One of the reasons investing gets confusing for most people is that there are too many rules, requirements, products/options, and terms. The website “Investopedia” claims to have a “comprehensive financial dictionary with over 13,000 terms and counting.” Insanity! The world of retirement planning – which is just a subset of investing – is not much better. But the definitions do matter. A 401(k) withdrawal, for example, could mean paying penalties and taxes that could cost you dearly if done wrong, or done at the wrong time. A 401(k) rollover, on the other hand, could provide you with several benefits and advantages for moving your retirement plan in the right direction. In this case, a single word makes all the difference – and not knowing it could cost you. [+] Read More

For about 85 million Americans, owning a pet is a joy and marvel of everyday life. Indeed, according to the 2017 - 2018 National Pet Owners Survey, about 68% of US households own a pet. This marks a remarkable 56% increase from pet ownership levels in 1988, the first year the survey was conducted. That’s a lot of furry and fuzzy (and fishy and flighty) friends across the country. Many of these pets are considered a part of the family because of the companionship they offer. According to a 2015 poll, 95% of pet owners in America think of their animal as a member of the family; even going so far as to buy them birthday presents! This perhaps explains why for many, no amount of money can replace the happiness and health benefits of owning a pet. [+] Read More

What does it take to be a top income earner in the United States? We found some data recently that breaks it down, telling us just how much you’d need to earn in order to give you a place at the top. Here are some of the numbers by age. In other words, you’d need to earn this much each year to be a top 1% earner in the US:1 Age 35: $291,000 Age 45: $458,000 Age 55: $453,000 Age 64: $473,000 Having a high income may seem like it’s an automatic for also having financial security, but it isn’t. High earners still need an investment plan. Making a lot of money also often means having high living expenses, which makes management all the more important. Case in point: multi-millionaires who find themselves bankrupt far too early in retirement – and sometimes even before they retire. We’re going to pick on professional athletes here, for two reasons: 1) they often qualify to be top 1% earners in their active years; and, 2) there are numerous instances where financial mismanagement led to bad outcomes. [+] Read More

In light of the increased security concerns caused by the Equifax data breach and the increased extent of the Yahoo data breach, we feel it is important to remind clients of ways that you can protect yourself from identity theft and other data theft. Below are four easy steps that you can take today to help protect your internet security. [+] Read More

After campaigning hard for the importance of tax reform, President Trump and his advisors released an early stage tax code change framework on Wednesday, September 27. From his podium in Indianapolis, IN, Trump explained that his framework would cut taxes for businesses and individuals and potentially deliver a “middle class miracle.”[1] As he put it, “…we will cut taxes for the everyday, hardworking Americans…”[2] While the House and Senate will still have significant work to do to in order to finalize the tax plan and craft new legislation, the initial review of Trump’s framework has some substantial changes to the current tax law, which could represent the largest tax reform change passed in 30 years.[3] [+] Read More

Over the past few days we’ve had many clients mention their concerns about the Equifax data breach, which got us talking about how to protect your credit if it’s possible your personal information is at risk. And, as the number of impacted Americans continues to grow, it’s worth knowing what options you have to protect yourself from fraud. Equifax built a Cybersecurity Incident website for you to see if your personal information has been impacted - check to see if your security was impacted here. While some people are considering Equifax’s own credit monitoring service, another option that you have is to freeze your credit across all three major reporting agencies. But what does that mean, and how do you do it? A Quick Explanation Freezing your credit basically places restrictions on who can view your credit report. Once your credit is frozen only yourself, existing lenders, or their debt collectors will be able to see it, according to federal regulators. (Government agencies carrying out a search warrant or subpoena are still able to access your credit records as well.) [+] Read More

When most people think of the late artist Prince, they think about a global music phenomenon with unforgettable pop hits and an unforgettable persona. That’s how he should be remembered. But what many people do not realize is that Prince’s fortune – the estate he worked tirelessly to create over time – is currently being battled out in the courts amongst a slew of relatives, “alleged heirs,” lawyers and advisors. Prince passed away over a year ago (April 21, 2016), yet his estate is still very much unsettled.1 The reason for the ongoing court battles and legal headaches? Prince didn’t have a will. [+] Read More

Quizmaster, Doug Hutchinson, has come up with another great quiz for us regarding how volatility can affect wealth accumulation. Let’s see what the math has to say. [+] Read More

Money manager strategies can be likened to the fuel for your retirement plans. Much like gasoline in a car or wind for a sailboat, money managers can propel your investment plan forward along the way to your retirement goals. As such they need to be researched and monitored closely. How do you know if your money manager’s performance is real? What should you look for in a good money manager? What are things to watch for? While each person’s approach is different, these are important questions to ask, especially if you’re noticing any of the following with your current or prospective money manager. [+] Read More