Tax Season’s Over: Time to Revisit Your W-4 Withholding Tax Season’s Over: Time to Revisit Your W-4 Withholding Written by Wealth Consulting Group’s Caitlin Allard, CFP, EA May 1, 2025 Now that another tax season is behind us, it’s the perfect time to reflect back on your tax picture—specifically, your W-4 elections. Whether you received

The Unsung Hero: The Primary Caregiver The Unsung Hero: The Primary Caregiver Written by Wealth Consulting Group’s Ray Bell April 1, 2025 Gene Hackman has always been my all-time favorite actor. His remarkable career spanned from the late 1960s into the early 2000s. A versatile talent, he seamlessly moved between dramatic, comedic, romantic, and action roles,

Navigating Policy Shifts: An Investor’s Perspective Navigating Policy Shifts: An Investor’s Perspective Written by Wealth Consulting Group’s Chief Investment Officer, Jim Worden March 5, 2025 The last four trading sessions have underscored that volatility is back. It always is when accompanied by lots of uncertainty. But this uncertainty hasn’t been about whether the Fed will

New Opportunities for Life Insurance New Opportunities for Life Insurance February 1, 2024 The new year can give us perspective and focus on what is important like our loved ones. Protecting our loved ones is front of mind. Life Insurance is an important piece of protecting your loved ones. According to a 2020 LIMRA study

Planning for Long-Term Care: What You Need to Know Planning for Long-Term Care: What You Need to Know December 1, 2024 Many people mistakenly believe they’ll never need skilled nursing care or that Medicare will fully cover it. This misconception arises from confusion between Medicare (federal health insurance for those 65+) and Medicaid (a joint

Understanding How to Hold Title of Assets: Choose Wisely! Understanding How to Hold Title of Assets: Choose Wisely! November 1, 2024 When you purchase your first home or open a taxable account, you might be asked, “How would you like to hold title to this?” For many, this question can be confusing, and it’s not

Ten Items Often Overlooked in Your Life Insurance Policy Ten Items Often Overlooked in Your Life Insurance Policy August 1, 2024 Life insurance policies are incredibly detailed, and even a good policy might not cover everything you should know. Here are ten items every life insurance consumer should be aware of: • The Free Look Period: Every

Overcoming 3 Common Barriers to Estate Planning Overcoming 3 Common Barriers to Estate Planning July 1, 2024 Chances are, you’re investing considerable time and effort into achieving financial milestones, both big and small. From submitting a final payment on a burdensome debt and finally reaching a fully funded emergency fund to ramping up your retirement

Company Stock in Your 401(k)? Consider Net Unrealized Appreciation. Company Stock in Your 401(k)? Consider Net Unrealized Appreciation. June 1, 2024 If you are currently holding company stock in your pre-tax retirement account, you may want to consider a tax planning strategy called Net Unrealized Appreciation (NUA). The NUA strategy primarily aims to reduce your

Your Credit Score: That Important Three-Digit Number Your Credit Score: That Important Three-Digit Number May 1, 2024 Your Credit Score and the SAT’s Your credit score is kind of like taking the SAT’s (something most of us never want to think about again). They are both important numbers that help others make decisions about your

4 Ways Improving Your Financial Literacy Can Change Your Life 4 Ways Improving Your Financial Literacy Can Change Your Life April 1, 2024 April is celebrated as Financial Literacy Month, an opportune time for the finance community to share their wealth of knowledge, aiming to enhance our financial understanding and confidence. Learning fundamental skills such

Should You Borrow from Your 401(k)? Should You Borrow from Your 401(k)? March 1, 2024 Given the current interest rate environment, it may be tempting to consider taking a loan from your 401(k) as a source of financing your needs or wants. Assuming your employer plan permits borrowing, be sure to review the impact on

Backdoor Roth: Not so “Hush-Hush” Backdoor Roth: Not so “Hush-Hush” February 1, 2024 Summary: If your Modified Adjusted Gross Income (MAGI) is too high to make direct Roth IRA contributions, backdoor Roth contributions can be made. Be aware of pro-rata taxation of pre-tax IRA assets when implementing backdoor Roth. Backdoor Roth contributions may be optimal

4 Simple Ways to Financially Prepare for 2024 4 Simple Ways to Financially Prepare for 2024 January 1, 2024 Setting and pursuing new goals isn’t confined to a calendar. However, there’s a distinct sense of purpose and momentum that accompanies the start of a new year, making it an opportune time to lay the groundwork

Secure Act 2.0: Reminders for 2024 Secure Act 2.0: Reminders for 2024 December 1, 2023 On December 29, 2022, the SECURE Act 2.0 (SECURE 2.0) was signed into legislation. Many provisions included in the bill will be phased into effect over the next several years. Here are some of the notable provisions for individuals that

Estate Planning Basics: Don’t Leave Your Estate in a “Purple Haze” Estate Planning Basics: Don’t Leave Your Estate in a “Purple Haze” November 8, 2023 Estate planning may be one of the last things that anyone wants to think about. Not only is it difficult to contemplate our mortality, but human beings may also have

Understanding the FAFSA Simplification Act: What It Means for You Understanding the FAFSA Simplification Act: What It Means for You September 5, 2023 In recent news, you might have caught wind of the buzz surrounding student loans—from talks about potential loan forgiveness, the return of interest, and the resumption of payments. While these discussions mainly

Where are Interest Rates Heading? Where are Interest Rates Heading? October 1, 2023 The chances are high that many have seen the recent headlines that interest rates could stay “higher for longer.” But what exactly does “higher for longer” mean and is this a foregone conclusion or just a possibility? Also, where did this “higher

Credit Cards: Which Card is Right for You? Credit Cards: Which Card is Right for You? September 5, 2023 Credit cards are kind of like chainsaws. When used properly they can be extremely helpful tools, but if they are used improperly, they have the ability create a horrendous amount of damage. Considering this, it’s important

Securing Your Future: 3 Retirement Savings Options for New Businesses Securing Your Future: 3 Retirement Savings Options for New Businesses August 1, 2023 As a business owner, having the freedom to call the shots and chart your own path is exciting. However, there are less glamorous aspects of running a business that often slip under

Having Kids? Financial Items to Consider Having Kids? Financial Items to Consider July1, 2023 You found the spouse of your dreams and got married. So now what?! For some, the next step is to have kids. While having children can be the greatest gift ever received, it is important to remember that they are expensive

5 Considerations When Renting Your Home 5 Considerations When Renting Your Home June 1, 2023 Generating rental income can be an excellent way to earn passive income, while offsetting some of your expenses! Here are a few key considerations to keep in mind when renting your house: Research the Market Research rental rates for similar

FIRST TIME HOMEBUYER – Things to Consider Before Taking that Leap FIRST TIME HOMEBUYER – Things to Consider Before Taking that Leap May 1, 2023 Life is full of many exciting firsts. Your first steps, your first car, your first love, your first job, and now your first home! You’ve made it to what most

The Various Ways to Hold Title of Assets The Various Ways to Hold Title of Assets April 1, 2023 Have you ever purchased your first home or opened a taxable account and got hit with the question “how would you like to hold title to this”? Most people just look confused like a deer in

Budgeting: The Nose Game Budgeting: The Nose Game March 6, 2023 A budget is a tool for allocating your income; budgeting can be helpful in meeting short and long-term goals Get started by determining after-tax income and how income can be allocated Track spending and savings on an ongoing basis to determine if you are

Secure Act 2.0 – Key Provisions and Dates As part of the Consolidated Appropriations Act of 2023, the SECURE 2.0 Act of 2022 (Secure 2.0) was enacted on December 29, 2022. Secure 2.0 continues to modify and expand upon provisions included in the original Secure Act of 2019. While there was a plethora of changes

Top Tax Planning Considerations for 2022 With another year end on the horizon, there are still a few more critical months to make some money moves and consider integrating tax planning into your overall financial strategy! Keep in mind that your overall goals and objectives should drive your financial plan first and foremost, with income

Health Savings Accounts: A Break in the Matrix Summary: A Health savings account (HSA) is available if enrolled in a high deductible health care plan (HDHP); HSA’s are portable HSA contributions are income tax deductible and grow tax free if used for qualified medical expenses (some limited exceptions apply) There are penalties for nonqualified HSA

Which Childcare Option is Best for Your Family? Whether you’re going back to work, want your child to build social skills, or just need a break, a lot of families at some point will have to make the decision on what kind of childcare they want to provide for their children. For some, just getting

Social Security: Myth Busters Edition No matter how many times some myths are debunked, we may still believe them. For example, cracking your knuckles causes arthritis (still possibly annoying but not true), humans swallow eight spiders a year in their sleep (gross and thankfully not true) and twinkies have no expiration date and would survive

You Got a Bonus – Now What? It’s finally time! You’ve worked hard all year, put in lots of hours, and now it’s time to receive your much deserved bonus. While it’s exciting seeing more money in your bank account, have you ever wondered “what do I do with it now?” If you’re like most

To Roth, or Not to Roth, That is the Question Summary: Traditional IRA contributions may be income tax deductible and have tax-deferred growth potential Roth IRA contributions are made after-tax and potentially grow tax free Your current and future income tax rates are a consideration when deciding between traditional and Roth IRA contributions When Shakespeare

2021 is Nearly Over. Are You Ready For 2022? If 2021 proved anything, it is that those who plan ahead are better able to handle the unexpected. Let’s review what you should consider doing now to prepare for the future. This year’s rollercoaster of events may have left you a little shell shocked. But your

Take Time to Reflect on the Financial Results from 2021 and Make a Plan for 2022 2021 has certainly been a year of financial highs and lows. No one can reliably predict short term moves in the market, but good financial planning can help prepare you for unforeseen setbacks. If you had a successful year,

First Time Homebuyer Programs First Time Homebuyer? – These Programs Are for You June 1, 2021  Do you fantasize about one day owning a home but don’t think you’ll ever be able to afford it? Do you wonder how you’ll ever come up with the down payment needed to purchase a home or how you’ll

Estate Planning Basics: Don’t Leave Your Estate in a “Purple Haze” Estate planning may be one of the last things that anyone wants to think about. Not only is it difficult to contemplate our mortality, but human beings may also have a natural tendency to procrastinate. The importance of proper estate planning can become clear

To Buy or Lease a Car? That is the Question Think about how many choices you make each day based on personal preference: shorts versus pants, tennis shoes versus sandals,  coffee versus tea. If only financial choices could be just as simple! One of the most common financial dilemmas people face is whether to buy

Having Kids? Financial Items to Consider You found the spouse of your dreams and got married. So now what?! For some, the next step is to have kids. While having children can be the greatest gift ever received, it is important to remember that they are expensive (especially when you have two at the same

Best Practices for Data Security One of my all-time favorite movies is Mel Brooks’ classic 1980’s Star Wars inspired spoof: “Spaceballs.” Other than being hilarious,  it can teach us some life lessons. For example, never underestimate the power of the Schwartz, buckle your seat belt before going to ludicrous speed, and absolutely do not hit

Avoid Breaking the Bank This Holiday Season How is it that time of year already?! Time goes by fast, and so can your money during this time of year! The holiday season always makes me think of the classic movie “Home Alone.” Kevin McCallister was accidentally left behind while his entire family went to Paris

Credit Cards: Which Credit Card is Right for You? Credit cards are kind of like chainsaws. When used properly they can be extremely helpful tools, but if they are used improperly, they have the ability create a horrendous amount of damage. Considering this, it’s important to take the right steps to make sure that you

How to Protect Your Wealth as You Get Older As you get older and closer to retirement, your financial practices need to shift slightly as you transition from working and saving to relying on your nest egg. As you approach this stage of your life, you need to take steps to protect your wealth. Keep

Did You Know? – Low Mortgage Interest Rate Environment Home Buying Opportunity Historically Low Mortgage Interest Rates   If there is one good thing to come out of the coronavirus pandemic it’s that it has created a huge opportunity for home ownership! Did you know that for the first time in recorded history, the average

HAPPY FINANCES = HAPPY MARRIAGE It’s supposed to be the happiest time of your life! You just got engaged and are now planning your dream wedding. No one wants to come off that high to have that awkward talk about their finances. BUT YOU NEED TO!! Did you know that one of the biggest reasons

MID YEAR MONEY TIPS Mid-year, is a great time to do a financial check in with yourself, to see where you currently stand with your finances, how much progress you have made since the beginning of the year, and how far you have to go to reach your annual financial goals by the end of

THE AWESOME POWER OF COMPOUND INTEREST Summary: Compound interest is interest earned on interest Compound interest may play an important role in meeting long term goals Time is an important component when thinking about compound interest The rule of 72 is a shortcut in calculating how long it takes for an investment to double in

NATIONAL 529 COLLEGE SAVINGS PLAN DAY Today, I’ll be discussing the details of a 529 College Savings Plan…what they are, and how they work. It’s no secret that college is expensive. With student loan debt exceeding $1.5 trillion and the university price tag rising 8 times as fast as wages are, there’s a lot to

YOU HAVE MONEY, NOW WHAT? INHERITANCE Today, I’d like to discuss a topic that I have helped many of my clients with: what to do if you receive an inheritance.  Generally, I advise my clients not to include POSSIBLE inheritances as part of their overall financial plan, because you just never know what may happen,

BACKDOOR ROTH: NOT SO “HUSH-HUSH“ Summary: If modified adjusted gross income (MAGI) is too high to make direct Roth IRA contributions, backdoor Roth contributions can be made  Pro-rata taxation of pre-tax IRA assets applies when implementing backdoor Roth  Backdoor Roth contributions may be optimal once other retirement savings options (i.e. 401k’s and/or HSA’s) have been

DIVORCE Today, I’m talking about a topic that can be one of the most difficult times in your financial life: going through a divorce.   Not only is divorce an extremely emotionally stressful time, it is often a huge financial stressor as well.  You will be forced to make decisions that are likely to impact

Money Team Today, I would like to discuss three key players who are important to have in your corner when it comes to helping you with your financial affairs.  I like to call them “Your Money Team”. They are a: Financial Advisor/Certified Financial Planner CPA/Tax Advisor Estate Planning Attorney   1 – A Financial Advisor/Planner:

Net Worth Today we are going to talk about Knowing Your Number, or your net worth.   Your net worth is simply everything you own minus what you owe. And although the concept is pretty simple, a lot of people don’t take the time to fully understand where they are financially.  And let’s be honest, we

TALKING TO YOUR SPOUSE ABOUT FINANCES Today I’m diving into the details of something many of us find difficult-talking to your partner or spouse about money matters.   If you have a spouse or partner, it’s very important to communicate with that person about your financial situation.     Even the strongest couples can have miscommunication

SHORT VS LONG TERM INVESTING Today we are going to discuss one way to minimize risk when we invest: by  short and long term investing. Being invested properly is an important component to having a sound financial plan, part of being invested correctly includes making sure that the amount of risk you take matches your

MULTIPLE STREAMS OF INCOME: PROS AND CONS As a financial planner, I am constantly explaining the benefits of diversifying investments to my clients.  In finance, diversification is a way to reduce your exposure to risk by investing in a wide variety of different asset types.  But what about diversifying your income streams as well? What

Financial Good Fortune Takes MORE THAN JUST LUCK With St. Patrick’s Day right around the corner, you are likely to hear about “the luck of the Irish”.  This phrase was coined during the gold and silver rush of the 19th century, when many successful miners were of Irish American descent. Unfortunately, whether you are Irish

ROTH IRA (INDIVIDUAL RETIREMENT ACCOUNT) Today we are going to talk about Roth IRAs. If you remember from last week, an IRA stands for Individual Retirement Account, and you can open an IRA at a bank or financial institution. When you make contributions to a Roth IRA, you are contributing with after tax money, and

TRADITIONAL IRA The Traditional IRA.  An IRA stands for an Individual Retirement account.   You can open an IRA at a bank or financial institution.   When you contribute to a Traditional IRA, you have the potential to lower your taxable income, in turn reducing your tax bill.  So, if you owe taxes at tax time, and