Passive income is a buzzword we see on TikTok, YouTube, and other social media sites. This has filtered into a lot of conversations with many of our clients. The concept of passive income is amazing – you don’t have to do anything to earn more money on your money. That sounds pretty sweet, right?
Read MoreDespite consistently dwindling inventory and rapidly accelerating mortgage rates, the time houses spend on the market is close to historic lows. The average is 47 days – but there are markets where the list/open house/offer timeline can be less than a week.
Read MoreStocks winning streak continued, marking the third straight quarter of positive performance. The Federal Reserve (Fed) had two meetings in May and June. They increased rates by 0.25% in their first meeting, but elected not to raise rates in their second meeting.
Read MoreIf your extra cash build-up is due to reducing expenses, an increase in income, or a recent windfall, it’s sometimes worrisome to have so much extra cash sitting in the bank without a specific use in mind.
Read MoreImagine trying to put a price tag on your home at 4:00 pm EST daily or even every minute all day long. The process, and oftentimes the result, would drive you crazy! Think of the countless small things that could affect the price of your house.
Read MoreThe current I Bond yield, most recently adjusted in May of 2023, is 4.3%. Since these rates are tied to inflation, we have started to see the new 6-month interest rate offering come down as inflation is easing.
Read MoreWe’re all familiar with the Roth IRA, an after-tax individual retirement account that permits both earnings and withdrawals (after age 59 ½ of course) to be tax-free. This tax-advantaged investment vehicle is not exclusive to those over the age of 18. A Custodial Roth IRA exists that allows parents to contribute on behalf of their children, assuming the child has qualifying income.
Read MoreThe 529 College Savings Plan is designed for a beneficiary to utilize the tax-free funds to cover a multitude of college expenses. While this college savings vehicle might be known for its focus on education planning, the Secure Act 2.0 enhances the use of 529 accounts and helps alleviate a few common concerns we regularly hear from our clients.
Read MoreReviewing tax returns can be daunting and difficult given the many state and federal complexities that are often changing. We find it most opportune to review your tax returns now, while there is still time to address issues before next year, and while you may have time to amend returns if necessary.
Read MoreThe markets started the year off on a positive note, with stock and bond prices moving higher despite encountering an unexpected shock in the banking sector. Stocks surged out of the gate in January, hoping that inflationary pressures would subside and the Federal Reserve (The Fed) could stop their rate increases.
Read MoreOftentimes, budgeting feels time-consuming and restrictive. Traditional budgeting forces decision-making as if you are a programmable spreadsheet. Rather than focusing on month-to-month expenses and spreadsheet formulas, let’s focus on long-term savings through a process coined “reverse budgeting.”
Read MoreIf you have contributed the maximum to your 401(k) plan, you may want to consider additional after-tax savings in an IRA. While the contribution will not be tax-deferred, it will grow tax-free and can provide an additional source of income during retirement.
Read MoreSetting Every Community Up for Retirement Enhancement, the SECURE 2.0 Act expands on the 2019 SECURE Act to make it easier to have a successful retirement. The legislation tackled retirement savings throughout several points on the financial journey, with a provision to facilitate saving and investing for almost everyone.
Read MoreGetting laid off from a job upends almost every aspect of your world. Besides the financial impact, there may be emotional, psychological and even physical implications.
The goal is to turn a loss into a successful transition to the next stage of your career. Having this happen as quickly as possible will alleviate some financial concerns, but it is important to allow yourself time to process the emotional and lifestyle affects.
Read MoreThe fourth quarter ended on a positive note with stocks and bonds rallying to end what was otherwise a difficult year for investors. Stocks staged a strong comeback in November in response to the Federal Reserve (Fed) indicating that its pace of policy tightening would slow along with signs that inflation is cooling.
Read MoreIt is hard to believe this is the 10th year of my favorite book list. I am grateful to everyone who has followed and shared their love of reading with me. Your feedback has been incredible, and I am so thankful to have had the opportunity to connect with so many book lovers over the years.
Read MoreInflation has been making every area of our lives more expensive as the costs of the goods and services we use every day have skyrocketed. But there may be a small silver lining. The IRS pegs tax brackets, tax deductions, 401(k), and other tax-efficient vehicle contribution amounts to inflation.
Read MoreMillions of U.S. college graduates have begun their careers with a crushing student loan debt balance. In fact, 40 million Americans owe more than $1.7 trillion in total loan debt. This equates to more than 50% of students graduating with significant debt.
Read MoreStocks staged a summer rally bouncing 17% off their lows, only to give back all of those gains as we sit at the lows for the year. Bear market rallies like this are typical. Inflation continues to be the primary concern of 2022.
Read MoreFinancial planning that focuses on your goals and helps you achieve flexibility in your journey is critical at the mid-point of your career. An overlooked area is how much of your income you get to keep. As income increases, it becomes even more essential to ensure that you are optimizing your tax planning. And a good tax plan doesn't just happen in April every year.
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