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A Registered Investment Advisor (RIA) is a professional firm that manages the assets of clients and offers investment advice. During your search, you may have learned about Registered Investment Advisor (RIAs). And how does a Registered Investment Advisor differ from all those other folks offering financial advice? What is a Registered Investment Advisor (RIA)? What does the "registered" in Registered Investment Advisor mean?

☆ Why these ‘unretirees’ went back to work
▼ + stars: | 2022-07-22 | by ( Kathryn Vasel | ) edition.cnn.com time to read: +6 min

“When the economy started to tank and my investments started to dwindle…I started to get pretty nervous,” said DiPastena, who lives in Phoenix. But once the pandemic lockdowns were in full swing, that work quickly dried up. DiPastena decided the best way to weather the storm was to return to work. He started a new full-time position as a product specialist in June, in a completely different field than his previous career. “I feel like I can replenish my savings and…ultimately have more savings than I anticipated.”The pandemic prompted a wave of workers to retire.

Choose where to open your IRAThe first step is to choose what type of institution you'll open your IRA through. Select your IRA account typeThere are several types of IRA accounts to choose from. They work similarly to a traditional IRA: They're funded with pre-tax earnings and withdrawals are taxable in retirement. Some will send the money directly to your new IRA account. If you rollover funds to a traditional IRA, you won't need to pay taxes on the funds (until you start making withdrawals).

A financial advisor is a professional who provides clients with guidance pertaining to financial goals, mortgages, insurance, retirement, investing, and general financial management. "I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, founder of Verbatim Financial. "In an ideal world, a financial advisor should look at your overall financial picture and help you build a plan to get to and through retirement," says Mary Lyons, financial advisor and founder of Benchmark Income Group. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. How much a financial advisor cost varies from advisor to advisor, and can look different depending on how they charge you.

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"I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, investment advisor representative and founder of Verbatim Financial. Traditional financial advisors: These include Certified Financial Planners (CFP), brokers, Registered Investment Advisors (RIA), and wealth managers. Find a financial advisor near youJust about anyone can benefit from working with a financial advisor. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. The financial takeawayConsulting with a financial advisor is a smart way to make headway in achieving both short-term and long-term financial goals.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Some lenders allow you to get a loan without a job, though you'll likely need some form of income. It is possible to get a loan when you're unemployed, though more difficult than it would be if you had steady work. You'll never know what you may qualify for unless you actively look for help and ask for it. You'll never know what you may qualify for unless you actively look for help and ask for it.

Persons: you'll, —, you've, Andrew Latham, SuperMoney, Latham, Forrest McCall, You'll Organizations: Service

☆ 5 mistakes millennials are making when building their financial life
▼ + stars: | 2022-04-14 | by ( Kunyi Yang | ) edition.cnn.com time to read: +5 min

Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more. The road to financial independence is not easy, and usually requires patience and diligence early on. Here are the five most common mistakes young adults are making when building their financial lives:1. Waiting too long to start retirement savingPlanning for retirement is about finding a balance between putting money aside for later and having enough to pay for stuff now. “Social media creates the desire to keep up with others,” said Nick Reilly, a certified financial planner based in Seattle.

☆ Millions more people without children are now eligible for a tax credit that could save them thousands
▼ + stars: | 2022-04-08 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

The Earned Income Tax Credit is now available to people who are at least 19 years old. The EITC is a rare break for low-income childless adults, who are often shut out of assistance programs. Tax credit targets benefits gap for low-income people without kidsThe EITC has historically existed as a tax break for low- to moderate-income workers, with credits ranging between $560 and $6,935 for 2022. Because it's a refundable tax credit, lower-income taxpayers who have little (or no) income-tax liability can receive the total amount of the credit as a tax refund anyway. Its money goes to general assistance programs, which support a broader population including non-parents, in just 25 states.

Knowing where to find your credit score and understanding what it means are key to effectively managing your finances. There are also a number of websites, like Credit Karma, that offer free credit scores when you sign up for their services. Length of credit history (15%): A longer credit history is a positive, but not a requirement for a good score. Credit score vs. credit reportIf you look at a credit score as the grade lenders use to determine your creditworthiness, think of the credit report as all the "work" that goes into that grade. Keeping a close eye on your credit score and credit reports, whether you get them for free or pay for them, are key to staying on sound financial footing.

2021 and 2022 federal income tax brackets by filing statusBelow are the federal income tax brackets for single filers, heads of household, and married people who file either jointly and separately for 2021 and 2022. Your marginal tax rate is the highest tax rate your taxable income falls into. For one thing, it's because you can only determine your effective tax rate by going through the machinations of figuring out your marginal tax rate and the resulting total tax liability. Once you know your marginal tax bracket, you know how much tax you'll pay on each dollar of income. You can then calculate your effective tax rate based on your total tax liability for the year.

2022 and 2023 federal income tax brackets by filing statusBelow are the federal income tax brackets for single filers, heads of household, and married people who file either jointly and separately for 2021 and 2022. Your marginal tax rate is the highest tax rate your taxable income falls into. For one thing, it's because you can only determine your effective tax rate by going through the machinations of figuring out your marginal tax rate and the resulting total tax liability. Once you know your marginal tax bracket, you know how much tax you'll pay on each dollar of income. You can then calculate your effective tax rate based on your total tax liability for the year.

☆ Ready to start saving? Do it in this order
▼ + stars: | 2022-03-01 | by ( Beth Braverman | ) edition.cnn.com time to read: +6 min

Financial experts generally advise saving 10% to 15% of your income, but if that’s not possible right now, start setting aside whatever you can and increase the amount over time. A Health Savings AccountIf you have a high-deductible health plan through work, you might also have access to a health savings account. Money goes in tax-free, grows tax-free, and comes out tax-free if you use it for qualified medical expenses. Max out your 401(k) or other retirement savings accountsOnce you have your basic savings plans in order you can start really boosting your retirement savings. Individuals health plans with deductibles of at least $1,400 are considered to be high-deductible and are eligible for a Health Savings Account.

A fee-only financial advisor will be one you'll come across during your search. What is a fee-only financial advisor? A fee-only financial advisor is an advisor that's paid on a set rate based on the services they provide a client, rather than being paid based on commission. The financial takeawayWorking with a fee-only financial advisor can be a great way for clients to get fiduciary financial advice that's in their best interest. "Working with a fee-only advisor minimizes conflicts of interest, but just because someone is a fee-only advisor does not inherently mean they have the particular expertise you are looking for," says Brandon Renfro, CFP and owner of Belonging Wealth Management.

☆ I started working with a financial planner this year and I've already saved and invested more than I ever had before
▼ + stars: | 2021-12-14 | by ( Bria Overs | ) www.businessinsider.com time to read: +5 min

This year, I met with a financial planner for the first time to start making progress. My financial planner helped me figure out my goals and how to achieve themBefore I started working on Master Your Money, I didn't know what a Certified Financial Planner (CFP) was — it sounded expensive and hard to find. I was able to get a financial planner, Raman Singh, and more hands-on help with my money, without spending a lot. Which is amazing, but my financial planner wanted to challenge me to take it a step further by starting a Roth IRA and a brokerage account. Outside of my financial planner, I decided to independently invest in cryptocurrency.

Persons: —, Raman Singh, Roth, I'm, I've Organizations: Service, Roth IRA, IRA Locations: Los Angeles , California, Brooklyn , New York, cryptocurrency

Some money decisions call for reinforcement from a financial planner, who can help organize your overall financial picture, or focus on specific financial needs. 7 reasons to hire a financial plannerHere are 7 reasons you should consider hiring a financial planner. If this sounds like you, consider consulting a financial planner to formulate an investment strategy that satisfies your risk tolerance. There are a few things you should know about any financial planner you're considering in advance of booking an appointment. And by working together with a financial planner, you can work your way to achieving your financial goals — and financial freedom.

While your intentions might be good, naming a minor as a life insurance beneficiary can cause significant complications because life insurance policies can't be disbursed to minors. Instead, it is better to establish a trust for your child and name the trust as the beneficiary of your life insurance. Problems with naming a minor as your life insurance beneficiaryAs noted by AAA Life Insurance, "Minor children cannot directly receive the proceeds of a life insurance policy. Steps for establishing a life insurance trust for your childrenHere are the steps you'll need to take to establish a life insurance trust for your children. If you are concerned about providing for your child in case something happens to you, it is better to establish a trust for your child and make the trust the beneficiary of your life insurance policy.

Have a blend of permanent and term life insuranceThere are two types of life insurance: permanent life and term life. She recommends blending permanent and term life insurance, because permanent life insurance is a tool to build wealth and leave a legacy in the Black community. She said, "If you can't afford permanent life insurance, then get a term life insurance policy with the goal of converting it before the end of the policy." Convert your term life insurance to a permanent policy to prepare for retirementGlenn notes that life insurance is the optimal way to prepare for retirement. When you make the conversion from term life to permanent, understand that there are different types of permanent life insurance policies, like whole, universal, and variable life.

☆ Thinking of investing for the first time? Experts say you should figure out your 'why' before putting a single dollar in the market
▼ + stars: | 2021-08-23 | by ( Rickie Houston | ) www.businessinsider.com time to read: +5 min

They discussed DIY investing and offered advice for beginners using online brokerages. The year 2020 was a big one for first-time DIY investors (also known as "retail investors"). "The first piece of advice that I would give is: Make sure that you feel really educated and confident about what you're investing in and why." The best time to start investing is todayIf you're new to self-directed investing, it can be a daunting feat. "If you're feeling overwhelmed or unsure, just find one place to start learning more about how to manage your money and how to start investing," Tran said.

☆ Renting isn't a waste of money, no matter what your parents say
▼ + stars: | 2021-06-29 | by ( Libkane | ) www.businessinsider.com time to read: +4 min

Personal finance pros Pamela Capalad and Kelly Lannan joined Insider's Master your Money virtual event. They broke down why renting isn't necessarily a waste of money, and why buying isn't for everyone. But the idea that renting a home is inferior to buying one isn't necessarily an accepted truth — it's an opinion, and one that not everyone shares. Buying isn't for everyone, even if you can afford it"It's never throwing away money to put a roof over your head, period," Capalad said. While buying a home is a financial transaction, money is only part of the decision.

☆ Master Your Money Virtual Event: A deep dive into millennial homeownership
▼ + stars: | 2021-05-18 | by ( Business Insider | ) www.businessinsider.com time to read: +2 min

In an upcoming virtual event on Tuesday, June 22 at noon ET , personal finance professionals will discuss millennial homeownership. , personal finance professionals will discuss millennial homeownership. The event is part of the Master Your Money series, delivering money advice, ideas, and inspiration to millennials. To help millennials take control of their money, Insider presents "A Guide to Millennial Homeownership," a free, live virtual event that's part of our Master Your Money series, presented by Fidelity. This free, live virtual event will take place on Tuesday, June 22 at noon ET.

When I started out as a financial planner at 23, I talked too much — I was too eager to prove I knew my stuff. I took the responsibility of being a financial planner really seriously, and I was desperate to learn so that I could give good advice. My evolution as a financial plannerAfter I got a few years under my belt and became a certified financial planner, my knowledge and confidence grew, but I still misunderstood my role as a financial planner. How to find the best financial planner for you1. And if you happen to be a young financial planner, I hope you can take my experience and learn this lesson much more quickly than I did!

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At age 2, my son is on track to have 75 times more wealth when he turns 18 than I did. Saving money is important, but generational wealth is built through investing and sustained by good habits, like communication and consistency. This article is part of "Money That Lasts," an ongoing series about generational wealth from Personal Finance Insider. Discussing those mistakes is critical because generational wealth can be obtained by avoiding the same mistakes as those who have come before you. While not an exhaustive list, these three tips are proven to help create generational wealth in just one generation.

Certified financial planner and financial educator Angela Moore recommends setting up automatic bank transfers to keep your spending and saving on track in uncertain financial times. Angela Moore, a financial planner, financial educator, and founder and co-owner of Modern Money Advisor, has some smart advice for saving in uncertain times. She recommends saving several months of expenses in a liquid account, such as a high-yield savings account. "I think right now it's important to try and just save in some kind of account that's liquid, like a savings account," Moore said. "If you can get by in this economy or go through a job loss without going through your savings, that's ideal."

Persons: Angela Moore, Moore, —, " Moore, you'll, you've, Said Moore Organizations: Service, Modern, Ally Bank

☆ WATCH: Experts discuss race, wealth-building, and closing the racial wealth gap once and for all
▼ + stars: | 2020-09-29 | by ( Business Insider | ) www.businessinsider.com time to read: +3 min

The racial wealth gap in the United States is enormous — and growing. On September 25 at 4pm EST, a group of thinkers joined Business Insider reporter Taylor Nicole Rogers for a live Zoom discussion on how to close the racial wealth gap. The conversation is a part of our "Inside the racial wealth gap" series. On September 25 at 4pm EST, a group of thinkers joined Business Insider reporter Taylor Nicole Rogers for a live conversation via Zoom on closing the racial wealth gap. This conversation is part of Business Insider's "Inside the racial wealth gap" series, examining how we got here and why the wealth gap persists.

Also called managed portfolios, most robo-advisors use an algorithm to match customers with professionally designed portfolios. Some robo-advisors include the option to discuss your investments with a human financial planner, which can put worries over computer-managed investment accounts to rest. Here are seven top reasons why you might pick a robo-advisor to help you save for retirement. You'll answer questions about your age, investment goals, risk tolerance, and other factors that the algorithm needs to pick your ideal investment portfolio. Robo-advisors generally cost less than traditional advisorsMany traditional financial advisors charge based on assets under management.

Persons: —, Michael Anderson, Charles Schwab, SoFi, Harry Markowitz, Anderson, it's Organizations: Service, Maranatha Financial, Investments

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