Having kids may bring a lot of joy, but they are costly! From the moment a child arrives, parents pay more - for food, clothes, healthcare, larger homes, child care and education. Read on to find out the total tab for getting a kid from birth to the 18th birthday and how parents can deal with the situation.
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When you think of a mid-life crisis, you might picture a middle-aged man or woman buying a fancy red car or suddenly sporting a different significant other. In mid-life, it’s natural to go through a period of self-reflection, questioning if you are on the correct path. Be careful with your money during this period of change - some people are just one bad financial decision away from losing it all.
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The Centers for Medicare & Medicaid Services has announced Medicare Part B premiums for 2018 and the base premium stays the same as this year at $134 a month. While that sounds like good news, most people will still be paying more for Part B. Why?
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You have undoubtedly been told how important it is to “network.” And it is true. Networking — or any other name you want to give for making connections and relationships with people who can help you further your career goals — is essential for everything from developing mentors, getting work done, building a book of business, or looking for a new job. But networking can be a source of anxiety.
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Q. My son got in early decision to a very expensive college and he accepted. I only have saved $80,000 and the school will cost $60k+ each year. What are the options to fund this? He didn’t get scholarships and I want him to avoid loans. Help!
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Many times I have heard the following questions from prospective clients: “If my things will pass to my spouse and children automatically, why do I need a Will?” or “My estate is not large enough to be subject to estate taxes, is a Will even necessary?” There are a few instances where, in fact, your assets will pass to your family, in just the way you intend, even without a Will, but there may be other reasons you should still have one.
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So what exactly is sustainable investing? Most people aren’t sure, according to Andrew Novick, CFP, JD, founder of The Investment Connection, who says it’s somewhat uncommon for his clients to ask about SRI. “I almost always have to bring up the idea first, but some clients get really excited about it once I explain how they can get involved,” he says. The goal behind such investing— known as sustainable responsible (SRI), impact, or ESG (environmental, social and governance) investing, is to make investments that combine financial gains with social good. While ten years ago SRI funds were widely considered expensive and poor performing, today it’s cheaper and easier to “do well by doing good.”
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People don’t leave bad companies. They leave bad bosses. The worst place an employee can be, is stuck in an organization with a micro-manager that doesn't care and there are no opportunities for growth and advancement. The typical 'bad boss' spends their time directing employees rather than empowering them. Could you be this kind of boss? Are you an employee with this kind of boss? Click below to read more.
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If you are on Medicare, but have high income, the law requires an upward adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums. The "means-tested" increased premiums apply when your income is more than $85,000 for single taxpayers and $170,000 for joint taxpayers. While this only affects 5 percent of people with Medicare, here are a few tips to know about the surcharges, including some ideas to avoid them:
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Special Needs Trusts (SNTs) allow a disabled person to preserve eligibility for public benefits, such as Medicaid, even if they got an inheritance, a personal injury award, or received other funds. However, the law required that this type of trust be established by a parent, grandparent, a guardian or a court, which caused many planning problems. In Dec., '16, the law was amended to allow a mentally capable disabled person to establish his/her own SNT. Read more about this big change by clicking below!
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Q. I’m having baby. We’re not married yet, but I think we will be in the next year or so. What documents do I need to make sure I have so that I know the mother of the baby will get my stuff if something happens to me since we’re not married yet? Then when do we need to change when we get married? — Thinking
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The typical inheritance isn’t huge, but research going around the industry now indicates that a lot of little bequests are being squandered fast. Even when big bequests above $100,000 are at stake, all the money disappears 18% of the time. The heirs spend it all and end up without a lot to show for it. Reports show lump-sum distributions for retirees are similarly bad. For about 7 million Americans, the fruits of decades of painstaking money management will evaporate fast. Don't let your financial resources go down the drain. Engage an experienced fee-only financial planner and investment advisor to help you make sound decisions with your money. Continue reading for more sobering statistics.
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Happiness comes in so many different forms that it can be hard to define. Unhappiness, on the other hand, is easy to identify; you know it when you see it, and you definitely know when it’s taken ahold of you. Benjamin Franklin said “The Constitution only gives people the right to pursue happiness. You have to catch it yourself.”
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Got a new bundle of joy in your household? Here is a really nice slideshow from Kiplinger showing 10 opportunities to cut your tax bill as you grow your family.
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If you aren’t careful about the timing of your Medicare enrollment, you could make a very costly mistake — one that will cost you for the rest of your life. The first decision date for Medicare is at age 65 — even if you are still working, covered by your employer's health plan (or your spouse's employer's health plan), and not receiving Social Security benefits yet. This is especially important if your health plan is sponsored by a small employer (less than 20 employees). Read on for the details.
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Question - My son got in Early Decision to a very expensive college and he accepted. I only have saved $80,000 and the school will cost $60k+ each year. What are the options to fund this? He didn't get scholarships and I want him to avoid loans. Help! Keep reading to see my Answer.
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High school students are about to graduate. In some respects its been a long 18 years getting to this point. In other respects, the time has surely flown by quickly. Hopefully, not so quickly that you haven't prepared for the next chapter in your child's education - college! Yikes, according to the CollegeBoard's most recent data, the average college costs more than $36,000 per year (tuition, room & board, and other expenses). In-state college costs are typically lower, but many private schools cost $60,000 or more! Scholarships, grants, and financial aid are all great ways to lower costs, but not every student will qualify... so it is imperative for parents to start saving early and a 529 plan is a great place to start. Check out the link below for some common myths about 529s.
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Long-term stock returns come from four components: inflation, growth of real earnings per share (EPS), the dividend, and the change in valuation. Using this formula indicates equities are overvalued. We need to create 40% growth in earnings above and beyond price gains, stocks need to decline by 40% over a relatively short time period, some combination of the two, or investors simply need to accept that fact that they will be faced with permanently reduced returns. Can we legislate and create policy, either through government or central banks, that will enable corporate profits can expand faster than the economy to eliminate the overvaluation. History says "no".
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All hail the Internet. You can get everything you need from your computer, tablet, or smartphone. Buy stuff. Watch videos. Play games. Interact with friends and strangers. Get financial planning and investment advice. Who needs real people? Wait a minute... that can't be right.
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I'm not in the habit of touting particular fund companies, but AQR is unique. This firm offers some terrific alternative investment solutions based on a quantitative investment process designed with PhD brainpower. Additionally, AQR was among the first hedge-fund managers to voluntarily register with the SEC and offer alternative strategies in a mutual fund format. This is important because it means AQR's strategies are available at reasonable cost and with daily liquidity, transparency, and regulatory oversight. AQR was featured in Barron's last year - some information is a bit dated, but it still provides insight into what makes AQR so good.
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It is that time of year to consider making an IRA Contribution. Start building your nest egg. You know you should do it! Read on for the details...
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AARP suggests you consider the following steps to break through the bureaucratic maze to keep your healthcare costs lower: at the doctor's office, at the pharmacy, at the hospital, and dealing with Medicare/insurance. I'm not sure if all of these tips will actually be worthwhile, but it certainly can't hurt to investigate!
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Socially Responsible Investing (SRI) focuses on companies that promote a variety of environmental stewardship, consumer protection, human rights, and diversity issues. Some feel strongly about SRI, others are only mildly interested, and it’s a non-issue for many investors. Regardless of your politics, I thought you would be interested in some early thoughts on SRI issues in the upcoming Trump era.
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I am honored to be a 3- time winner of the Five Star Wealth Manager Award and be listed in New Jersey Monthly magazine.
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Research quoted in the Harvard Business Review suggests bosses matter far more for employee job satisfaction than any other factor. What makes someone a great boss? Studies of leaders often focus on their style or charisma, but workers are also affected by their boss’s technical competence. Bad bosses can't do the employee’s job, were outsiders, and the supervisor’s level of expertise wasn't respected in the office. Read more for the full story.
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If you are considering downsizing this year, you need to be prepared to let go of some items. If you have antiques or other collectibles, deciding what to keep, give to family/friends, or donate can be troublesome, especially if you don't know what they are worth. Calling in a professional may help.
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Retirement accounts and estate plans may soon be taking a major hit from theIRS, if Congress decides early next year to change the rules on a tax strategy involving inherited IRAs that many affluent families have used to their advantage for years. So-called "stretch IRAs" have been an important strategy for individuals inheriting large retirement accounts to keep taxes to a minimum, so losing this ability is a big deal!
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