June 1, 2017
always is never always

Always is NEVER Always

Recently an interaction with another financial professional left me a little puzzled. He suggested that a ROTH is always better than a regular IRA. If there’s one truth in the financial world, it’s that always is NEVER always. Always is NEVER Always
May 31, 2017
How to set a Financial Goal; Should I use a roth or a traditional

Should I Use a ROTH IRA or a Traditional IRA?

It’s an age-old question when it comes to retirement accounts. Should I use a ROTH or a Traditional IRA? Both are great vehicles to prepare for retirement. However, neither are ALWAYS a perfect fit for everyone. Let me break them down a little further to help you understand the differences and when you might want to choose one over the other. What is the difference? First, you need to know what each account does and how it shelters your money. ROTH IRA’s are the accounts that you place after-tax dollars in. So for example, if you put $5,000 in a ROTH, you’ll get the earnings from that tax-free later in life. Since the money was initially taxed before being placed in the account, it is set up to shield those gains from taxes. Essentially it’s tax-free money for retirement. A Traditional IRA works the exact opposite. The money placed within these types of accounts are pre-tax dollars. Therefore, you’re getting a tax break up front. When you file your taxes, you’ll often get a tax deduction because you chose to fund a Traditional IRA. However, once you begin to withdrawal that money in retirement, the earning from it are fair […]
May 26, 2017
RMD's; retiring early

Retiring Early: Is it Possible?

In my business, I work with all different types of people. They run the gamut. Some are employers, while others are the employees. Some tell me they want to retire early. To that, I then ask them what retiring early means to them. Are we talking late 50s, early 60s, perhaps even early 40s? The key to helping them reach that goal is to know the age that goal needs to be achieved by. Retiring early constitutes walking away from making income, living solely off our assets and whatever income they produce. For our example, let’s say the person wanting to retire early and is looking to do so between 55 and 60. The very first thing to consider is how much is this person going to live off of each of retirement? There’s a calculation that needs to be made on your budgetary requirements based on what you are currently living off of each year. Then we must factor in inflation. We know the cost of living will go up, so it’s vitally necessary to prepare for that when quantifying these numbers for retirement. So if someone is retiring at 50 and they typical spend $50k a year for […]
May 25, 2017
how a true wealth manager views your life.

How a True Wealth Manager Views Your Life

How a True Wealth Manager Views Your Life Hey, guys! Justin with Financially Simple here to help you understand how a wealth manager views your financial life. Most people think a wealth manager is just someone who invests money, but that’s not really the case if they are a setting up a comprehensive plan. Investing money is just one aspect of what we do. For example, think of your life as a box. Everything in the box is something you can control. We can either google to learn more, ask friends and family for advice or even hire professionals to help us build the custom life we want to have. Those areas are cash flow, risk management, investments, and distribution. What You Can Control Cash flow is how much money do we make and how do we make it. So few people know exactly where their money is spent. It happens far too often. This is why I stress budgets. They’re important for both the home and business. Risk Management is everything that has the word insurance on it and the legal documents we use to protect it. Many people don’t plan their insurance packages, rather they buy it on […]