As the tax year draws to an end, you may start to ask yourself the question, “should I itemize or take the standard deduction?” Because of the recent changes to the Tax Law, more and more people are choosing to take the standard deduction. However, itemizing can have large benefits, so the decision can be complex.
One of the most frequently asked questions we get as a financial advisor company in Utah County is, “what is the best way for me to set aside money for my kids?”
From the moment they enter your life, your children are tethered to your heartstrings. It is natural for new parents to want the highest opportunity of success for their children. This may lead parents to wonder, what are the best ways to save money for my kids?
As an experienced financial planner, one of the most common questions I get asked is, “Do I need to purchase umbrella insurance?” The short answer, most likely, is yes. Adequate umbrella insurance can save you millions, especially if you are a high-earner, have sizable assets, or are in a career where you could be liable for the accidents and injuries of others.
Countless people have chased after the idea of becoming a “millionaire,” only to fall short. While a million dollars today buys much less than it once used to, desires to be financially comfortable and independent are undiminished. So, what are individuals that have a high net worth doing right? Surely, they have unlocked some secret to financial freedom and success.
About a year ago, Congress passed the “Tax Cuts and Jobs Act,” enacting one of the largest set of tax changes in decades. Most of these changes are now in effect for the 2018 tax year, and you will notice the differences as you file this April.
Here is a roundup of the most important things to know about the recent tax changes.
Most people do not like to hear the word “risk” anywhere near the word “finances.” Nevertheless, risk and reward are closely correlated. On average, markets reward investors who accept more risk. On the other hand, lower risk investments may yield smaller returns, but also assure smaller losses. Successful investors understand this relationship and build portfolios that reflect their personal tolerance for risk. Creating this balance in your own investment portfolio will ensure you can stand by your investments in every kind of market.