Life insurance is not for everyone
What if someone told you there was one solution that could fix all of your financial problems at once? Initially, you’d be intrigued. After a few minutes of explanation, maybe skeptical. By the end of the presentation, downright confused. This is the emotional rollercoaster clients go through when they’re sold permanent life insurance. And, I’m not surprised - it’s a product that is intentionally complex, so you can’t see through to what is actually happening… the insurance company and agent selling you are making TONS of money (off you). Let’s take a closer look at life insurance in general to see when it makes sense to incorporate it into your Plan and what alternative product is fair for all parties involved.
Real estate investing - is it passive income?
You’re scrolling through social media and stumble across your favorite real estate guru, or so the algorithm thinks. You see private jets, luxury cars and numbers bigger than you know how to pronounce. How can you not pay attention?!
Jokes aside, real estate investing is pushed onto us from many directions and it’s hard to ignore. And, you shouldn’t. Just like anything else, there is a time and place for real estate in your portfolio. Though, it’s important to consider the pros/cons as well as accept that in most cases there is no free lunch (also known as passive income).
Saving for college - why it still makes sense
The 9 month wait is over and you have a child, what now? Unfortunately, sleepless nights are probably part of your new routine, at least early on. One of the things you may be counting at 3:00am (outside of sheep) is how much your new family member will cost you. A big chunk of this could be their college tuition, which somehow continues to rise by more than the cost of other goods (and general inflation). Then, there’s the question of education as a whole in the future - will college even exist? Although we don’t have the answer, we can still be nimble and plan ahead, earning ourselves some key benefits. Continue reading to learn how to approach college savings with a flexible plan that puts your racing, late night/early morning financial thoughts to rest. As for the baby’s odd sleeping hours, you’re on your own…
Equity compensation squeeze - how to get the most juice
Equity compensation is another form of pay - think of it as a bonus. Our objective is to squeeze the juice of the stock in such a way that there is a higher yield, net of taxes. At the same time, we want to mitigate risk and avoid losing our crop to a potential drought (recession). The approaches highlighted in this blog allow us to balance these things and use the proceeds right now to accumulate true wealth.
Buy a home with confidence and peace of mind
Your romantic relationship is moving to the next level and you’re thinking about buying a home together. Naturally, some anxiety kicks in - how much can I afford, what should I put as a down payment, what about interest rates, is it a good time to buy? Securing your shelter (buying a house), should not be stressful. Here is how to approach each of these questions and release any type of pressure you might be feeling. Buy a home with confidence and peace of mind.
An effective and repeatable strategy to save on taxes
You are comfortable contributing your fair share of taxes - though, do not feel the need to necessarily overpay. Part of the reason for this is that if you keep more of your money then you can either spend it on things you enjoy now or save it for the future - in both cases, your wealth increases. Although this is fairly straightforward, there is a lack of clarity on exactly how to save on taxes and who can take advantage.
401k or IRA - which one should you use?
You have access to a 401k through work. Your employer even matches some of your contributions. Though, a few friends have mentioned a (back door) Roth IRA and its benefits, which sounds enticing. You ask yourself, what are the advantages of each and how do I know which is right for me? Continue reading to learn more about each type of account and the main items to consider when deciding which to use. Surprise, you can (and in most cases should) do both!
Is a High Yield Savings Account the end all, be all… not quite
You have a HYSA (High Yield Savings Account) and you’re earning a few hundred dollars of interest each month - this means you’re all set and can continue going on about your life, right? Not quite. Though, I didn’t have to tell you that. The HYSA is better than nothing, but it’s not the most efficient vehicle to grow your wealth in the long run.
Reverse Budgeting: A strategy to spend more, without guilt
You’re walking around the local mall and notice Lululemon just released a new seasonal color of your favorite shirt. You immediately start justifying why you need it - the other colors you have are getting worn out, you will be excited to continue hitting the gym with a new fit, etc. You take a peek at the price tag and realize inflation is impacting gym shirts (that were already selling at a premium) too. Regardless, you’re “financially stable” and therefore decide to make the purchase. At the same time, there is a slight sense of guilt or buyer’s remorse - did I really need another $100 gym shirt? Compounding this feeling is the fact it’s not the first purchase you made at the mall today or even this week - in other words, this happens often. You’re making a lot of money and spending a decent amount too. In reality, this emotion is stemming from a lack of clarity on total spending and no solid plan for the future. A solution to alleviate this unfulfilled state is called Reverse Budgeting.
Wealth is more than valuable possessions & money
Wealth… what a beautiful word, don’t you agree? It rolls off the tongue and gives us a sense of satisfaction as it’s heavily associated with happiness (think, Scrooge McDuck taking a swim amongst his gold coins). For many of us, wealth is the target of our being, at least in a financial sense. Oxford defines wealth as “an abundance of valuable possessions or money.” Although I agree this is a good, straight forward definition - I ask you not to take it at face value and look within yourself for the true, deeper meaning.