Now that the filing deadline for 2018 Income Taxes is behind us, I wanted to provide some lessons learned since this was the first iteration of tax returns following the passing of the Tax Cuts and Jobs Act of 2017.
With defined benefit pensions nearly gone from the landscape in the United States, tax-preferenced Retirement Accounts have become the backbone of most people's retirement plan. Among those is the Individual Retirement Account (IRA). Because of their near ubiquity, it is not uncommon for heirs to inherit an IRA from a loved one. How the inheritor handles an inherited IRA is laden with financial planning opportunities.
Much is written about the lottery, particularly when the jackpot reaches a record - typically near the $1 Billion mark. Sadly, many people continually play the lottery in the hopes of being "the one". It turns out, there is a much more reliable path to riches that pretty much only requires patience.
Real Estate investing is one of the more common investments people make, particularly people in the Military. Either out of necessity, or perhaps perceived value, people generally find themselves as home owners at one point or another. As one gains experience, there is a natural tendency to want to find additional real estate commitments. I will talk more about some considerations for your next real estate purchase.
As financial complexities increase and the American calendar is ever-more stretched, the need for prudent financial advice has arguably never been greater. Unfortunately, the umbrella of "Financial Services" is exceptionally wide and perhaps opaque in the services offered. Here are some things to consider.
On the face of it, the FIRE concept is pretty simple...save a bunch of money when you are young, accumulate enough so you don't have to work anymore, and then live out your years in "leisure". Turns out, there is a bit more to it than that.