Financial Planning

What Should I do if I Receive an Inheritance?

We are on the eve of the greatest transfer of wealth in history. Most baby boomers are now well into retirement age and are finalizing decisions about their will or estate plan. As a result, the coming years will see an unprecedented amount of money being passed down to younger generations in the form of an inheritance. Families receiving an inheritance need to plan carefully in order to avoid some of the common pitfalls.

Here are some important tips to keep in mind:

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Tax Reform and 3 Ways to Make the Most of it

America changed on December 22nd when President Trump signed a bill enacting the biggest tax overhaul in decades. One highlight of the new law is the near doubling of the standard deduction. Just how much this and the other changes will impact households, our economy, and our federal budget is the topic of much debate. These new tax laws won’t impact 2017 taxes that will get filed by April of this year.

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4 Financial Planning Tips Every Pastor Needs to Know

If you’re a pastor, you know that money matters. The Bible contains more than 2,000 verses about money and about 15% of Jesus’ teaching was on the topic of money and possessions. But how much do you actually know about money?

Whether you went to Bible college, seminary, or are simply self-taught, chances are you spent your time digging into the Scriptures, not finance. Your hermeneutics and homiletics may be fine-tuned, but you probably weren’t taught much more about personal finance than the average American.

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What Does Retirement Mean to You?

Whether you’ve been told you should retire at 62, 65, or some other age, only you can decide what is right for you. In fact, you may want to reconsider retiring at all––at least in the traditional sense.

How Most People View of Retirement

Many people don’t like the circumstances they find themselves in––and look at retirement as the nirvana they’ve been missing. The truth probably lies somewhere between completely dropping out (i.e., piddling around in retirement) and never retiring (i.e., dying with their boots on).  

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When is it OK to Take on Debt?

You’ve heard it said: “There is ‘good debt’ and there is ‘bad debt’.” Perhaps this has caused you to wonder how any debt could ever be good at all! Some debt is certainly worse than other debt, but what factors separate bad from good?

Debt and the decision of whether to take it on can often be stressful. Relax. The following information will help you understand a situation regarding debt with more clarity; leading to a more knowledgeable approach to debt in your everyday life. This will bring clarity to when it might be OK to take on debt.

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Investing for Millennials

Investing for the first time can stir up myriad of emotions. First time investors often feel overwhelmed, anxious, and confused. If this is you, you’re more than likely experiencing at least one of two things. Either you don’t have the know-how to get started, or you don’t believe you have the means to begin investing. Worry not. This article is for you, as well as anyone else wanting a high-level introduction to the world of opportunity that investing opens.

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Six Things I Learned from my Encounter with Warren Buffett

Warren Buffett has amassed over $70 billion primarily through investing. Few argue against the fact that the 86 year old is the greatest investor the world has ever seen. I recently had the opportunity to spend an entire day listening to him and absorbing knowledge.  The occasion, Berkshire Hathaway’s shareholder meeting, drawing over 40,000 to CenturyLink Arena in Omaha, Nebraska.  As you can see in the cover photo that I snapped, to say that Buffett is a celebrity at this event would be an understatement.

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Why and How to Pay Cash for Your Next Vehicle

Cars are expensive. The average American spends almost $9,000 per year per vehicle on repairs, fuel, insurance, taxes, and car payments. Add on that cars rapidly depreciate in value and it is quick to see why decisions about purchasing a vehicle significantly impact your financial picture. But you aren’t reading this post to be convinced that cars are expensive; you already knew that. Rather, this article focuses on the costs of car ownership that you can control. Namely, this article shares how to eliminate car payments altogether by paying cash for your next vehicle.

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Is Your Financial Planner a Fiduciary?

The word ‘fiduciary’ is unfamiliar to most. In simplest terms, a fiduciary is someone who works on behalf of a client with their best interests in mind. The reason it hasn’t had much mainstream attention is because, to date, financial planners have not been required to operate as fiduciaries. But that is all about to change. A new standard was recently approved by the Department of Labor (DOL) requiring all financial planners to act as fiduciaries when advising on retirement accounts.

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