What Is The Best 529 Savings Plan For You?
When saving for educational expenses, one of the key decisions you must make is what savings and investment vehicle is best. We have previously written a blog “How Should I Save For College?,” which talks about which vehicle might be best for you. In many cases a 529 savings plan is the best option, but […]
President Biden’s Recent Tax Proposals
A couple of months ago, I wrote a blog discussing potential tax changes that might occur under our new President given his election and Democratic control of the Senate and House of Representatives for at least the next two years. That blog reviewed some of the changes President Biden proposed during his campaign. Since that […]
What Does It Mean To Have A Diversified Portfolio?
There are many misconceptions about diversification and what it means to have a diversified portfolio. One of the questions I get a lot is: “I own XYZ stock. Is it a good time to sell it?”. Usually, my immediate follow up, even before looking into the stock, is how big of a position is the stock in your portfolio […]
The Emotional Preparation for Retirement
As a person nears retirement, much of the conversation is frequently centered on financial preparedness. If you have done all the right things, you have been saving for retirement for many years leading up to this point and you have a financial plan in place, you have adjusted your portfolio, analyzed Social Security strategies, and planned for various what-if scenarios. That part is all mapped out for you. What is often a last-minute […]
When You Should Contribute to a Retirement Plan
Often the mantra you hear when it comes to contributing to retirement plans such as 401(k) or 403(b) plans is to “max out your plan”. And, if you have the annual income necessary to meet these thresholds, you should absolutely take that approach. But there are many people who cannot “max out” their plan and […]
4 Common Wealth Building Mistakes
Building wealth can be confusing and complex at times. To be successful, one must take a holistic approach, requiring an understanding of many different aspects of wealth management. Many of these components are intertwined. For example, ask yourself if you have a sound financial plan? If you answered yes, does the plan take into consideration […]
Potential Tax Policy Changes under the New Administration
The election of Joe Biden as President coupled with Democratic control of the U.S House of Representatives and U.S. Senate could mean tax changes are on the horizon. Although control does rest with the Democratic party, control is only by the slimmest of margins. Any changes to tax policy likely will be only modest as […]
Merging Finances in Marriage: 3 Pillars of Success
If you surf the internet on should you merge finances or best ways to merge finances, you will get plenty of unique tips, tricks, and plans. Like most things in life, there is no one perfect way to manage your finances in marriage. In this blog, I am going to discuss three guidelines for success in merging finances. I am focusing on merged finances […]
Helping Aging Parents Manage Their Finances
It is said that getting old is not for sissies. Well, neither is watching your parents slow down, mentally and physically, as they age. As our parents once did for us, adult children must know when to judiciously step in and help navigate the increasingly complex financial waters for our aging parents. But knowing when […]
Keys to a Successful Home Inspection
The housing market is very active right now and many home purchasers are buying a home for the first time. In THOR’s May 2018 blog post (https://www.thorwealthmanagement.com/first-time-home-buyer-how-to-make-an-offer), we mention that one of the items all home buyers should complete before removing the contingencies from the purchase contract is a home inspection. A home inspection is initiated once your offer has been accepted by the seller, but you still have a period of due diligence […]