Deferred compensation plans are a popular option for high earners. First of all, they can save professionals a lot of money during their working years—and in their retirement years as well. When using a deferred compensation plan, the professional can defer a portion of their income to the plan where it can grow tax-free.
With more than two decades in the financial services industry, we’ve come across many pieces of sound financial advice. You’ve probably heard some of them as well, such as the importance of living within your means, managing risk, and investing for the future. It would be wise to follow any of those lessons, but if we could give just one piece of financial advice, it would be to avoid procrastination.
The temptation to buy a vacation home can be overwhelming while basking in the sun on a white, sandy beach or enjoying the view from your cabin window. But don’t let your emotions cloud your judgment when it comes to this significant decision. If you desire to turn your daydream of owning a vacation home into a reality, it’s essential to first consider if this is truly a good investment for you and your family.
Financial mistakes come in all shapes and sizes. Some mistakes are easy to recover from and can end up being a good life lesson. Other mistakes can have lifelong impacts and may permanently affect the kind of lifestyle that you’ll be able to afford in retirement. These are the mistakes we want to help you avoid.
With record-low inventory, low interest rates, and high demand, the housing market is currently booming. Once the stress and drama of offers and counteroffers is over, you can finally enjoy being a homeowner—right? There’s no denying the hefty price tag, and as most of us are unable to purchase a house in full, we are saddled with a mortgage as soon as we cross the threshold. This debt is unavoidable, so how do you handle it moving forward?
A new year is often a time for fresh starts, intentional planning, and renewed motivation to conquer goals and accomplish things that are important to you. And after the year we just had, a fresh start is just what we need. As you transition into 2021 and all this year will bring, take some time to think about your long-term plans and reevaluate your decisions, especially in the following key areas.