James Brewer
I was recently asked to help some independent contractors with their retirement savings needs. Many people try to use some preset thought process of how to save for retirement. Often it is based on getting a matching contribution or some rule of thumb such as saving 10% of their income. If you are an independent contractor…
James Brewer
The health savings account (HSA) is an often misunderstood financial planning tool. A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). Some people confuse it with a flexible savings account (FSA). However, if I told you could…
James Brewer
Some people are shocked when they hear what my financial advisor fee is. Some of those people have 401(k) accounts or IRAs where they pay commissions. However, they don’t know what share class means nor do they have an idea of how much they actually pay in commissions. Some people have paid investment professionals investment…
James Brewer
Financial planning for divorced people is more important than you may think! When contemplating divorce, many people put themselves under undue stress, as they worry about their financial well-being. Much of that stress is due to the fear of the unknown before, during, and after divorce. It is important to realistically focus on your financial…
James Brewer
The term financial plan gets thrown around casually these days. The term financial advisor is, believe it or not, equally applied to insurance agents, stockbrokers, investment adviser representatives, and those with advanced designations such as the Certified Financial Professional (CFP®). That said, some financial planners will deliver, what I call, “an assessment that does not…
James Brewer
Most people I talk to, don’t have a spending plan and feel financial independence is a pipe dream. True financial independence means having enough wealth to live on without working. For you, it may mean living a certain lifestyle. However, most of the people I talk to don’t have a budget. Dictionary.com is instructive with…
James Brewer
Have you ever saved up for something, only to find that it was more expensive 3 to 5 years later? Many people find themselves in sticker shock when they return to a car dealership 5 to 10 years later and see the new prices. At least some, if not all of that increase has to…
James Brewer
(Last updated August 10, 2023) When we think about what it means to be rich, we often think about both income and wealth. High-earners like doctors and lawyers might be considered rich. But so are people with a lot of money in the bank or a big house. But when it comes to financial planning,…
James Brewer
No small business owner I have talked to knows their 401k plan fees or their effective tax rate. One of the questions on the Envision Wealth Structural Assessment is “Do you know your effective federal income tax rate? I have yet to find anyone who actually knows this answer. Most people just take their receipts…
For most of us, saving for retirement is done via some kind of employer-sponsored 401(k). We may also have an individual retirement account (IRA) of some kind. Traditionally, these are both tax deferred accounts, meaning you contribute the money income-tax free, and then pay taxes later when you withdraw it. Let’s take a closer look…
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