financing is not emotional, it is a science. And the more we understand that the more we able to be more successful in the new year and in this marketplace.
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Dr. E. Lance McCarthy aka Dr. Lance is a global economist who has served on two U.S. Presidents’ Economic Tasks Force, lectured at Harvard, TED Talk Speaker and founded Ferguson 1000. His column Urbanomics gives historical, present, and future economic trends. Dr. Lance is the author of the best-selling book, “Wall Street to the Hood: The Blueprint for Economic Empowerment,” that gives proven solutions for rebuilding Urban America.
To book Dr. Lance for speaking engagements, contact Platinum Star PR at 213-276-7827 or info@platinumstarpr.com.
