Closer to College – Key 529 Plan Facts
You have saved for many years into your child’s 529 plan and now you and your child are on the verge of college tours and applications to decide where your child will spend the next 4 years of their life. Now is a good time to familiarize yourself with some of the nuisances of 529 […]
Both Spouses Should be Involved in Handling Financial Affairs
Division of labor in a marriage can be a good and often necessary thing. It can allow couples and families to be much more productive, freeing up precious time to spend on things they enjoy. In fact, according to Pew Research, the perceived fair division of labor is a key component of a successful marriage. […]
Hiring a Financial Advisor – The “When, Why, and Who”
WHEN should you start looking for an advisor? For many, hiring an advisor should be considered during the accumulation phase of their life. Unfortunately, many people assume they only need an advisor when they have accumulated a certain amount of wealth, are nearing retirement, or both. In reality, this assumption could not be further from […]
Asset Location: 3 Steps for Success
Asset location is an important aspect of portfolio composition and one that often gets overlooked. Like many concepts in finance, it can be part art and part science. What is asset location? It is the concept of how to utilize different savings vehicles and where to place investments among those vehicles to minimize income tax. Here we will talk about 3 steps to follow for success. 1. Establish 3 Buckets to Provide a Foundation In order to utilize asset location […]
Gifting Stock To Family Members
The holidays are quickly approaching and people are starting to think about their gift list. One of the questions that often pops up around this time is about gifting shares of stock to a family member. Gifting shares of stock can be a great gift. It can help stimulate a young person’s interest in the […]
Qualified Charitable Distributions
With two months left in the calendar year, it is time for those of us who have yet to take our required minimum distribution (“RMD”) from our individual retirement account (“IRA”) to do so. If you find yourself in the fortunate position of having to take your RMD, but not needing some or all of it, you may want to consider donating some or all of your RMD […]
How Much Cash Should I Hold?
Most people hold cash in some combination of checking and savings accounts at a bank. The cash in these accounts is used to pay for normal everyday expenses throughout a typical month. However, in addition to holding cash in a checking/savings account to pay for bills, you should also consider having a separate savings account designated as an emergency fund. This emergency fund won’t fluctuate monthly like your checking and savings accounts and the purpose of holding it is to be a buffer against an unforeseen event. Having an emergency […]
Password Management – Best Practices
It seems like everywhere you turn online these days, you are being asked to create an account and subsequent password. Want to buy textbooks for your college student or reference your doctor’s advice from your last visit? Well, set up an account and create a password! Passwords are now needed for everything from retail websites, social media, and e–mail accounts to medical providers and financial institutions. According to the latest research by NordPass, the average person has 100 passwords to remember! Obviously, some of these passwords […]
Dollar-Cost Averaging – What Is It?
Dollar cost averaging has many different names which include constant dollar plan, unit cost averaging, incremental trading, and cost average effect. But they all speak to the same strategy. Simply put, dollar-cost averaging is dividing up the total amount invested across periodic purchases. The act of dollar-cost averaging was first popularized by Benjamin Graham in his classic investing book, The […]
Should I Use My Credit Card or Debit Card?
Most of us have our fair share of plastic in our wallets, purses or money clips. We have one or more credit cards issued by organizations such as American Express, Discover, MasterCard or Visa as well as a debit card, typically issued by your bank. When we go to pay for a purchase, we are […]