Tax Planning: Year End Preparations
The Tax Cuts and Jobs Act of 2017 continues to provide Americans with opportunities and challenges as they prepare to file their taxes. As we prepare to head into tax season once again, we feel that a review of deductions, tax brackets and exemptions may be in order. Grab a copy of our updated 2020 Tax Planning piece here. http://bit.ly/2p025CF
Pro Vs. Self-Managed
In 2018, the S&P 500 was down -4.38% and the average investor lost -9.42%. (DALBAR) Emotional decision-making was a major factor, and we explored this topic in a recent article here. bit.ly/2Zmo1Vu
Ultimate College Checklist
Ultimate College Checklist
With summer in the air, it means fall is just around the corner. And, for many, that means kids heading off to college.
Sending your child off to college is an exciting and emotional milestone for families, but many details require attention. At CTS Financial Group, we’ve helped families navigate this transition, and we’ve created a checklist of 13 essential tasks to ensure your child gets the most out of their college experience. Here are some key items to address:
Finances
College is expensive, so review your finances and consider using accounts designated for higher education, like a 529 Plan. If money is tight, a Home Equity Line of Credit (HELOC) could be a good option, but consult a financial advisor before making that decision. You should also evaluate your car insurance policy to determine if adjustments are needed due to your child’s new living situation.
Health
Check if your …
Budgeting & Beyond
Budgeting & Beyond
Ready to get serious about budgeting?
Budgeting is an essential practice for everyone, regardless of income, to ensure financial stability and success. It’s about managing your cash flow, saving for the future, and making sure your spending aligns with your financial goals. Whether you’re new to budgeting or refining your approach, these four tips can help you get started and set yourself up for financial success.
1. Get a Handle on Cash Flow The process of budgeting and managing cash flow can begin at any age. While many people start focusing on it in their peak earning years (ages 40-60), it’s never too late to begin. Baby boomers and Gen Xers, in particular, often find themselves carrying higher credit card debt during this time, so learning to budget effectively is crucial. To get started, consider using a cash flow analysis worksheet, which you can get for free …
6 Steps for Early Retirement
6 Steps for Early Retirement
We’ve gotten a lot of questions recently on what it takes to retire early. While leaving the workforce may sound appealing, the people we work with want to make sure they have enough money saved and their portfolio is positioned for the road ahead.
Retiring early can seem like a dream, but it comes with its own set of challenges. Your savings must last longer, and the last thing you want is to run out of money. With careful planning, early retirement is possible, and there are six key steps to make sure you’re prepared. If you want more detailed guidance or help with your specific financial plan, reaching out to your team at CTS Financial Group is a great next step.
The first step is to create a budget. Retirement looks different for everyone, so it’s important to understand what your lifestyle …
Empower Your Future
Empower Your Future
Today, fewer than 1 in 4 employees have a pension – and that number is falling. Social security is changing too, as the retirement age to receive full benefits rises. Younger generations can no longer rely only on the system for retirement savings. It’s up to you to provide for yourself, and to prepare to do so sooner rather than later.
From a young age, we learn the importance of saving and investing for the future. Without a solid plan, our goals may never be realized. Today, this message is more important than ever. Responsibility for retirement savings has shifted from employers to employees. A generation ago, 84% of retirees had income from employer pension plans. Today, fewer than one in four employees have a pension, and Social Security is providing less support.
Millennials can no longer rely on the system for financial security. Two-thirds of millennials …
Choosing a Financial Advisor: What to Know Before You Invest
Choosing a Financial Advisor: What to Know Before You Invest
Choosing a financial advisor may be one of the most important financial decisions that you’ll ever make, and the quality of this advisor’s advice could heavily influence your long-term financial success.
Choosing the right financial advisor is crucial. The advisor you select will influence key financial decisions, from investments to estate planning. It’s important to understand your needs, whether it’s retirement planning or tax strategy. Advisors often specialize in different areas, so make sure you find one with the right expertise for your goals.
Check the qualifications and experience of potential advisors. Professional certifications, such as CFP® or ChFC, can indicate a higher level of training and commitment. Use tools like FINRA’s BrokerCheck to verify credentials and review complaint history. It’s also helpful to interview multiple advisors to compare their experience, qualifications, and …
Is College Worth It?
Is College Worth it?
With college debt at an all-time high and first jobs challenging to find, you may be wondering about the ROI of a college education. The decision to attend – or not – is intensely personal. But, if college lies in your future or the future of someone you love, it is important to start the planning process as soon as possible.
Rising college tuition and mounting student loan debt have many Americans questioning if college is worth it. The decision to attend college is a major one with long-term financial and personal consequences. While a degree can lead to higher earnings and better job opportunities, it also comes with significant costs, including tuition, housing, books, and other expenses. Financial aid can help cover some of these costs, but many students still graduate with substantial debt.
The benefits of a college degree are clear. College graduates …
Taking an Active Role in Your Family’s Wealth Management Process: Four tangible steps to follow your family’s financial roadmap
Taking an Active Role in Your Family’s Wealth Management Process
Likely, your parents haven’t shared their financial goals, intentions and legacy wishes with you. A discussion of family financial values and wealth transfer plans is an inherently difficult, albeit necessary, conversation. While no one wants to have this conversation with their parents or loved ones, we think it’s a necessary step that can provide you with the roadmap you need to follow and thoughtfully execute your family’s financial plan.
A 2016 survey revealed that nearly half of wealthy baby boomers hadn’t discussed family financial values or wealth transfer plans with their adult children. While these conversations can be difficult, they are essential for understanding your parents’ financial goals and wishes for the future. At CTS Financial Group, we offer support to help …
Rise of the Robots or a Relationship Renaissance? Not so fast.
Rise of the Robots or a Relationship Renaissance?
Are we experiencing a rise of the machines or an opportunity for a relationship renaissance? When it comes to robo-advisors, CTS believes in forward-thinking technology but not at the expense of hands-on research and face-to-face interaction.
At CTS, we provide personalized financial advice that robo-advisors can’t match. While robo-advisors use algorithms to manage your money, we focus on getting to know you as an individual, tailoring strategies to your specific goals and needs. We keep you involved in the decision-making process, ensuring you understand your investments and feel confident in your choices.
We also act as your financial coaches, helping you stay accountable and adjust strategies as your life changes. Unlike robo-advisors, which offer minimal interaction, we provide access to a knowledgeable, local advisor who knows your situation. Beyond investing, we help with major …
