Making money hand over fist means to make a lot of money quickly. This term has a nautical history. It relates to the practice of climbing a rope hand over hand. This soon became known as hand over fist, with the fist being the hand gripping the rope. The term hand over fist soon evolved from making progress up a rope to making progress generally. Today, it relates only to financial gain. Read more here Click this Link
Okay, so this is not a problem most of us have or will ever be lucky enough to have (except in our best dreams), but there are people out there (they might even be your client or prospect) who are making a lot of money in their business. Think venture capitalist, attorneys, surgeons, manufacturers reps, performers and just plain smart business people who have become successful in their small business.
What are some of your options you can suggest to them to deal with this terrible dilemma of making too much money? You can tell them to make huge charitable donations to the 50 scam charities who called them this year (without checking to see if they are actually legitimate first, of course). You could actually be the friend who gives their name to that pesky wine broker who keeps calling you saying that "a good friend of yours told us you enjoy a good bottle of wine." You know, the wine broker who can never tell you who that friend is. Okay, I am struggling here to come with anything funny. If you can think of something, pass it on to us, will you? Or you could just tell them to go ahead and pay a really large chunk of it to the IRS in the form of Income Taxes. They will love that idea.
Or, you could help them take a look at a Cash Balance Plan to go along with their 401(k) Plan. A Cash Balance 401(k) Combo might allow them to legitimately shelter an additional $100,000 to $200,000 per partner or owner without increasing the cost for employees by a large percentage over their current Safe Harbor Cross Tested 401(k) Plan.
If you are interested in knowing a lot more about Cash Balance Plans, Click Here to Download Our Cash Balance Primer (which is absolutely void of any attempt at humor, at least at this point).
In all likelihood, a Cash Balance Plan could be utilized for 2014. We are here to help (if we are not out playing golf, surfing, wake-boarding, playing with children or grandchildren, but even if that is the case, we will be back in the office at some point) - so just give us a call, send us a text message through FaceBook, send us an Instagram of your client drowning in excess cash. Use these hashtags (#oneluckyclient, #comeandgetmeirs, #yadayadayadamyclientmakesmorethanyou) and we will search for your message. ...... do something to get us working for your client on this issue. And don't forget, that Cash Balance Plan will be invested in a pooled account for all and somebody will need to help the client pick the investments. Might that be you?
