With how busy people are in today’s world, it’s hard to stay organized in any part of your life, but especially when it comes to your finances. In order to help people in the last part of 2014, Jameson Van Houten of Stonegate Financial Group is sharing some of his best tips on how to make sure that all your ducks are in a row come tax season.
Jameson Van Houten knows that it can be stressful to start thinking about retirement and how much money you will need saved up for this important time in your life. People need to start saving money as early as they can to ensure that they will have a nice and comfortable retirement ahead of them. One way to make sure that this happens is to put a plan in place when you are in your early 20s. The best way to do this is by focusing on your debt before thinking about retirement or other accounts.
Many young adults in their 20s have likely graduated from college and may have a pile of debt that they have collected by taking out different loans from the bank. This can be stressful to think about paying back all your loans, as well as worrying about saving for retirement that won’t happen for another several decades. However, the ideal way to tackle this situation is to approach it one step at a time.
Instead of trying to focus on getting rid of your debt and saving a good portion of money at the same time, Jameson Van Houten recommends that people focus on paying back all the debt first. Once you get this out of the way, you will have more money to invest into retirement and into other savings accounts as well. If you are focused on too many expenses and savings accounts all at once, it can be overwhelming and may not be beneficial at all.
When you start to think about retirement, you may start to look at Individual Retirement Arrangements (IRAs). There are different types of IRAs, and choosing one depends on many factors, including your ability to qualify for them and the advantages that they offer you. Since Jameson Van Houten wants to make sure that you find the best IRA option for yourself, they would like to discuss the advantages of having a Roth IRA over a traditional IRA. Roth IRAs are not the best choice for everyone, but when you look into them, you should consider the following advantages of a Roth IRA.
- Growth: Roth IRAs can grow and collect Tax free interest. They can also be withdrawn from after either 5 years or after the owner turns 59 ½ without any further fees or taxes.
- Inheritance: the funds from a Roth IRA can be left to the heirs of the owner without them having to pay any income tax on the money, which offers security for the owners loved ones after they pass.
- No Distributions: IRAs usually require a certain amount of money to be distributed over a period of time, but with a Roth IRA, no money is distributed until after the death of the owner.
Jameson Van Houten encourages you to meet with a financial adviser and discuss a Roth IRA. With all its advantages, a Roth IRA is a great choice, and you may find that it is a great option for you. If you qualify, you can really benefit from the advantages that a Roth IRA has over a traditional IRA.
Jameson Van Houten knows for anyone who is going through a divorce, it can be a very stressful life event that brings on a lot of changes. One of the most common is the financial aspects. It’s important to find someone trustworthy to work with that can help evaluate the state of your finances during this time. The experts at Stonegate Financial can help examine what actions will best suit your financial plan. For more information, please visit www.stonegatefg.com
For anyone in need of assistance with their personal finances, Jameson Van Houten offers clients the opportunity to seek out advice from professionals. Although many out there may be well versed in different aspects of financial planning, such as investments of the retirement process, it is always a smart decision to learn more about this complicated process.
It’s important to remember that any financial decisions made now can have a large impact on someone’s future. Since there are constant changes that can influence a person’s finances, it is wise to have someone who is up-to-date on different patterns and trends in the market and that will offer useful advice about what to do next. Jameson Van Houten knows for those who utilize the assistance of a financial planner will learn that the insider information they offer is invaluable, especially for those who have never truly considered the benefits this service can offer. Even beginners shouldn’t fear, because they will become more educated about how to handle finances as they start the process.
Jameson Van Houten believes that any questions or concerns are something that should be expressed to whatever individual is assisting in this process. Even if it seems like a clear choice, weighing the benefits of different options is always a beneficial part of the process. Often, a financial advisor’s perspective offers insight and useful information that even the most informed clients may not be aware of. This is a great way to ensure the best decisions are being made when it comes to anyone’s personal finances.
Jameson Van Houten, CEO of Stonegate Financial Group, knows how vital it is to learn about the importance of money at an early age. With this includes what to spend money on, when to save it, and what exactly the value of a dollar is. Many people in today’s society never had the chance to learn all about financial responsibility, which has contributed to a lot of debt and bad spending habits. In order to fix this, children at a young age need to be taught how necessary it is to save money.
Even young children still have the ability to possess money and decide what exactly they should spend their money on. Most of the time, this includes the hottest new toy or latest gadget that just hit the market. It is important for parents and grandparents alike to sit down with young children and explain to them why saving money is important. The money that children have is even earned and they should understand why they should save that money that they worked so hard for.
When to save money is an every day decision that children will be able to carry with them all the way throughout adulthood. By having the ability to save money and refrain from buying a new toy, Jameson Van Houten say that this can turn into a greater respect for money later on down the road. These habits will then shift to being able to put away money and resist from spending it on a new luxury car or fancy designer handbag.
Jameson Van Houten, CEO of Stonegate Financial Group, shares that one of the most common questions asked by his clients is how to manage a portfolio that will result in a reduced tax burden, while also achieving a higher tax return. The answer to this can be explained through a series of measures. While investors should take asset allocation into consideration when building a portfolio, not all pay attention to asset location, such as tax-advantaged vs. taxable accounts. Having investments that result in ordinary income or short-term gain like bonds that are taxed at a higher bracket for tax deferred accounts like a 401(k) or a tax-free account such as a Roth will help in this process.
It is recommended by Jameson Van Houten to take simple measures like holding low turnover index funds as opposed to actively managed funds and use losses to offset taxable gains, which can reduce the tax burden on the individual. Since all client situations are unique, a financial advisor must tailor a specific plan to ensure that goals are met through a careful process that will work to benefit the client.
Although it is ultimately the decision of the client, it is strongly suggested to seek professional advice from those who understand the system, the many changes that occur, and the best methods to help people meet financial goals that are realistic and practical.
Jameson Van Houten knows that many people have questions regarding what exact requirements are necessary for obtaining an SBA Loan. Finding out what exactly is needed and whether you may or may not qualify can be a confusing process at times, and one that is sure to involve many questions, however, there is one question that frequently comes up during this process from borrowers. Many wonder if they may be considered overqualified, or in other words, too strong financially in order to either qualify or obtain this particular type of loan.
In the past, SBA has utilized what was known as a “personal resources test” to gather and analyze information about the borrower’s finances in order to determine whether or not they would fall into a category of qualification. Jameson Van Houten says that this left many candidates with substantial liquid assets as well as with some issues to sort out. In order to become able to obtain this type of SBA loan, borrowers may be required to place certain amounts of cash into the transaction in order to lower the amount of the loan, or in a worse case scenario, determined ineligible for the loan period.
The good news is that the SBA loan has recently eliminated this process as well as previous qualification modifications, allowing for a broader range of applicants to become approved in the SBA program. This allows for individuals to maintain liquidity levels on balance sheets while still being able to obtain these loans. For more information about SBA Loans, please visit Stonegate Financial Group online at www.stonegatefg.com