Although you may not have ever struck oil, you’ve already won the retirement lottery by working hard to save and benefiting from market growth and home appreciation. Now the question is how you’ll make your small fortune last the rest of your life. We can learn three important lessons from The Beverly Hillbillies as to how to handle money.
There’s a Difference Between Tax Minimization and Tax Evasion
Inside the Commerce Bank of Beverly Hills, Miss Jane and Mr. Drysdale drone on about tax rates (the top marginal rate on personal income was 77% then, and 50% for corporate income!) and the Clampetts eyes glaze over. They don’t quite follow, and it’s not because they’re from the hills – it’s because our tax code is complicated. After naively suggesting that they shouldn’t seek to pay less in taxes because “the government needs a lot of money,” Miss Jane assures them that it’s perfectly legal to avoid taxes as long as we don’t evade them.
Stay True to Your Roots in the Midst of Big Changes
The premise of the show is, of course, absurd: Hillbillies strike oil and use their newfound fortune to move to Beverly Hills. But what’s even more incredible is that they fundamentally don’t change even when their material circumstances do. They don’t try to ‘keep up with Joneses’ and remain devoted to their family. Even though they go through a major life change, they still know who they are and what they want. This is important in retirement, a time of significant change. People might take a page out of the Clampetts book and try out a new hobby like gardening or spend more time with their family.
When in Doubt, Consult a Financial Advisor
Although the Clampetts are great at chopping down trees, hunting, and making moonshine, they’re less adept at handling their finances. Ultimately, they need Mr. Drysdale to help maintain and grow their fortune. Although you know way more about your finances than the Clampetts did about theirs, it helps to have a professional in your corner. We’re here to help with your retirement investment strategy, Social Security maximization strategy, tax minimization plan, and more. Click HERE to schedule a time to sit down with us at BML Wealth Management, and discuss your retirement goals.
The commentary on this blog reflects the personal opinions, viewpoints and analyses of BML Wealth Management’s employees providing such comments, and should not be regarded as a description of advisory services provided by Cooper Financial Group. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal.
No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns. Investment Advisory services are offered through Cooper Financial Group, an SEC Registered Investment Advisory firm.
All Insurance Services are offered through BML Wealth & Insurance Services. California Insurance License #0M15550. BML Wealth Management & Cooper Financial Group are not affiliated. We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Indices mentioned are unmanaged and cannot be invested into directly.
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.
Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.
We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.
