Posts tagged Young Families
How is my severance package taxed?
How is my severance package taxed?

Severance packages are considered compensation by the IRS and are taxed the same as other income from a job, but this means not all of your severance is subject to taxation. Reviewing the terms of the agreement with your CPA or financial advisor can help you know exactly how it is taxed. If you are still negotiating your severance, you have an opportunity to lower your taxes by changing the terms of the package.

ALSO COVERED:

  • The Severance Agreement

  • Estimating Tax Withholdings

  • Avoiding Taxation — healthcare & fringe benefits

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Life Planning, Tax PlanningJoshua Escalante Troesh, CFPYoung Families, Starting Out, Financial Foundation, Corona Virus, Covid 19, Severance Package, Layoff, Building Wealth, Career Advice, Career Planning, Career Development
Coronavirus: Help for Small Business Owners & Self Employed whose businesses are impacted
Coronavirus: Help for Small Business Owners & Self Employed whose businesses are impacted

The federal government has created the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Eligible business and individuals can borrow 2.5 x prior average payroll (up to $10 million) with no loan payments due for six months. If you maintain your workforce, the SBA will forgive 8 weeks of payroll plus certain other expenses

ALSO COVERED:

  • Eligibility and amounts available

  • How to get Loan Forgiveness

  • Applying for the loan and an advance

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Business Advising, Life PlanningJoshua Escalante Troesh, CFPYoung Families, Corona Virus, Covid 19, Debt Relief, Small Business, Business Owners, Self Employment, Independent Contractor, Government Aid, CARES Act, Payroll Protection Program
Coronavirus: What mortgage help is available?
Coronavirus: What mortgage help is available?

Resource are available to help including ways to replace your income and relief programs to help make your mortgage easier to manage. Start by identifying who owns your mortgage to determine the programs available to you.

ALSO COVERED:

  • Freddie Mac relief programs

  • Fannie Mae relief programs

  • How to request help from a bank or credit union

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Life Planning, Debt ManagementJoshua Escalante Troesh, CFPYoung Families, Starting Out, Financial Foundation, Stock Market Crash, Bear Market, Stock Market Correction, 30-year mortgage, 15-year mortgage, Mortgage, Debt Management, Corona Virus, Covid 19, Debt Relief
What Do I Do with the Recent Stock Market Crash?
What Do I Do with the Recent Stock Market Crash?

The last couple weeks saw a stock market drop which has many spooked. Here are the 6 things you should do to keep the market downturn from ruining your financial plan.

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Investing, Retirement PlanningJoshua Escalante Troesh, CFPBuilding Wealth, Managing Wealth, Retirement & Legacy, Retirement Planning, Young Families, Starting Out, Financial Foundation, Stock Market Crash, Bear Market, Stock Market Correction, Investment portfolio
Would Getting a Paper Divorce Help Financially?
Would Getting a Paper Divorce Help Financially?

Yes, getting a paper divorce can help you financially but it can also be a financial negative depending on your personal situation. As with most things with Personal Finance, the answer is it will depend on a large number of factors related to your family's finances. Below are a few of the consideration that immediately spring to mind, which you will want to explore.

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Life Planning, Tax PlanningJoshua Escalante Troesh, CFPStarting Out, Building Wealth, Young Families, 401(k), Financial Foundation, Divorce, Estate Planning
Is it too early to start a portfolio for my one-year-old child?
Is it too early to start a portfolio for my one-year-old child?

It is definitely not too early and I commend you for taking advantage of the incredible returns you can get by starting an account at one year old. I am assuming your child will not need the money for at least 18 years so a stock-heavy portfolio would be appropriate. I would even be comfortable with a 100% stock portfolio assuming . . . .

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Life Planning, InvestingJoshua Escalante Troesh, CFP529 Plan, UGMA/UTMA, Starting Out, Building Wealth, Young Families, Investment portfolio, Stock, Bond
Will my husband's financial advisor be able to learn about my personal credit card debt when reviewing our finances and joint tax return?
Will my husband's financial advisor be able to learn about my personal credit card debt when reviewing our finances and joint tax return?

No, your financial adviser will only have access to information approved and provided by you and your husband. This information may come out if you and your husband were to submit your credit reports to the adviser for. . . .

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Debt Management, Life PlanningJoshua Escalante Troesh, CFPYoung Families, Debt payoff, Credit Card Debt, Debt Management, Starting Out, Choosing an adviser, Budgeting
What is the safest way to earn a higher interest rate on our money than by using our traditional savings account or a money market account?
What is the safest way to earn a higher interest rate on our money than by using our traditional savings account or a money market account?

In order to stay within your "safest" criteria, you would want to stick with an FDIC or NCUA insured account. You can get slightly higher interest rates by shopping around for high-interest savings accounts from online banks and credit unions. Currently (November 2018), rates on savings accounts are….

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Life Planning, InvestingJoshua Escalante Troesh, CFPStarting Out, Financial Foundation, Building Wealth, Young Families, Buying A Home, Savings, Certificates of Deposit (CDs), Money Market Funds, Money Market Accounts, High-Yield Savings Accounts
Do Credit Cards Charge Interest on New Purchases If One Is Paying Off a Balance?
Do Credit Cards Charge Interest on New Purchases If One Is Paying Off a Balance?

When credit cards carry a (any) balance they charge interest on the entire amount, even purchases, on a daily basis. So there is a difference, because the client in scenario B would accrue interest daily on the purchases they made that month, while in scenario A they are only accruing interest . . . .

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Debt ManagementJoshua Escalante Troesh, CFPCredit Card Debt, Starting Out, Financial Foundation, Young Families
How To Keep The Recent Market Drops From Ruining Your Financial Plan
How To Keep The Recent Market Drops From Ruining Your Financial Plan

The end of last week saw a stock market drop which has many spooked and supposed experts have been using words like ‘market crash’, ‘historic drop’, and ‘recession’. Here are the 5 things you should do to keep the market downturn from ruining your financial plan.

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Investing, Retirement PlanningJoshua Escalante Troesh, CFPBuilding Wealth, Managing Wealth, Retirement & Legacy, Retirement Planning, Young Families, Starting Out, Financial Foundation
What are the pros and cons of annuities versus stocks?
What are the pros and cons of annuities versus stocks?

Despite what you might hear, there are some very good ‘pros’ in favor of annuities. But, there are also a lot of very big ‘cons’ with buying an annuity. Annuities provide a fixed income until you die, which is very attractive for retirees. With a fixed annuity, the fact the insurance company is taking. . . .

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Retirement Planning, InvestingJoshua Escalante Troesh, CFPBuilding Wealth, Retirement & Legacy, Young Families, Retirement Planning, Annuities, Stock