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Search resuls for: "Certified Financial Planner"


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I started investing a lot of my savings in CDs this year when I saw how high APYs are right now. In order to make sure I'm getting the most out of my CD strategy when average CD rates are high, I decided to chat with two financial advisors to hear their best tips. "CD rates can vary wildly between banks, credit unions, and investment firms, so be sure to shop around whenever you are ready to buy one," he said. "The last thing you want to do is have to pull out your CD money right before it matures because you need to purchase new tires." Consider a CD ladderIn order to really maximize the current high APY offerings from CDs, Kovar suggested considering a CD ladder.
Persons: Taylor Kovar, I've, Kovar, Patrick O'Leary, doesn't
Many retirees don't think about taxes until it's time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a Northwestern Mutual study from January that polled roughly 4,600 U.S. adults. However, the "bucket strategy" is one way to minimize that burden, according to certified financial planner Sean Lovison, founder of Purpose Built Financial Services in the Philadelphia metro area. More from Personal Finance:Bigger IRA balances can be a 'tax nightmare' in retirement, advisor saysIs holding too much cash a mistake? Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which won't incur levies on future withdrawals.
Persons: Sean Lovison, Trump, Lovison, Roth Organizations: Northwestern Mutual, Finance, Roth IRA Locations: Philadelphia
I've been working on passive income streams for years, but I always want more. It felt like the only way to continue to expand and earn more money would be to introduce passive income streams. But in 2024, I've found myself eager to find a few new passive income streams. "Audit what you're already working with and see how you can turn it into a passive income stream," he suggested. In my case, one missed opportunity for passive income we discovered involved the traffic I'm already getting to my business website.
Persons: I've, , Jeff Rose, Rose, it's, It's, SoFi, you've Organizations: Service, Business
David Paul Morris/Bloomberg via Getty ImagesThe U.S. stock market has become dominated by about a handful of companies in recent years. Some experts question whether that "concentrated" market puts investors at risk, though others think such fears are likely overblown. The so-called "Magnificent Seven" — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — make up about 31% of the index, it said. Why stock concentration may not be a concernThe S&P 500 tracks stock prices of the 500 largest publicly traded companies. When there were big market crashes, they generally don't appear to have been associated with stock concentration, he added.
Persons: Jensen Huang, David Paul Morris, Morgan Stanley, Charlie Fitzgerald III, John Rekenthaler, Rekenthaler, Elroy Dimson, Paul Marsh, Mike Staunton, We've, Goldman Sachs, Fitzgerald, Moisand Fitzgerald Tamayo, Charlie Fitzgerald Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Bloomberg, Getty, Microsoft, Tesla, U.S, Finance, Morningstar, Big U.S, Goldman, Goldman Sachs Research Locations: Orlando , Florida, U.S, Switzerland, France, Australia, Germany, South Korea, United Kingdom, Taiwan, Canada
Now almost 57, Murillo, who lives in the Chicago area, has a net worth of over $1.1 million and is on pace to reach financial independence within three years. AdvertisementShe developed a plan to pay off her debt, saving roughly 40-50% of her net income of between $120,000 and $140,000. Murillo is one of many Americans who started their financial independence journeys later in life but are on pace to meet their early retirement goals. AdvertisementBy the time he turned 50, he and his wife had a net worth of almost a million. AdvertisementBy 47, she reached a million in net worth, which was about 25 times her expenses.
Persons: , Gina Murillo, Murillo, I'd, Gen Xers, Bill Yount, Yount, what's, He's, Jackie Cummings Koski, could've Organizations: Service, Business, FI, Vanguard, Walmart, LexisNexis, FIRE Locations: Chicago, Tennessee, South Carolina, Ohio
Some 6 in 10 U.S. adults say they're uncomfortable with their level of emergency savings, according to a recent survey from Bankrate. Financial planners generally recommend stashing three to six months' worth of living expenses away in an emergency fund. More than half of Americans — 56% — say they have less than three months of expenses saved, including 27% who say they have no emergency savings at all. Why you need emergency savingsWhen it comes to your financial priorities, establishing an emergency fund should be close to the top of your list, which may feel counterintuitive. And when it does, having an emergency fund prevents you from taking money away from your other financial goals.
Persons: Alyson Basso, Greg McBride Organizations: Financial, Hayden Wealth Management, Bankrate Locations: U.S, Bankrate, Middleton , Massachusetts
Preferred stocks can offer investors plenty of attractive income – and do so at a favorable tax rate – but they should proceed with caution before adding them to their portfolio. Preferred stocks are hybrid assets, combining attributes of bonds and equities, and their issuers include banks and utilities . He said these securities make up no more than 15% of his clients' fixed income allocation. Preferred investors would be paid before the stockholders, but they are well behind the bondholders in terms of priority. There is also the iShares Preferred and Income Securities ETF (PFF) , which has a 30-day SEC yield of 6.33%.
Persons: preferreds, Ken Waltzer, Frank Sileo, Collin Martin, Tapping, Wells Organizations: Wealth, UBS Financial Services, Americas, UBS, Poor's, Schwab Center, Financial Research, Trust Preferred Securities, SEC, Holdings, Barclays, Securities ETF, Citigroup, NextEra Locations: Los Angeles, Wells Fargo, Albemarle
It typically costs $54,616 to sell a house in 2024, according to a June 17 report from Clever Real Estate. In May, Clever Real Estate polled 1,014 Americans who sold a home between 2022 and 2024 about their attitudes related to the home-selling process. "Ultimately, [with] many of these fees, there's no harm in trying to negotiate, and that includes real estate commissions," Hamrick said. But the highest expenses an owner will face when selling a home are the real estate agent commission fees, Ahmed said. Sell without a real estate agent: Homeowners could try to sell the house themselves and potentially drop real estate services altogether, said Dunaway-Seale.
Persons: Jaime Dunaway, Seale, they're, that's, Dunaway, Mark Hamrick, Hamrick, Kashif, Ahmed, Daryl Fairweather, Orphe, Sellers, brokerages, Claudia Cobreiro, Cobreiro Organizations: Finance, Wealth, Redfin, CNBC, U.S, The National Association of Realtors, Cobreiro, MLS, Realtors, Homeowners Locations: Bedford , Massachusetts, Coral Gables , Florida, Miami
A retirement savings crisis is looming for people who have 401(k) plans and other retirement balances woefully short of what they will need to live on. But some workers — called "super savers" — are managing to successfully grow their retirement nest eggs. Super savers are workers who are putting away more than 10% of their salaries toward their retirement plans, according to new research from nonprofit Transamerica Institute and its division Transamerica Center for Retirement Studies. The rest, 44%, have reached super saver status — with 15% of workers putting 11% to 15% of their annual pay toward retirement, Transamerica said. Notably, the youngest cohort — Generation Z — has the most super savers, with 53%, followed by millennials and baby boomers, each with 44%, and Generation X, with 40%.
Persons: , Transamerica, millennials, Ted Jenkin, Jenkin Organizations: Transamerica Institute, Transamerica, Retirement Studies, CNBC, Finance, Social Security Workers Locations: Atlanta
Americans' workplace retirement account balances are growing — but they're still lower than what people say they need to be on track for retirement, new data reveals. The median account balance in the U.S. is now $35,286, according to Vanguard's annual How America Saves report, which tracked the performance of 401(k)s and similar plans in 2023. Some of the lower balance totals have to do with age, too: People often make and save less money earlier in their careers. "People tend to accelerate retirement contributions as they get older because they tend to earn more, but also because they're getting closer to retirement age," says Michelle Gessner, a certified financial planner in Houston. Compound interest is interest that's continually earned on both the principal amount and any accumulated interest, leading to exponential growth over time.
Persons: That's, they're, Michelle Gessner, that's Organizations: America, Northwestern Mutual Locations: U.S, Houston
If you're nearing retirement with a large pre-tax 401(k) plan or individual retirement account balance, you need a plan for managing future levies, financial experts say. Great savers could face a "tax time bomb" in retirement when required withdrawals kick in, said certified financial planner Scott Bishop, partner and managing director of Presidio Wealth Partners in Houston. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket, according to Bishop, who is also a certified public accountant. Those lower rates are scheduled to sunset after 2025 without an extension from Congress.
Persons: Scott Bishop, Joe Biden Organizations: Presidio Wealth Partners, Finance Locations: Houston
Rather, look to work with institutions and individuals that are aware of the community's unique financial needs . Some 3 in 10 LGBTQ+ adults (30.8%) say they experienced discrimination when accessing financial services, according to a recent survey from the Human Rights Campaign . In many cases, parade sponsors and participants include financial institutions, from banks to real estate agencies to investment brokerages. Making that process easier is a career goal for Charles Chaffin, a financial psychologist who founded Affirming Advisor — a program designed to help financial firms better serve LGBTQ+ clientele. Vet the firmIf a financial institution is publicly supportive of the LGBTQ+ community, that's certainly a good start, says Jay.
Persons: We've, Chris Jay, you've, Charles Chaffin, , Chaffin, you'll, that's, Jay Organizations: Merrill, Human, CFP, LGBT Chamber, Commerce, Realtors, CNBC Locations: Seattle
Skynesher | E+ | Getty ImagesWhat successful couples do differentlyCouples who say they feel their financial problems are perpetual are more likely to assume they have no solution, according to Cornell's research. Unfortunately, most couples by default tend to view their financial problems as perpetual, and therefore avoid talking about financial issues, Garbinsky said. watch nowCommunication avoidance may also contribute to financial infidelity, where a partner will withhold or hide financial information from their partner. "If you're not talking and if you're hiding things from your partner, it is having negative effects on your relationship quality over time," Garbinsky said. To start to unravel financial conflict, it helps to backtrack and talk about the money memories each partner has and how that shapes their feelings about money now, he said.
Persons: Garbinsky, Jude Boudreaux, Boudreaux Organizations: Partners, CNBC FA Locations: New Orleans
However, I was raised in a household where it was deeply ingrained that we were to be generous and help others at all costs. While I do want to help my family, this messaging isn't conducive to tucking funds away for Future Me and putting my own financial needs and goals top of mind. By taking care of your financial needs, you'll be in a much better place to care for your loved ones. Depending on your situation, you not only need to know your wants and needs, but you also might need to know your family's wants and needs. If you want help with your financial situation and juggling your needs and your family's needs, consider working with a financial advisor.
Persons: I've, churchgoers, Thao Truong, Truong, you'll, I'm Organizations: Service, Business, Morton Wealth, Budget, Foundation, Financial Locations: Los Angeles, Vietnam
Though municipal bonds generally offer income that's free of federal income taxes – and state taxes if the investor resides in the issuing state – they also come with lower yields compared to other bonds. When it comes to muni bonds, the higher your tax bracket, the more valuable the tax-free income is. A tax-conscious approach to fixed income You don't have to bulk up on municipal bonds to get the best yield for your tax scenario. Municipal bonds are good contenders in taxable brokerage accounts, where investors can benefit from their tax-free income. Some fund families offer "tax-aware strategies" either in mutual funds or ETFs, which can include some exposure to municipal bonds, as well as equities.
Persons: Wells Fargo, aren't, Nisha Patel, That's, Collin Martin, Michael Carbone, it's, Beth Foos Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, SEC, Bond, Corporate Bond, York Life Investments, Schwab Center, Financial Research, Morningstar Locations: Wells Fargo, Chelmsford , Massachusetts
About half, or 48%, of Gen Xers say they won't have enough money to enjoy their retirement, a 2024 report from global asset management company Natixis Investment Managers found. Gen X is typically defined as those born between 1965 and 1980. "I think where it's very stressful for [Gen X] is being sandwiched in that tug of war, saving for their retirement as well as helping aging parents," said Marguerita Cheng, a certified financial planner and Gen X mother. Gen X is the first generation of U.S. workers to come of age with 401(k) plans as their primary retirement vehicle after employers largely shifted away from traditional pensions in the 1980s. As retirement approaches, Gen X is feeling the financial squeeze — but financial planners say there are still ways to maximize your savings.
Persons: Gen Xers, they'll, Gen, Marguerita Cheng, Cherry, Cheng Organizations: Natixis Investment, Preston D, Blue, Wealth, CNBC, CoreData Research
With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard deductions and higher gift and estate tax exemptions, among other provisions. If Congress doesn't take action, those tax breaks will sunset after 2025. And if the TCJA provisions expire, more than 60% of tax filers could face increased taxes, according to the Tax Foundation. Here are some tax strategies advisors are discussing with their clients.
Persons: Donald Trump, Jim Guarino, Baker Newman Noyes, Mary, Guarino Organizations: Tax, Finance Locations: Woburn , Massachusetts
The second-quarter estimated tax deadline for 2024 is June 17, and you could owe a penalty if you don't send a payment, according to the IRS. You typically owe estimated tax payments for income without withholdings, such as from contract jobs, freelancing or gig economy work, or if you run a small business. But quarterly estimated tax payments are not just for the self-employed or small business owners, experts say. You must make quarterly estimated tax payments if you expect to have at least $1,000 in tax liability or more on your 2024 return. For the 2024 tax year, the estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, 2025.
Persons: Kelly Renner Organizations: Finance, Biden, Partners Locations: Augusta , Georgia
The stock's rise has been a boon to employees and insiders at the chip company who own shares. So-called RSUs provide workers with shares at a future date following a vesting period of typically three to five years. Employers can also offer incentive stock options, which allow employees to buy a specified number of shares at a stated – or strike – price. Workers who exercise their ISOs are also subject to capital gains taxes when they sell the stock they've purchased. Nonqualified stock options are another form of equity compensation.
Persons: Tench Coxe, Blair duQuesnay, they're, Albert J, Campo, Organizations: Nvidia, Securities and Exchange Commission, Ritholtz Wealth Management, CNBC's, Employees, Workers, CPA, Campo Financial Locations: New Orleans, Freehold , New Jersey
But tapping it may be tough due to high interest rates, according to financial advisors. Reverse mortgageA reverse mortgage is a way for older Americans to tap their home equity. A reverse mortgage is likely best for people who have much of their wealth tied up in their home, advisors said. A home equity conversion mortgage (HECM) is the most common type of reverse mortgage, according to the Consumer Financial Protection Bureau. watch nowA reverse mortgage is available as a lump sum, line of credit or monthly installment.
Persons: Selma Hepp, Hepp, Lee Baker, Atlanta . Baker, Kamila Elliott, Grace Cary, Elliott, Baker, Alexander Spatari, Cash Organizations: Getty, Apex Financial Services, Collective Wealth Partners, Consumer Financial, Bureau Locations: Cultura, Atlanta .
Some Americans believe that real estate is the best long-term investment. If you're among them, real estate investment trusts, or REITs, might be the easiest way to tap the market. About 36% of surveyed Americans ranked real estate as the top long-term investment, more than cited stocks or mutual funds (22%), gold (18%), and savings accounts or certificates of deposits (13%), according to a recent survey by Gallup, a global analytics and advisory firm. A REIT is a publicly traded company that invests in different types of income-producing residential or commercial real estate. In many cases, you can buy shares of publicly traded REITs like you would a stock, or shares of a REIT mutual fund or exchange-traded fund.
Persons: Stacy Francis, Francis Organizations: Gallup, Finance, Francis Financial, CNBC Financial Locations: New York City
Mega backdoor Roth conversions can significantly boost tax-free retirement savings — but this maneuver is not available for all investors and mistakes are common, experts say. A mega backdoor Roth conversion involves after-tax 401(k) contributions, which are shifted to Roth accounts. The full 401(k) limit is $69,000 for 2024, including employee deferrals, employer matches, profit sharing and other deposits. Mega backdoor Roth conversions are "a great tool when used appropriately," but you need to know your goals first, said certified financial planner Jamie Clark, founder of Ruby Pebble Financial Planning in Seattle. More from Personal Finance:Mega backdoor Roth conversions can be a 'no brainer' for higher earners, expert saysWhy a five-day return to office is unlikely, Stanford economist saysHere's how 'spaving' could hurt your financesHere are some common mega backdoor Roth conversion mistakes and how to avoid them, according to experts.
Persons: Roth, deferrals, Jamie Clark, Stanford, Here's Organizations: Ruby, Financial, Finance, Mega Locations: Seattle
Generating income with dividend stocks Dividend stocks have long been a staple of income investors' portfolios. Municipal bonds offer income that's free of federal tax, however. These names trade on exchanges like stocks, and they can offer dividend yields upward of 6%. Options strategies to create income Derivative income funds , such as the JPMorgan Equity Premium Income ETF (JEPI), gathered some $22 billion in 2023, according to Morningstar. Further, consider comparison shopping, as all "derivative income" funds have their own quirks and differences in strategies could affect their risk/return profile.
Persons: Janus Henderson, Walt Disney's, Amber Milam, Jefferies, It's, Savita Subramanian, Subramanian, Russell, Louis, Morningstar, Mike Mulach, Rick Rieder, he'd, Kathleen McNamara, there's, , Bill Gross, JEPI, Cash, Ashton Lawrence Organizations: Federal Reserve, Meta, Mobile, Bank of America, IBM, . Investment, Fitch, Credit, nab, ICE, Federal Reserve Bank of St, Louis Fed, UBS, UBS Wealth Management, York Life Investments, , JPMorgan, Mariner Wealth Advisors Locations: U.S, Greenville , South Carolina
Those highly appreciated positions can change the risk profile of your portfolio, particularly if it's been a long time since you last rebalanced. Managing the tax hit Trimming heavily appreciated positions in a portfolio that's held in a taxable account may come with a capital gains hit. One potential way to mitigate the tax is to use realized losses to offset those capital gains. In a year when losses exceed capital gains, investors can apply up to $3,000 of those losses to offset ordinary income and then carry over the remainder. Normally, these holdings would be the ones subject to the heftiest capital gains taxes if they were sold.
Persons: Blair duQuesnay, it's, Morningstar, Amy Arnott, Arnott, Roger Aliaga, Diaz, We've, Aliaga, Russell Organizations: Nvidia, Ritholtz Wealth Management, CNBC's, Vanguard, Investors, Federal Reserve, Bond Market, SEC, Aggregate Bond, U.S, Taxpayers Locations: New Orleans
But you can lose money by maxing out your 401(k) too early in the year — unless the plan has a special feature. Most 401(k) plans offer an employer match, which uses a formula to deposit extra money into the account, based on your deferrals. Typically, you must contribute at least a certain percentage of income each paycheck to receive the year's full employer match. However, some 401(k) plans offer a "true-up," or additional deposit of the remaining employer match, for employees who max out contributions before the end of the year. It's typically most common in bigger plans, experts say.
Persons: maxing, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Finance, Investor, America's Locations: Orlando , Florida
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