Two things in life are certain: death and taxes, but have you ever considered the impact your death has on the taxability of your things? Depending on how you are saving, you could potentially be passing a tax obligation onto your heirs.
One of the most costly living expenses for many Americans is health care. In some cases, your employer may pay for all or a portion of your insurance costs, but what if your circumstances are different?
Let's face it; no one enjoys paying taxes. Often I’m asked about managing money in a way that avoids taxes altogether. I’m here to tell you that there is no secret sauce. I think that people have the wrong idea about their taxes. It is not a matter of avoiding them altogether but rather paying them at the lowest rate possible. I’d like to put a few tax-planning strategies on your radar for when tax planning season comes around. This is by no means a comprehensive list, but rather a few key concepts that I think are often overlooked:
You have probably witnessed a tweet or some financial ‘expert’ on TikTok pose the question, “Would you rather have a million dollars today or a penny doubled every day for 30 days?” The purpose of this question is that today many people are inclined towards instant gratification due to one-day amazon prime shipping, subscription services, and on-demand entertainment. Not only is the $1,000,000 gift today significant, but if I don’t have to wait 30 days, sign me up! Heck, maybe I’ll even invest it. Obviously, this hypothetical exercise is meant to make you think it through. Why bother asking the question if the answer is so obvious?
Anyone can seem like a good financial advisor when markets are doing well. The expectation investors have when investing in capital markets is to make money, so when expectations are easy to meet, the bar tends to be set pretty low. However, it’s downturns in the markets that separate great financial advisors from mediocre ones. It’s times like these when people may wonder what their financial advisor is doing during this bear market.
In August 2022, President Biden announced a Student Loan Forgiveness Plan that had been long awaited by many people who are strapped with thousands in student loan debt. The finer details are still being worked out, and the program still has not been implemented. There is no doubt that his plan will most likely continue to see legal challenges and hurdles along the way. Here is what we know as of today.
Choosing a banking institution seems like a simple enough task. Many people have banked with the same institution since their first job (or the same lineage of institutions after various acquisitions). However, just because something is familiar doesn’t mean it fits your needs. This article outlines a few things to consider when choosing a bank.
Ford and General Motors are among some of the largest employers here in Michigan. They also happen to be two of just a handful of employers that offer a pension. However, many employees may not understand that the interest rate hikes by the central bank are having a profound effect on how your pension fits into your retirement plan.