If I Could Only Teach Two Financial Lessons

By Jeff Gilbert

Financial literacy is one of the most essential life skills, yet it’s rarely taught in schools. That means the responsibility falls on parents to equip their kids with the knowledge they need to make smart money decisions. If you could pass down just two key financial lessons to set your children up for lifelong success, what would they be? 

Here are the two I believe make the biggest impact.

Lesson 1: The Need for a Customized Financial Plan

A generic one-size-fits-all approach simply won’t work for everyone. Any strong financial strategy needs to reflect your unique goals, values, and life circumstances, whether that includes saving for a home, preparing for retirement, or planning for your child’s education.

A customized plan takes into account your specific financial situation—your income, debt, savings, expenses, and long-term goals. It acts as a road map that helps you stay on track and make informed decisions about how to allocate your resources. Without a clear plan, it’s easy to lose sight of your objectives and make reactive, emotional decisions that could undermine your financial well-being.

By teaching your children the importance of a tailored financial plan, you help them understand that financial success isn’t just about having more money, but about making smarter choices and being intentional about their future. Once they have a plan in place, they can feel more confident in their financial decisions and less likely to be swayed by outside pressures or temporary distractions.

Lesson 2: Sticking to the Plan and Keeping it Current

The second most important financial lesson I’d pass on is the importance of sticking to the plan—and keeping it current as life events occur. Life is unpredictable. We all go through job changes, moves to a different city, marriage or divorce, or the birth of a child, and these major life changes undoubtedly impact your financial goals. That’s why it’s not enough to simply create a plan once and forget about it. A robust financial plan is a living document that requires regular updates to stay relevant and effective.

This lesson is particularly valuable because too often people make the mistake of making financial decisions based on emotions or short-term circumstances. For example, if the stock market drops, you may be tempted to panic and make drastic changes to your investment strategy. But this is exactly where having a solid plan and sticking to it comes into play. By removing emotion from financial decisions, you’re better able to stay focused on long-term goals rather than reacting to temporary setbacks. The key is consistency—make adjustments when necessary, but always stay aligned with the big picture.

We’re Ready to Assist

If you want a financial plan that gives you confidence to live within your means and spend with purpose, the Balboa Wealth Partners team is here to help. We provide guidance on organizing and streamlining your finances so you can focus on what truly matters. 

Ready to take control of your financial future? Contact us today to schedule a consultation at 949-445-1465 or email me at jgilbert@balboawealth.com.

Scottsdale office: 480-801-5010, info@balboawealth.com

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With over three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email jgilbert@balboawealth.com. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

BWP Weekly Market Commentary

BWP Weekly Market Commentary

BWP Weekly Market Commentary

BWP Weekly Market Commentary

2025’s Best Tax Deductions for Small Businesses & Startups

By Jeff Gilbert

As a small business or startup owner, preserving more of your profits is essential to support your family or reinvest back in your business. Taking advantage of tax deductions for small businesses in 2025 can reduce your income tax burden and help you hold on to more of your hard-earned money.

Understanding the available tax deductions now can position you to benefit by the end of the tax year. A financial advisor at Balboa Wealth Partners can help you identify which deductions you qualify for. Meanwhile, here’s a look at some of the top tax deductions for small businesses in 2025.

The Best Tax Deductions for Small Businesses in 2025

Many expenses that keep your business running can generate tax deductions or credits that reduce the taxes you pay on your profits. A key to taking advantage of those tax breaks is to create a plan and maintain good records to track them. 

Consider these tax deductions for small businesses in 2025.

The Cost to Start Your Business

If you’re starting a new business in the new year, you can deduct the costs you incur to launch your company. You can deduct up to $5,000 in startup costs for the year you begin operations. Costs above that—up to $50,000—must be spread out (amortized) over the next 15 years.

Business Meals and Entertainment

You can deduct some types of entertainment, like company parties, along with up to 50% of the costs of food and drinks you purchase for business purposes. The expenses must be directly related to your company, and you must document the following:

  • Date and time of the event
  • The business relationship of those in attendance
  • The total cost

Keep a receipt and write detailed notes about the outing on the back of the receipt. Consider consulting a tax professional about IRS limits on deducting entertainment expenses.

Work-Related Vehicle Use

If you use your vehicle exclusively for work, you can write off what you spend to maintain and operate it. If you also use it for personal errands, only the expenses related to your business can be deducted. You can claim your business mileage or use the standard mileage rate from the Internal Revenue Service, which is $0.70 per mile in 2025.

Office Supplies and Equipment

Office supplies and equipment are some tax deductions for small businesses you shouldn’t overlook. Computers and work-related software, printers, paper, and pens used during the year they were purchased can be deducted. You also can write off postage and shipping expenses. File away your receipts to have them available at tax time.

Employee-Related Expenses

You can deduct certain employee-related expenses deemed reasonable and necessary, including:

  • Salaries
  • Vacation pay and sick time
  • Health and retirement benefits
  • Life insurance
  • Education
  • Meals and lodging

To claim these tax deductions for small businesses, you must comply with all employment laws and regulations.

Professional Services

As a small business owner, you know that professional services from financial advisors, attorneys, and accountants can help you build a successful company. The cost of professional services and fees for financial planning and consulting for business strategy can be deducted from your taxes. You must keep good records of the fees and services.

These are just a few of the tax deductions available for small businesses. You also can claim tax credits and deduct expenses related to marketing and advertising, home office space, utilities, business loan interest and bank fees, business insurance, and more.

Partner With an Experienced Advisor

Thoughtful tax planning allows your business to make the most of every available credit and deduction. At Balboa Wealth Partners, we understand the challenges small business owners face, and we’re here to provide guidance every step of the way.

While we are not tax professionals and do not provide tax advice, we can help you align your financial strategy with your overall business goals. Keep in mind that tax laws vary by state and can change over time, so it’s always best to consult with a qualified tax expert to maximize your deductions while staying compliant.

Give me a call at 949-445-1465 or email me at jgilbert@balboawealth.com.

Scottsdale office: 480-801-5010, info@balboawealth.com

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With over three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email jgilbert@balboawealth.com. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.