SMART MONEY

SMART MONEY

Spring Clean Your Finances with Smart Money Moves from the Pro’s FINANCIAL FOUNDATION

SPRING 2024

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SMART MONEY EDITION

Creative Director Executive Producer Photo Director Production Director Senior Editor Design Editor Design Director

Amanda Castro Jonathan Evans Raul Cervantez Olivia Johnson Jazmin Alvarez Joe Anderson Patti Lawrence Gerard Hernandez

EDITORIAL OFFICE

Camarillo, California (805) 253-2710 | thekindofconvo@gmail.com The Kind of Convo is published by Issuu Inc. Palo Alto, California | issuu.com

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

tfc legacy Amanda Castro Teirani Garrett Cecy Bermudez Alisha Murillo Samantha Ontiveros Sandra Simental Kaiden Sandoval Daniel Sandoval Marisol Saucedo

HEADQUARTERS

Camarillo, California thefinancialconvo@gmail.com TFC LEGACY GROUP

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and n t h i t i o n! o M d cy tera ONEY e s your i L l c ia ro s TM in an r S M A R c o m e a c F y p u H ap m e t o o t o h a v e o d c wel n o re e o h e com e v W e ’r n! a h e ers h th wealt through e n r t c r s wi f lip y pa u n it w e r yo u , a s yo u rt m po So com st a O u r e r t o e m p e r t is e . y o u t o n . . . e i x th t o g e m a n d e n c o u r a g lit ie s a g a e o i w is d g e s , w e e p o s s ib a h p t f the in g o m a e dr so m is o d e re et c ial f h a t w e g n a n i e f an w se e , r t im Y o u b ig g e r t h u r in g o u h e t h d m u c e r ie n c e t ’ s a b o u t r t h e I p o f . x t o e n e a r t h b e h in d n ’ t y o u o e o h e r e w e le a v o m e - d c y c o le g a a t io n s t r ge ne ? ou e hat y t s i a gre it n s s in g t o d e s ig e l b at a O N E k s lik e . & w h be T H E o o c y lo lie v e g e t t h a t le g a e , w e b e o u r t h k w h a t n o m is t a a t h s w it p e d M a k c ro sse e on. yo u ’v fo r a re a s te am

The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

hi friends...

Our agency is here to help and our crusade is simple. We’re committed to simplifying the conversation around money and business so that people like you and me can have a fair shot at financial freedom and business ownership!

So, here's to an extraordinary journey ahead! May it be filled with abundance in faith, family, finances, and business. & Always remember: If someone achieved it before you, you can achieve it, too. And if no-one has achieved it before you, well congratulations friend- its your time to shine!

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Marisol Saucedo, CEO of Sol's Income Tax LLC, brings over 20 years of financial industry experience, holding a Bachelor's degree in Business and recently becoming a certified enrolled agent. Beyond tax prep, she's an Acceptance Agent for ITIN numbers and a Notary Public, aiding with various documentation needs.

Sol's Income Tax LLC offers a range of services, including bookkeeping, payroll management, and strategic tax planning.

Marisol's bilingual proficiency ensures that clients receive personalized assistance in their preferred language, enhancing accessibility and understanding.

Marisol's commitment to client success goes beyond financial matters.

She also specializes in entity formation, guiding individuals and businesses through every step of the process. With Marisol's expertise and dedication, Sol's Income Tax LLC is a trusted partner for individuals and businesses alike, providing comprehensive financial solutions to help clients thrive.

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MS SOL’S INCOME TAX LLC

Enrolled Agent ITIN Acceptance Agent Notary Public

Sol's Income Tax LLC

1300 W Gonzales Rd, Suite 201 Oxnard, CA 93036 Office: 805-350-5190

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

Marisol Saucedo E.A.

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CECY From a y

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cl ea

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B ER M UD EZ

What excites me most about this journey are the partnerships—it's an environment where everyone has the chance to thrive! God planted this vision in me, a mission to empower families, altering their paths so that they can as well create and leave enduring legacies!

My philosophy

on communication with clients and teammates centers around transparency, clarity, and empathy. It's crucial to create an environment where information is shared openly and honestly, ensuring that complex financial concepts are explained in understandable terms.

This approach

not only builds trust but also fosters a sense of partnership. By listening actively and empathizing with their concerns, I aim to understand their unique situations and needs fully, enabling tailored advice and solutions. In any relationship, being able to communicate well is the cornerstone of success and positive results. Always lead with a serving heart

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

I possessed a heart eager to serve. A quiet and shy girl, but I was always overflowing with empathy and a deep desire to help others. It became apparent early on that my purpose was to make a meaningful impact, though the path to doing so wasn't immediately clear. Today, I'm thrilled to share that I've found my calling in a place where I can offer my servant heart to others, establish a trust-filled foundation with families, and not only apply these financial concepts in my personal life but also teach valuable financial strategies to families.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

“I receive abundantly and so I give abundantly”

STAY CONNECTED @TEIRANIANDCO

TE IR A NIGAR TKC MAG x TFC LEGACY

RETT

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

Q: Can you tell us about a time you were especially proud of the impact you had on a clients financial outlook? A time I can think about that I was particularly proud of the impact I had on a client’s financial outlook was when I sat down with a young married couple in their 20s wanting to make a better life for the daughter that they recently had been blessed with. They came to me overwhelmed with finances, not understanding budgets, and hopeless due to some poor decisions made previously. We spent 2 sessions peeling back the layers to get to the root of the behaviors with the financial decisions they had made. We found a budget plan that was simple, straightforward and easy to reconcile at the end of each week. We searched for alternatives that would provide relief in their budget funds is your immediately and they implemented the changes straight away. What Have you ever tried to philosophy when teach semi new adults it comes to anything? Sometimes, it’s communication like swimming upstream with clients? I was with one hand tied asked what my behind your back. I philosophy is when it comes to expected to have many sessions with them before getting communication with clients and/or through to them about the impending teammates. My answer is simple. Honest, changes needed to reach their goals. clear, and concise communication will Imagine my surprise when, in less always be king. People deserve to be dealt than 30 days, they paid off one with in a manner that doesn’t waste their account and two credit cards time nor your own. Being honest and decreased. They are currently a respectful is the least we can do from a budgeting household who is actively loving standpoint. Financial services is an saving money toward their family’s industry that requires treatment with future and are in then process of “kid gloves” at times. It’s not easy letting obtaining new investment options to people beneath the veil to see how you grow their savings. There’s no better are really living, not just what you post on payoff than to see a family thank you social media. It’s a must that at all times for showing them that they could and in all ways we practice the golden dream and achieve their goals when rule. You can trust that any referral you they came to you hopeless. send to Full Circle PBK will be treated with the utmost respect, care, and consideration so that they may receive whatever solution meets their need in that moment.

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“I enjoy taking care of my finances.”

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

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cash flow STAY CONNECTED @THEKINDOFCONVO

TELL YOUR MONEY WHERE TO GO INSTEAD OF WONDERING WHERE IT WENT

50% ESSENTIALS

20% FINANCIAL GOALS

30% FLEXIBLE SPENDING If any of these categories fall short, consider cutting expenses and/or earning additional income.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

life insurance

A DEFENSIVE STRATEGY, NO MATTER WHAT STAGE OF LIFE YOU'RE IN, TO PROTECT AGAINST LOSS OF INCOME AND OTHER FINANCIAL NEEDS THAT COME UP AFTER ONE'S PASSING.

TERM: Provides a death benefit for a specified period of time (Premiums are affordable as it provides one component, a death benefit that will expire. Once policy has expired, you may no longer have the same need as your mortgage may be paid in full or your children may have left the nest.

PERMANENT: Provides a death benefit for your lifetime.

Allows the option for longterm care and tax-free growth/income which can be used for retirement, to send children to college, purchase real-estate, etc.

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emergency fund SET ASIDE 3-6 MONTHS OF INCOME TO PREPARE FOR UNFORESEEN EXPENSES SUCH AS MEDICAL BILLS, UNEMPLOYMENT, CAR REPAIRS, PROPERTY DAMAGE, ETC.

This fund will allow you to recover from an emergency without derailing your financial strategy or forcing you Into debt. When the inevitable occurs and you dip into this account, you must immediately rebuild until it is full again.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

buildwealth INVEST IN YOUR FUTURE BY COMPOUNDING YOUR MONEY USING THIS SIMPLE FORMULA, THE RULE OF 72:

72 ÷ Rate of Return = Years to Double (Rate of Return = % at which your money is growing) EXAMPLE: 72 ÷ 1 = 72 years vs. 72 ÷ 10 = 7.2 years Assess your risk. There are 3 ways your money can grow: FIXED: Low, guaranteed return.

(Bank Accounts, CD) VARIABLE: Unknown, volatile return.

(Stocks, Mutual Funds) INDEXED: Complete protection from down market.

(Life Insurnce Contracts, Annuities)

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debt management MAKE A LIST OF YOUR DEBTS, OUTSTANDING BALANCES, INTEREST RATES, AND MONTHLY PAYMENTS. ELIMINATE DEBT USING THE MOST EFFECTIVE STRATEGY FOR YOUR SITUATION.

SNOWBALL METHOD: Regardless of your interest rates, make all min. payments while focusing extra payments toward the debt with the smallest balance. Once debt is paid, roll that payment (min. + extra) toward your next debt with smallest balance. Repeat until debt-free.

AVALANCHE METHOD: Regardless of your balances, make all min. payments while focusing extra payments toward the debt with the highest APR. Once debt is paid, roll that payment (min. + extra) toward your next debt with highest APR. Repeat until debt free.

DEBT CONSOLIDATION: Used as a last resort for those who have larges amounts of debt that are unmanageable.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

preserve wealth Reduce taxation to control how much money you keep. There are 3 ways your money can be taxed: TAX NOW: Taxes paid yearly on interest, dividends, and earnings.

(Mutual Funds, Savings Accounts, CD's) TAX LATER: Taxes paid when you take distributions in retirement.

(IRA, 401k, 403b, TSP, and Annuities) TAX NEVER: You never pay taxes on your earnings and/or distributions. (Roth IRA, Life Insurance Contracts) An estate plan protects generational wealth. There are 3 documents that are essential to your estate plan: WILL: Identify a guardian for your minor or special needs child and how to set forth how your property should be distributed.

HEALTH CARE DIRECTIVE: Identify who will make health care decisions on your behalf if you are unable to.

POWER OF ATTORNEY: Identify who will handle your affairs (bills, taxes, insurance, etc.) if you are unable to.

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talk.

BY SHELDON JAMES

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Understanding Tax Obligations: Know which taxes apply to you or your business. This could include income tax, sales tax, property tax, payroll tax, etc. Understand tax deadlines for filing returns and making payments.

These vary depending on your jurisdiction and the type of tax.

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Handling taxes involves several steps, and it's essential to ensure accuracy and compliance with tax laws.

Here's a general guide on how to approach taxes:

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Record Keeping: Maintain organized records of income, expenses, receipts, invoices, and any other relevant financial documents.

Keep track of deductions and credits that you may be eligible for.

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Determine Filing Status: Individuals must determine their filing status, such as single, married filing jointly, married filing separately, or head of household. This affects tax rates and eligibility for certain deductions and credits.

Gather Income Information: Collect all sources of income, including wages, salaries, tips, interest, dividends, rental income, and any other income.

Ensure you receive and review all necessary tax forms, such as W-2s for wages, 1099s for miscellaneous income, etc.

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Choose a Filing Method: Decide whether to file your taxes yourself using tax software, paper forms, or through a tax professional.

Consider the complexity of your tax situation and your comfort level with tax laws and regulations.

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Calculate Taxable Income: Subtract eligible deductions (such as business expenses, student loan interest, retirement contributions, etc.) and credits from your total income to arrive at your taxable income.

Complete and Submit Tax Forms: Fill out the appropriate tax forms accurately and completely.

Double-check all information before submitting to avoid errors or omissions.

ONLINE RESOURCE: Utilize online resources such as the IRS website or tax preparation software for additional guidance and support.

TAX PROFESSIONAL: If you're unsure about any aspect of your tax situation or if it's particularly complex, consider seeking help from a tax professional.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

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Seek Profes sional Help If Necess ary

STAY CONNECTED @MARIE.ALISHAA_

ALISHA MURILLO TKC MAG x TFC LEGACY

I do my best to stay informed about personal finance topics, investment strategies, and financial planning techniques. Read books, attend seminars, or follow reputable financial experts to enhance my knowledge and understanding. I am fortunate to have been mentored by amazing professionals within the finance industry who have taught me, financial freedom is a gradual process that requires patience, discipline, and perseverance.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

c

an you name a few considerations people should keep in mind when shopping for life insurance? Coverage Needs: Assess your financial obligations, such as debts, mortgage, and future expenses like children's education or funeral costs.

This will help determine the appropriate coverage amount. Policy Type: Understand the different types of life insurance policies available, such as term life, whole life, or universal life. Each has its own features and benefits. Choose a policy that aligns with your specific needs and budget. Ensure that you can comfortably pay the premiums for the duration of the policy to maintain coverage. Policy Rider Options: Explore additional riders and options that can be added to the policy, such as critical illness coverage or disability income protection.

Underwriting Process: Understand the underwriting process involved in obtaining life insurance. Some policies require a medical examination or detailed health information. Comparison Shopping: Obtain quotes from multiple insurance companies to compare coverage options, premiums, and policy features. This will help you make an informed decision and find the best value for your money. Review and Update: Life insurance needs can change over time, regularly review and reassess your coverage with your agent to ensure it still meets your needs.

Q: How do you continually improve your approach to financial freedom?

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STAY CONNECTED @THEKINDOFCONVO

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

The day you plant the seed is not the day you eat the fruit.

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FAITH FAMILY FINANCE

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I wanted to help people. I had no idea helping people wasn’t just limited to the medical field.

Starting my own business has not only tested my faith, but has also made me learn how to be RELENTLESSLY RESILIENT. Creating a LEGACY for my family seemed almost impossible and now I’m well on my way to doing just that. Now I get to help families do the same!

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is an absolute necessity in order to have the time and financial freedom everyone desires. I entered this business with zero experience.

What I do have is the PASSION for helping people. Giving people hope and a future they don’t have to worry about anymore is the greatest feeling in the world.

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

was 4 months old, when I began to walk in faith.

By no means has life been rainbows and butterflies, but now I don’t fight battles alone anymore. My faith has brought me through many things I thought I would never get past and it has brought incredible people that have changed my life forever.

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– Nelson Mandela

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The contents of this magazine are not intended to be used as legal, tax, or financial advice. Please consult your trusted professional.

“It always seems impossible until it’s done.”

"The good news is, there’s always good news"

Ventura County, CA (424) 234-8124 thekindofconvo@gmail.com www.thekindofconvo.com