Are you being taxed on money you aren’t spending? Advice from Steve Sexton

“Winning In Life” is the radio show hosted by top financial advisor Steve Sexton. Steve is the President of Sexton Advisory Group and he is also involved with many local charities around the San Diego and Southern California region. Each week on the show, he provides his listeners with exclusive advice in financial planning and he also invites guest speakers to talk about other important topics ranging from health and charity, to travel and much more.  Tune in every Sunday morning at 9:00 KCBQ 1170 AM to hear the show live.

This week on Winning In Life, Steve discussed the concerning moves large companies are making. Given our current economy Fedex Express is cutting their outlook and Bank of America is cutting 16,00 jobs by year-end, a total of 30,000 jobs by 2013, and they’re looking to cut 5 billion dollars in annual expenses. American Airlines lack of promptness has resulted in a decrease in revenue, thus issuing layoff notices and reduction in their flight schedule. What an uplifting update.

After Steve brought us up to speed regarding our current economy, he dived into the main topic, taxes. Studies show that 70% of people are being taxed on money they aren’t spending, thus being inefficient. People need to start practicing what most prudent people practice and say, “hey I’ve got this bucket all the money I need every single year is going to flow into this bucket.” After your first bucket is situated you then need to ask yourself “how can I structure my income so I have money that is growing in a second bucket?” He then discusses the third bucket “the leave on bucket” better explained as the “leave it on to someone you love bucket.” This is designed so that money continues to grow in your buckets but it doesn’t hit your tax return.

He closed the show with the 4th biggest mistake that retirees routinely make  that can severely affect their financial well being. To find out what that mistake is listen to the full show here.

Next month is charity month. So let Steve know about your charity by contacting (800) 560-2611  Also, each week Steve Sexton will answer listener questions on air. Submit a question by clicking here and have it answered LIVE! If YOUR question is answered on-air, you’ll get a $50 American Express Gift Card!