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Planning for adult parents part 2 of 2
In our last post, we outlined the challenges that exist when planning for aging parents. We covered several points that may help you better prepare for opening a dialogue to ensure mom and dad’s financial choices are optimized. Here are some other conversation...
Planning For Adult Parents – Part 1 of 2
How do you assist aging parents with their financial decisions? It’s natural not to discuss money, or other financial matters, with family. This reluctance to share tends to increase with age, even though studies show our cognitive decision-making declines as we get...
Go ride your bike!
Friday May 15th was to be “Bike to Work Day” here in Northern Virginia, DC, and Maryland. Unfortunately, it’s been cancelled but will be back, better than ever, next year (fingers crossed!). If you haven’t been outside on your bike lately, you’re really missing some...
How to fund the next home project?
Spending the past nine weeks at home may have you contemplating some capital improvements when life returns to normal. Every project comes with a price tag, how you decide to pay for renovations small or large has an impact on your financial plan. Let’s take a...
Using an investment policy statement
There are many risks to assess in a financial plan. In my opinion, the most underappreciated risk is purchasing power risk as it often sneaks up on you overtime. Our brains view “risk” in a singular format and equate it to losing something. For example, I “lost”...
How to best utilize a 529 savings plan?
529 plans were created as a way to save for future college education costs. There are various considerations when evaluating which 529 plan best suites your needs. One option allows for selecting a prepaid tuition plan that locks in today’s college tuition costs. ...
Where’s all the money go?
Now is a good time to reflect on current spending as we work and live from home. Spending in some areas may be up while other discretionary spending is likely down. It’s possible more cash has accumulated in your bank accounts as non-essential spending has declined...
How strong is your safety net?
Every professional and family needs a safety net to protect what is important to them. This “safety net” is unique depending on who you are, what you care about, and where you are in life. Life moves quickly and it’s important to ensure your safety net is keeping...
What is tax diversification? Part 2 of 2
In our prior post we covered the three tax environments in which your investments live. Tax-diversification is the act of managing these environments as you accumulate wealth today and also as you distribute income tomorrow. Problems may arise when your approach...
What is tax diversification? part 1 of 2.
Tax diversification plays a key role in our conversations and planning with clients. We recognize tax considerations can change frequently and, if not properly monitored, can take a larger bite out of your income and investments than you’d like. When you invest, it...
What are the ingredients to a financial plan?
Financial planning is a lot like baking a cake or making a batch of cookies. Most recipes will use similar ingredients such as flower, sugar, and milk. However, there is still quite a bit you can customize, substitute, or make your own. Some of this comes in the...
April is Financial Literacy Month
April is financial literacy month and it couldn’t arrive at a better time. Given our current circumstances and being hunkered-down at home, its natural for your financials to receive less attention than they deserve. There are several steps, outlined below, that may...
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