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Financial Planning Dos & Don’ts

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By Richard Lipton, CPA
The founder of Lipton CPA Associates, located in Florham Park, N.J., Richard has been a stockholder and manager of family-owned Sam’s Tire Co. in Paterson, N.J., for 10 years. His firm offers business consulting, tax and accounting services - including the area of forensic accounting - to large and small clients. Reach Lipton CPA Associates online at www.liptoncpa.com or call 973-520-8123.
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During these uncertain economic times, financial planning has become a challenge. Here are a few financial planning suggestions that can simplify your life and add to your peace of mind about financial matters:

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• At least once a year, write down your investment goals and what strategy you will use to reach them. This will keep you focused.

• Instead of giving money to many different charities, pick a few that are important to you, and give them a larger amount. This type of directed giving not only makes more sense, but also makes it easier to track your donations at tax time.

• Inventory your household possessions, optimally with a camera or camcorder. Keep the inventory at work or in a safe-deposit box. This inventory will help should you need to submit a homeowner’s insurance claim.

• Use one insurance agent and one financial advisor for your transactions.

• If you have doubts about entering into a transaction, don’t do it. You will probably save yourself money, time, and aggravation.

RichardL. Lipton CPA & Associates LLC, located in Florham Park, N.J.,draws on its founder’s 10 years as a stockholder and manager offamily-owned Sam’s Tire Co. in Paterson, N.J.

RichardL. Lipton CPA & Associates LLC “is structured to personally servelarge and small clients who have a need for business consultingservices as well as accounting and tax services. We have even developeda niche in the area of forensic accounting. Our clients have realizedthat this combination of skills is extremely valuable in providing thehighest quality professional services in today’s and the future’seconomy.” – Richard L. Lipton CPA
 
Contact Richard L. Lipton CPA & Associates LLC:
Call: 973-520-8123
E-mail: [email protected]
Web: www.liptoncpa.com

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After beginning his career as a paperboy, Phillip Kane went on to spend more than 25 years in some of the best-known automotive, industrial, consumer durables, distribution and banking businesses in the world. Currently, Phillip is CEO and Managing Partner of Grace Ocean, LLC a boutique advisory firm located in northeast Ohio serving clients ranging from Fortune 500 corporations to mid-market private-equity-backed firms. Phillip also acts as a Senior Advisor to Stout Risius Ross and Rothschild & Co, where he brings operational expertise to their investment banking businesses. Previously he was the Chief Commercial Officer in Key Markets at Pirelli in Milan, Italy working in their commercial truck tire business. Prior to Pirelli, Phillip spent 11 years working for the Goodyear Tire & Rubber Company. Before that, Phillip held executive roles with Genuine Parts Company (NAPA) and Snap-On, Inc. He is the author of the book, The Not So Subtle Art of Caring: Letters on Leadership from John Hunt Publishing, London. He is a contributor to Inc. Magazine and Tire Review writing on leadership issues and topics relevant to the trade and currently lives in Akron, Ohio, the rubber capital of the world.
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