Investing for Major Financial Goals
Setting financial and investment goals Setting goals is an important part of life in general and financial planning in particular. Investing without knowing what you’re trying to achieve is like trying to drive across country without a map or GPS. Your goals and circumstances may change over time, but it’s easier to adjust your plan […]
Private Family Foundations
Summary: A private family foundation is a legal entity created, funded, and operated by a single family for the primary purpose of making grants to charities. Because of its charitable mission, a private family foundation is given tax-exempt status, like a public charity, and contributions to the foundation by family members are tax deductible, but […]
5 Mistakes HNWIs Make in Retirement
The path to retirement for high net-worth individuals (HNWIs) is complex, from navigating taxes, inflation erosion, succession planning, investment expertise, and maintaining their lavish lifestyle. Without strategic planning, ultra-rich individuals can lose their hard-earned wealth, forfeiting the blissful leisure, luxury, and financial health coveted by many during retirement. Unfortunately, many make costly mistakes, which impact […]
5 Steps to Achieve Financial Independence
We’re all striving for financial independence in an effort to pave the way for financial security, greater flexibility, and overall peace of mind. Maybe you’re planning to establish an emergency fund to avoid dipping into savings, focusing on paying off debt, or upping those monthly 401(k) contributions to prepare for retirement, all excellent steps toward […]
Dealing with Catastrophic Property Loss
Disasters can strike anybody at any time, resulting in catastrophic property damage and loss. Fires in dwellings and natural disasters such as floods, hurricanes, tornadoes, severe storms, mudslides, and wildfires cause significant property damage every year across the United States. Although disasters usually strike without warning, there are measures you can take both before and […]
Understanding Liability Insurance
Have you ever wondered how you would cover the cost if someone got injured while in your home, business premises, or because your car hit them? Accidents can happen to even the most careful individuals. Knowing you can afford any resulting compensation and legal fees might put your mind at ease. Liability insurance covers injuries […]
New Year’s Resolutions to Create Financially Confident Kids (and Less Stressed Adults!)
Many adults rank their finances as their number one source of stress. A major contributor is the lack of financial literacy programs, particularly when they were younger adults and children. As a parent or grandparent, you can take matters into your own hands. One way is to make some simple money resolutions that you can […]
Maximizing Your Bonus: Understanding How Bonuses are Taxed
Have you received a bonus from your employer recently? Bonuses can affect your tax burden in various ways. Therefore, it’s crucial to understand how they are taxed to plan accordingly. Bonuses Taxed High? Why? When it comes to bonuses, the Internal Revenue Service (IRS) regards them as supplemental wages. This means that bonuses are subject to […]
Replacement and Conservation Considerations for Life Insurance Policies
What is it? Life insurance can be complicated. Yet many people have life insurance because they recognize the need to provide adequate resources for their dependents when they die. Many others treat their life insurance policies as investments from which they hope to realize a sizable return. If you own a policy, you probably derive […]
Maintaining Your Financial Records: The Importance of Being Organized
An important part of managing your personal finances is keeping your financial records organized. Whether it’s a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you need to locate a financial record or document–and you’ll need to locate it relatively quickly. By […]