Planning multigenerational wealth isn’t something most of us give much thought to. Instead, we think of the Rockefeller or Vanderbilt heirs who have lived a privileged life ever since their founders built monopolistic empires. The closest most of us will come to building monopolistic empires is probably… well, in Monopoly. However, that shouldn’t stop us […]
Donor-Advised Funds or DAF’s are one of the best strategies for giving to charities because it gives you flexibility and major tax advantages, so let’s talk about how to use them. Traditionally, DAF’s are one of those rich-people-tricks that can look like a tax shelter, but many people can benefit by using them in reality. […]
You need to know many tricks to maximize your retirement income, and one of those is how to avoid paying IRMAA. While IRMAA might sound like a hurricane from 2017 (close, Irma), it’s actually a financial landmine that explodes when you’re on Medicare and earn over a certain income. Let’s get into the details on […]
If your first child is on the way, there are money moves you should make to set them up for success. The USDA projects the cost of raising a child just under a quarter million for their first 17 years. If you include college costs, this amount can easily double. While this can all sound […]
Did you know it’s possible to live off tax-free capital gains from your investments if you plan it correctly? There are several tax secrets most people won’t learn about unless they love hanging out on Reddit /FIRE. I didn’t know about them while studying Finance in college, but only when we began pursuing our financial […]
There’s very little doubt in my mind that the best way to save for college is to use a 529 Plan. I recently talked to a friend about it and showed him why the wrong decision could cost him $40,000! His current financial advisor told him the 529 plan wasn’t the best way to save […]
Don Quixote was always on my mind, but I never read the book. Based on what I’ve heard over the years, I assumed he was some kind of great Spanish Robinhood, highly revered as he took on great adventures and helped the poor. I finally read the book, and now I realize Don Quixote was […]
Humans are the only animals who get to decide how we spend our time (and still live). I’d be in big trouble if I had no option but to grow my own food, as evidenced by my tortured garden this year. Instead, I can go to the store and buy food grown in all parts […]
Most of us assume if we generate a huge IRA or 401k, we won’t have anything to worry about in retirement. While that’s mostly the case, there are a few things to think about. The IRS loves when you build up a massive 401(k) or IRA because they get to tax you big time when […]
The traditional early retirement acronym, FIRE, draws many critics who accuse the adherents of turning against civilization and America to pursue their selfish self-interest instead! However, what I’ve found through my own experience and working with my clients, is that many of the FIRE pursuers aren’t as interested in the “Retire Early” part of FIRE […]