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