Hopefully, you read the title as if you were singing ILoveMakonnen’s “Tuesday”! Today was supposed to get off to a great start…it’s National Donut Day. But, the first article I read on Twitter put a bit of a damper on the national holiday. It is a national holiday, right? According to an article by a local news station, Anthem is predicting…
Category: Financial Planning
Protecting Your Most Valuable Asset
What’s your most valuable asset? Your 401(k)? Your home? Guess again. While these two assets typically dominate most Millennials’ assets section on a net worth statement, there is an asset that is more valuable than both–your income. Without your income, there is no 401(k) and no home; your income provides for your family, allows you to save for the future,…
Whole Life Insurance: Financial Planning Red Flag #1
I recently met with an ambitious 20 year old looking to make sure she was building a sound foundation for her finances. As we talked about her goals, financial situation, and savings I learned that she has been sold a whole life insurance policy–financial planning red flag #1–after meeting with a friend just getting started in the business. For those not…
Assembling Your Financial Dream Team
Basketball has always been a big part of my life; I fell in love with it when I was two years old, played through college, and continue to enjoy it with my two boys. The other day I was watching a game with my oldest, Roman, and I had an epiphany. Much like a basketball team’s quest for a championship…
All About Your Benjamins First Video Blog: The DOL’ s Fiduciary Ruling
This is the first of many video blogs (not sure I can bring myself to use the term “vlog”) to come. Producing a short video is much harder than I expected; mainly, because I don’t know how to edit yet, so I’ve got to try to nail it in one take. Overall, I’m happy with the first video, and I’m…
Fiduciary
Fiduciary. If you are not familiar with this term–you should be, and you soon will be thanks to the Department of Labor. Currently, the DOL is proposing a new standard for financial advisors. If the bill passes, advisors working with clients on retirement accounts (IRAs, 401(k)s, etc.) will be held to a higher standard of being a fiduciary; the “Fiduciary…
Did You Know IRA —–> HSA?
Did you know you are allowed a onetime tax-free transfer from an IRA to your Health Savings Account (HSA)? Well, you are–you’re welcome! Don’t close down your browser in a mad dash to transfer funds from your IRA to your HSA; there is plenty to evaluate to determine if this type of transfer is appropriate for you. I recommend sitting…
Neglected Areas of Millennials’ Financial Plans
Quick, what’s the first topic you think of when you hear “Financial Advisor”? Investments? Retirement? It’s not uncommon to meet with a new client, and the first topic of conversation is the stock market, their investments, or something related to retirement planning. While I spend a significant part of my time analyzing investments and developing retirement plans, those are…
Before you start your newborn’s 529 plan…
If you and your spouse (or other parent) are no longer alive, who is going to take care of your newborn? Whoa! Not what you were expecting? The thought of not being able to watch my boys grow up makes me sick, and the thought of them growing up without my wife and me, is even worse. Unfortunately,…