Focal Point Financial Planning, LLC

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Focal Point Newsletter Learn how to not get killed in taxes or excessive fees

“Before I do anything I ask myself, 'Would an idiot do that?' And if the answer is yes, I do not do that thing.” - Dwight Schrute

Words to live by

Could you imagine Dwight being your financial advisor?

That would be pretty extreme, but everyone has doubts about what their next financial move should be at some point in their lives

That feeling of financial uncertainty is why I became an advisor

I remember my first encounter with investment and money decisions - I had no idea where to start!

I didn't even know enough to determine what an "idiot" (in Dwight's terms) would or would not do

That experience is what got me interested in finances, investments, & taxes - so I wouldn't feel that way again

Nobody wants to feel like they’re GUESSING when it comes to making big decisions with their money!

What spurred you to start making better-informed decisions with your money, or seek out help?

Real estate investors / agents:

When do you start to get nervous about a 1031 exchange not closing in time?

When do you start looking for alternatives for yourself or the client to plan around a potentially huge capital gains tax bill if the exchange fails?

Reason I ask is I had someone reach out to me this week who was less than **10 days** away from one of their 1031 exchanges blowing up.

For anyone unfamiliar, you have up to 180 days after the sale of your property to complete a 1031 exchange into the new property.

If you fall outside this window, the capital gains cannot be deferred any longer, and you will potentially be required to pay taxes on all the gains in a single year.

Not great...

So my ask to real estate investors and agents out there is if an open 1031 exchange has 2 months or less remaining before the 180-day limit is hit, please start to explore some backup options just in case.

Hopefully, your 1031 exchange closes within the normal timeframe and you had nothing to worry about.

But at least you had done some homework and examined some alternatives to avoid the last-minute panic and stress.

And if you are currently in this situation, please reach out to find a viable backup plan.

If you could ask a Certified Financial Planner (CFP) anything, without any obligations or being "sold" anything, what would you ask?

I'm opening up a couple of free 20-minute time slots on Fridays for anyone who has questions they've always wanted to ask a financial advisor.

In conversations with people I've heard many comments such as:

"I didn't think I had enough assets, or made enough to talk to a financial planner yet"

"I feel like I'm being sold something and don't know if it's right for me"

"I didn't know I had any other options"

Everyone deserves answers to their financial questions and a little help.

So to help increase financial awareness and help others make better-informed financial decisions moving forward, send me your questions!

I've included a scheduling link below. Please share with anyone you think could benefit and have their questions answered!

Ask an Advisor - Marcus Blanchard, CFP®, WMCP, ChFC Schedule a free 20-minute session with a Certified Financial Planner and get answers to the questions you've always wanted to ask.

I was recently quoted in a CNN Business article discussing different ways to invest in real estate - Check it out!

How to get in on the real estate boom without actually buying a house For many people, buying a home just wasn't in the cards this year. There were too few homes for sale that were too expensive to buy.