“Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t…pays it.” – Albert Einstein Compound interest is a simple, yet powerful concept. It involves earning interest on the interest you have already earned. If utilized properly, it can have a tremendous positive impact on your financial well-being. Let’s illustrate this with an example……
Receiving an Inheritance and Taxes
Inheriting investment accounts is not only an emotional experience but also carries important tax considerations. Understanding the tax implications associated with inherited investment accounts is essential for maximizing the potential benefits and minimizing potential pitfalls. In this blog, we’ll shed light on the key tax considerations to help you navigate the complexities of inheriting investment accounts with confidence. 1. Step-Up…
Received an Inheritance? Here’s a Guide…
Receiving an inheritance is a unique opportunity that holds the potential to shape your financial future. Whether it’s stocks, bonds, mutual funds, or other investment vehicles, these assets can provide a solid foundation for building wealth and achieving your financial goals. This week, we’ll explore the advantages of inheriting assets and offer some tips to make the most of this…
Special Needs Financial Planning
Let’s take a minute and acknowledge all the parents out there. As a new dad with an 18-month-old, parenting is one of the most challenging, yet rewarding experiences in life. Now… let’s acknowledge those parents even more so that have a child with a disability. What a challenge… but what a calling and an example of love. Thank you for…
What Can We Learn from the SVB Bank Failure?
It’s now been a couple of weeks since the Silicon Valley Bank failure. Here’s a great article on why SVB failed- When trouble hit, Silicon Valley Bank had to sell US government bonds at a loss. : NPR What can we learn from this? It’s important to brush up on our knowledge of what exactly FDIC insurance covers. The definition states……
Taxes in Non-Retirement Accounts
Last week, I covered the basics of income tax and taxation of retirement accounts. Let’s cover non-retirement accounts… non-qualified accounts. There are lots of nuances here and many exceptions, alternatives, and strategies that can be derived from non-qualified accounts. So many that I would probably have to write a book to cover everything. But, here are the basics… Non-Qualified Accounts…
Let’s Talk About Taxes
It’s that time of the year, so let’s talk about taxes. I certainly understand that this can be a boring and tedious topic… but in many cases is THE MOST IMPACTFUL piece of your financial plan. So, whether you are managing your finances by yourself, or working with an advisor, it is incredibly important to think about the tax implications…
3 Reasons Why You Should Work with a Financial Advisor
Deciding to work with a Financial Advisor is a big decision and one that we believe is centered around trust and relationship. I believe earning trust is the first step to any relationship, and in my profession, being transparent about the costs of working with me is an integral part of building trust. My goal in this week’s newsletter is…
Foundations to a Financial Plan
Just like everything in life, if we want to succeed with our financial plan, we must have a solid foundation. I believe the foundation of any financial plan, no matter your age, goal, financial situation, etc. starts with your “why”. Why am I trying to accomplish this financial goal? It is likely that in the midst of achieving your financial…
About Me
Before we get into the riveting financial planning topics, I thought it might be helpful to share more about me. I plan to share personal milestones as they happen and hope you enjoy following along. Why did I start this career? I am a man of faith, and I certainly believe that it is no accident that I am sitting…
