The Solo 401k plan remains a standout choice for the self-employed in 2023, offering substantial contribution limits that empower entrepreneurs to save aggressively for retirement. The elective deferral limit has been raised to $22,500, a significant increase that allows for greater tax-deferred savings. For individuals over 50, the catch-up contribution limit provides an additional $7,500, […]
Financial Planning
The Roth IRA Backdoor: A Tax-Smart Strategy or a Trap?
The Roth IRA Backdoor: A Tax-Smart Strategy or a Trap?
Uncover the truth about the Roth IRA backdoor strategy. Is it a financial loophole worth jumping through, or a trap that could cost you more? Key Points: Introduction: You’ve probably heard about the Roth IRA backdoor strategy. It’s often touted as a smart way to get around income limits for Roth contributions. But is it […]
Financial Planning: Not Just for the Elite The Common Myths and Realities
Financial Planning: Not Just for the Elite The Common Myths and Realities
Financial planning isn’t just a luxury for the mega-rich. Many believe that to get a decent financial planner, you need an elite bank balance. The reality? Not quite. Too many high-earners in their 20s and 30s feel ignored by the financial industry. Why? They’re yet to hit that seven-figure mark. It’s frustrating. Everyone deserves proper […]
How to Be an Executor of a Parent’s Estate: A Practical Guide
How to Be an Executor of a Parent’s Estate: A Practical Guide
Introduction Losing a parent is hopefully the worst thing that’ll ever happen to you. But amidst the grief, there’s a practical aspect that needs attention: managing the estate. If you’ve been named the executor, you have a significant responsibility ahead & unfortunately, it only these times harder on you. This guide will walk you through […]
Common Misconceptions about Company-Provided Life Insurance: Why Term Life Insurance Might Be a Better Option
Common Misconceptions about Company-Provided Life Insurance: Why Term Life Insurance Might Be a Better Option
Key Points Introduction Life insurance serves as a vital component of a comprehensive financial plan, offering peace of mind and financial protection for you and your loved ones. However, there’s a prevalent misconception that relying solely on company-provided life insurance is enough to safeguard your family’s future. Let’s debunk this myth and explore why term […]
Microsoft RSUs & ESPP
Microsoft RSUs & ESPP
Introduction Welcome! I’m thrilled to walk you through the landscape of Microsoft’s RSUs (Restricted Stock Units) and ESPP (Employee Stock Purchase Plan). As a financial advisor, it’s my passion to help individuals, like you, understand these concepts and how they can significantly impact your wealth creation journey. If you are a Microsoft employee or planning […]