We’re entering the heart of tax season so I figured now would be a good time to do this post. If you are a client and haven’t brought in your tax documents for 2007 yet, please get in touch with us sooner than later.

Becoming wealthy is not only about how good you are at earning money. It’s also about understanding and protecting your money. Below I’ve outlined a few concepts which plenty of people—plenty of very smart people—often overlook. Perhaps you can pick up an idea or two which improves your own personal financial life.

A common misconception is that all mortgage rates drop when the Fed cuts interest rates. The truth is that the exact opposite may be the case. When you hear that the “Fed cut rates today” the reference here is the Federal Funds Rate, the overnight lending rate that the Fed uses with other banks.

Not all corporate employees realize that Roth 401k deferrals have been allowed since January 1st of 2006. The Roth 401k, like a Roth IRA, allows accounts to grow tax-free and allows for tax-free withdrawal of contributions, earnings, and interest.

The Real Deal posted a front page article earlier this month on the growing popularity of mortgage contingency clauses found within buyers’ purchase contracts. For those who aren’t familiar, this is a provision in the purchase contract in which the buyer is only obligated to the sale if he/she is able to get a mortgage.

I understand the value of a dollar extremely well. Each day I break the world around me down into dollars and cents. I try to assign a value to the meals I eat, the clothing I buy, and the services I pay for. If I can’t justify my purchase, I won’t make it based on principal.

There was a great article on Bankrate last week called “Surviving the Sandwich Years.” The reference here is to people typically in their 40’s and 50’s, grappling with paying for aging parents while saving for both kid’s educations and retirement.

An interesting article in Worth magazine this month talks about how many of the country’s leading attorneys are helping their clients grapple with how to pass money along to their kids. The problem, of course, is making sure the wealth is treated as an opportunity and not as a tool to derail motivation and the desire to succeed.

There are at least a dozen financial personalities which are extremely well-known. Some aren’t so much “advisors” as they are motivational speakers, authors, consultants, etc. Even so, they are commonly found in public, and on CNBC shows such as “The Millionaire Inside,” talking about how they got rich and what other people can do to follow in their footsteps.

I had a client come in last week to create a budget. As usual, I pulled out my template which attempts to capture all of one’s income and expenses for a given month.

There was a great article in Bottom Line this month featuring MSN Money columnist M.P. Dunleavey about the actual correlation between increased wealth and increased happiness. As you might expect, the findings were not simply that you will be happier on a day-to-day basis if you have more money.

The 5th Annual Integrated Wealth Management Forum is coming up September 10th-12th at the Union League Club in New York City. For those unfamiliar with this unique event, it brings together great financial minds to discuss issues and ideas regarding wealth management.