- This 529 Plan Mistake Could Cost You Big at Tax Time
529 plans are one of the most popular ways Americans save for the college expenses of their children. As of June 2024, there were 16.8 million 529 savings accounts holding $508 billion, according to the College Savings Plan Network. While these tax-advantaged accounts are effective tools for meeting future education needs, overfunding a 529 plan… read more…
- High-Net-Worth Divorce: Dos and Don’ts
Legally, divorce is divorce no matter how much money is involved. In practice, though, high-net-worth divorces tend to be much more complicated than ordinary breakups. Rules surrounding divorce are highly state-specific. This article will discuss issues that apply in general, but… read more…
- SMART Financial Goal Examples
Financial goals come in all shapes and sizes. Most importantly, financial goals vary widely on your unique situation. Any financial goals you set should reflect your personal goals. Setting SMART financial goals can help you make progress towards the financial… read more…
- Where Do Millionaires Keep Their Money?
Where do millionaires keep their money? High-net-worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. There were 24.5 million millionaires in the U.S. in 2022. And only 21%… read more…
- What Is a Fiduciary Financial Advisor? Definition, Types and Examples
In legal terms, a fiduciary is an individual or organization that has taken on the responsibility of acting on behalf of another person or entity with honesty and integrity. For example, bankers, attorneys and officers of public companies are all… read more…
- 529 Plans: Custodial vs. Individual Accounts
Opening a 529 college savings account can be a smart move if you’d like to save for college on a tax-advantaged basis. One thing to consider when opening a 529 plan is whether it should be a custodial or individual… read more…
- Stock Dividends vs. Cash Dividends
Buying low and selling high isn’t the only way to make money in the stock market. Investing in companies and mutual funds that pay out dividends to shareholders is another popular strategy that can grow a portfolio and generate investment income. Dividends are a way that companies and mutual funds transfer profits to shareholders, rewarding them… read more…
- Envelope Saving Method: Budgeting Guide
Choosing the right budgeting system can make it easier to stick to a monthly spending plan. The envelope saving method, also referred to as the cash envelope method or cash envelope budgeting, can help you get control over your money… read more…
- Can a Financial Advisor Steal Your Money?
Whether it’s a stock market crash or a string of poor investment decisions, losing your money is the worst nightmare of every investor. For investors who work with financial advisors there’s a more specific fear — being taken advantage of… read more…
- 23% of Adults Got Three-Quarters of Financial Literacy Questions Wrong: Can You Get Them Right?
Despite the vast depth of information and education available today, financial literacy isn’t improving among adults in the U.S. A financial advisor can help you improve your financial literacy to better understand your money. Find a fiduciary advisor today. On average,… read more…
- Financial Coach vs. Financial Advisor: Which Do You Need?
“Personal finance is personal” is a popular adage – and it’s true. We all have our unique set of knowledge, goals, and experience when it comes to our finances. When it comes to money, most of us need help in… read more…
- Guide to Investing in Crypto for the Long Term
One of the most exciting – and frustrating – things about cryptocurrency is its wild volatility. While investors are often attracted to these digital currencies by their rapid and dramatic increases in value, cryptocurrencies are also subject to sudden crashes.… read more…
- How to Build Wealth: Step-By-Step Guide
Building wealth can seem like an impossible goal, especially if you are just getting started. In the early stages, both your income and investment returns may be small, and that makes it easy to get discouraged. However, it’s important to… read more…
- Setting Long-Term Financial Goals
Financial goals come in all different forms, from setting money aside for emergencies to setting up a trust to pass your assets on at the end of your life. All financial goals are important, but long-term financial goals tend to… read more…
- Don’t Let This Estate Planning Misconception Put Your Family at Risk
Estate planning isn’t solely about protecting your financial assets. At its core, it’s about taking care of your family, friends and the causes that are important to you. Unfortunately, some key misconceptions are keeping people from making an estate plan, according to a new survey of 10,000 Americans. The No. 1 factor that holds people… read more…
- Tax Attorney vs. CPA: Which Do You Need?
A CPA, or certified public accountant, is someone who specializes in taxes and can manage the math involved with them. A tax attorney is a lawyer who knows how to review your tax decisions to see what the IRS allows. Each plays a distinct role, and there’s a good rule of thumb for choosing one:… read more…
- What Certifications Do Financial Advisors Need?
Financial advisors are professionals who work with clients to help them with their finances and investments. Advisors may work with clients holistically to develop broad financial plans, or they can help with a narrower focus, such as estate planning or retirement. Advisors often have certifications that indicate a certain level of expertise or area of… read more…
- What Is an ABLE Account?
ABLE accounts allow individuals with disabilities to save money using a tax-advantaged account. Congress created these accounts under the 2014 Achieving a Better Life Experience (ABLE) Act. The law aims to simplify how individuals with disabilities cover qualified expenses. Before opening an ABLE account, take time to understand how they work and who qualifies. You can… read more…
- 4 Moves to Make in Your Portfolio as Interest Rates Climb
Interest rates are on the rise. The Federal Reserve approved its first interest rate hike since late 2018 on Wednesday — and there are likely six rises coming this year. While it’s conventional wisdom that bond yields move opposite interest rates, new research from Morningstar shows why traditional portfolio diversification techniques don’t work as well… read more…
- Tax Planning for High-Net-Worth Individuals
If you have at least $1 million in investable assets like cash, stocks or mutual fund shares, congratulations: you’re a high-net-worth individual. This distinction not only means that you’re wealthy, but also that you may qualify for certain perks within the financial services industry. However, having a high net worth also comes with the unique… read more…
- How Often Should You Meet With a Financial Advisor?
Let’s say you’ve taken the first step and have already decided to speak with a financial advisor. You already know that financial planning and wealth management goals are vital to your long-term financial health, but how often are you supposed to speak with your advisor about investments and strategies? A financial advisor could help you… read more…
- Here’s Who Will Get Additional Income From Vanguard This Month
Investors with Vanguard mutual funds in their portfolios are in line to receive some extra cash later this month. The company announced Friday that extra distributions of capital gains and dividends will be paid to the shareholders of 34 different Vanguard mutual funds. The supplemental distributions are scheduled for later in March after the capital… read more…
- Fiduciary vs. Financial Advisor
When you’re looking for someone to guide you through the world of personal finance, there’s a lot of jargon you have to work through. Financial advisors and fiduciaries are just two of the titles you’re likely to come across, but… read more…
- Should You Work With a Tax Advisor?
Most Americans have very simple tax needs: their employer handles biweekly withholding, and then come April, they file a tax return for either a refund or payment based on their standard deduction. However,, things can get a little more complex than that, depending on how you manage your investment portfolio. If you have significant investments… read more…
- Understanding Financial Risk Management
Financial risk, which is the probability of financial loss, can arise in numerous business and investment scenarios. For instance, a business can’t launch a product or service without taking on risk. However, risk also opens up opportunities in other areas of a given space. In portfolio management, there’s usually a direct correlation between risk and rewards.… read more…