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Financial Planning Archives | Wealthspire

Jul 23 2021
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401(k)

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What is a 401(k) Retirement Plan? A 401(k) is an employer-sponsored retirement plan that allows employees to defer a portion of their wages to individual accounts. Generally, contributions to the plan are made on a pre-tax basis. However, some employer-sponsored plans allow for after-tax, or Roth 401(K) deferrals. Employers may also match their employees’ 401(K) deferrals up to a certain amount. Annual contributions are typically limited up to a maximum amount allowed by the IRS. What Should I Do With My Old 401(k)? When deciding what to do with an old 401(k), there are typically four options, each with pros…
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Jul 23 2021
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Margin Lending

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Margin Lending Definition Margin lending is the practice of borrowing money from a brokerage account while leveraging investment assets as collateral for the loan. Is Margin Lending a Good Idea? Margin borrowing is neither “good” nor “bad”, but rather a strategy that is better suited for some investors over others. Ideal candidates are those who have more substantial assets to use as collateral and those who wish to solve liquidity issues.  There are several potential uses for margin lending, including as a “bridge loan” (a short-term loan used to cover cash flow needs), as a loan to pay down another…
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Jul 23 2021
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IRA

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What is An IRA? An Individual Retirement Account (IRA) is an account that allows you to save for retirement through tax deferred (traditional) or tax-free (Roth) growth. Traditional IRA vs. Roth IRA A traditional IRA allows you to contribute pre-tax income directly into your retirement account. This is called tax-deferred because instead of paying taxes currently, you’ll pay (income) taxes when you withdraw money out of the account. Roth IRA A Roth IRA allows you to contribute income that has already been taxed. This means that as you grow your money in your Roth IRA, you will not have to…
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Jul 23 2021
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Fiduciary

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Fiduciary Definition A fiduciary is a person (or entity) who acts on behalf of another party and who must put that party’s interests ahead of their own. Typically, people who make financial, medical, or legal decisions on another’s behalf are fiduciaries. What is Fiduciary Duty? For fiduciaries, their “duty of care” refers to an obligation to avoid being deceptive or misleading to clients and entails careful thought and critical review of all information before making decisions on their behalf. This includes complete disclosure of any and all facts or information that investors would consider to be important or could affect…
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Jul 20 2021
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Thinking of Engagement? 15 Financial Questions to Ask Before Getting Married

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When two people who are both professionals consider getting engaged and married, it is imperative that they first consider their finances. Some entrepreneurs, business owners, and high earners (or their parents) will want a pre-nuptial agreement. Whether you are in a position of wealth or just starting out, there are many questions that should be discussed before walking down the aisle. The first set of questions involves current finances: How much do each of you make? How much have each of you saved? Do you both have retirement plans? Are you contributing to 401(k) plans at work? Are each of…
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Jul 13 2021
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risk tolerance

Understanding Risk Tolerance

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There is always something to be uncertain about and one does not have to look very hard to find negative headlines. This is part of why investing can seem so difficult, even in periods of relative calm. It becomes even more challenging during times of elevated turmoil. Having a well thought out investment plan and portfolio that aligns with your goals can help you stay the course. Part of this preparation includes understanding and accepting that a certain level of risk must be taken. Those who have the discipline to stick with their plan tend to be the most successful…
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Jun 22 2021
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divorce

Why You Shouldn’t Wait Until After Your Divorce to Meet with a Financial Advisor

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You are divorcing. You have a million things to think and worry about. Your divorce professional (whether it be a matrimonial attorney, mediator, or collaborative lawyer) is asking for all kinds of information and documentation. You are worried about your kids and custody. You are worried about whether you will stay in your home. You are emotionally raw and trying to hold it all together. The last thing you want to think about is your financial plan. But that is one of the most important aspects of divorce. Aside from custody, divorce is often about the money. Going through a…
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Jun 15 2021
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mortgage invest estate plan

Financing Your Home: What to Expect When You’re Taking on Debt

By Blog
My wife and I purchased our first home five years ago, which was not nearly as fun as an episode of HGTV’s House Hunters makes it out to be. After actively searching for months and putting offers in and losing out on six different houses, we finally grabbed the brass ring with our new home. To do that, we had to beat out seven competing offers after seeing the home for only 20 minutes during an open house on its first day on the market. Overall, it was a stressful experience, but we ended up with a beautiful home that…
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