Test Your Knowledge of College Financial Aid

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…
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Tax Deductions You Might Be Able to Take

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…
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Changing Your State of Domicile

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…
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Watch Out for These Financial Pitfalls in the New Year

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…
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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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The Changing College Landscape

The 2020-2021 academic year is right around the corner, and the coronavirus pandemic has upended the college world, like everything else. Not only has COVID-19 impacted short-term college operations and student summer plans, but the virus could end up being the catalyst that changes the model of higher education in the long term. Here are some things to know about the changing college landscape. College funds. Market volatility has been at record high levels this year, and college nest eggs…
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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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Six Keys to More Successful Investing

A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help you invest more successfully. Long-term compounding can help your nest egg grow It’s the “rolling snowball” effect. Put simply, compounding pays you earnings on your reinvested earnings. The longer you leave your money at work for you, the more exciting…
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Can You Avoid a Layoff?

You may be a dedicated employee who has worked for the same employer for many years, yet you still may be susceptible to getting laid off. Sometimes getting laid off is inevitable, but rarely does a company lay off all of its workers. Usually, it retains those who are most valuable and offer the greatest benefit, sometimes at the least cost. Fortunately, there may be some things you can do to make the decision to lay you off a little…
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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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