Since childhood, many of us have set financial goals. Perhaps it was saving for our first bike or an ice cream treat, or simply enjoying our first taste of wealth as it accumulated in the piggy bank. Whether these actions were influenced by our parents attempting to teach responsibility or it turned out to be an innate personality trait, the process of establishing a goal and seeing the fruits of that accomplishment is as important as ever.Read More
If you had the ability to take a refund of your Social Security tax withholding and invest the money yourself, would you do it? What about if the system changed and you were required to contribute your equivalent current withholding to a tax-deferred investment account from the beginning?
Let’s review question number one first:
Pretend for a moment that you are 22, new to the workforce, and earning $35,000 annually. The Social Security Administration continues as is during your first 10 years ofRead More
Myth or Fact #1: You can only contribute to a 529 plan sponsored by your home state.
Myth. U.S. residents can take advantage of 529 plans available in any state across the country. Though there sometimes can be benefits of contributing to your home state plan, more often than not, the out-of-state choice is much better from a total cost and ease of use standpoint. Even if your home state plan offers a tax incentive for participation, make sureRead More
I read an interesting article this week about a financial advisor in New Jersey that put forth the idea that the age of an advisor and experience level of an advisor are not always synonymous. Being part of the “Millennial” generation, I have to admit I have a bias where this is concerned, but there is definitely some truth in the words he wrote.
Mr. Zagarola contends that individuals seeking a long-term relationship with a financial advisorRead More
Jimi Hendrix. Howard Hughes. Abraham Lincoln.
Different eras, different professions, different abilities, same problem.
No, the problem was not because all three had drug issues, obsessive compulsive disorder, or other eccentricities. The problem was simply that all three failed to plan for life beyond the grave!
It probably does not surprise you that Jimi Hendrix failed to plan, given the lifestyleand times in which he lived. But how could Howard Hughes leave an estate valued at more than $2 billion without any intentions?Read More