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Tax refunds aren't bonuses. They're interest-free loans to the government.
Tax refunds aren't bonuses. They're interest-free loans to the government.
I have clients that... π Love the stock market π Donβt believe in the stock market β Want to take advantage of every strategy out there π Canβt stand to keep track of another account, property or document π° Will inherit a lot of money from their parents πΈ Are providing for their parents π΅ Have steady, predictable income π€ Are business owners or salespeople "Just buy Index Funds! Rental Properties! Dividend Stocks!" π£οΈ β³ That doesn't solve their financial problems. But Financial planning can. β People have different problems that require different solutions. β Rules of thumb & internet research can only go so far. . . . Disclosures: Thrivent .com/social
I have clients that... π Love the stock market π Donβt believe in the stock market β Want to take advantage of every strategy out there π Canβt stand to keep track of another account, property or document π° Will inherit a lot of money from their parents πΈ Are providing for their parents π΅ Have steady, predictable income π€ Are business owners or salespeople "Just buy Index Funds! Rental Properties! Dividend Stocks!" π£οΈ β³ That doesn't solve their financial problems. But Financial planning can. β People have different problems that require different solutions. β Rules of thumb & internet research can only go so far. . . . Disclosures: Thrivent .com/social
Some of my favorite client questions this week π€ β Whatβs the smartest thing to do with our inheritance? β Can we afford to do these home improvements? β How can we turn our office space into a rental? β What do we do if something happens to my business partner? β How can I make sure my special needs child is taken care of if we canβt? β Where should I store cash to get more interest? β Is there anything I can do in case (spouse) canβt work? β Whatβs the best health insurance plan to go on as small business owners? β We have term policies, should we look at permanent? β What happens at the end of the term? . . . Disclosures: Thrivent .com/social
Some of my favorite client questions this week π€ β Whatβs the smartest thing to do with our inheritance? β Can we afford to do these home improvements? β How can we turn our office space into a rental? β What do we do if something happens to my business partner? β How can I make sure my special needs child is taken care of if we canβt? β Where should I store cash to get more interest? β Is there anything I can do in case (spouse) canβt work? β Whatβs the best health insurance plan to go on as small business owners? β We have term policies, should we look at permanent? β What happens at the end of the term? . . . Disclosures: Thrivent .com/social
Some client questions I've gotten in the last week π β How can I protect my special needs trust if I need extended care? β Should I keep these life insurance policies? β Do I need to be invested in the market? β Which IRA should I take my RMD from? β I just turned 73 last year, am I late on my RMDs? β After you deliver this financial plan, what happens? β What happens to my life insurance if I leave the company? β Can you help me plan for what what happens if Iβm no longer here? β Are you a fiduciary? . . . Disclosures: Thrivent .com/social
Some client questions I've gotten in the last week π β How can I protect my special needs trust if I need extended care? β Should I keep these life insurance policies? β Do I need to be invested in the market? β Which IRA should I take my RMD from? β I just turned 73 last year, am I late on my RMDs? β After you deliver this financial plan, what happens? β What happens to my life insurance if I leave the company? β Can you help me plan for what what happens if Iβm no longer here? β Are you a fiduciary? . . . Disclosures: Thrivent .com/social
If I anticipate these in my financial futureπ π΅ Increasing income ποΈ Steady or rising tax rates π Long-term market growth I'd go all-in on Roth options for now: π° Roth IRAs πΌ Roth Employer Plans β‘οΈ Roth Conversions . . . Disclosures: Thrivent .com/social Not everyone's situation is the same. I'd love to connect and find out where you are at in your financial journey."
If I anticipate these in my financial futureπ π΅ Increasing income ποΈ Steady or rising tax rates π Long-term market growth I'd go all-in on Roth options for now: π° Roth IRAs πΌ Roth Employer Plans β‘οΈ Roth Conversions . . . Disclosures: Thrivent .com/social Not everyone's situation is the same. I'd love to connect and find out where you are at in your financial journey."
π£οΈ "I make too much to contribute to a Roth IRA" If this is you... Here are 4 ways to get money growing tax-free in Roth accounts (even if you are above the income limits for contributing directly): πͺ 1. Backdoor Roth IRAs πΌ 2. Roth 401(k) π 3. Roth Conversions π° 4. Mega-backdoor Roth . . . Disclosures: Thrivent .com/social
π£οΈ "I make too much to contribute to a Roth IRA" If this is you... Here are 4 ways to get money growing tax-free in Roth accounts (even if you are above the income limits for contributing directly): πͺ 1. Backdoor Roth IRAs πΌ 2. Roth 401(k) π 3. Roth Conversions π° 4. Mega-backdoor Roth . . . Disclosures: Thrivent .com/social
Would you tap your screen twice if it meant someone in need got a free meal? I'm donating $5 to GraceWorks for every person that likes my Facebook Page this month. Click here π https://www.facebook.com/pat.mcgarry.thrivent β Help a local nonprofit β Help a local business GraceWorks provides food, clothing, housing support, and financial assistance. Details: β $500 limit β Deadline: Feb 29th, 2024 β Liking or sharing this post doesn't count for donation, but I do appreciate it! β 53 Page Likes at the time I am posting this. Any gained will count towards donation. P.S. - I share free financial education on my page that you are welcome to check out!
Would you tap your screen twice if it meant someone in need got a free meal? I'm donating $5 to GraceWorks for every person that likes my Facebook Page this month. Click here π https://www.facebook.com/pat.mcgarry.thrivent β Help a local nonprofit β Help a local business GraceWorks provides food, clothing, housing support, and financial assistance. Details: β $500 limit β Deadline: Feb 29th, 2024 β Liking or sharing this post doesn't count for donation, but I do appreciate it! β 53 Page Likes at the time I am posting this. Any gained will count towards donation. P.S. - I share free financial education on my page that you are welcome to check out!
Some client questions that have come up recently: β Should I look into AARP? β What does all this mail mean? β Why can I only take this money out of (___ Company) over 10 years? β When will I get taxed on my Roth Conversion? β Does the Roth grow tax-free? β Should I enroll in COBRA or go on this individual health insurance plan? β What do I do about dental & vision insurance while Iβm unemployed? β Should I spend down my HSA? . . . Disclosures: Thrivent .com/social
Some client questions that have come up recently: β Should I look into AARP? β What does all this mail mean? β Why can I only take this money out of (___ Company) over 10 years? β When will I get taxed on my Roth Conversion? β Does the Roth grow tax-free? β Should I enroll in COBRA or go on this individual health insurance plan? β What do I do about dental & vision insurance while Iβm unemployed? β Should I spend down my HSA? . . . Disclosures: Thrivent .com/social
Investing with multiple institutions doesn't make you diversified. It often leads to unnecessary overlap, less diversification and higher fees. πͺΊIt's true that you don't want to have all your eggs in one basket... π But you want to have all your chickens on one farm! . . . Disclosures: Thrivent .com/social While diversification can help reduce market risk, it does not eliminate it. Diversification does not assure a profit or protect against loss in a declining market.
Investing with multiple institutions doesn't make you diversified. It often leads to unnecessary overlap, less diversification and higher fees. πͺΊIt's true that you don't want to have all your eggs in one basket... π But you want to have all your chickens on one farm! . . . Disclosures: Thrivent .com/social While diversification can help reduce market risk, it does not eliminate it. Diversification does not assure a profit or protect against loss in a declining market.
If you plan to make lifelong contributions to your church or charity and aim to: β¬οΈ Increase your impact or β¬οΈ Reduce your taxes The Donor-Advised Fund could be a game-changer for you. Think of it as your own private foundation in the form of an investment account solely for donations. Here's what you need to knowπ π» Enjoy tax-deductible contributions. π Grow your money tax-deferred through investments. β Distribute funds tax-free to charitable organizations. π Stack multiple years of giving into one tax year to maximize your deduction. π Be aware of potential risks or fees associated with investing in this account. . . . Disclosures: Thrivent .com/social Thrivent Charitable Impact & Investingβ’οΈ is a public charity that serves individuals, organizations and the community through charitable planning, donor-advised funds and endowments. Thrivent Charitable Impact & Investing works collaboratively with Thrivent and its financial advisors. It is a separate legal entity from Thrivent, the marketing name for Thrivent Financial for Lutherans. Donors must itemize deductions to receive a charitable income tax deduction. Charitable giving can result in tax, legal and financial consequences. Thrivent Charitable Impact & Investing does not provide legal, accounting or tax advice. Consult your attorney or tax professional. Investing involves risks, including the possible loss of principal. The mutual fund prospectus contains more information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at Thrivent.com.
If you plan to make lifelong contributions to your church or charity and aim to: β¬οΈ Increase your impact or β¬οΈ Reduce your taxes The Donor-Advised Fund could be a game-changer for you. Think of it as your own private foundation in the form of an investment account solely for donations. Here's what you need to knowπ π» Enjoy tax-deductible contributions. π Grow your money tax-deferred through investments. β Distribute funds tax-free to charitable organizations. π Stack multiple years of giving into one tax year to maximize your deduction. π Be aware of potential risks or fees associated with investing in this account. . . . Disclosures: Thrivent .com/social Thrivent Charitable Impact & Investingβ’οΈ is a public charity that serves individuals, organizations and the community through charitable planning, donor-advised funds and endowments. Thrivent Charitable Impact & Investing works collaboratively with Thrivent and its financial advisors. It is a separate legal entity from Thrivent, the marketing name for Thrivent Financial for Lutherans. Donors must itemize deductions to receive a charitable income tax deduction. Charitable giving can result in tax, legal and financial consequences. Thrivent Charitable Impact & Investing does not provide legal, accounting or tax advice. Consult your attorney or tax professional. Investing involves risks, including the possible loss of principal. The mutual fund prospectus contains more information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at Thrivent.com.