Tax Planning

Do not take the cheese and different tax planning ideas with writer and authorized monetary planner Reginald Clark

Reginald Clark is a respected Certified Financial Planner based in Memphis, Tennessee and the founder of the P3 Financial Group (p3financialgroup.com). He and his team strive to offer their customers competent financial advice and training. They are hands-on with their clients and ensure that each individual has the tools and knowledge to make informed decisions about their financial future.

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When did you discover your passion for financial planning?

Reginald Clark: I was attending the University of Memphis studying finance when a professor introduced me to a career as a financial advisor. I was immediately fascinated by the idea of ​​combining my passion for finance with the opportunity to help people. I graduated and got a job with a local financial planning firm. I worked there for a few years before going self-employed in 2002 to found the P3 Financial Group.

What does P3 stand for?

Reginald Clark: P3 stands for plan, protect, flourish. We strive to provide the best financial advice in the industry while preparing our clients for long-term financial success before and after retirement. We offer everything from old-age provision and asset management to life insurance.

Who is your main demographic clientele?

Reginald Clark: We work with many retirees or prospective retirees. 10,000 baby boomers will retire every day for the next 10 years. These people are going to need support, and we strive to offer that support as we educate them along the way.

Why is education such a big part of your job?

Reginald Clark: I want my clients to have financial literacy and understand WHY we make the decisions we make. It’s far more enjoyable to work with a client who understands their finances and is informed in order to make the right decision about their future and family heritage. This was the motivation to write my first book, “Don’t Take That Cheese”. ).

The story goes on

What topics does “Don’t Take That Cheese” cover?
Reginald Clark: For years I’ve hypothesized that taxes will double in the next decade or so. There are tax traps that thousands of Americans fall into every day, I call this “the cheese.”

Traditional financial advice usually encourages individuals to reach their 401,000. However, we are going a different way. I urge my clients to offset their company’s contribution to their 401K and then invest the rest of their mutual funds in an after-tax vehicle like the ROTH IRA or LIRP. When you contribute to an after-tax retirement plan, those funds come back tax-free, as opposed to the taxes you pay later on your 401K. I understand that people are motivated to contribute to their 401K because they get instant gratification from their income tax deduction. However, the entire contribution will later be taxable. It is much smarter to allocate some after-tax funds that are exempt from future taxes. The book covers tax planning strategies and more. With the right strategy, anyone can avoid tax traps and prepare for significantly better retirement provision.

To inquire about financial planning with P3 Financial Group, visit p3financialgroup.com. For anyone contemplating retirement, Reginald Clark’s book is a great place to start. Visit reginaldclark.com/store, Amazon, or your local bookstore to purchase it.

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