Blog | Financial Freedom Wealth Management Group
Some classic financial pitfalls have been known to affect retirees. Calling them “pitfalls” may be a bit harsh, as not all of them represent errors in judgment.
Have you ever had one of those months? The water heater stops heating, and a member of your family ends up needing urgent care. Or the dishwasher stops washing, and as you’re driving to work, you see smoke coming from under your hood.
When the market drops, some investors lose perspective that downtrends and uptrends are part of the investing cycle. When stock prices break lower, it’s a good time to review common terms
According to a recent Gallup poll, 42% of Americans do not own any stocks or stock-related investments.
As your child’s high school graduation nears, and the conversation turns to higher education, the thought of funding it can be daunting.
Mục Lục
Inflation Creeping Into Personal Finances
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Higher interest rates are starting to ripple through the personal finance landscape, and it doesn’t look like that trend will change anytime soon.
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3 Strategies For Investors
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April is National Financial Literacy Month. The month is dedicated to raising public awareness of the importance of financial literacy and maintaining smart money management habits.
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Financial Spring Cleaning
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With spring cleaning underway and Tax Day almost over, a common question we get this time of year is, “What documents should be kept and what can be shredded?”
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Investing Confidently Amid Conflict
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As the stock markets react, many of our clients have expressed concerns with how these events will affect their life plans, investments, and finances. Especially in this chaotic market, here are some ways to become a confident investor.
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3 Ways To Save Money On Your 2021 Taxes
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First, consider contributing to a Traditional IRA. Doing so may help lower your tax bill by reducing your taxable income. Your total income and filing status determine the deduction you can claim on your taxes.
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Volatile Markets Can Be Scary
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A question we are often asked from investors is, if I moved my stock portfolio to cash when my investments dropped, how do I know when it’s time to get back into the market?
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3 Ways To Create A Lasting Legacy
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Creating a lasting legacy starts with empowering the next generation by communicating, engaging and educating. We believe that these three crucial elements are often missed while the current generation is alive.
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Surprising Ways Spouses and Partners See Money Differently
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February is the month for celebrating Valentine’s Day, love, and relationships. What could possibly disrupt our feelings of love? Money is often a trigger of conflict in relationships.
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2022 Outlook: Another Year of Resilient Markets
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2021 was a strong year for investors. But what’s in store for 2022? From our perspective, we expect that many of the same forces that influenced markets last year will play a positive role again this year.
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3 Tips to Help Your Financial Resolution Last Through 2022
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Many of us choose New Year’s resolutions around being smarter with money. However, studies show that 20% of Americans keep to their resolutions past February and only 8% make it all year.
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Enhancing Your Giving During The Holidays
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While we’re creating new memories with our families this holiday season, it can also be a good time to look for ways to give back to others. For a lot of us, charitable giving is…
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Four Most Overlooked Tax Deductions
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Who among us wants to pay the IRS more taxes than we have to? Most people don’t, but Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most…
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Gratitude With Your Money
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Gratitude with Your Money Thanksgiving Day begins the holiday season and gives us an opportunity to be grateful. When you think of gratitude and how it relates to your finances, what comes to mind? Maybe how thankful you are to have…
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Are Capital Gains Taxes Changing?
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There are a lot of questions about President Biden’s Build Back Better plan and potential tax law changes, including an adjustment to capital gains taxes. A capital gains tax is the tax you pay on selling property or an…
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Four Ways Parents Can Teach Their Children To Save Money
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It is never too early to teach your children about saving money. Some of the biggest lessons your child may learn happen when they’re entering adulthood and getting ready to live independent lives. However, young adults face many…
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Protecting Your Business Against Cyber Liability
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According to one study done by the US Small Business Administration, 88% of small business owners feel their business is vulnerable to a cyber-attack.1 These concerns may be well founded: according to another study, 46% of all small…
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It’s Time For Your Life Insurance Checkup
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It’s time for your life insurance checkup September is National Life Insurance Awareness Month, so it’s a great time to review your coverage. If you don’t have any life insurance, you’re not alone. Life…
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Is Inflation Good or Bad?
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Inflation is the steady rise of prices for goods and services over a period of time. It also is a result of how the Federal Reserve controls our money supply. At different times and circumstances inflation can be either good or bad for…
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Saving on Subscription Service Costs
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It’s easy to sign up and commit to monthly subscription services that fit your interests. However, the cost of subscription services can be pricey, especially if you have more than one or if you forget about them. Here are some…
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A 6.1% Bump in Social Security Income?
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The news keeps getting better for Social Security recipients. It’s now projected that benefits will increase 6.1% in 2022, up from the 4.7% forecast just two months ago. That would be the most significant increase since 1983.1,2…
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Four Ways to Prepare for Market Volatility
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When the stock market turns down it should not be feared, it should be expected. We get disappointed in our investments when we see them lose value, this is completely normal. No one likes to log into their account or open their…
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Mid-Year Stock Market Outlook 2021
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In the first half of 2021, the U.S. economy powered forward faster than nearly anyone had expected. Speed can be exhilarating, but it can also be dangerous. In our view, the overall economic picture remains sound and will likely…
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Summer Travel is Back!
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One of the most anticipated comebacks of 2021 isn’t an athlete, rock star, or movie franchise. It’s summer travel, and it appears to be back with a vengeance. Travel agents are working 14-hour days to meet the needs of…
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How do changes in interest rates affect bond prices
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Typically, bond prices and interest rates move in opposite directions. This means that when interest rates rise, bond prices tend to fall, and conversely, when interest rates decline, bond prices tend to rise. Here’s why: Suppose…
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Your Retirement Account May Not Be the Smartest Way to Buy Your Dream Home
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Let’s consider the following scenario of two individuals looking to buy similarly priced dream homes. One was going to deplete their retirement savings and the other was going to sell appreciated non-retirement assets. Since they each…
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Where to Invest with Higher Inflation
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Inflation is all the rage after last week’s much hotter than expected inflation numbers and has created a bout of volatility in the markets. Our view remains that this period of higher inflation will be transitory, as many of the…
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Let’s Talk about Higher Taxes
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One of the big discussions lately has been about how higher taxes will potentially impact the stock market. We’ve known since President Biden won the presidency and the Democrats secured control of the House and Senate that…
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Investing to Restore Our Earth
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On April 22, the world marked the 51st annual Earth Day. This year’s theme was Restore Our Earth. It represents a chance to learn about the environmental challenges we face today, how to become more involved and ways to align…
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Medicare Basics
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Today’s changing health care landscape makes understanding Medicare even more important. Whether you have questions for yourself or a loved one, the following answers may help. What does Medicare cover? Medicare is a federal…
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HOW CAN YOU INVEST WITH CONFIDENCE?
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In a time when many unscrupulous individuals are looking for opportunities to defraud investors, it is more important than ever to be educated about potential dangers. The following information is designed to help you protect yourself….
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Celebrating and Empowering Women
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March is Women’s History Month and I want to share some special financial advice just for women. According to the National Women’s History Alliance, Congress declared March 1987 as the first official Women’s History Month,…
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Required Minimum Distributions are back for 2021
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A Required Minimum Distribution (RMD) is the amount of money required to be withdrawn from your retirement accounts (not including ROTH IRAs) once you reach age 72. These mandatory distributions were suspended in 2020 under the CARES…
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Money and Relationships
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Frequently I find myself not only giving financial advice but relationship advice too. Our clients turn to us to help navigate discussions regarding money. Often times the subject of finances is completely ignored because it will just…
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Can the Super Bowl Improve Your finances?
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I am going to say yes. Let us discuss how watching the upcoming Super Bowl might help you meet a few financial goals of your own. The game and specifically how it’s structured can offer money lessons and inspiration that we can…
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The Future of Taxes
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The drawn-out election of 2020 is finally over, with Democrats winning both Senate seats in Georgia. As a result, President Biden will have slender majorities in the House and Senate. These slender majorities limit many dramatic…
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Outlook 2021: Powering Forward
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As 2020 sunsets, we welcome in 2021 with renewed hope that the new year will bring with it, health, wealth and joy. Areas of the economy have been damaged and may never fully recover, but other areas will adapt, reinvent, and help…
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Markets & Marriage
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Your investment strategy is a lot like a marriage. One day you may feel like everything’s going smoothly and lovely. The next day, there might be an argument over who forgot to load the dishwasher or take out the garbage. And…
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Your Love Letter for a Lasting Legacy
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Coping with the death of a loved one is difficult. We constantly encourage our clients to make sure that they have a completed estate plan for their death. This typically involves working with an attorney to execute a will and/or a…
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Thankfulness
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As we approach the 2020 holiday season, this will no doubt be unlike any in the past. Family gatherings and holiday travel will be harder as our world continues to battle coronavirus. Families have lost loved ones and the holiday…
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Year-End Planning
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As we approach the year end (can you believe it?), it is easy to get wrapped up in the busyness of the holiday season, when the last thing on your mind is implementing some tax strategies. As the election results are finalized, here…
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Election Q&A
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We have been getting a lot of questions on financial planning as it relates to who our next president will be. I thought it would be helpful to answer a few of the most common questions. With two candidates having such divergent views…
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Beware of “Wash Sales” When Selling Securities
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As we head into the year-end, it’s often a good time to look at realizing losses for tax purposes on your investments. If you’re planning to sell capital assets at a loss to offset gains that have been realized during the…
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Habits That Can Work Against Wealth Creation
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Are You Undercutting Your Efforts to Build Wealth? Good money habits can help you as you save and invest for the future. Bad habits can leave you treading water financially. Let’s review three bad money habits to avoid. Not…
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Coping with Change
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Some life events you can anticipate, while others surprise you. This year has certainly brought a lot of the latter. Some are significant enough to affect your household finances, your investment strategy, and even your vision of the…
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Life Insurance Overview
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Q – I am interested in purchasing life insurance. Could you please explain to me some of the different options? A – Life insurance policies come in many shapes and sizes! They should be set up based on your specific…
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Retirement Investing Myths
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Myth 1: 100 minus your age equals the percentage of stocks to keep in your portfolio. If you’re 40 years old, for example, this myth recommends keeping 60 percent of your portfolio in stocks. As you age, this number becomes…
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Fundamentals of Estate Planning
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Why is Estate Planning Important? Having a properly executed estate plan allows you to select trusted individuals to manage your money and property and make decisions on your behalf when you cannot. It also allows you to designate…
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Can Stocks Predict the Next President?
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Although all election years feel different, 2020 no doubt may be one of the most unique election years ever. We have a pandemic, a deep recession, extremely heightened partisanship, a mail-in ballot controversy, an unpredictable…
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Ways to Repair Your Credit Score
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A good credit score can result in a lower home mortgage rate or getting approved for renting a home. We all try to maintain a good credit score. Sometimes, though, life throws us a financial curveball and that score declines. What…
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Learn the Power of a ROTH IRA
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Roth IRAs are used by millions to build wealth over time with tax-free growth. Yes, you read that correctly tax-free growth (if you follow the rules!). Simply stated, this means the capital gains are not taxed annually and you do not…
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Peace of Mind Checklist
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Here at Financial Freedom Wealth Management Group, we do everything in our power to help our clients prepare for a successful future. One aspect of this is to be prepared for the unexpected. If you are like most of us, your life has…
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Better Times Are Coming
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The economic struggles in our country are among the worst we’ve ever seen. In April, a record 20 million people lost their jobs, and 36 million people have filed for unemployment since the COVID-19 pandemic struck in mid-March….
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Managing Anxiety Through Charitable Giving
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How are you holding up? If you are like many Americans, you are probably feeling some level of anxiety regarding the COVID-19 outbreak. And that is okay. We are living in a time when feeling helpless is understandable. Ultimately, what…
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How We Respond Matters
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“Life is 10% what happens to you and 90% how you respond to it.” — Lou Holtz As the battle against the COVID-19 pandemic continues, how we respond to it will determine how we beat it. Continued sacrifices range from…
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Suspended RMDs for 2020
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As I’m sure you know, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was recently signed into law. The CARES Act is designed to help those most impacted by the COVID-19…
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This Too Shall Pass
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The beginning of 2020 has been quite a ride so far. How is everyone doing staying home and slowing the pace of life? As we hunker down in our homes, working remotely, figuring out the new normal, we may feel all sorts of fearful…
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Now is the Time to Fund Your IRA
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With the recent pullback in the markets this is an attractive time to buy investments. If you haven’t already funded your retirement account for 2019, consider doing so by April 15, 2020. That is the deadline for contributions to…
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Coronavirus Impact Of Markets
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“The stock market takes an escalator up, and an elevator down,” is a classic Wall Street saying. The last week has sure felt like taking an express elevator down, as the end of February brought a historic stock market…
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Talk Money With Your Honey
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February is the month for celebrating Valentine’s Day, love and relationships. What could possibly disrupt our feelings of love…well, money. Money is often a trigger of conflict in romantic relationships. Money can seem taboo….
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Three Key Questions to Answer Before Taking Social Security
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Social Security may be a critical component of your financial strategy in retirement, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement…
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A 2020 Look at Your IRA
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While most of us were enjoying the holidays, our friends in Washington were busy tinkering with traditional Individual Retirement Accounts (IRAs). As you may have heard, Congress passed legislation late last year that changed the rules…
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Money Resolutions for 2020
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Happy New Year! Financial New Year Resolutions top the list each year. Instead of setting a lofty resolution to overhaul your whole financial life, consider choosing a small, measurable goal which can be checked regularly and celebrate…
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End of a Decade
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As the year draws to a close and a new decade begins, I am mindful of how far we’ve come over the past 10 years. It’s easy to get wrapped up into looking forward, setting new resolutions or pondering what hasn’t been…
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Put it in a Letter
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Having helped several widows and children deal with the loss of a loved one this year has me thinking about some advice for you. Most people don’t spend too much time thinking about their own funeral, and yet, many of us have a…
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Gratitude with Your Money
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Thanksgiving Day begins the holiday season and gives us an opportunity to be grateful. When you think of gratitude and how it relates to your finances, what comes to mind? Maybe how thankful you are to have enough money to cover your…
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Oregon College Savings Plan Changes
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The Oregon College Savings Plan is a 529 savings account that has special tax advantages to help people save for educational expenses like tuition, computers, supplies and more. Recent legislative action has made significant changes to…
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What should an Investor do?
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Investors are still enjoying the longest bull market ever, but two camps of thought still exist. One camp points to the fact that based on historical numbers, like price earnings, that equities are highly overvalued and overpriced. The…
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3 Football Strategies to Win with Money
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Have a Game Plan – Benjamin Franklin said it best, “If you fail to plan, you are planning to fail”. The biggest secret to building wealth is to sit down early and create a plan. Answering questions like, when do I…
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Planning for a Dream Retirement
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What is your dream retirement? When retirement day arrives will you be ready? More importantly, will your nest egg sustain the retirement of your dreams? If the answer is no, maybe or I don’t know, then consider making changes in…
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3 Financial Tips for Fall
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As the leaves start to change and the pumpkin spice lattes are back in the coffee shops, we know fall is here. It’s a beautiful time of year as the kids head back to school, routines are re-established, and the crispness of the…
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Protecting Your Identity
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Protect your Identity Protecting your identity is crucial in this digital age we live in. The IRS recently launched an educational campaign called “Taxes. Security. Together.” to raise awareness about how individuals can…
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Strategies for Investors in a Volatile Market
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During volatile times, many investors get nervous and begin to question their fundamental investment decisions and choices. This is especially true for those investors who monitor their portfolios daily. They can be tempted to pull out…
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Simplify Your Finances
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Did you know that the first week of August is National Simplify Your Life week? Simplifying your financial life can bring clear mindedness and a sense of freedom to our lives. I want to share a simple exercise to get started. Take…
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Living With Intention
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What does it mean to live your life with intention? We’ve all been in a situation when things didn’t go as planned. Maybe you hurt someone’s feelings, over-reacted or just plain reacted. You might have thought,…
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Best practices of Smart Investing
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Investing is a marathon, not a sprint. The best advice I can give when helping clients invest smarter is to stay focused on your time horizon and individual goals. The first step to becoming a smart investor is to establish your plan,…
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Why Self-Forgiveness is Important
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Why is Self-Forgiveness Important? I recently came across a Facebook post on self-forgiveness and it piqued my curiosity. I stopped scrolling and starting reading. From a young age I was taught about the need to forgive others and now…
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Fathers Can Shape Their Children’s Financial Future
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As Father’s Day approaches I thought I would write about how Fathers can shape their children’s financial life. According to a John Hancock Retirement Services survey of 1,007 American adults conducted in late April, 56…
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Advice for Graduates
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Graduation is an excellent time to get your financial life started on the right foot. I wanted to share some tips to do just this. Whether you are headed to college or starting a career in the real world, these solid strategies will…
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Can Money Buy Happiness?
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This question was posed to me about 3 months ago and I battled how to answer it. My first conditioned response was NO of course not, but when I pondered further and deepened my thinking, it challenged me. I now believe money can buy…
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Spring Market Updates
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The wait is over; spring is here. Recently, the S&P 500 Index and Nasdaq Composite notched a fresh all-time closing high. It’s been a tough road back to new highs, but U.S. stocks’ persistence and momentum has been impressive since the…
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Top 3 Scams that Target the Elderly
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As a financial advisor I work with retirees and elderly. I have seen an increase in scamming activity primarily targeting this senior generation. I thought I would share the research I have done and bring awareness to the top 3 scams…
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Retirement Advice
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It’s extremely important that we all take our retirement into our own hands. The concept of not preparing and relying on a government-sponsored retirement is not the best plan. Financial woes combined with the fact that the U.S….
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What Documents to Keep and What to Shred
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Spring cleaning and tax time is rapidly approaching and a common question I get this time of year is, “What documents should be kept and what can be tossed?” It is smart to keep your tax returns indefinitely. Old returns…
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Tax Law Changes Will Affect You
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This year’s tax season brings major adjustments for taxpayers, tax preparers and the IRS alike due to changes created by the Tax Cut and Jobs Act (TCJA). One of the biggest changes is the increased standard deduction. If you…
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6 Miscalculated Expenses in Retirement
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Helping people plan for retirement is one of our specialties at Financial Freedom Wealth Management Group, LLC. Accurately calculating your retirement expenses is one essential part of the formula. Unfortunately, over 50 percent of…
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Building Your Emergency Fund
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With the recent government shutdown and the personal stories of Americans not being able to pay their mortgage or buy food for their families, I feel compelled to talk about the importance of creating your emergency fund. We all have…
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Welcome to 2019
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Happy New Year everyone! Let’s take a look back on 2018 and then consider what 2019 holds for investors. 2018 kept investors on the edge of their seats. Trade wars, natural disasters, geopolitical unrest and U.S political…
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Memory Investing
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The holidays are a time to reflect on the most important parts our lives: our loved ones. The busyness of the season can sometimes get in the way of enjoying being with them. During this time, I challenge us to invest in creating…
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Social Security Income Strategies-1954
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Social Security: A closing loophole you should know about This is a must read for anyone born on or before January 1, 1954. Social Security is a foundational part of most American’s retirement income and having a strategy is…
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Fall Market Volatility
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October was a scary month for investors. While many financial analysts are still calling for a higher year-end finish, the equity markets are experiencing a pullback and realized a correction this month. A correction is generally…
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Tony Robbins Experience
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This week I am going off topic and want to share what I learned attending a Tony Robbins Conference recently. As an entrepreneur and financial adviser, I always have invested in my education by attending numerous conferences, reading…
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Money Saving Advice
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Saving for the future is one of those important but not urgent things. The secret to building a strong financial future lies in our ability to create a plan, put it into action and then forget about it. Unless we make it a habit,…
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Pro’s & Con’s of Store-Branded Credit Cards
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I am mom to 3 school age kids and over the past month we went on our annual back to school shopping trip. This included visits to at least 10 stores. In every one of the stores where we made a purchase, something inevitable was asked:…
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Is Now a Good Time to Invest?
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I thought I would address a great question I am frequently asked. “Julia, is now a good time to invest? We are near all-time highs in the stock market and I am just worried I will invest my money and then everything will go down…
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Planning to Retire
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Q: Dear Julia: I always planned on being able to retire when my retirement accounts hit 1 million dollars, this July they hit that goal but now I am wondering if I have saved enough. Someone told me about the four percent rule, what is…
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Mid-year Outlook
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Can you believe 2018 is already half over?! Every July we review the first half of the year and then look out over the next 6 months to see what we can anticipate from the markets. At my company we look to several resources for this…
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Emergency Fund
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Bad things happen to the best of us, and when they do they seem to come in waves. An emergency fund can work as a life preserver to keep us afloat until the waters calm down. Here are some ideas and tips to start. 1.) Set up an amount…
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Retirement Considerations
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Deciding on when to retire is not only a financial question but it is important to think about the emotional side of retirement too! After all, in retirement, every day is a Saturday! Let’s put money aside and consider if you are…
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Graduation is Here!
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I want to share some financial advice for our graduates. I have worked as a financial advisor for the past 20 years and hear consistently “I wish I started saving and investing when I was young”. Starting the habit of…
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Social Security Considerations
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Starting to take your social security income is a once in a lifetime decision. The most common considerations are deciding when to start, longevity, spousal benefits as well as continuing to work in retirement. The average life…
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Is a SEP-IRA Right for Your Business?
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If you’re like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement plan for your business can become a casualty. It is important to pause and think…
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Social Security Basics
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If you are like many Americans, you’ve worked and contributed to the Social Security system for most of your life. When it comes time to start thinking about taking Social Security income and what factors to consider, it is…
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Planting in Your Financial Garden
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Spring is here, and it’s almost gardening season! This is a perfect time to start planning and dreaming about what you are planting, not only in your flower garden but also in your financial garden. The first step in starting…
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Life Insurance Basics
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Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. A good rule of…
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Don’t Procrastinate
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Don’t Procrastinate Many taxpayers put off their tax preparation until the very last moment. Why wait for crunch time to prepare and review your information? Visit with your financial professional several months before the…
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Inherited IRA’s
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Inherited IRAs Be careful if you inherit a retirement account. In many cases, the decedent’s largest asset is a retirement account. If you inherit a retirement account, such as an IRA or other qualified plan, the money is usually…
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5 Football Strategies for a Successful Retirement
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Have a Game Plan – Benjamin Franklin said it best, “If you fail to plan, you are planning to fail. The biggest secret to building retirement wealth is to sit down early and create a plan. Answering questions like, when do I…
Read More
Happy New Year!
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With the new year comes a new opportunity for a fresh start and new resolutions. I find some people are big fans of New Year’s resolutions while others don’t give it a second thought. Why is that? Maybe they realize the…
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Charitable Giving
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This is a great time of the year to clean out your garage and give your items to charity. Please remember that you can only write off these donations to a charitable organization if you itemize your deductions and given the tax law…
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What Does Tax Reform Mean to me?
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What does Tax Reform mean to me? The current Tax Cuts and Jobs Act proposal is seeking the biggest transformation of the U.S. tax code in more than 30 years. It aims to permanently reduce the corporate tax rate from 35% to 20%,…
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4 Things to Talk About at Thanksgiving
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4 Questions to ask on Thanksgiving Day The 2017 holiday season is officially here. As we start thinking about decorating, preparing food, making our wish lists and dashing out for Black Friday, I wanted to give you some ideas for…
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Money Tips for Couples
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Money is one of the top reasons couples argue. It can be a touchy subject between partners and often times leads to fighting that has the potential to destroy marriages and families. Money problems can also lead to depression,…
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Social Security Benefits on the Rise
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Social Security Benefits on the Rise! Are you currently receiving Social Security income? I have good news for you. In January of 2018 you will be getting the largest cost-of-living adjustment in Social Security benefits payments since…
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What is a Health Savings Account?
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What is a Health Savings Account? A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). “To further qualify, one…
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The Equifax Breach: What Should You do?
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Last week, one of the “big four” credit reporting agencies, Equifax, announced it experienced a security breach resulting in criminals accessing personal information of approximately 143 million Americans between May and…
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ATTN: Parents of College Bound Kids
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Advice for Parents of College Bound Kids The time is coming to get your graduated high school senior off to college. Most parents think about the normal things to prepare; the college dorm room set-up, discussing the budget, stocking…
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Market Update
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Market Outlook The second quarter was a healthy one for investors. While the outlook for the remainder of the year still looks positive for equity investors, there are several factors to continue keeping a close eye on which could…
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Relationships and Money
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Relationships and Money When I met my husband, his sister was handling all his bills. After we were married I took over. It wasn’t until 12 years into our marriage that we started talking about money and setting financial goals…
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Financial Freedom
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What is Financial Freedom? Financial Freedom can mean different things for each of us. It’s important to identify what it means to you personally because that will help set your financial goals and motivate you to pursue them.To…
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How Are Financial Advisors Compensated?
How are Financial Advisors Compensated? The 3 primary ways financial advisors get paid are from hourly consulting, earning a commission based on investments purchased, or an advisory fee for managing your portfolio and being your…
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Buy a Home or Pay for College?
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Buy a Home or Pay for College? With the cost of college education increasing at a rate approximately double that of inflation, a toddler today will need to have about the cost of an average home to pay for four years at a public school…
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Tips to Protect Your Identity
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Protecting your identity has become something everyone should be concerned with. Here are some simple tips to practice and could save you a huge headache down the road! Don’t ever provide personal information over the phone, by…
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What is Identity Theft
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What is Identity Theft? Identity theft occurs when a criminal takes your personal information (such as your social security number, address, birth date, bank account number, credit card number, etc.) and uses it to steal money or…
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Which Tax Records to Keep and Which to Toss
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Which Tax Records to Keep and Which to Toss Dear Julia, I just filed my taxes for 2016 and am planning to clean out my old files. What records should I keep, and what can I safely toss? –Buried in stacks of paperwork Dear Buried in…
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How to Help Minimize Risk in Your Investment Portfolio
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The first step in minimizing risk in your investment portfolio is knowing what your investment goals are and making sure your portfolio is aligned with these goals. For example, if you are investing for retirement and that is 10-20…
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Contribute to Retirement Accounts
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Contribute to Retirement Accounts If you haven’t already funded your retirement account for 2016, consider doing so by April 18, 2017. That’s the deadline for contributions to a traditional IRA (deductible or not) and a…
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5 Smart Steps on Student Debt
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Five Smart Steps on Student Debt Know What You Owe. View your federal loans on the National Student Loan Data System at nslds.ed.gov. This site does not include information on private loans. You should make a list of balance and…
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Automated Advising
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Automated Advising I’ve heard a lot about online robo-advisors recently. What are these and should I be using an online automated advising program or a real advisor? An online advisor, sometimes referred to as a robo-advisor,…
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2017 Outlook
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2017 Outlook Everyday, clients ask me what they should expect in 2017. Should I be nervous, excited, scared, worried or hopeful? I respond with yes, all those things. The potential changes from a new administration could make planning…
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Welcome to 2017
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Welcome to 2017 Happy New Year! As the 2016 holidays fade into the past, the New Year brings new opportunities and a chance for a fresh look at your finances. If you’re feeling like all your money went with the holidays,…
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Charitable IRA Rollover
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Charitable IRA Rollover Q: Dear Julia: Since turning 70 ½ I must take out my Required Minimum Distribution (RMD) from my IRA (Individual Retirement Account) by the end of each year. I don’t need this money for income and…
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Best Practices of Smart Investing
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Best practices of Smart Investing Investing is a marathon, not a sprint. The best advice I can give when helping clients invest smarter is to stay focused on your time horizon and individual goals. The first step to becoming a smart…
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Thanksgiving Planning
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Thanksgiving Preparation Another holiday season is upon us! It amazes me that as I get older, the years seem to go by much faster. With Thanksgiving already here, my thoughts move toward gratitude and giving. It’s a natural time…
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What is an Executor’s job?
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What is an Executor’s job? An executor is responsible for sorting out your finances after your death; generally arranging for the payment of debts and expenses and distributing what remains to the heirs. The executor you name in…
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Election 2016 Letter
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Dear Valued Investor: Donald Trump has completed his landmark quest and will become the nation’s 45th President after a contentious and often divisive campaign. In addition, the Republican Party has retained control of both…
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Pros and Cons of Revocable Living Trusts
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Pros and Cons of Revocable Living Trusts A revocable living trust is an agreement stating how an individual’s property will be distributed and managed during their lifetime and after their death. One major benefit of a revocable living…
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How Revocable Living Trusts Work
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How revocable living trusts work A revocable living trust can be a useful estate planning tool, but it’s important to understand how they work first. When it comes to estate planning, some people create wills and leave it at that…
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Is Your Financial Advisor a Fiduciary?
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Is your Financial Advisor a Fiduciary? With a recent endorsement, President Obama committed to the fiduciary standards for financial advisors. This could have significant impact on the investment industry. Personally, I am excited for…
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Considerations for Early Retirement
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Considerations for early retirement. The median life expectancy for a 65-year-old American woman is 86, according to the Social Security Administration. For men, it’s 84. Half will die sooner, half will live longer. Taking Social…
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Tips to Help You Pursue Early Retirement
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Do you think you’re ready to start your dream retirement? This is getting harder to do. In 2014, just 4 percent of Americans expect to retire before 55, compared with 15 percent in 1995, a Gallup* poll says. Check your…
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Retirement Investing Myths
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Myth 1: 100 minus your age equals the percentage of stocks to keep in your portfolio. If you’re 40 years old, for example, this rule recommends keeping 60 percent of your portfolio in stocks. As you age, this number becomes…
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The Dream Retirement
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What is your dream retirement? When the time arrives that you have been working for your entire career, will you be ready? More importantly, will your nest egg be ready to sustain the retirement of your dreams? If the answer is no or…
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The Brexit Vote: What You Need to Know
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In late June we all received the unprecedented news that the United Kingdom (U.K.) has voted to leave the European Union (EU). The U.K., comprised of England, Scotland, Northern Ireland and Wales, has been a member of the 28-nation EU…
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Top Seven Estate Planning Mistakes
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Avoiding these seven most common mistakes can help make life easier for those who survive you. Not having an estate plan! Any saver or investor at the least needs to have a current will. Believing that having a will avoids probate. A…
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What is a Rollover IRA?
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So, what’s the big idea behind a rollover IRA? With a rollover IRA, the retirement dollars you have saved so far within your company’s retirement plan, like a 401(k), can be moved to your own Individual Retirement…
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Why the Roth IRA?
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The Roth IRA is a retirement savings vehicle that was started through the Taxpayers Relief Act in 1997 and named due to the efforts of its main proponent, Senator William Roth. The power of the Roth IRA is not in what it can do for you…
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Health Care Costs in Retirement
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What’s the single biggest expense that you will face in retirement? Housing? Recreation? The title of this probably gives it away, how about health care costs? Between Medicare premiums and the portion of medical bills Medicare doesn’t…
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A Bucket Plan to Go with Your Bucket List
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The baby boomers have re-defined everything they’ve touched, from music to marriage to parenting and, more lately, to what “old” means—60 is the new 50! Longer, healthier living, however, can put greater stress…
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How Often Should You Review Your Estate Plan?
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Q: How often do I need to review my estate plan? A: Once every three years is a general rule of thumb. At the very least, confirm that your fiduciary appointments (executors, trustees and agents designated in your medical and financial…
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Upcoming Election and Your Investments
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I recently attended the Barron’s Top Independent Advisors Summit and one of the most fascinating sessions was on “Everything Investors Need to Know – and Should Ignore – About the Upcoming Election.”* As…
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Considerations for taking Social Security Income Early
I am 63 years old and working part-time. I am considering drawing social security income early. Is this a good idea? There are several drawbacks to claiming Social Security benefits before full retirement age. For one, you may receive…
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Traditional vs. Roth IRA
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Traditional IRAs, which were created in 1974, are owned by roughly 31.1 million U.S. households. And Roth IRAs, created as part of the Taxpayer Relief Act in 1997, are owned by nearly 19.2 million households.1 Both are IRAs. And yet…
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Four Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to?¹ While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the…
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Is a SEP-IRA Right for Your Business?
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If you’re like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement plan for your business can become a casualty. The idea of establishing a plan…
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What to Do When Markets are Volatile
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Does the recent downturn in the market have you second guessing your investment choices? Don’t worry, you’re not alone. The volatile markets are back and most likely here to stay for 2016. What’s important though is…
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Looking ahead to 2016 for Investors
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Planning for 2016 could be confusing and investors still need to be watchful. Rising interest rates, a volatile stock market, an active political landscape and fluctuating oil prices are issues that need monitoring. For 2016, caution…
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Your Emergency Fund
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Have you ever had one of those months? The water heater stops heating, the dishwasher stops washing and your family ends up on a first-name basis with the nurse at urgent care. Then, as you’re driving to work, giving yourself…
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Protect Your Identity
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Protecting your identity is crucial in this digital age we live in. The IRS recently launched an educational campaign called “Taxes. Security. Together.” to raise awareness about how individuals can protect themselves…
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Social Security Claiming Questions
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First, let me stress that no one who is currently collecting Social Security benefits will be affected by the prospective changes to rules determining who can file and suspend Social Security benefits to allow a spouse, dependent or…
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A New Era for Social Security
The recently passed Bipartisan Budget Act of 2015 includes major changes to Social Security. This legislation opens up significant opportunities for those who may be affected by these changes. ELIMINATION OF THE SOCIAL SECURITY “CLAIM…
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Tax Strategy That Could Save You Money
Despite all of the news we have heard about tax simplification, the current tax code still remains a complex combination of regulations, statutes, rulings and forms that are written primarily in highly technical language and cover…
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Don’t Procrastinate
Many taxpayers put off their tax preparation until the very last moment. Why wait for crunch time to prepare and review your information? Visit with your financial professional several months before the year-end to discuss your…
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Inherited IRAs
Be careful if you inherit a retirement account. In many cases, the decedent’s largest asset is a retirement account. If you inherit a retirement account, such as an IRA or other qualified plan, the money is usually taxable upon…
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Active Investors vs. Passive Investors
Peter Lynch, the famous stock picker once said, “Most investors would be better off in an index fund.” I wondered if this was true, so I set out to find the answer! Do active investors make more money than passive…
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Social Security Benefits
Q: I recently turned 66 and started receiving my Social Security benefits. Will I have to pay taxes on this income? A: On the Social Security website, www.SSA.gov, they state that “some people have to pay federal income taxes on their…
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How do changes in interest rates affect bond prices?
Typically, bond prices and interest rates move in opposite directions. This means that when interest rates rise, bond prices tend to fall, and conversely, when interest rates decline, bond prices tend to rise. Here’s why: Suppose you…
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What should the prudent investor do in an increasing interest rate environment?
Now is an ideal time to review or revisit your bond holdings to identify what, if any, changes you may need to make. Bonds are usually an essential part of a conservative portfolio: they provide income and are usually more stable than…
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Backdoor Roth IRAs
The traditional contribution (“front door”) for Roth IRAs is currently not available for higher income earners. Married couples earning $193,000 or more and singles earning $131,000 or more in 2015 are still barred from contributing…
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Market Volatility Update
August brings with it the end of summer, but in recent years, bouts of stock market volatility have been common. It is quite normal for stock prices to decline at some point almost every year. In 30 of the 34 calendar years since 1980…
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5 Football Strategies for a Successful Retirement
This coming Sunday kicks off the 2015 Football Season, I can’t believe it’s upon us so quickly! Retirement has a way of sneaking up on us too. Here are 5 strategies to think about while you take in the first game of the season. Have a…
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Considerations for Retirement Income Planning
As retirement nears you may not want to convert all of your savings to fixed income or CDs. Even when you are at a retirement age and are starting to take withdrawals from your investments, it is still important to consider keeping a…
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Planning for Your Retirement
Q: Dear Julia: I always planned on being able to retire when my retirement accounts hit 1 million dollars, this past April they hit that goal but now I am wondering if I have saved enough. Someone told me about the four percent rule,…
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Essential Estate Planning Documents
61% of Americans die without leaving a will for their heirs, says a recent Harris Interactive poll for RocketLawyer, a legal website. In fact, 28% of us would rather do anything than make a will. Without a will, a probate court…
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Inflation – Back to the Future
Inflation sometimes seems like one of those afflictions of an era long since passed into the history books. While it’s true that double-digit inflation has been absent for the last 30 years, you may remember the high inflation years…
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