There is one financial transaction that I strongly discourage clients from doing and here’s why . . . Do not withdraw from your retirement accounts early! Here are the reasons why I hear most people want to withdraw from their retirement accounts: Purchase a house Pay for expenses while unemployed As a temporary loan, with […]
retirement
An Observation Regarding Money Worries
There are a few things that I noticed over the years that seem to contradict each other regarding money worries. There seems to be a link between being charitable, concerns over saving too much, and stress about money. Charitable giving: some people make a lot of money and give little to nothing to charity, especially […]
5 Financial Truths
There is a lot of information out there about finances, and it’s hard to figure out what is exactly true or not true. Always seek the truth, especially from someone that is not trying to sell you something. Here are some examples: College: We are led to believe that all of our children must go […]
Don’t Make These Easily Avoided Financial Mistakes
We are all not perfect and everyone makes mistakes. However, the key is to avoid these financial mistakes as much as possible: Penny wise and dollar dumb: The actual expression is penny wise and pound foolish, but I still remember a partner from my first job saying this to a client (maybe it’s the American […]
Traditional IRA vs. Roth IRA
Traditional IRA: An individual retirement account that allows individuals to contribute pretax money to investments. The investments grow tax-deferred until the amounts are withdrawn at retirement, generally age 59 1/2. The maximum amount you can contribute for 2015 is the lesser of your taxable compensation or $5,500 ($6,500 if you are 50 or older). There […]
What is a Self-Directed IRA?
Individual retirement arrangement or IRA’s are very common and well-known. Normally when someone owns an IRA they invest in stocks, bonds, and mutual funds, but did you know that there is alternative arrangement, called a self-directed IRA? A self-directed IRA allows an individual to invest in a wide array of assets, including real estate, private […]
Don’t Make These Mistakes
With all of the financial and tax laws, changes to the laws, and life changes it is almost impossible to stay on top of everything. We have to constantly assess our situation all of the time. Here are a few things to consider: Wills, Beneficiaries and Estate Matters: Did you recently get married, have children, […]