The First $10,000
Key Takeaways Putting $10,000 away a year for even just 10 years can make a huge difference. If you put the money away in a 401(k)-type account where there are tax deductible and tax deferrable benefits, you will end up with much more money years down the road than you would just saving it on […]
Leveraging Your Cash Flow
Key Takeaways Using Other People’s Money (OPM) comes in to play in things like a matching 401(k) where an employer is matching their money to yours to put away for your retirement. There are three leveraging tools in a 401(k): Other People’s Money, pre-tax savings, and tax deferment. If your employer offers a matching 401(k), […]
In Search of Wise Counsel
Key Takeaways We tend to ask our close family or friends for financial advice when we should really turn to a professional to help us. When looking for a financial advisor, there are a few things you should keep in mind, but LRC – Leadership, Relationship, and Creativity, is key. Big-name financial firms are not […]
Replacing Your Life
Key Takeaways Life insurance is important to have if you have dependents and are a high income earner. Term insurance and Cash value insurance are the two types of life insurance. There are different benefits to each type of life insurance, so it’s important to know the advantages and disadvantages of each to determine what […]
Investing in Life
Key Takeaways Investing, like growing up, can be very complex. Factors such as what markets you invest in, your personal goals and risk tolerance, how you diversify and allocate your assets, and who you use to help you invest your money, all make up this complicated system. It’s up to you to determine how you […]
The Dynamic Duo: Risk and Reward
Key Takeaways Risk and reward both clash and work together, and are culturally significant here in the US as American investors tend to embrace more risk than elsewhere. Risk tolerance is how much you are/are not willing to take a risk on an investment, and there are several types or risk markets you can invest […]
The Diversified Investment Palate
Key Takeaways Successful investment management is based on diversification and asset allocation. Diversification means investing in several different areas, and asset allocation is how much in an area you invest in based on several factors specific to you. Time frame is important in investing as you need to be consistent.
Take Stock in Sam, Bond with Mike
Key Takeaways A stock is a share of ownership in a company, whereas a bond is a debt instrument with a set interest rate, time frame, payment intervals and principal payment at the end. Risk and reward are key with stocks and bonds. Stocks are riskier, with the reward greater, as well as the possible […]
4 Common Tax Advantaged Strategies
Key Takeaways There are three things to look for in a tax strategy: tax deductible, tax deferred, and tax free. A strategy will most likely not contain all three, but usually will have two of them. Four common tax strategies are 401ks, IRAs, HSAs, and 529 plans. Putting money away using any of these strategies […]
Willing to Plan?
Key Takeaways Every person has an estate plan automatically; it is designated by the state you reside in. Estate plans can consist of wills, durable powers of attorney, trusts and designation of beneficiary type assets. There is will-based and trust-based planning. There are very big differences in terms of dealing with probate and whether they […]