Solutions 4 Financial Independence: 07/13/17

BRIDGEPORT, W.Va (WDTV) - Question: "I always thought the more i made the easier life would become. In reality it seems like I worry more now than ever. Why is that?"

Answer: (John Halterman, Beacon Wealth Management) "I understand, everybody thinks that way because it only seems natural, more money… easier life. But the reality of it is that when I look at common denominators with my clients I see five major challenges they they face.

"Number one, I think organizing what I call the financial junk drawer is a big deal. Too many times people have all kinds of financial things everywhere and its not very organized.

"Number two, being able to maintain a sustainable lifestyle in retirement. WIth market volatility and making a high income, it's hard for people to mitigate risk. So thats a big deal, being able to sustain their standard of living once they actually retire.

"The third thing I see is taxes. Everybody hates taxes and unfortunately the more money you have the more you have to pay in taxes.

"The fourth thing is what I consider to be catastrophic loses. You know there;s a lot of unplanned things you cant control in life. So when you have that type of catastrophic loss, if you don;t have proper previsions, then unfortunately bad things happen.

"The fifth thing is that eventually everybody wants to take their hard earned money and pass it to their loved ones or organizations in the most tax advantageous way. A lot of times due to a lack of planning or lack of knowledge, those things don't always get done.

"Those five things are challenges that the more successful you become, unfortunately the more headaches those things can be."