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Article Title:
==============
What is the Price of Your Lifestyle?

Article Description:
====================
I recently attended a presentation where the speaker asked that 
question in regards to taxes.  I realized right away that he 
could also be talking about interest costs or time costs.


Additional Article Information:
===============================
609 Words; formatted to 65 Characters per Line
Distribution Date and Time: Thu Feb  9 02:15:13 EST 2006

Written By:     Tracy Piercy, CFP
Copyright:      2006
Contact Email:  mailto:[EMAIL PROTECTED]

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What is the Price of Your Lifestyle?
Copyright © 2006 Tracy Piercy, CFP
Money Minding
http://www.moneyminding.com/



I recently attended a presentation where the speaker asked that 
question in regards to taxes.  I realized right away that he 
could also be talking about interest costs or time costs.

The tax issue is one that often draws the most attention because 
we would all rather pay less tax than more.  However, there 
are so many ways to structure income that most people have a 
lifestyle that is very costly in terms of tax paid just because 
they don't know that there might be a better way.  Furthermore, 
many others have a lifestyle that doesn't even present them with 
opportunities to reduce the impact of tax.  For this reason, most 
people don't even consider the price of their lifestyle from a 
tax perspective, because they have simply accepted that taxes are 
a fact of life and not considered the real impact taxes have on 
our overall lifestyle. 

The interest issue is quite easy to calculate and is usually 
presented to us as a line item on our various monthly statements. 
However, how many people have added up that cost?  And beyond 
adding up the monthly cost, how many people have projected an 
interest cost out 10 years or more and weighed the cost against 
lost earning potential?

Time.  Yes, there is a price to our lifestyle if we measured 
how much time we invested to create the income to create the 
lifestyle we currently have.  Again, harder to value, but when 
you ask yourself what is your life priority, and honestly answer 
it, then compare that answer to the amount of time you invest 
on your life priority compared to the amount of time you invest 
earning your lifestyle, do they match? 

To be able to take advantage of superior tax saving strategies, 
to be able to earn interest rather than pay interest, and to be 
able to have the time to invest in your life priorities all 
starts with the same process.  First, what do you really want – 
today, in the future, for your family, as a legacy?  Second, 
where exactly do you stand today – income from all sources; 
expenses from all sources; assets that you own directly or 
indirectly through a business or partnership; liabilities in 
full detail.  Third, where are the gaps?  What systems do you 
currently have in place to help you meet your needs?  Who do 
you have to help you?  Can you get professional assistance to 
creatively consider ALL the possible solutions to help you close 
the gap and / or make the existing plans better?  Have you asked? 
When was the last time you seriously considered what you really, 
really want and what strategies, help or plans could you test, 
implement and take full advantage of that you haven't considered 
yet?

The worst thing you can do financially is to assume that you know 
all there is to know, that you've tried that before, and that 
'you're doing ok' just the way you are.  You don't know what you 
don't know, and one thing for sure is that in the world of 
finance things are constantly changing.  If you don't' ask you 
won't ever get.  Ask yourself what you do want.  Ask an advisor 
how you can get it?  If you don't get an answer that works, ask 
again, ask someone else, and find out how.  If you continue to 
say that you can't, and if you continue to be told you can't, 
then start to ask 'how' instead!  It will amaze you at the 
variety of different solutions you'll find to help you reduce 
the cost of your lifestyle and put more real dollars back into 
your life!





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Tracy Piercy, a Certified Financial Planner, offers 
step by step proven success principles, tools, ideas and 
strategies integrated with practical financial planning 
strategies. She has worked in the financial industry, in 
insurance, banking, and as a well respected investment 
advisor with CIBC Wood Gundy, for more than 15 years. 
Tracy is the author of Enlightened Wealth, a personal money 
journal http://www.moneyminding.com. You can reach Tracy at 
[EMAIL PROTECTED]


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