December 20, 2016

Video: Top 5 Money Moves for a First-Time Parent

Hey, this is Justin with financiallysimple.com bringing you five must do’s if you’re a first-time parent. Congratulations! You just had a new baby. The world has changed. I’ve been there. I remember when my first little baby was born. Savannah Marie changed my world.  Here are five things you must do when you bring home baby:   The first thing is we have to save and budget. Formula is expensive and until you’ve bought it every day for six months straight you can’t even imagine the toll it will take on your finances. Budgeting is a must. Start saving and if you aren’t already, start budgeting. One day they’re going to grow up. They’re going to go to college. IN today’s world a college degree is a must. Start saving now. Even if it’s just $10 a month, save. It will add up for college one day. You can always increase it later. If you can afford to do more, do more now. But start saving for college NOW. You have to have to have to have to have to have to have life insurance! It’s a MUST!!! There’s no if’s and’s or but’s. You have to have it! You have […]
August 3, 2016

5 Estate Questions to Ask About Real Estate

Preparing your estate in advance is one of the greatest gifts you can give your family. Many estates include real estate in the form of a primary home, vacation home, and other family properties. While inheriting a property can be a wonderful legacy, it also comes with obligations that heirs may be unprepared or unable to fulfill. If you intend to leave real estate to your heirs, ask yourself these five questions to help avoid creating problems for your loved ones. 5 Estate Questions Will the Property Have a Mortgage? If the property comes with a mortgage or home equity loan, your heirs will need to negotiate with the lender to satisfy the terms of the loan. In many cases, they may need to sell the property to pay off any loans if financial provisions aren’t made elsewhere in the estate. Life insurance is one option for giving loved ones the cash needed to satisfy final debts. What Are the Tax Considerations? If you leave a large estate, your heirs might end up owing state and federal estate taxes on their inheritance. Make sure that your heirs have the financial resources they will need to satisfy the tax bill. If […]
July 15, 2016
park the college savings

Where do I park the college savings?

“Where do I park the college savings?”, If you’ve got yourself on track financially and you’re ready to start saving for you child’s college expenses then you may be asking yourself where do I put the savings? There’s a myriad of options when it comes to college savings. Today let’s look at where you can park that money to get the most out of it. The most popular way to invest your college savings is a 529 Plan. This is a state sponsored plan that was created in 1996 that allows you to put money in that will be invested in mutual funds, index funds and things of that nature. The great thing about these plans are they grow tax free and can be used for qualifying college expenses. For example, let’s say you invest $10,000 over a period of time and your money grows to $20,000. You can then pull the whole amount out to pay qualified expenses like tuition, books, etc. TAX FREE!!! 529 plans can also be an individual or group plans. Individual plans can be purchased directly from the state or an advisor. Those purchased directly from the state often have the lowest fees, however if you aren’t […]
March 15, 2016
How Much Life Insurance Do I Really Need

How Much Life Insurance Do I Really Need?

How Much Life Insurance Do I Really Need? When it comes to preparing for the future, most people are ready to make a plan for retirement, but 4 out of 10 Americans fail to even think about life insurance. While no one wants to plan for their demise, it’s just as important as retirement. What will financially happen to those you leave behind? Will they be left with a solid future or scrambling to make ends meet while also trying to pick up the pieces of their life? Even if you have made the effort to implement some sort of arrangements for those you cherish most, is it enough? Can you really know how much life insurance you need? There’s a few ways to look at it. First, let’s look at a couple that perhaps one spouse is the only breadwinner and they have three kids. The  immediate thing you’ll need to do is analyze your debt. How much debt do you have? Next, you have to look at whether you’re going to want spouse to have to pick up the mantle and start bringing home an income if you were to pass. Most likely you’d want them to be […]