Posted in Finances

Five Investment Tasks to Tackle by Year-End

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?…
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Money Hacks

There is a big trend right now of life hacks. So, I came up with three money hacks that you can do now to change how you think and feel about your money. Open your wallet. Look at your money and how it is organized. Is your money a mess in your wallet? Or is it nicely organized? If you have all your money in an orderly fashion that is much different than if your money is out of order,…
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Job Loss – How to Financially Cope

If you have lost your job, it is important not to panic. Breathe. Stay calm. Everything always works out how it is supposed to. Here are four things you can do now to ease the stress financially and emotionally if you have been laid off. Assess your situation. Now is the time to be calm and to stop and look where you are and where you would like to be. If you don’t have a budget, create one. If you…
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Markus Winkler

Tapping Retirement Savings During a Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines and the other rules for loans and early withdrawals may help you determine if they are appropriate options during a financial crisis. (Remember that tapping…
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Turbulent Times: Bear Markets Come and Go

The longest bull market in history lasted almost 11 years before coronavirus fears and the realities of a seriously disrupted U.S. economy brought it to an end.1 Bear markets are typically defined as declines of 20% or more from the most recent high, and bull markets are sustained increases of 20% or more from the bear market low. But there is no official declaration, so often there are different interpretations and a fair amount of debate regarding when these cycles…
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Changing Jobs? Know Your 401(k) Options

If you’ve lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It’s important to understand your options. What will I be entitled to? If you leave your job (voluntarily or involuntarily), you’ll be entitled to a distribution of your vested balance. Your vested balance always includes your own contributions(pre-tax, after-tax, and Roth) and typically any investment earnings on those amounts.It also includes employer contributions (and earnings) that have satisfied your…
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Eleven Ways to Help Yourself Stay Sane in a Crazy Market

Keeping your cool can be hard to do when the market goes on one of its periodic roller-coaster rides. It’s useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are 11 ways to help keep yourself from making hasty decisions that could have a long-term impact on your ability to achieve your financial goals. 1. Have a game plan Having predetermined guidelines that recognize the potential for turbulent times can help…
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Five Key Benefits of the CARES Act for Individuals and Businesses

By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time cash payment of $1,200. Each U.S. resident or citizen with an adjusted gross income (AGI) under $75,000 ($112,500 for heads of household and $150,000 for…
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How to Manage Your Money While Job Searching

Losing your job can be stressful. In general, most Americans do not have enough liquid money set aside for emergencies. At any point, we as Wealth Advisors recommend having 6-12 months of expenses set aside as liquid money so that you have money to pay all your bills for six months if you have no income coming in. Ideally, this is in an insured money market account. Liquid money is not underneath your mattress, buried in your backyard or in…
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Spring Cleaning Your Way to Better Finances

Spring is a good time to clean out the cobwebs, and not just in your home or apartment. Your personal finances can benefit from a good spring cleaning, too. Here are some questions to ask yourself regarding your budget, debt, and taxes. Is there room in my budget to save more? A budget is the centerpiece of any good personal financialplan. After tallying your monthly income and expenses, you hopefully have money left over to save. But… is there room…
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