Blog

Test Your Knowledge of College Financial Aid

Prosperwell Financial

Financial aid is essential for many families, even more so now in light of COVID-19. How much do you know about this important piece of the college financing puzzle? 1. If my child attends a more expensive college, we’ll get more aid Not necessarily. Colleges determine your expected family contribution, or EFC, based on the income and asset information you provide on the government’s financial aid form, the Free Application for Federal Student Aid (FAFSA), and, where applicable, the College…
Continue reading Test Your Knowledge of College Financial Aid

Tax Deductions You Might Be Able to Take

Prosperwell Financial

Tax time is upon us and although nobody likes to look at how much money you are paying in, you may not have to pay as much as you think. We have come up with a few deductions that many people are not aware of. If any of these apply to you, they could help shrink your tax bill. Moving Expenses If you are moving because of a new job or because your current job changed locations, you may be…
Continue reading Tax Deductions You Might Be Able to Take

Changing Your State of Domicile

Prosperwell Financial

Whether relocating from a high-income tax state to a low-income tax state or moving to another state with increased asset protection, property owners, especially those of high net-worth, should consider certain factors for establishing domicile. Many residents of Minnesota love to move to Florida. They love the warm weather during the long winter, the ocean, the beaches and also the tax advantages. Minnesota is a high-income tax state. One of the highest. Florida as no state income taxes. Changing your…
Continue reading Changing Your State of Domicile

COVID-19 and the Importance of Disability Insurance

Prosperwell Financial

The prospect of being unable to work due to an illness or injury may seem remote to many of us, particularly during our younger working years. However, the COVID-19 pandemic has increased the chances of getting sick and not being able to work for an extended period, making disability income insurance (DI) more important than ever, regardless of your age. Health insurance may pay for some of the medical expenses related to your illness, but it won’t cover your lost…
Continue reading COVID-19 and the Importance of Disability Insurance

Tax Event

Watch Out for These Financial Pitfalls in the New Year

Prosperwell Financial

As people move through different stages of life, there are new financial opportunities and potential pitfalls around every corner. Here are common money mistakes to watch out for at every age. Your 20s & 30s Being financially illiterate. By learning as much as you can about saving, budgeting, and investing now, you could benefit from it for the rest of your life. Not saving regularly. Save a portion of every paycheck and then spend what’s left over — not the…
Continue reading Watch Out for These Financial Pitfalls in the New Year

Four Steps to Rebuilding Your Business

Prosperwell Financial

Few business owners have escaped the financial effects of stay-at-home orders, new safety protocols, and consumer fears related to the pandemic. Even if you took advantage of temporary federal, state, or local relief funds to help you stay afloat during the worst months, you could be expecting significantly lower sales and profits for 2020 overall. The short- and mid-term outlook for small businesses is still uncertain and varies by region and industry. In fact, challenging economic conditions could persist locally…
Continue reading Four Steps to Rebuilding Your Business

Five Tips to Regain Your Retirement Savings Focus in 2021

Prosperwell Financial

In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidence was continually tested as the year wore on, and it’s likely that this percentage rose — perhaps even substantially. If you find yourself among those feeling stressed heading into the new year, these tips may help you focus and enhance your retirement savings strategy in 2021. 1. Consider increasing your savings by just 1%. If you participate in a retirement savings plan…
Continue reading Five Tips to Regain Your Retirement Savings Focus in 2021

Seeking Sun or Savings? Explore a Retirement Move

Prosperwell Financial

Many people intend to retire in the place they call home, where they have established families and friendships. But for others, the endof a career brings the freedom to choose a new lifestyle in a different part of the country — or the opportunity to preserve more wealth and protect it from taxes. This big life decision is not all about money or the weather. Quality-of-life issues matter, too, such as proximity to family members and/or a convenient airport, access…
Continue reading Seeking Sun or Savings? Explore a Retirement Move

Five Investment Tasks to Tackle by Year-End

Prosperwell Financial

Market turbulence in 2020 may have wreaked havoc on your investment goals for the year. It probably also highlighted the importance of periodically reviewing your investment portfolio to determine whether adjustments are needed to keep it on track. Now is a good time to take on these five year-end investment tasks. 1. Evaluate Your Investment Portfolio To identify potential changes to your investment strategy, consider the following questions when reviewing your portfolio: •How did your investments perform during the year?…
Continue reading Five Investment Tasks to Tackle by Year-End

How to Teach Your Kids When You Lack Confidence About Money

Prosperwell Financial

Recently, I was part of a virtual panel using Zoom. We were talking about money and confidence. Specifically, about children and how do we talk to our kids about money. One of the women on the panel with me said something that gave me an “aha” moment. She said that a lot of times even though she is a super successful business owner, she does not feel qualified to talk to her kids about money. She doesn’t feel like she…
Continue reading How to Teach Your Kids When You Lack Confidence About Money