Are You Ready to Upsize?

Five Considerations Before You Purchase a Larger Home

A lot has been written and discussed over the years about the benefits of downsizing your home when you reach a certain point in your life, typically retirement or when your grown children move out. However, there are many people in a different phase who are currently facing the exact opposite scenario – upsizing.

As you contemplate upgrading your starter home, maybe your family is growing and requires more room, or you would simply like a more spacious floor plan, upsizing is a big step. The decision to purchase a larger home, and likely take on a larger mortgage payment, requires thoughtful consideration.

Below, we discuss five things you may want to think about as you make this important move.

1. Understand ‘Why?’

People upsize their homes for a variety of reasons. You may want to upsize because you need more bedrooms for your growing family, you may be running out of storage space and in a desperate search for more, or you may have experienced a recent increase in your income and want to upgrade your lifestyle. Whatever the reason, make sure it is clearly defined. Ask yourself whether you are trying to achieve an intrinsic goal by upsizing, rather than an extrinsic one, in keeping up with the neighbors’ upgrades, for example.

Retirement Planning for Millennials: A Complete Guide

Your Future Is Closer Than You Think

Does your retirement feel like a lifetime away? If so, you are not alone. Many millennials are very focused on their careers, paying off student loans, and juggling a social life with growing family commitments.

These things are all important and deserve attention, but failing to put energy into retirement planning is a mistake that can cost you dearly in the not-so-distant future. Why? It’s all about the magic of compound interest. The longer your time horizon to save, the better chance investments have to earn interest upon interest; theoretically increasing at an exponential rate.

With an eye toward maximizing compounding in your retirement planning strategy, here’s how to get started saving right now.

Young Families and Estate Planning: Five Considerations for Parents

They are the conversations no parent wants to have, and yet they are incredibly consequential.

Six in ten adults don’t have a will in place. For couples with young children, a will designates a guardian to care for your children should you and your spouse pass away. Without a will, it is up to the courts to decide who will care for the children, and those decisions may not be the best for your family. It is also important to take the steps to ensure if they will be financially secure. Proper titling of assets and designations in the will can direct personal property exactly as you wish, so your children (and their caregivers) may never have to worry about a financial burden.

Again, these are difficult conversations to have, but planning ahead means you can ensure your wishes are met if the worst should happen, and you can begin by asking yourself five important questions.

The Stock Market is Rallying Today, but Blue Skies aren't Quite Certain Yet

Today marked a 7.6% rise in the market, as the Dow rallied over 1500 points! While this is certainly nice to see, we still may continue to see some additional volatility in our portfolios. Staying invested during bear markets can have a long-term positive impact. The video clip below illustrates how difficult it is to time the market. You will be rewarded for “staying the course” and not moving your investments into cash."

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Americans Can Defer for 90 Days

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15 without interest or penalties. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through S corporations, partnerships or other pass-through entities.

Why People are Dishonest About Money

Money is a loaded topic, and many people grow up conditioned not to discuss it. It can make for uncomfortable conversations, certainly, and it’s not advisable to disclose all the details of your financial life, but many people are taking the secrecy too far. In fact, forty percent of Americans now admit to lying outright to their partner about money, or to having a secret credit card or bank account. All these acts of “financial infidelity” can be damaging to a relationship because, regardless of the degree to which they are dishonest, they represent a choice to be deceitful rather than truthful.

So, why are people so apt to lie about money? Well, as with many things, being completely transparent with another person can feel vulnerable, leaving us open to judgment. Conversely, deception allows us to avoid discomfort and maintain the status quo in a relationship. With financial disputes consistently listed in the top reasons for divorce, it’s no wonder 15 million Americans are hiding secret credit cards and bank accounts.

Of course, this behavior isn’t healthy. If you find yourself committing some level of financial infidelity, it is vitally important to uncover the source of your dishonesty – shame, pride, fear or otherwise – in order to have a healthy relationship moving forward.