Multiple Streams of Income: Pros and Cons

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

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

Investment Accounts | Part 2: Roth IRA

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

Investment Accounts | Part 1: Traditional IRA

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