Self-employed workers face different risks, rewards, and challenges than their full-time counterpart--including freedom to pick and choose projects, as well as the risks of a shifting marketplace. If you’re planning to leap into the freelance economy, here’s a look at what planners and professionals in the field recommend you consider.
It takes guts to run a business--but it also takes a firm grasp on how different businesses function if you’re going to succeed as an entrepreneur. Depending on your line of work, your income projections and tax bracket, and whether you plan to take on corporate partners or hire staff (full-time or freelance), you face several choices--each with broad implications on your personal financial picture.
Real estate is practically a rite of passage in America, with home ownership easily considered a classic milestone marking adulthood and success. However, under the new Tax Cuts and Jobs Act, changes in property tax deductions may shift would-be owners’ approach to the market and existing owners deductions at tax time.
While taxes are due in April for calendar 2017, certain gestures must be made before 2017 ends. Freelancers should make sure to open retirement accounts (SEP IRA) by 12/31, even though they have until mid-April to fund them. Freelancers should also review income from 2017 to see if it’s trending higher or lower, and whether that might impact taxes. Mitigation strategies in an up year might include adding funds to a retirement account or HSA, which can help lower adjusted income.
With few exceptions, insurance is mandatory for Americans. Those who don't have a policy through work or, if self-employed, don't purchase their own policy, face tax penalties. You can open and invest in a Healthcare Savings Account (HSA) to take advantage of healthcare cost tax deductions--but doing so may require that you buy one of the more "deluxe" HSA-approved plans on the marketplace.
The reality of student loan debt is influencing many Americans’ ability to finance a home purchase, but new rules from lending overseer Fannie Mae are introducing new options for borrowers. Financial advisors say the flexibility is welcome, and that for many adults they make sense as part of a sound financial plan.
Understanding different types of debt, how credit works, refinancing student loans, ways to start responsible spending and saving habits are all part of building a successful financial future for young adults.
A death in the family, the sale of a start-up company in which you have stock, or an outsized profit on a home sale can put sudden and significant wealth into your hands. When this happens, it’s important to know what to do first. Since sudden wealth is financially complex, finding an advisor who can help navigate this is an important starting point.
"Retirement" is a loose term -- the mid-20th century idea of dismounting from a bustling career into a life of leisure no longer exists, and many adults who are "retired" continue drawing income at ages where previous generations had pulled out of the workforce.
If you’ve got adult children, should you help them financially? If you’re an adult with well-heeled parents, should you accept or resist their financial involvement? Advisors acknowledge most adults financially help their kids even after they’ve left the nest, but urge caution.
Many Americans consider tax season to be one of the most worrisome times of year--in large part because they don't know how the math will work out when they crunch the numbers on their annual return. Working with a CPA or accountant can help ease the pain--and these professionals can also provide valuable financial planning advice and business strategy so you minimize taxes owed and maximize resources.
Free and low-cost budgeting apps as well as bank and credit card tools can help savers get a handle on where their money is going.
Reverse mortgages can play a strategic role in financial planning for investors who want to age in place, or who want to postpone or take only modest withdrawals from traditional retirement accounts so as to preserve capital for themselves or heirs.
If you’ve resolved to work on your finances in 2017, better budgeting, debt repayment, a better savings habit, and re-balancing can help position you for success.
With vacations, holiday celebrations and gift buying, and family gatherings, it can be easy to neglect several gestures that could have important financial impacts on your nest egg or tax bill in the coming year. But financial advisors say that’s a mistake.
Before you start saving for a major expense, know the underlying cost. Incorporating short-term or mid-term savings goals into your existing budget will help keep you on track and prevent accrual of debt to pay for the expense.
International investing is always a popular topic. Before jumping in though, you need to answer some basic questions like, is the time right and how much, where and what you should be investing in.
Managing your money during a job transition due to a layoff, downsize or merger takes discipline. Be prepared to manage your expenses more closely, check with your advisor before tapping any retirement funds and network with peers to find temporary work while finding your next long term job. These tips tell you how.
One size does not fit all when it comes to portfolio rebalancing. Investors have different levels of risk, investment styles and financial goals depending on what life stage they are in. These are the strategies professional financial advisors use to meet your personal financial goals.
Women in today's workforce have steadily grown to be the breadwinners in their household which creates unique financial planning challenges. Looking for a female perspective on the matter, we asked a couple of female financial planners who use GuideVine to provide their insights and experience on how women can approach their financial planning.
Understanding the cyclical nature of the market and your risk tolerance are key when putting together an investment strategy that can weather market turbulence. Incorporating core principles like an emergency fund and understanding tax planning will help create a solid plan for the future.
When beginning your financial planning don't be intimidated by the mechanics of of how different investment types and principles function. Start with the basics by knowing your budget, goals-based saving and investing, as well as understand the interest rates you are paying on debt.
When an adult freelances, personal finance becomes even more challenging. From managing monthly finances to planning for retirement, the needs are real and as is the need for thoughtful financial planning.
It’s not just your perception that rents are high. The top 10 real estate markets in the United States now demand mortgage-like payments from renters. But is buying and all the financial commitment it entails worth jumping into, just to avoid further rent increases?