Enjoy Labor Day and Put Your Benefits to Work for You

September 01, 2014

Labor Day weekend is always an enjoyable time in our family’s household as we usually try to get in a trip to the beach, have a cookout, and welcome in the college football season (which is a pretty big deal in our part of the world). Hopefully you and your friends and family have been able to work some fun into the schedule over the long weekend. (If you had to actually clock in at work today, be sure to find some time for rest and relaxation soon to make up for working on the federal holiday.) Continue reading “Enjoy Labor Day and Put Your Benefits to Work for You”

Retirement: You Might Need to Visualize It to Realize It

August 25, 2014

As a financial planner, I feel that it is important to encourage people to realistically think about what their retirement will look like. No matter how young or old, now is always a good time to plan for the future. It is not uncommon for some of these popular questions to come up during a typical conversation: Continue reading “Retirement: You Might Need to Visualize It to Realize It”

My Back to School Checklist

August 11, 2014

It is hard to believe that summer is winding down and school is right around the corner. I talk to many other parents this time of year who have a wide range of thoughts regarding the back to school routine. Some ask “where did all of the time go” while others cannot wait to get their cute little monsters out of the house and out of their hair. If you are a parent with school-aged children, you are likely experiencing a similar feeling of disappointment/relief. Continue reading “My Back to School Checklist”

What (If Anything) Will You Regret the Most in Retirement?

August 04, 2014

Have you ever had a conversation with someone who was simply living in the past? When I say living in the past, I don’t just mean the innocent act of reminiscing about better times or the so-called “good ole days.” I am referring to people that painfully dwell on the past. This can be painful for the person experiencing regret and can also be an emotional drain on those who constantly observe and listen to others experience the cycle of regret. Continue reading “What (If Anything) Will You Regret the Most in Retirement?”

Ask-A-Planner Mailbag

July 28, 2014

Many friends of Financial Finesse and readers of our daily blogs send us direct questions and various inquiries through our social media sites. Occasionally we will highlight some of the more frequently asked questions and provide you with a summary response.  In this version of the Ask-A-Planner mailbag, we will examine a couple of questions regarding Individual Retirement Accounts.  To help examine these questions, I thought I’d turn to Paul Wannemacher, one of our resident financial planners and a recent addition to the Think Tank at Financial Finesse, for some guidance.  Continue reading “Ask-A-Planner Mailbag”

Welcome to the Financial Finesse Book Club

July 21, 2014

What has been on your reading list so far this summer? Last week, we looked at some recent financial blogs to help add some balance to your summer reading list and hopefully improve your finances along the way. Since I am often asked about recommended personal finance books, I figured why not summarize some books that my colleagues and I have read in the past few years. The good news is that many of these books are located at your local library so you can check them out for free. Continue reading “Welcome to the Financial Finesse Book Club”

Balancing the Summer Reading List

July 14, 2014

My eight-year old daughter Caroline recently made an observation that in her opinion, I simply don’t read enough.  This of course is coming from an up and coming 3rd grader who absolutely loves to read and is currently breezing through J.K. Rowling’s entire Harry Potter series along with countless other books.  Although I will acknowledge that I never was a bookworm growing up, it must be noted that her definition of reading does not include financial journals, academic research studies, personal finance blogs, IRS tax code, or financial planning books. I am impressed that my daughter balances her reading preferences and also reads non-fiction books to learn about various topics ranging from history, Bible stories, and Golden doodles. Continue reading “Balancing the Summer Reading List”

Online Investment Platforms: Wave of the Future or a Passing Fad?

July 07, 2014

Last week, we looked at how the asset allocation process doesn’t have to be an overwhelming task and that a variety of options exist to create a diversified portfolio.  As we continue to examine different ways to create an investment plan that matches your life goals, it is important to understand where you can turn to for asset allocation guidance.  After all, financial literacy research studies demonstrate that most people do not have the financial knowledge and confidence to manage their own investments. Continue reading “Online Investment Platforms: Wave of the Future or a Passing Fad?”

Are You Choosing the Right Investments in Your 401(k) Plan?

June 30, 2014

It can be hard to figure out if the investment selections within your retirement plan investments are a good fit for your personal goals. The concept of diversification is usually represented by the phrase “don’t put all your eggs in one basket.” It makes perfect sense but how do you know which baskets are the best fit and how much do you put in each basket?  Continue reading “Are You Choosing the Right Investments in Your 401(k) Plan?”

Lessons from the World Cup About Diversification

June 16, 2014

The 2014 World Cup started with a bang on Thursday with the host nation Brazil beating Croatia in a somewhat less than convincing fashion.  National pride and hope is growing in the host nation of Brazil and across the globe with 32 nations vying for the World Cup trophy.  Like many American soccer fans, I’ve enjoyed watching other countries play the past few days… but now the real fun, stress, and patriotism begins.  The United States takes on Ghana today.  Continue reading “Lessons from the World Cup About Diversification”

Should I Keep My Emergency Funds in a Roth IRA?

June 09, 2014

In last week’s blog post, we examined the flexibility of Roth IRAs. Perhaps the most appealing feature of Roth IRA accounts is the tax-free growth of earnings. If you expect to be at the same or a higher tax bracket, the Roth IRA is definitely worth considering based on the prospects of future tax savings. Even if you don’t have a strong opinion as to where your future income tax bracket will be when you need access to your funds, it may prove beneficial to have this added feature of tax diversification. Continue reading “Should I Keep My Emergency Funds in a Roth IRA?”

Should a Roth IRA Be Part of Your Emergency Safety Net?

June 02, 2014

Roth IRAs are increasingly becoming one of the most popular savings vehicles for retirement. The most appealing feature of the Roth IRA is that these type of retirement accounts offer tax-free withdrawals of earnings at age 59 ½ as long as the account has been open for at least 5 years. The term “tax-free” is quite appealing in the current economic environment where higher future income tax rates appear to be a real possibility. Millennials and Gen Xers, who may not be in their peak earning years, may be particularly prime candidates to contribute to a Roth IRA. Perhaps that is one reason why the growth in Roth IRAs far outpaces that in traditional IRAs as more account owners are choosing to use after-tax dollars to save for retirement to receive the tax break during retirement.  Continue reading “Should a Roth IRA Be Part of Your Emergency Safety Net?”

Memorial Day Isn’t Just BBQ Day

May 26, 2014

Most Americans will be enjoying the long Memorial Day weekend by shopping, cooking out with family and friends, or traveling on vacation to celebrate the unofficial beginning of summer.  But let us not forget that Memorial Day was created as a day to remember all of those Americans who have died while serving our nation. The holiday originated after the Civil War to commemorate Union and Confederate soldiers who died during the war and was originally known as Decoration Day. Memorial Day is now extended to celebrate and honor the lives of all those who died while serving our country. Continue reading “Memorial Day Isn’t Just BBQ Day”

How Much Income Will You Really Need During Retirement?

May 19, 2014

We hear a lot in the financial media about the looming retirement crisis in our country and in general, retirement confidence is lacking. Therefore, it comes with no surprise that one of the most frequently asked questions that financial planners receive is “am I on track for retirement?” This is commonly accompanied by this question: How much do I need to save for retirement? Continue reading “How Much Income Will You Really Need During Retirement?”

Common Traits of Financial Success (Part II)

May 12, 2014

In last week’s blog post, we took a look at some important factors that are often inherent in financially successful people. This list is by no means perfect, but these traits are characteristic of some of the most financially confident people that I’ve worked with in my career as a financial planner.  (As a review, the first six traits that I discussed in the previous post were 1) purpose, 2 ) creativity, 3) courage, 4) willingness to act, 5) commitment, and 6) integrity.) Here are some additional traits that are important to possess along the journey to improve personal financial wellness: Continue reading “Common Traits of Financial Success (Part II)”

6 Common Traits of Financial Success (Part I)

May 05, 2014

Do you have someone special in your life that you’d like to give a financial planning shout out to? No, I’m not talking about someone you think could seriously use some financial planning help to get their money train back on the right tracks. I’m talking about a shout out to someone that helped shape your financial future in a positive way. It could be your parents, a friend, a teacher, or maybe even that special financial counselor or planner that was there for you when you needed some guidance. Continue reading “6 Common Traits of Financial Success (Part I)”

Put Your Financial Knowledge to the Test

April 28, 2014

Did you know that the entire month of April has been designated Financial Literacy Month? The month may be coming to an end soon but that doesn’t mean that the quest to improve our own financial knowledge should ever stop. As the financial world appears to get more and more complex, the concept of financial literacy becomes increasingly important when it comes to making decisions about money. Here are some assessments you can use to test your own financial literacy: Continue reading “Put Your Financial Knowledge to the Test”

How to Take Action If You Cannot Pay Your Taxes

April 21, 2014

The tax filing season has come and gone for everyone that didn’t already file an extension. Even if you filed an extension, you still have the obligation to pay your taxes by the filing deadline of April 15. If you were unable to pay off your tax bill in full then IRS tax debt concerns may linger longer than necessary and at a significant cost. Continue reading “How to Take Action If You Cannot Pay Your Taxes”

Clean Up More Than Your House This Spring

April 14, 2014

As of this spring, it has been exactly two years since our family moved into our home after a cross-town move to be closer to our children’s school and their GiGi and PopPop. It’s amazing how fast time flies but it’s also disturbing how much junk we have accumulated in that short amount of time. (For the most part, when I say junk. I am referring to toys and gadgets for the kids and our dog.) Continue reading “Clean Up More Than Your House This Spring”