Net Unrealized Appreciation is an Often Unrealized Option

January 19, 2015

I recently met with Dave, a long-term employee of a large company who came to me with a tinge of guilt in his voice. “You’re gonna yell at me, but I’ve got about 20% of my 401(k) invested in my company’s stock. I’ve been putting money in it since they started allowing me to, and it’s done about as good or better than my other stocks. The re-balancing tool on the plan website says I have too much company stock, and you’re gonna tell me to sell most of it – right?” Continue reading “Net Unrealized Appreciation is an Often Unrealized Option”

Do You Have The Right Life Insurance Coverage?

December 08, 2014

Yeah, I know what you’re probably thinking. This is not the most exciting topic to think about and other areas of the financial life planning process such as money management, paying off debt, and investing for retirement tend to get more of our attention. Still, it’s worth a quick review on why life insurance is necessary and who should buy it. In fact, this part of the discussion should come before getting to specific amounts that you should own. Continue reading “Do You Have The Right Life Insurance Coverage?”

I’m Thankful For…

November 24, 2014

As a parent, I am constantly trying to instill an “attitude of gratitude” in our children and the best approach is to model this attitude as much as possible along life’s journey. I always try to devote time for regular prayer and meditation but I am also adding a simple but formal gratitude journal to the weekly routine. As a financial planner, I know that I could do much more to encourage others to do the same. Continue reading “I’m Thankful For…”

How the IRS Can Help You Save More For Retirement in 2015

November 17, 2014

It has often been said that the only constant in life is change. As a parent, I find that change is both exciting and scary as heck because you never know what lies around the corner. This statement about anticipating change definitely remains true when the IRS is concerned. Continue reading “How the IRS Can Help You Save More For Retirement in 2015”

Can The IRS Help You Save For Retirement?

October 20, 2014

Saving for retirement is a must these days and retirement confidence in general is pretty low. Our recent retirement preparedness study revealed that only about 20% of employees feel they’re on track to reach their desired income in retirement. In order to bridge this gap, it’s no secret many of us need to save more. Continue reading “Can The IRS Help You Save For Retirement?”

How to Assess Your Financial Wellness

September 29, 2014

Last week, we started to explore the concept of financial wellness, a term used to describe our complete financial picture or overall financial health. The following question was presented as food for thought – what does financial wellness mean to you? Continue reading “How to Assess Your Financial Wellness”

Student Loan Debt? There’s an App For That

September 08, 2014

Student loans may be viewed as a form of “good debt” because of the many doors a college education can potentially open throughout our lifetime.Still, paying off student loans can become a major headache (especially if you are trying to balance other competing financial priorities like paying off credit card debt or saving for emergencies). Total student loan debt in this country now exceeds $1 trillion and 7 out of every 10 college students graduate with student loan obligations. Continue reading “Student Loan Debt? There’s an App For That”

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”

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 3^rd 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”

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?”

How to Give Your Checking Accounts an Extra Boost

June 23, 2014

When was the last time that you talked to somebody that was excited about the interest rate on their checking, savings, or money market account? Most people really don’t get worked up into a frenzy talking about personal finances and it’s especially rare to hear people excited about the interest rates banks are paying these days. Unless you have completely avoided paying attention to your personal finances over the past few years, it is no secret that interest rates are extremely low right now. When I say really low, I really mean practically nonexistent. While this is excellent for most borrowers, it doesn’t really provide us with a great deal of incentive to shop around for more competitive interest rates when parking our money at financial institutions. Continue reading “How to Give Your Checking Accounts an Extra Boost”

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?”

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?”

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”

Are You Doing Enough to Protect Your Pet?

March 17, 2014

Have you ever looked at a dirty old sock and thought, “Hey, that sure looks like a delicious treat. Should I eat that?” Hopefully not! But then again, you’re not a dog. Continue reading “Are You Doing Enough to Protect Your Pet?”