Moving away from home for the first time represents, for many people, the beginning of adult life. It may be the first time you are more or less fully responsible for yourself. How you take care of your space, how you allocate your time, and how you manage your money are up to you when you leave your parents’ home and start to create your own. Forming good financial planning habits during this time will serve you throughout the rest of your life.
Financial Planning 101: Building Good Habits
Jun 5, 2014 10:52:35 AM / by Jason Shaw posted in Financial Planning
What Should I Know About Financial Planning Advice?
May 29, 2014 10:51:12 AM / by Jason Shaw posted in Financial Planning
Make sure your advisor is planning for the unexpected and is providing you with a plan fit just for you that is reevaluated every year to make sure that this plan meets your needs, goals, and priorities.
Should I Roll My Retirement Account into a Roth IRA?
May 22, 2014 10:44:23 AM / by Jason Shaw posted in Retirement
Choosing the right way to invest retirement funds is a complex task. To make matters more difficult, what was the right investment at one time may no longer be the best choice as time passes and your circumstances change. For this reason and more, it is always best to undertake investment planning with the advice of a knowledgeable professional.
Traditional vs. Roth IRA: Which is Right for Me?
May 8, 2014 10:40:29 AM / by Jason Shaw posted in Financial Planning
If you do not have access to an employer-sponsored retirement account, an IRA is a great alternative. Whether a Roth or traditional IRA will be most beneficial for you depends upon your individual financial situation, including your current and projected income levels and the likelihood that you will need to access your funds before you reach retirement age. A breakdown of the features of each type of IRA will help you select the best version for you.
How to Save for College: Coverdell Educational Savings Accounts
May 1, 2014 10:34:49 AM / by Jason Shaw posted in Financial Planning
As a parent in Iowa, you have many options for saving for your child’s educational expenses. A Coverdell Educational Savings Account (ESA) is an attractive option for many parents.
IRA, 401(k), or Both? Which Retirement Accounts Are Right for Me?
Apr 24, 2014 10:25:14 AM / by Jason Shaw posted in Retirement
Choosing a retirement account is no simple matter. Each type has its own benefits and drawbacks, and how those affect you depends upon your individual financial situation. A qualified financial services professional is best able to help you make the most advantageous choice based on your unique circumstances. It is helpful, however, to understand the basic differences among the most common types of retirement accounts and which are the best fit for your savings. Having this foundational knowledge before you meet with a financial planning professional will help you to work with your advisor to develop a strategy that you fully understand and in which you have confidence.
The Advantage of Professional Financial Planning and Investment Advice
Apr 17, 2014 2:06:49 PM / by Jason Shaw posted in Financial Planning
We all have financial goals, but few have the tools necessary to effectively realize them. Understanding how to create a realistic plan to meet financial goals requires a detailed understanding of the broad spectrum of financial planning and investment options that are available. Getting the assistance of a knowledgeable professional can help you clarify your goals and put a plan in motion that places them within your reach.
The Advantages of Combining Tax and Financial Planning
Apr 15, 2014 2:05:36 PM / by Jason Shaw posted in Financial Planning, Tax Services
Financial planning involves more than simply understanding how to invest your money to balance risk and return. To be truly effective, it must include a tax strategy as well. Virtually every financial move you make has tax implications, which affect your return on investment. For that reason, it pays to work with financial professionals who specialize in both tax and financial planning.
What Your Teenager Should Know About Income Tax
Apr 1, 2014 1:55:42 PM / by Dave Boelman posted in Tax Services
A first job can be an empowering and educational experience for teenagers. It provides them with their own money, which they must learn to manage. It gives them a sense of what things cost and what it takes to earn them. It teaches them to prioritize wants and needs and can form the basis for good lifelong financial management practices. It is also an opportunity for them to begin learning about income taxes. Most teens do not earn enough to have to file a tax return, but in some situations, minors are required to file, and some who are not required will benefit from filing anyway. When teenagers begin their first jobs, understanding a few basic tax principles will help them to understand their tax obligations and how they might limit the income tax they will owe. Parents will also benefit from understanding how their children’s jobs may affect their own tax returns.
Saver’s Credit Makes Saving Easier for Lower Earners
Mar 20, 2014 1:51:05 PM / by Dave Boelman posted in Tax Services
Tax Tip: If you are struggling to put away money for retirement, the Saver’s Credit can help.
If you are a low- to moderate-income earner, the Saver’s Credit provides a wonderful opportunity to reap additional benefits from putting money into a retirement plan.