State of Arizona Charitable Tax Credits

During the holidays and throughout the year, many want to help others in need. Because of the Arizona Charitable Tax Credit, you can donate up to $800 to certain qualified charities and get it right back on your Arizona tax return.

How does it work? You can make a donation to the following: Qualified Charitable Organization, Arizona Military Family Relief Fund, Qualified Foster Care Charitable Organization, Public and Private Schools and School Tuition Organization.

When you file your Arizona taxes, you can claim a dollar-for-dollar Arizona Charitable Tax Credit that will either reduce your tax liability or increase your refund.

Click here for a list of qualified places you can give to for a tax credit.

If you would like to discuss the Arizona Charitable Tax Credit, please give us a call.

Welcome Rebecca Sponcil, BA, MAcc

Rebecca “Becca” Sponcil is a native of Arizona and graduate of Veritas Preparatory Academy. Becca received her Bachelor of Science in Accounting and Masters of Accounting from Regis University. While at Regis she was involved with National Society of Collegiate Scholars and received the Presidential Academic Scholarship and Athletic Scholarship. Becca also participated with Fellowship of Christian Athletes, Student Athletic Advisory Committee and volunteered with Volunteer Income Tax Assistance. She was a member of the university’s Division II Volleyball team from the Fall of 2011 to the Spring of 2016, where she was captain for the 2014 and 2015 seasons.

Becca worked as an Audit Associate at Eide Bailly, LLP in Denver, Colorado before returning to Arizona in 2017. She enjoys mountain climbing, coaching high school girls’ Volleyball and spending time with her family.

Please welcome Becca to our team as she supports our Operations Department as a Client Service Administrator.

Building from Within

The future for Rowland Carmichael and our clients is enhanced by an expansion of the firm’s ownership.

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David Carmichael and Tim Rowland are proud to announce that Corey Bird and Jaron Carmichael have become principals and co-owners of Rowland Carmichael Advisors.

Bringing Corey and Jaron into ownership provides a long-term strategic plan that seeks to meet three essential objectives:

  • perpetuating the firm’s culture and values into the next generation;
  • preserving Rowland Carmichael’s independence; and
  • providing our clients with ongoing financial guidance and management of their investment assets.

Just as our clients have a long-term outlook, Rowland Carmichael continues to structure our firm to ensure that our philosophy will continue to build family wealth and financial independence for our clients, their children, and future generations.

We hope you share our enthusiasm for these positive changes as we position our firm to meet your needs long term.

Goal Setting: How Important?

The feedback received from clients participating in our “Financial Vision” process confirms that goal-setting is very important.

By Tim Rowland

The company which publishes our financial planning software, MoneyGuidePro, recently shared an interesting and, I believe, profound observation: When a financial advisor sets goals for a client, the average number of goals established is 2.5. In contrast, when clients enter goals for themselves, the average number jumps to 7.5.

Why the big difference? MoneyGuidePro didn’t offer an explanation, but my experience suggests that planners tend to focus heavily on the big picture and on funding retirement, while clients are more attuned to their specific needs, wants and wishes.

Consistent with Rowland Carmichael’s core value of “putting the client first,” I appreciate the enormous benefits of looking at goal setting from our clients’ unique point of view. So to the question “How important are goals?” I would suggest this answer: “Very important!”

The goal-setting challenge is to spend time in conversation with our clients about their dreams and their concerns. To that end, we have been coaching some clients through a Financial Vision process, and the feedback has been very encouraging.

The process involves three steps:

  1. Telling us your story. A common question from clients is, “Where do we begin?” Our answer: “Wherever you would like.” It has been amazing for us to learn so much more about our clients, even those who have been with us for more than twenty years. Why is this helpful to you and to us? Frankly, we are products of our history – particularly what is often called our money history. This history helps our clients understand why they act the way they do when facing money issues.
  2. Telling us what you want. The next question we ask is, “What would you like to accomplish that requires planning, money and time?” The conversation helps bring focus to financial priorities, often encompassing travel, volunteering, health, part-time work, spiritual growth, career, friends, family, and many other aspects of your life.
  3. Creating your Financial Vision. Through the Financial Vision process, together we identify your goals, prioritize them, and develop written plans to accomplish your goals within a reasonable time frame. The most effective vision documents, which we can help you draft and track, link the emotions associated with an accomplished goal – such as how proud and happy you will be when, after helping to fund a grandchild’s college education, you are able to attend and celebrate his or her graduation.

As Rowland Carmichael continues to implement our “goals-based” client experience, we invite you to explore the possibilities and benefits that a goal-setting discussion with your wealth manager could offer to you and your family.

Saudi Arabia: Changing the Global Economy

vision 2030A financially successful Saudi Arabia means big changes for the global economy. The nation has accumulated two-trillion dollars in a Sovereign Wealth Fund (SWF), a state-owned investment fund. The fund was created because oil currently represents 70% of the country’s total revenue (known as Gross Domestic Product or GDP) and like savvy investors, Saudi Arabia wants to diversify.

To put the power of a two-trillion dollar fund into perspective, it is enough money to buy the world’s four largest publicly traded companies. This initiative is called Vision 2030 and is managed by Deputy Crown Prince Mohammed bin Salman (age 30).

We cannot be sure about where the SWF will invest, but a large portion will likely be put into opportunities outside Saudi Arabia. The financial and defense industries have often been mentioned. In May 2016, the SWF invested $3.5 billion in Uber.

Prosperity doesn’t come without challenges. In recent years, Saudi Arabia has been raising cash to fund budget deficits due to low oil prices.

Saudi Arabia is also struggling to create job opportunities. Two-thirds of the nation’s 29 million residents are under the age of 30, with some accounts stating the younger population lacks the education and skills needed to succeed in the private sector. Improving the skills of such a large part of the population will mean reworking the country’s social system, which will be difficult.

Can they be successful? Frankly, they don’t have much choice. The ruling family, the House of Saud, is estimated to have more than 15,000 members. To remain in power, the ruling family will have to start paying taxes and begin supporting cultural changes such as allowing women to work and drive. They will also need to address the lack of jobs and ensure their citizens have the necessary skills to compete in the global workforce.

Why does it matter? The SWF will be a significant investor and when there are more buyers than sellers, prices tend to soar. Much of what they buy will be United States-based and should result in jobs for Americans. A growing world economy helps all nations, especially the United States. It’s a changing world and let’s hope capitalism will show the way.