Many people think about cash flow the wrong way. They treat it as a scoreboard — money in, money out, whatever’s left is what you have to work with. But cash flow isn’t just a number. It’s architecture. And like any well-designed structure, it should be built intentionally, with your actual life at the center.
As the holiday season approaches, generosity often tends to take center stage, and for good reasons. Giving back not only supports the causes you care about, but it can also provide potential tax advantages before the year wraps up. Whether you give regularly or are considering a larger year-end contribution, here are a few strategies that can help make your charitable dollars go further.
For many young professionals, student loan repayment and saving for the future feel like opposing financial forces. On one hand, there’s the pressure to aggressively pay down debt. On the other, there is the desire — and need — to build a stable financial foundation for the future: emergency funds, retirement savings, buying a home, and more. The good news? You don’t have to choose one or the other. With the right strategy, you can make progress on both fronts.
I’ve shared tax filing tips before, but this year, I want to focus on one item in particular: IRA contributions.
What is an IRA?
An IRA (Individual Retirement Account) is a tax-advantaged retirement account that you fund independently of an employer-sponsored plan like a 401(k).
Despite rising prices and tightened budgets, holiday spending remains as robust as ever. The average shopper plans to spend more than $1,000 on gifts this year, not to mention the additional costs of travel, hosting, and special events.
Retirement often takes center stage as the ultimate financial goal in this industry. And rightfully so — investing today helps to ensure a stable tomorrow when paychecks ultimately stop arriving in our checking accounts. As financial professionals, guiding our clients towards this pivotal moment is a significant aspect of our work.
As a wealth advisor, I have many conversations with young and more seasoned families (not old; age is just a number) who are interested in what I do but have one major misconception about investing: You need a lot of money to start.
Please don’t ask me why, but the way providers talk about benefits can confuse many folks, especially younger employees who might be enrolling for their insurance for the first time. One recent study showed that more than half of employees choose plans that aren’t right for them, costing them money in premiums or underfunded costs.
So, what is all this tricky language, and what does it mean for you and your benefit selections? Let’s review a few of the most common terms you’ll encounter in selecting a package.
If you’re like the majority of Americans, you might be living paycheck to paycheck. That’s according to a recent report where 61% of U.S. adults said they spend all of their income every month on bills like housing and food.
We’ve hit a perfect storm where pandemic funds have dried up, inflation has been running hot over the past year, and wages have struggled to keep pace. The result is dwindling savings and record-high credit card debt, and it can feel like you’re barely treading water.
As young investors, everybody wants to advise us on what to do with our money. Bloggers, social media personalities, and TV talking heads claim their method will get us on the path to wealth and early retirement. We see it so much that some of us start feeling guilty, like every dime that doesn’t go toward our retirement, investment portfolio, or mortgage is a dime that’s setting us back from our goal of financial freedom.
*Representatives are licensed to offer insurance and annuity products in AL, FL, GA, IL, IN, KY, MA, ME, MI, MO, NH, OH, SC, and TN and are licensed to offer investment products in AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, NC, NE, NH, NM, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.