Financial Planning Consultant Boise ID

Financial Planning Consultant Boise ID

Be Happy!! Give!!

Posted by on Dec 13, 2017 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID | Comments Off on Be Happy!! Give!!

“It is better to give then receive.” That is more than a quote. Generosity is one of the measurements that the World Happiness Report uses to evaluate the happiness of a nation. The more generous a nation is; the more likely the people are content. The US rated #2 on the World Happiness Report. The World Giving Index is used to score a nation’s generosity. It uses a few criteria like: Helping a stranger Donating money Volunteering time Being generous doesn’t always require money. Giving of your time, simple acts of kindness can impact others. If your giving isn’t generating a “happy” response maybe it is time to create a giving plan. A giving plan allows you to be intentional about your giving. And it is relatively easy to create. Creating a Giving Plan The first step is to identify 2 or 3 causes that are important to you. Those causes may be varied from environmental issues to animal protection. My top two causes are children and veterans. The second step look for charities that support your causes. This is the step that may take some time. The charity needs to meet the needs, have results and be good stewards. Fortunately, tools like www.charitynavigator.org and www.guidestar.org can help you evaluate your options. Established, effective charities will provide reports sharing how many they have served, the increase in activity from prior years. They will also keep administrative expenses under 25% of total expenses. With my cause for children, I support One Child Matters, and Idaho Youth Ranch. I will be adding a children’s charity in 2018 that is serving the Idaho City population. For my veteran’s cause, I support Helping the Home Front and Mighty Oak Warriors. And our office organizes a Christmas for a veteran family in need. I had been “advertising” in a resource newspaper for Idaho veterans. However, after several requests, they did not provide information on how many they were serving, what needs were being met. I was told 100% of the money remained in Idaho. My response was, “How much of that paid salaries? Are you volunteering your time?” Administrative costs are a part of operations, but they need to be reasonable. We are currently looking at a new resource for veterans for the 2018 year. The third step is to establish on annual donation target. How much do you want to give to each organization? What is your total donation goal? I read a book on giving that inspired me to donate one million dollars over my lifetime. That won’t happen without intentional giving. Creating a Giving Plan has many benefits: Intentional giving increases the impact on issues that matter to you. Giving to local charities can develop rewarding relationships. Eventual decline in charity solicitations and junk mail. Easy to say “no” to solicitations that don’t match your giving plan. I believe the US is a generous nation. The World Giving Index says we are. Make a difference in your community, state, nation or world. Be an intentional giver- Create a Giving...

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FSA or HSA- Which should you use?

Posted by on Oct 18, 2017 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID | Comments Off on FSA or HSA- Which should you use?

FSA or HSA- Which should you use?   FSA or HSA- Which should you use? Which employer health plan should you use? Flexible Spending Account (FSA) or Health Savings Account (HSA)? If you have both options available, consider the following:       Flexible Spending Account (FSA)         Health Savings Account (HSA) Best used when you expect major medical expenses such as surgery or braces.   Best used when you are mostly healthy and want to save for future medical expenses. Based on your tax bracket your deduction could save as much as 35%.   Based on your tax bracket your deduction could save as much as 35%. This plan is available only through an employer.   May be offered by employer.  Individuals and self-employed may also use this plan. Usually partnered with a health insurance plan that has smaller deductibles such as $500.   Must be partnered with High Deductible Health Plan (HDHP).  The lowest deductible for a single is $1,300 and family is $2,600.   You can deduct up to $2,550 from your paycheck per year. The maximum is the same for singles and families. You may deduct contributions of up to $3,350 for single and $6,650 for a family each year. An extra $1,000 is available for those over 55.   Must ‘use it or lose it’ each year! Your employer may allow for $500 rollover into the next plan year OR an additional two months extension to use your benefit.   No “lose it” with this account. No limit on the amount you can accumulate.  However, to remain tax free, you can use this money only for medical expenses.   You can withdrawal money before you can put it in, up to the amount you have chosen to contribute for the year   You pay your medical expenses directly from the Health Savings Account. FSAs are tied to your employer and cannot be moved.   HSAs are portable and can be moved.  If possible, keep HSA separate from your health insurance.  It makes changing insurance easier. If your employer has both the FSA and HSA Programs, evaluate your choice on a year by year case. You can move between the programs. HSA’s are good to fund heavily to help with medical expenses during your retirement years. Rules change for HSA when you start on Medicare. (More on Medicare in the next blog post.)    ...

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Protect Yourself From Identity Theft

Posted by on Sep 12, 2017 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID | Comments Off on Protect Yourself From Identity Theft

A data breach at the credit agency Equifax may leave you exposed! The hack revealed critical personal information that may be used by identity thieves. This is one of the most consequential data breaches in history – nearly ALL of the U.S. adults have credit histories on file with Equifax. This could impact you! You can see if you were a victim of Equifax’s hack by visiting equifaxsecurity2017.com/potential-impact/ enter your last name and last 6 digits of your social security number. You can also wait to receive a letter from Equifax. Credit Monitoring services only alert you to when there has been a breach. You can do some of that by closely monitoring your credit card statements. Look for charges you don’t recognize and follow up. Hopefully your credit card company will notify you when they see irregular, sizable charges. A more permanent solution to identity theft is to freeze your credit with all three credit bureaus. A security freeze, also called a credit freeze, locks your credit file at each bureau with a special PIN. That PIN must be used in order for anyone to access your credit file, or add a new credit in your name. Credit bureaus rarely suggest freezing your credit. That restricts information given to banks and other companies that grant credit. Their recommendation is “credit monitoring”. As we already discussed, that alerts you AFTER there is a problem. How to freeze your credit: You need to contact all 3 of the credit bureaus individually. This can be done online or over the phone. You will be asked a few questions to confirm your identity. Experian: 888-397-3742 www.experian.com/freeze/center.html Transunion 888-909-8872 www.transunion.com/credit-freeze/place-creditfreeze Equifax 866-349-5191 www.freeze.equifax.com/freeze/jsp/SFF_PersonalIDInfo.jsp You may want to leave Equifax to last as they are receiving high traffic. There may be a nominal fee ($0-10$) at each credit bureau. To lift your freeze, contact the bureau used by the lender and provide your PIN to temporarily lift the freeze. This can only be done on line or over the phone. It may take a few days for the freeze to be lifted. After your credit has been secured, you may want to verify the freeze has been reinstated. This may seem time consuming and cumbersome. However, fixing your credit after an identity theft requires much more effort. This is definitely a case where an ounce of prevention is worth a pound of...

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Retirement Trap: RV’s and Trailers

Posted by on Aug 29, 2017 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID | Comments Off on Retirement Trap: RV’s and Trailers

Lower gas prices and an influx of retirees has led to more purchases of RV’s and Trailers. This can be a more economical way to travel the country. Before you spend big $$ on this purchase, try renting a unit. See if you have the RV personality, to live in smaller quarters, limited privacy, changing neighbors and RV parks and driving long distances pulling your mobile home. Many couples have enjoyed seeing the country pulling their lodging with them. Many set goals to see all the national parks and surrounding areas, or traveling to see all 50 states. Yet renting before buying helps you determine if the RV life is for you. Resale of trailers is more difficult than selling your house. I have yet to see one at a profit. I have only seen large losses.   Photo credit: <a href=”https://www.flickr.com/photos/49012484@N00/9700662977/”>nocibomber</a> via <a href=”http://foter.com/re/897e90″>Foter.com</a> / <a href=”http://creativecommons.org/licenses/by-nc/2.0/”>CC BY-NC</a> Photo credit: nocibomber via Foter.com / CC...

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Retirement Traps to Avoid – The Bank of Mom & Dad

Posted by on Jul 11, 2017 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID | Comments Off on Retirement Traps to Avoid – The Bank of Mom & Dad

Be careful of helping your kids, you may jeopardize your own retirement security. A 2015 Pew Research Center survey found that 61% of Americans with adult children helped their kids financially in the past 12 months. Be careful that helping a child through a rough patch doesn’t become an annuity. The best gift you can give an adult child is the financial skills to be independent. Check out Dave Ramsey materials and his Financial Peace University. Or the book “How to be a Financial Grown Up” by Bobbi Rebell. The adult child needs to learn financial responsibility while you are alive. When you die, the safety net is gone. They may receive an inheritance, but if they have a leaky bucket, it won’t last. Studies have shown inheritances, regardless of the size, being gone in less than 3 years. You need to set boundaries with your children. Determine how long you will help and under what circumstances. Many times, after the loss of the patriarch, mom is left to contend with the children. Mom, can find an ally in the accountant or financial advisor. These professionals can affirm the boundaries and be the “bad guy” for mom. Another gift you can give your children – never need their financial help. Safeguard your retirement assets so you won’t need to depend on...

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Wedding Gift Etiquette

Posted by on Jun 23, 2016 in Certified Financial Planner Boise ID, Certified Senior Advisor Boise ID, Financial Advisor Boise ID, Financial Planner Boise ID, Financial Planners Boise ID, Financial Planning Consultant Boise ID, Financial Services Advisors Boise ID, Peggy's Pearls | Comments Off on Wedding Gift Etiquette

It’s June and the wedding invitations are arriving, and the question becomes how much do you spend on a wedding gift?  The answer is:  It depends…           At no time do you spend more than your budget allows. You are encouraged to buy items off the registry.  You can plug either the bride or grooms name into RegistryFinder.com and discover where the couple has registered.  Start early to give yourself more options. Can you give cash?  Cash is the ultimate wedding gift, both for giver and recipient.  Cash doesn’t have to be bought at a certain store, is never the wrong color, and is easy to wrap by enclosing it in a thoughtful wedding card.  For the couple, cash does not need to be returned with a gift receipt, will match any household décor, and can be used for many purchases and expenses no matter what the amount, cash is useful and practical gift to help a couple start their life together. Whether you are buying a gift from the couple’s registry or giving cash, the guidelines for the amount are similar. Relationship – Close friends and family members would receive more than a co-worker. Travel Distance – If attending a wedding requires a plane ride and a hotel stay, you can buy something less expensive off the registry. Wedding Party Status – In general, the wedding party gives more, but if there were above and beyond expenses – like an extremely expensive bridesmaid dress or a bachelorette getaway in Mexico – you can give less. Other Gifts – If you are participating in other wedding activities, you can allocate your budget over these events.  The general rule is 20% on an engagement party or bachelorette party (depending on what part of the country you live), 20% on the bridal shower and 60% on the wedding gift. So how much is the right amount? The following is a guide: Wedding Gift Young person with limited budget = $50 Co-worker or acquaintance = $50 – $75 Friend or relative = $75 – $150 Close friend or relative = $100 – $200 (more in urban areas) In 2014, RegistryFinder.com reflected the average amount spent on a wedding gift was $120.  This is comparable to the average gift of $125 that Tendr.com registered. You can send your gift ahead, bring it to the wedding or deliver it up to 1 year later.  However, try to deliver within a two month period from the wedding. Again the guiding rule is “what does your budget allow.”  It isn’t about what they gave you in the past.  Personal budgets and financial situations change over time.  What may be an appropriate amount for a cash gift at one time may not be suitable for another event. Securities and advisory services through KMS Financial Services, Inc.  ...

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