Financial Life Planning – What it is and How it’s Different
Taking the first steps in financial planning is a big leap in your life as a person or as a couple. However, financial planning is not just about having the right amount of money in savings, insurance coverage, retirement savings, or other forms of savings. Although these are important, financial planning should first emphasize on helping you live a full, fun and “rich life.” Your money should not just act as a safety net but also as a means for you to reach your goals and enjoy life in the best way you know how. WHAT IS FINANCIAL LIFE PLANNING? Financial life planning can be well described as a holistic financial planning process that puts the interests of a client first when drawing up a plan to help them manage their finances. Financial life planning focuses on increasing the client’s well-being and ability to reach their personal goals, instead [...]
Tax Changes May Give Defined Benefit Plans New Life
Jason Labrum with Intelligence Driven Advisers is featured on CNBC! Tax changes may give defined benefit plans new life. Click here to read Contact an Adviser Today
Hidden Costs When Buying a New Car
Buying a car can be an exciting experience. A car means independence for some and for others it’s comfort in knowing you have a reliable means of transportation. While test driving and deciding on a new car can be fun, the actual purchasing of a vehicle can come with numerous costs. Some of which you may not even know about. At Labrum Wealth Management in Carlsbad we are all about transparency! We believe you should know ALL costs associated with your purchases. Today we’re sharing the four most common hidden costs that can come with buying a new vehicle. STATE AND LOCAL TAXES When buying a vehicle, you will be negotiating a price and probably expect to pay that amount less whatever you can pay for a down payment. The truth is, depending on the city and state you live in you will most likely have to pay additional [...]
How to Protect Your Personal Financial Information
Living in a world that is heavily dependent on the Internet comes with its own fair share of challenges, one of the biggest being information and identity theft. With millions of people partaking in online shopping, banking, and money transfers, the risk of personal financial information theft is higher than ever before. Fraudsters can easily pretend to be your bank or service provider asking for details about your credit card through email or mail. They can also send malicious malware to your computer devices in order to obtain your financial information without your knowledge. However, there are various ways that you can safeguard your personal financial information to prevent it from falling into the wrong hands. Here are several of them to consider: 1. STAY ALERT TO IMPERSONATORS Your personal financial information is yours and yours alone to keep. You should only entrust it to your spouse or a [...]
How Your Financial Advisor Can Help You Prepare For Tax Season
While not all financial advisors are CPAs (Certified Public Accountants) and thus may not be responsible for the filing and handling of your taxes, they can help you make strategic financial decisions throughout the year that can result in a reduced tax burden. Just keep in mind that many of the strategies listed below should be set up well before you are sitting down ready to file. The earlier you talk to an advisor about the points below, the more well prepared you will be come tax time. MAXIMIZE YOUR TAX SAVINGS Financial advisors can advise you on ways to help maximize your savings when it comes to tax payments. For instance, they might advise you to contribute the maximum to your company supported 401K. These contributions can be made pre-tax, therefore helping you to put away additional money that can grow for your retirement. Finding accounts that allow you [...]
How Much Money Will You Need To Retire?
If you Google “How much money do you need to retire?”, you’ll get a host of retirement calculators that promise to deliver your own personal retirement “number”. While many of these calculators ask good input questions and therefore deliver pretty decent outputs, determining how much money you will truly need is not as easy as filling out an online assessment. After all, many of these calculators even rely on you to tell them “how long you plan to live”! Retiring with enough money really comes down to finding a process that makes sense for you and matches with your lifestyle. Below is a basic four-step process to set you on the right path, but since retirement is such a personal decision, it is always a good idea to meet with a certified financial planner who can sit down with you and take a true financial assessment. You’ll want to work [...]
Market Volatility and Why a San Diego Financial Advisor Says Not to Panic
Watch this news clip to find out why San Diego Finanical Advisor, Jason Labrum, President of Intelligence Driven Advisers, says it’s not time to panic when experiencing market volatility. https://www.10news.com/news/despite-volatile-stock-market-financial-advisor-says-dont-panic Contact an Adviser Today
Distinguishing a Bear Market from a Stock Market Correction
DOES THE FEBRUARY 5TH DROP SIGNAL AN APPROACHING BEAR? Market Corrections are not always bears As everyone knows, stocks went into a dramatic spiral on Monday, February 5th, as the DJIA plummeted almost 1,600 points, which was the biggest point decline in history. But right before the market closed, buyers charged back into the market and limited the damage – but the DJIA still lost 1,175 points. When it was over, the DJIA closed at 24,345, down 4.6%; the S&P 500 dropped 113 points, or 4.1%, to 2,648; and NASDAQ lost 273 points, or 3.78%, to 6,967. The sell-off essentially wiped out the DJIA and S&P 500 gains for the year, and left the NASDAQ barely in positive territory for 2018. Such a movement begs the question: does this decline signal an upcoming bear market? To answer that question, we should probably define a bear market first. A BEAR [...]
5 Questions to Ask Before Hiring a Financial Planner
Hiring a financial planner is an incredibly personal – and important – decision. This is someone who will be perusing the intimate details of your financial life, and could potentially hold your future retirement success in their hands. Most experts agree that anyone would benefit from working with a financial planner, no matter their level of income. However not all financial planners will be a good fit for you. Before you start working with a financial professional, it’s a good idea to ask them these five questions: 1. DO YOU HAVE EXPERIENCE WORKING WITH OTHERS IN MY LIFE SITUATION? Your financial planner isn’t there to judge you, their job is to help you make the best of any financial situation. This could mean helping you bail out from a bankruptcy, developing a new plan now that you are divorced, or figuring out how to retire early. Finding a financial [...]
Expanded Benefits for 529 Plans
New Rules Benefit 529 College Savings Plans As An Estate Tool – Estate Planning The Tax Cuts and Jobs Act includes a provision to now allow 529 Plans to be used for private elementary and high school expenses, rather than just college related expenses. The new rules are a treat for both parents and grandparents looking for a better way to pay for private educational costs. Until now, the only plan that allowed for tax-free earnings growth was a Coverdell Education Savings Account (ESA). Limitations on contributions and income has made these plans unfavorable for many families. A key notable benefit to a 529 versus a Coverdell ESA includes transferability. Funds in a 529 account may be transferred from the original beneficiary to another. Another benefit is the fact that funds in a 529 may grow perpetually, and never have to be used. Some families are using this feature [...]