Posted in Finances

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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The Struggle We Face With Aging Parents

Recently we have been helping so many clients deal with their parents and estate planning. Coming to the realization that we need to take extra care of our parents later on in life is one of the most difficult things to deal with. It is hard to talk to anyone about money, let alone your parents. Regardless of whether you and your parents have always talked freely about money or never discussed the subject, there are several considerations you may…
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Hindsight in 2020: What Will You Do Differently This Year?

According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.1 The saving conundrum What’s preventing Americans from saving more? It’s a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday…
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Ten Year-End Tax tips for 2019

Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real opportunity for tax savings if you’ll be paying taxes at a lower rate in one year than in the other. However, the window…
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Smart Spending on Christmas Gifts

Tips for Managing Your Holiday Spending

Like almost everything else these days, the holidays have become a barrage of options and choices, with nearly limitless opportunities to overspend. Here are some tips to help you make sure your family’s spending remains in check this holiday season. Develop a spending strategy First and foremost, develop a budget. Involving family members will help you establish and maintain realistic expectations at the outset. Remember to include not just gifts, but also holiday meals and parties, travel, greeting cards and…
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Life preserver

Five Times in Your Life When You Might Need Help With Your Finances

As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you navigate through these various life events, you might seek professional guidance to help you make sound financial choices. 1. Getting married Getting married is an…
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Tax documents

Financial Scams Targeting Older Individuals

If you or someone you know has been targeted by a scam artist who is trying to steal money or personal information, you are not alone. According to the Senate Special Committee on Aging, older Americans lose an estimated $2.9 billion annually to fraud and exploitation, a number that is probably substantially under-reported.* Most scams start with a call, an email, a text, or an official-looking letter that appears to be from a government agency or a legitimate company. Sometimes…
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Financial Independence

Is It Time to Declare Your Financial Independence?

No matter how much money you have or which life stage you’re in, becoming financially independent starts with a dream. Your dream might be to finally pay off the mountain of debt you’ve accumulated, or to stop relying on someone else for financial support. Or perhaps your dream is to retire early so you can spend more time with your family, travel the world, or open your own business. Financial independence, however you define it, is freedom from the financial…
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