Protection Point Advisors

Another interesting chart

More interesting data. Who pays taxes and it looks like we are spending a lot more than we are taking in.

Interesting facts on who pays taxes

Great interview by Scott Love of the Rainmaker podcast. He asks great questions and get's some interesting answers.

Unlock the Secrets of Business Growth with Richard Watson, CFP ®! 🚀 Join me on the latest episode of 'Trust Compression and Edification' as we delve into strategies for scaling professional firms. Learn from Rick's journey of turning $20 into managing over half a billion dollars and discover why building a strong business foundation is key. Tune in now!

iTunes: https://bit.ly/4brp1MS
Other platforms: https://bit.ly/42u5dmU

The Rainmaking Podcast

TRP 151: Making Effective BD Presentations for Lawyers With Val Madamba by The Rainmaking Podcast

We just had another podcast hit today. I sometimes do several interviews a week, so occasionally they pack together like this. Lauren Lester in A Different Practice asks about how to help Attorneys grow and brand. I drew on our book, A Firm Worth Building available on Amazon https://podcasts.apple.com/us/podcast/36-level-up-your-law-firm-branding-and-growth/id1654806425?i=1000653302478

Just got interviewed about my new book A Firm Worth Building. Here is a link to the podcast. Thanks Megan Spicer for the interview on Cultivating Business Growth.

‎Cultivating Business Growth: Building Trust & Trust Compression with Rick Watson on Apple Podcasts ‎Show Cultivating Business Growth, Ep Building Trust & Trust Compression with Rick Watson - Apr 22, 2024

It’s important to align your savings strategy with the latest changes to retirement contribution limits. Here's an overview of what you need to know for 2024:

📈 For 401(k), 403(b), 457 Plans & Thrift Savings Plan:
- New Contribution Limit: $23,000 (up from $22,500 last year)
- 50+ Age Catch-Up: Still at $7,500, making the max contribution $30,500

💰 For Traditional & Roth IRAs:
- Increased Contribution Limit: Now $7,000 (previously $6,500)
- 50+ Additional Catch-Up: Remains $1,000, totaling max of $8,000

🔍 Roth IRA Income Phase-Out Range:
- Single Filers/Heads of Household: Between $146,000 and $161,000
- Married Filing Jointly: Between $230,000 and $240,000

If you're unsure about how these changes impact you, we’re here to help. Reach out anytime for guidance on your 2024 retirement savings strategy!

The magic number

‍Giving up your full-time job for good obviously comes at a cost, but for many Americans, the price of retirement has never been higher: the average US adult now expects to need $1.46 million to afford a comfortable one-way ticket out of the working world.

That’s according to a new survey of 4,588 American adults commissioned by financial planning company Northwestern Mutual. The updated figures also revealed that the average respondent has $88.4k saved towards retirement in 2024 — some way off the updated “magic number”, which has risen 53% since 2020, far outstripping inflation.

As is to be expected, the amount of money we feel we need to live comfortably in our post-work years massively depends on our proximity to the ~65-year mark. However, external concerns like ever-rising healthcare costs and the actions of previous generations (at least according to BlackRock CEO Larry Fink last week) have perhaps compounded worries for younger workers.

Such factors, when taken with a pinch of the realism that only aging and first-hand experience with the realities of retirement can harness, see generations diverge widely on their necessary savings expectations. Gen Z and millennials, for example, now expect to need some $1.63m and $1.65m, respectively, up from $890k and $970k just 4 years ago, while boomers and older Americans in 2024 say they need just $990k in the bank to live out a comfortable retirement.

Article source: https://www.chartr.co/stories/2024-04-03-3-cost-of-retirement-by-generation

Tax day is right around the corner, and time is running out to get your individual tax return in or file an extension!

If you are a business owner, your tax filing deadlines are on the horizon as well:

✅ Tax filing deadline for C corporations is April 15th
✅ Tax filing deadline for S corporations and partnerships is March 15 for calendar-year businesses. Fiscal year businesses need to file by the 15th day of the third month following the close of your tax year.

If you're feeling overwhelmed with your last-minute tax preparations, we're here to help. Our team is ready to guide you through every step, ensuring you maximize your returns and minimize your stress 📝

Reach out to us ASAP, and let's get your taxes sorted together.

Just had a new interview podcast go live today. This one was interesting because it was from the perspective of running a Therapy business better

‎The Practice of the Practice Podcast | Innovative Ideas to Start, Grow, and Scale a Private Practice: Seven Figure Practice Series: Running Your Practice Like a Business with Rick Watson | POP 948 on Apple Podcasts ‎Show The Practice of the Practice Podcast | Innovative Ideas to Start, Grow, and Scale a Private Practice, Ep Seven Figure Practice Series: Running Your Practice Like a Business with Rick Watson | POP 948 - Jan 23, 2024

Another Podcast just went live today, and we had another interview go live last night. Very exciting ...
Podcasters: https://bit.ly/3S3Ebkl
iTunes: https://bit.ly/3vrfOo1
Spotify: https://bit.ly/3TNOdY2
YouTube: https://youtu.be/VX0jK5ixBmk

77: Winning with Trust Compression: Strategies for Building Strong Professional Relationships Welcome to Episode 77 of The Intentional Entrepreneur. In this episode of The Intentional Entrepreneur, Rick Watson, author of “A Firm Worth Building” delve ...

I was interviewed on another Podcast that finally went live.

‎BE THAT LAWYER: Rick Watson: Building a Professional Network on Apple Podcasts ‎Show BE THAT LAWYER, Ep Rick Watson: Building a Professional Network - Dec 21, 2023