Every year, federal student loan interest rates on new federal student loans are reset by Congress for the upcoming academic year. For the first time in three years, interest rates will decrease in 2019-2020 for borrowers. The lower rates apply only to new federal student loans disbursed between July 1, 2019, and June 30, 2020…
Financial Planning: Helping You See the Big Picture
Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That’s where financial planning comes in. Financial planning is a process that can help you target your goals by…
Family Values and Our Grandsons
Situations where we need to make choices challenge us every day. A broad set of principles helps us to make choices about what is good and bad or what is right or wrong. Family Values are ideas as to how you want to live your life. These values help you make good choices and guide…
Financial Literacy Grows Over a Lifetime
Financial literacy grows over the course of one’s life. Learning these concepts earlier rather than later makes us better equipped to meet our life’s goals. Most Americans are not given the opportunity to learn important financial concepts. Both the education system and the parenting process have neglected to develop the appropriate financial skills needed to…
Spend, Spend, Spend: Is Our Government a Bad Influence?
Why Do People Spend More Money Than They Earn? Some believe Americans have a YOLO problem. The term, which is short for “you only live once”, has become quite popular. It is so popular that #YOLO is a searchable keyword on Facebook and Twitter. Many Americans believe in retail therapy. Shopping allows people to visualize…
Are Your 2018 Income Taxes Going Up or Down?
The tax filing deadline for our 2017 income tax returns has come and gone. Are your 2018 income taxes going up or down? To help you answer that question, let’s dive into some tax changes in Tax Cuts and Jobs Act of 2017 (TCJA). First, here are my observations from the 2018 individual income tax filing season. Learnings…
Tax Reform: Changes for Individuals
Tax Cuts and Jobs Act, is a $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. Many of the provisions in the new legislation are permanent. Other provisions, including most of the tax cuts that apply to individuals, will expire in eight years. Some of the major changes included in the legislation…
Tax Cuts and Jobs Act: Impact on Individuals
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. While many of the provisions in the new legislation are permanent, others (including most of the tax cuts that apply to individuals) will expire in eight…
IRA and Retirement Plan Limits for 2020
IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a…
Getting Money Out of Your 401(k) or 403(b) Plan
The video link below describes 4 ways of getting money out of your 401(k) or 403(b) Plan. If this is of interest, you may want to read Have You Checked Your Retirement Plan Lately, What You Should Do With Your 401(K) When You Switch Jobs or Retire or Required Minimum Distributions. Getting Money Out of Your…