Stop sending so much of your hard-earned income to the IRS! Learn the top strategies used by high-income earners to lower taxes and keep more of your money in 2025.
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Don’t miss out on crucial financial tips for your 50s and beyond. Read our latest article to learn more!
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Starting a conversation with your parents about their finances and goals can be challenging. While the idea may feel uncomfortable, it’s an essential step to ensure that your parent’s wishes are understood, their plans are in place, and that you are prepared to support them without taking control or intruding on their independence. Rather, it’s about fostering a dialogue that enables clarity, support, and future preparedness.
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Summer is an excellent time for all sorts of improvement and maintenance projects, from losing a few pounds and getting in shape to hiring contractors or tackling DIY projects. There's a lot of planning, organizing, and work involved, but the goal is to spend the lazy days of summer enjoying the fruits of your labor now.
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As the 2023 tax season wraps up for many of you, it's prudent to start thinking about optimizing your tax situation for the current year and beyond. The best time to begin planning for next year’s taxes is to proactively start now. As surprising as it may sound, the higher inflation rates we have been experiencing may positively impact your 2024 tax planning.
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Understanding your unique financial goals, needs, and attitudes toward money are essential in determining how confident you are about your future finances. A recent study published by Northwestern Mutual examines US adults by generation to understand attitudes and behaviors toward money, financial decision-making, and financial security.
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Starting early, saving as much as possible, and being thoughtful about how you allocate your investment portfolio to balance risk and return are the basics for most investors. As you continue to increase your income and your investments grow, taxes become a critical component of your long-term savings and investment plan.
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Choosing a health insurance plan can be difficult. Many employers offer PPOs (Preferred Provider Organizations) and HDHPs (high deductible health plans). When considering an HDHP vs. PPO, each option has pros and cons. Since both fully cover wellness visits and annual exams, your decision should reflect your personal needs.
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Passive income presents an opportunity to diversify your income sources. For clients whose income fluctuates due to bonuses, commissions, or the nature of their industry, a stable income stream can be appealing. It's akin to having a financial safety net that helps smooth out the peaks and valleys of certain job types.
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Passive income is a buzzword we see on TikTok, YouTube, and other social media sites. This has filtered into a lot of conversations with many of our clients. The concept of passive income is amazing – you don’t have to do anything to earn more money on your money. That sounds pretty sweet, right?
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We’re all familiar with the Roth IRA, an after-tax individual retirement account that permits both earnings and withdrawals (after age 59 ½ of course) to be tax-free. This tax-advantaged investment vehicle is not exclusive to those over the age of 18. A Custodial Roth IRA exists that allows parents to contribute on behalf of their children, assuming the child has qualifying income.
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If you have contributed the maximum to your 401(k) plan, you may want to consider additional after-tax savings in an IRA. While the contribution will not be tax-deferred, it will grow tax-free and can provide an additional source of income during retirement.
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Getting laid off from a job upends almost every aspect of your world. Besides the financial impact, there may be emotional, psychological and even physical implications.
The goal is to turn a loss into a successful transition to the next stage of your career. Having this happen as quickly as possible will alleviate some financial concerns, but it is important to allow yourself time to process the emotional and lifestyle affects.
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Millions of U.S. college graduates have begun their careers with a crushing student loan debt balance. In fact, 40 million Americans owe more than $1.7 trillion in total loan debt. This equates to more than 50% of students graduating with significant debt.
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One of the most rewarding facets of financial success is what you can provide for your children. And when it comes to giving to kids, the most dangerous instances aren’t necessarily material things. For many parents, drawing limits on toys, games, electronics, and clothes can be easy, especially when you see stuffed closets and playrooms filled with the latest…everything.
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So, you’ve decided you need help with your money and want to begin working with a financial advisor. But how can you find the right one? Searching online is one way, or you could ask for recommendations from friends and family. However, the right advisor for someone else isn’t necessarily the right person for you. Here’s what you should consider in your financial advisor search in Overland Park, Kansas.
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How do you go about making the big decisions in life? For most of us, it's a blend of trying to be logical, weigh pros and cons, explore various outcomes, and think about the process. But when it's time to decide, the biggest factor is usually much more emotional. We go with our gut. And that's usually the right answer.
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The midpoint of your career, when your income has increased, and you have some visibility into your likely earnings trajectory, usually corresponds to other responsibilities. These may include home ownership, creating a family, saving for kids’ education, and increasing retirement savings. And, of course, higher income means higher taxes.
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Cash flow planning is at the core of a sound financial plan. It's how you link all the pieces of your plan together and get them working effectively towards your short- and long-term goals. It incorporates income, spending, saving, and investing into a framework that builds wealth. A strong cash flow plan can also help you strategize debt, taxes, your career, and how to optimize non-financial assets, like an investment property.
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