Backdoor Roth: Not So “Hush-Hush”

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

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:

Know Your Number: Net Worth

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

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

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

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