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With the ever-rising cost of education and student loan debt (currently over a whopping $1.7 trillion), many parents worry about paying for their own and/or their children’s education. 529 plans have consistently been pushed as the best savings option to help qualm these educational cost worries, but with specific use cases and possible tax penalties, …
Continue reading “529 Plans and What Happens When Funds are Not Used”
Read More...“Diversification,” according to Warren Buffet, “is protection against ignorance. It makes little sense for those who know what they’re doing.” This is because diversification for most financial planners and investors merely means spreading your equity across multiple asset classes in hopes of avoiding correlated losses from occurring all at the same time. But does it …
Continue reading “Diversification: Is it Truly the Protection You Need Against Market Volatility?”
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Residual income is commonly confused with passive income. Although the two terms are often used interchangeably there are some important technical differences. Some people find it easier to think of residual income as cash flow. Whether you are working in Personal or Corporate Finance, a strong residual income is highly desired, because it is an …
Continue reading “What Is Residual Income and Why Does It Matter?”
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“Horrible Consequences the Financial Services Industry Has Planned for Your Retirement” “How do you think I’m going to get along…you took me for everything that I had and kicked me out on my own.” These are lyrics from the hit song by Queen but could just as easily be the words of millions of Americans …
Continue reading “Another One Bites the Dust…”
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According to Fidelity, who holds 16.2 million of the 27.2 million IRA and 401(k) accounts in America, the median 401(k) account balance is a miserable $63,000 as of February 2019 for those ages 60-69. This figure is much less than the average retirement account balance of $112,300 which, by the way, isn’t anything to boast …
Continue reading “Retirement Concerns”
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Planning for the future is critical in a world of uncertainty. Now what if there was a life insurance policy that provided more than just the death benefit? What if it could help you meet your financial goals during your lifetime and help you set up your family for success after you pass? Well, let’s …
Continue reading “Cash Value Life Insurance”
Read More...CARES Act Impact on Retirement Plans and Your Once in a Lifetime Chance With high unemployment rates in the U.S., individuals are seeking access to savings accounts to sustain their family and/or business during the pandemic. Many are turning to their 401(k) retirement accounts as a financial safety net. Thanks to the CARES Act, many …
Continue reading “Avoid the 401K Withdrawal Tax Under the CARES Act”
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Universal life insurance became a popular life insurance policy in the 1980s. These policies differ from the common term life insurance policies or whole life insurance policies. So what is universal life insurance? Read on to learn about what it is, how it differs from other policies, and the challenges with this type of …
Continue reading “Universal Life Insurance at a Glance”
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Have you ever wondered, “Should I pay off my mortgage early?” Many homeowners ask this question because they want to get ahead financially. My Mom and Dad paid off their first home in 5 years. They wrote a check and bought their second home with cash – a beautiful, 2 story brick home on 3 …
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A Formula for Financial Peace of Mind We Design Financial Solutions and Life Insurance Schedule Appointment » MEET WITH THE MCFIES FOLLOW THE FORMULA GROW YOUR WEALTH The Financial System in America is NOT Designed to Make You Wealthy! Banks are paying next to NOTHING Typical financial planning isn’t working Investing is risky and …
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