- What Are the Tax Implications of Switching Financial Advisors?
Switching financial advisors can come with tax implications that investors should be aware of. For one, the transfer of assets between accounts may trigger taxable events, particularly if investments are sold to facilitate the transfer. Additionally, fees associated with the switch—such as exit fees or early withdrawal penalties—could potentially have tax consequences. Investors should also… read more…
- How to Choose a Suitable Financial Goal for You
Setting goals is an important part of any financial plan. Without goals, it’s impossible to know if you’re on the right track. Choosing a good financial goal starts with understanding your current financial situation and envisioning where you want to be in the future. Whether you’re aiming to save for a comfortable retirement, buy a… read more…
- 5 Financial Milestones to Hit by Age 30
Your 30s are an important stage in your financial journey. It is often a time when you start thinking more about long-term goals like buying a home, saving for a child’s education, building a retirement fund or paying off debt. By the time you turn 30, hitting certain financial milestones can set you on a… read more…
- 4 Financial Goals to Set for Your 20s
Your 20s are an exciting time full of new opportunities, whether it’s starting your first job, getting married or gaining new independence. While it’s easy to get caught up in the whirlwind of new experiences, setting financial goals during this decade can help set you up for success in the future. After establishing a strong… read more…
- How to Set and Achieve Your Short-Term Financial Goals
Setting and achieving short-term financial goals can be a transformative step in managing your personal finances effectively. These goals, typically set for several months or a few years, help you focus on immediate financial priorities and lay the groundwork for long-term success. Whether you’re aiming to build an emergency fund, pay off a small debt… read more…
- How to Find a Financial Advisor for Actors and Entertainers
Finding a financial advisor familiar with the unique needs of actors and entertainers is crucial for those managing the often unpredictable income streams and complex financial situations in the entertainment industry. Start by seeking advisors who specialize in working with clients in the arts, as they will be familiar with the specific challenges and opportunities… read more…
- Examples of Financial Goals and How to Reach Them
Establishing financial objectives is a crucial step in preparing for your future. Typical financial goals might involve creating an emergency fund, setting aside money for retirement, eliminating debt and investing to achieve long-term growth. Reaching these goals requires discipline and strategies tailored to each individual objective. By breaking larger financial goals into smaller, manageable steps,… read more…
- Ask an Advisor: We’re in the 35% Tax Bracket. At What Point Does It Make Sense to Start Converting Our 401(k) Into a Roth?
Although everyone is different from a tax bracket standpoint, at what tax bracket does it makes sense to start converting your 401(k) into a Roth 401(k) and pay the taxes upfront? For instance, I am 42 with a combined income of $560,000 between myself and my wife, putting us in the 35% federal tax bracket.… read more…
- How to Invest in SpaceX
SpaceX continues to achieve key milestones in 2025. SpaceX brought two NASA astronauts, Butch Wilmore and Suni Williams, successfully back to Earth from the International Space Station in March. The company is also planning to send astronauts on a first-ever polar orbit to conduct research experiments, which include studying the aurora borealis. Additionally, the company’s… read more…
- How to Evaluate Your Financial Advisor’s Performance
Evaluating your financial advisor’s performance involves looking beyond mere portfolio growth and delving into a variety of factors that reveal the advisor’s true effectiveness. When considering how to evaluate your financial advisor, review the quality of advice provided, the advisor’s alignment with your financial goals and the transparency and frequency of communication, among other factors.… read more…
- 5 Milestones to Help You Reach Financial Independence
Achieving financial independence can seem like a daunting task, but breaking it down into clear, attainable milestones can make the journey feel more manageable. Financial independence milestones act as guideposts, helping you measure progress and stay on course as you work toward greater financial freedom. From creating a solid emergency fund to diversifying your investments,… read more…
- 8 Signs It’s Time to Change Financial Advisors
Sometimes, the question is not can you change financial advisors, but rather, should you change financial advisors? Perhaps you have noticed a lack of communication or feel like your goals are not fully understood. Maybe there are red flags like high fees or ethical concerns. Whatever the reason, it could be time to reassess the… read more…
- Ask an Advisor: Can I Collect Social Security Survivors Benefits Now and Switch to My Own at Full Retirement Age?
I’m 62 and currently working but my spouse passed away when I was 60. He waited until age 70 to take his Social Security. Can I collect his Social Security now in addition to my paycheck? If I get more money under my account at FRA, can I switch? – Ellen I’m sorry to hear… read more…
- What Are the Responsibilities of a Financial Advisor?
A financial advisor can play a key role in helping you manage your financial life. Their responsibilities generally include providing personalized investment advice, helping you set and achieve financial goals and offering guidance on retirement planning. They assess your current financial situation, recommend strategies to grow your wealth and help you navigate complex financial decisions.… read more…
- How to Find a Financial Advisor if You’re a Veteran
Finding a financial advisor as a veteran can be an important step in managing your financial future. Veterans often have unique financial needs, such as understanding military benefits, navigating VA loans or planning for retirement with a military pension. When searching for an advisor, it’s important to look for someone with experience working with veterans… read more…
- Financial Advisor Background Checks: BrokerCheck and Form ADV
As part of your due diligence, conduct a thorough background check before choosing a financial advisor to manage your investments, retirement or estate planning. After all, you don’t want to hand over something as important as your financial future to any but the most qualified and trustworthy professional. Fortunately, financial advising is a highly regulated… read more…
- Where People Are Using the Most FHA Loans – 2024 Study
A Federal Housing Administration (FHA) mortgage loan is designed for first-time homebuyers who may need less stringent requirements to qualify, and are often available with down payments as low as 3.5%. However, these loans usually require an additional property inspection and can be seen by sellers as less competitive when compared with conventional loans or… read more…
- Ask an Advisor: I’m Going to Do a Roth Conversion on $250k. Can I Use the Converted Funds to Cover the Taxes?
I want to do a Roth conversion from my traditional IRA in the amount of $250,000. It’s my understanding that I have to pay the income tax on the $250,000. Can that tax be paid from the funds in the IRA or do I have to pay the tax outside of the IRA? – Kevin… read more…
- 7 Financial Milestones to Help You Reach Your Goals
Financial milestones serve as benchmarks that help us track progress toward long-term financial goals, such as purchasing a home, sending a child to college or being prepared for retirement. By breaking down your financial journey into manageable steps, you can stay motivated, make informed decisions and ultimately reach your financial objectives. Need help creating a… read more…
- What Does a Financial Therapist Do?
A financial therapist helps individuals and couples address the emotional and psychological aspects of money management. By blending financial planning with therapeutic techniques, a financial therapist provides guidance on issues like money-related stress, financial behaviors and communication around finances. This specialized professional works to uncover the root causes of financial challenges, whether they stem from… read more…
- How to Open a Custodial Account for a Minor
Custodial accounts allow you to manage assets on behalf of a minor until they reach adulthood so that you can provide a structured approach to financial planning for their future. You may want to save for their education or a future purchase, or perhaps, you simply teach them about the importance of saving and investing.… read more…
- How to Save Money for Your Kids
There are many reasons to save money for your kids, whether you’re trying to pay for their education, help them buy a first home or simply create a financial cushion for their future. You can do this in different ways, depending on your financial situation, needs and goals. Starting early, however, can give your children… read more…
- Ask an Advisor: I Feel ‘Uneasy With My Advisor.’ Can I Switch?
How often can I change advisors who manage my assets? I just started in May and I feel uneasy with my advisor. – Maricor I’m sorry to hear that you’re not feeling good about your current advisor. The good news is that while there are some practical limitations to consider, there really aren’t any restrictions… read more…
- How to Find a Financial Advisor If You’re an Artist
Art is not a traditional career, and artists deal with atypical financial concerns including irregular income, self-employment taxes and the complexities of valuing and protecting intellectual property. In the face of these unique challenges, it’s important for an artist to find a financial advisor who understands the specific needs of artists and can provide tailored… read more…
- I’m Selling My House and Netting $590k. Do I Have to Worry About Capital Gains Taxes?
A net gain of $590k on a home sale will put at least some of the money up to potentially be taxed, regardless of your circumstances. But in many cases, you won’t have to pay taxes on that full amount. A home seller normally can exclude a gain of up to $500,000 from federal taxes… read more…