By John Rhoads, CFP^TM

We’ve all either said it or heard it said "But that would move me to a higher tax bracket and I’d have to pay more taxes!" Good point in some situations, but not a good reason to turn down a promotion or better job. It’s the bottom line of net income that matters, not taxes paid. I don’t know about you, but I’d be happy to pay twice as much taxes if that meant I had twice as much net income!

Much advice about personal finances and investments is overheard in the coffee room or passed down in the family as common wisdom, but the real wisdom is to consider every situation separately. Each person’s financial needs and goals are different: what is the perfect opportunity for another family may prevent you from achieving your own dreams. Listen to others’ advice and stories, but don’t assume that their wisdom applies to you. Instead, use their experiences to increase the options that you consider for your own needs.