Wednesday, November 3, 2010

There’s still time to save on 2010 taxes

All good times have to end someday and so it was with Bob Guccionne, the infamous founder of the men’s magazine Penthouse who succumbed to lung cancer at the age of 79. The iconic publisher was listed in the Forbes 400 ranking of the wealthiest people with a net worth of about $400 million in 1982 and under his stewardship as publisher Penthouse was estimated to have earned $4 billion.

However the path was not strewn with roses all along the way and a slew of ill-advised investments coupled with the arrival of the Internet as a formidable competitor were the twin elements that led to his downward spiral and ultimately the sale of his company, art collection and the Manhattan mansion. 

So, what is the moral of the story? Well, maybe sometimes it is easy to make a lot of money because you were at the right place at the right time. However, to sustain wealth, what you really need is common sense and the ability to recognize the genuine investment advisors from the charlatans who will tempt you to throw away your hard earned money.

So make your investments and tax planning only after careful deliberations with reputed advisors and eschew the temptation to make hasty speculative decisions.

By the way, there is still time to save on 2010 taxes and speaking of careful investing for the future, did you know that Allied brokers besides selling various kinds of insurance, also help plan for a comfortable retirement. If you plan your retirement well, you need not compromise on the lifestyle you are accustomed to, in the pre retirement years.

Call (650) 328-1000 for a chat with an agent and do visit www.alliedbrokers.com/estate_planning.html  which will give you a fair idea of what Allied Brokers is offering.

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