- 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…
- Can Financial Advisors Give You Tax Advice?
Financial advisors can offer tax advice, but you should understand the scope of their expertise. While they can provide valuable insights on tax-efficient investment strategies, retirement planning and estate planning, they are not necessarily tax preparers or accountants. Rather, their role is to help you align your financial goals with tax-saving opportunities, such as maximizing… read more…
- How to Report Late 401(k) Contributions
The IRS and Department of Labor (DOL) require employers to adhere to certain regulations regarding 401(k) contributions. When contributions are not made on time, it can lead to compliance issues and penalties. Understanding the steps involved in reporting late 401(k) contributions is key to mitigating negative impacts on the plan and its participants. Employers must… read more…
- What Does It Mean If a Financial Advisor Is Fee-Based?
If a financial advisor is considered “fee-based,” it means they can earn compensation through a combination of both client-paid fees and forms of compensation related to selling certain products. Although the two terms may sound similar, a “fee-only” financial advisor is quite different. These fee-only advisors only charge clients fees directly related to their services,… read more…
- What to Know About Homeowners Insurance for Seniors
As seniors transition into retirement, evaluating homeowners insurance becomes even more important. Seniors’ home insurance needs may differ due to factors such as fixed incomes and potentially outdated home structures. Understanding how coverage can protect against risks specific to aging homes or health-related incidents is key. Additionally, some insurance providers offer discounts for seniors that… read more…
- How to Find an LGBTQ+-Friendly Financial Advisor
Finding an LGBTQ+-friendly financial advisor can be a critical step for individuals and couples seeking financial guidance that aligns with their values and unique circumstances. These advisors understand the specific challenges faced by the LGBTQ+ community, such as marriage and estate planning, and offer inclusive, non-judgmental advice. By choosing an LGBTQ professional clients can gain peace… read more…
- Ask an Advisor: We Earn $350K+ Per Year and Can’t Contribute to a Roth IRA. Do We Have to Wait Until We Retire to Do Roth Conversions?
Because of our income bracket – we make over $350,000 per year – we cannot contribute to a Roth anymore. We’re 61 and 62, and planning to work until at least 67. Do we qualify to convert our 401(k)s into Roths a little at a time or do we have to wait until we retire?… read more…
- 9 Key Benefits of Proper Financial Planning
Financial planning is a strategic approach to managing money that factors in both financial security and goals. The benefits of financial planning include reducing stress, increasing savings and creating a plan for retirement. It enables individuals to allocate resources effectively, plan for major life events like buying a home or starting a family and adapt… read more…
- Ask an Advisor: We Have $3.7 Million in Assets. Do We ‘Bite the Bullet’ and Buy Long-Term Care Insurance?
I’m 63 and have been on Social Security disability since 2008. My wife, also 63, stays home to care for me. We’re in poor health and were denied or quoted high rates for long-term care insurance in our mid-50s, with recent quotes as high as $1,850 a month for me and $2,750 for her. We… read more…
- How to Lower Your Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is an important part of assessing your financial health and securing favorable loan terms. The DTI ratio measures how much of your monthly income goes toward paying off debts, giving lenders a clear picture of your financial capacity. If you’re looking to improve your financial situation, learning how to lower your… read more…
- How to Lease Commercial Real Estate
Leasing commercial real estate is a critical step for many business owners, providing the space necessary to operate and grow their businesses. However, commercial leases are more complex than residential leases and involve numerous considerations that can significantly impact a business’s success. By navigating the leasing process effectively, business owners can ensure they choose the… read more…
- Ask an Advisor: When Will I Get the Most Social Security and My Wife Will Get Her Spousal Benefit?
I am the only eligible Social Security recipient in our marriage. My wife, at this point, will never have enough credits. I am 61 and my wife is 68. At what age would we get the most in Social Security where I get my social Security and my wife gets her spousal amount? – Tim… read more…
- Pros and Cons of Debt Consolidation
Debt consolidation can be an attractive option for those looking to manage multiple debts more efficiently. By combining various debts into a single loan, individuals often benefit from lower interest rates and simplified payments. However, it’s important to note the potential downsides as well. Debt consolidation may lead to longer repayment periods, and without careful… read more…
- How to Consolidate Debt
Consolidating debt can be a strategic move to manage multiple financial obligations more efficiently. By combining various debts into a single payment plan, you can potentially lower your interest rates and reduce the number of bills you need to keep track of each month. Understanding how to consolidate debt involves exploring options like personal loans,… read more…