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Property Tax Takes the Return Out of Home Ownership

Homeowners all over the Chicagoland area received their annual bad news in the mail this week in the form of their property tax bill.

For the past twenty years I’ve lived in Glen Ellyn, a small town with very little help from business sales tax to help pay for our schools, park district and other government services. This burdens property owners with an even greater tax bill relative to their…

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#Home Ownership #mortgage #property tax #Property Tax Bill

Lifeboat Drill for Your Portfolio

Lifeboat Drills should be done BEFORE your ship has issues.

Now that the stock market has fully recovered from the horrific January, it makes sense to question if you are able (or want) to stomach those kind of paper losses or not. I think of it like a roller coaster. If it goes too high, or falls too fast, I just choose not to go on it.

While January’s 10% stock market decline was a little…

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#financial planning #investment portfolio #investments #Peace of Mind #Stock Market Drop

Why Pay More Income Tax Than You Have To?

If you are not a member of Congress, you are not a “lawmaker.” While you do not make laws, you retain some control over what you do to take advantage of the laws for your own benefit. For instance: WHY PAY MORE INCOME TAX THAN YOU HAVE TO?

I’ve written about many tax strategies in this space and published an ebook “9 Proven Ways to Minimize Income Taxes“ to share many of my favorite tax saving…

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#Capital Gains Tax #EFT&039;s #Exchange Traded Funds #income tax #investing #Minimizing Taxes #Mutual funds #tax strategy

The Key to Financial Success

What’s the key to financial success? Make a Plan (free online plan now available).

Financial Planning is not only for the rich, as a matter of fact, having a plan is a key ingredient to being financially successful. Some people think you need to be wealthy to have your own advisor, NOT TRUE. Please get the word out to your friends and family that they canafford (can’t afford not to) to have a…

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#financial plan #financial planning #free financial plan #free retirement planning #MyMoneyGuide #online financial plan #online retirement plan #retirement plan

The Big Lie

The Big Lie is that creating a higher standard of living leads to a higher quality of life.

Having more money or nicer things allows you to pay for nicer things and borrow more money, but doesn’t mean you will have a better quality of life.

We are made to believe if you raise your standard of living (with nicer, more expensive things) it will lead to a better quality of life. This is what we…

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#budgeting #cash flow #debt #financial planning #happiness #loans #mortgage #relationships #retirement #Saving money #spending

If I Were King...

If I Were King…

With elections this year and as we get into the meat of tax season, it gets me thinking about our financial laws and what I would change if I were King. If I was in charge (as a King without needing anyone’s approval) these are a few of the financial matters I would address:

Social Security

I would not tax social security benefits for any recipient regardless of other income. Currently, you may…

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#Capital Gains Tax #government spending #income tax #investments #retirement #Social Security #tax rates

Tax-Advantaged Investment Opportunities

I’m overwhelmed by all the tax I pay (income, real estate, sales, etc.) so I try not add to my tax burden by choosing investment strategies that minimize taxable income. We control our investment decisions and can reduce or alleviate this taxable income. In some cases my strategies lower my current tax bill, others are tax free at distribution. I’ve invested in these vehicles for years,…

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#529 #financial planning #health savings account #HSA #income tax #investments #life insurance #minimizing tax strategies #retirement planning #Roth 401k #tax deferred #tax free investments #tax strategies

5 Bigger Risks Than The Stock Market

Sure you might lose money on any given day on a stock or stock mutual fund. What other risks are out there?

Many people are taking much bigger risks than that and may not know it.

Retireesearning too little or spending too much. Unfortunately bonds pay very little interest these days and CD rates are about 1%. If you are retired and spending more than 2% of your nest egg every year you had…

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#emergency fund #Home Ownership #long term care #mortgage #nest egg #retirement #savings #stock market #unemployment

Estate Plan Gone Bad

Some people have taken the time to do some estate planning only to have it blow up in their face after they have died. The chance of this happening grows substantially in correlation with the number of years since you last updated your will and or trusts. As you grow older your resources can change dramatically, along with your health and the situation that your benefactors (children) find…

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#estate planning #Executor of Will #Siblings #Up-to-date Will #will

Trimming the Fat

Not from your waistline, but from your monthly bills.

Twenty five years ago when I helped people plan for retirement, we didn’t even factor in monthly cell phone, internet and cable or satellite expenses. Now they easily run over $500 combined every month.

We tend to set up our phone and TV packages once and forget about them unless the service goes down. This week I took some time looking…

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#budgeting #Cable Bill #Cell Phone Bill #Internet Bill #Reducing Monthly Costs #saving

Presidential Talk: Does it Really Matter?

All the time spent watching news regarding the presidential candidates is a waste. The pre-primary debates and talk may influence your vote in the primary, but probably not on election day as you will likely vote for whoever represents your party. I compare the time leading up to the primaries to watching a long horse race and you don’t have money bet on any of the horses. You may care who…

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#2016 Election #Blue State #conservative #democrat #election #liberal #Presidential Debate #presidential election #red state #republican

New Year's Big Sale - Stocks and Oil

New Year’s Big Sale – Stocks and Oil

Oil Prices at 12 year low!

The U.S. stock market at this early point in the year is down (biggest Jan. sale ever?) more than any other year in history.

What does that mean to you?

Opportunity – what a great sale! I never thought I would be able to buy in again with the Dow in the 1,600’s. or 1,500’s. The Dow is roughly down 8% in 2016. Oil is at a 12 year low and China’s stock market down roughly…

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#barrel of oil #financial planner #financial planner glen ellyn #glen ellyn #glen ellyn financial planner #investments #Oil Prices #stocks #stocks and bonds #U.S Stock Market

Big Debt on Campus

Watching the movie The Big Short this week made many viewers wonder… Why didn’t more people know about what was going on? And are there other lingering issues in our money based society that we should be concerned about?

Of course our national debt in excess of $18,000,000,000,000 is something to be very concerned about, but something that is less reported is the $1.3 trillion dollars in student…

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#college costs #college tuition #debt #national debt #student loans

Make 2016 Year of the Good Habits

Habits are the center of our daily existence. 90% of what we do everyday is habit based. How you start your day, your visit to your computer, IPad or cell phone, exercise or not, what or where you like to eat, how you relate to people and more.

As we begin 2016, I didn’t have any “resolutions” in mind, but when I thought about it from a habits perspective, I decided to consider any habits that…

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#2016 #financial planning #Habits #Making Goals #New Year

Stash of Cash

When it comes to your finances, nothing gives you peace of mind like having a large stash of cash.

I’m not talking about a few hundred or a few thousand, but rather a minimum of ten thousand and more than twenty thousand. Working with clients with various incomes, net worth’s, and feelings about money allows me to see things from many different angles. Just this year I’ve seen client’s need a…

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#Being Frugal #budgeting #cash #finances #goals #saving #Savings Account

Tax Surprise Coming for Many

If you have a taxable mutual investment account, don’t be surprised if you get stuck with a large tax bill thanks to capital gain distributions from your blue-chip stock portfolio.

You may get this tax bill, despite not making or losing money in that mutual fund this year!

How could this happen?

Mutual funds managers sell and buy securities all year long. With every sale they either make or lose…

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#capital gain distributions #Mutual funds #mutual investment account #stock prices #taxes

Say Goodbye to your Doctor - MUST READ

Say Goodbye to your Doctor – MUST READ

Chances are your doctor is no longer “in-network” if you have an Individual or Family “Exchange” Health Insurance Plan.

Remember President Obama promising “You can keep your doctor“, well he’s not the first politician to blatantly lie to the public to get his bill passed and he won’t be the last. Unfortunately, health insurance changes impact millions of Americans. When this “hits the fan” and…

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#bcbs #Doctors #health insurance #Illinois #Insurance Plans #Obamacare

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