Introducing a new consulting service: Jump Start Your Finances

Are you:

• Overwhelmed by your company’s 401K choices?
• Confused about investment products?
• Living from paycheck to paycheck?
• Saving enough to meet your financial goals?
• Getting all the tax deductions you are entitled to?

Jump Start Your Finances is a consultation session for younger individuals and couples, who have important questions about their finances, but who may not yet need a written financial plan.

The Jump Start Your Finances Consultation will teach you:

• How to choose the right investments for you,
• About diversifying your portfolio and why it’s important,
• Why you should check your credit every year,
• How to create a realistic and workable spending plan,
• About basic income tax planning, including how much you should withhold from your paycheck.

The Jump Start Your Finances Consultation is a 2 hour consultation, in person or via telephone, and is perfect for recent college graduates, first-time employees and beginning investors. Here’s what you’ll get from your financial checkup:

1. 1-on-1 coaching session with a CFP/CPA
2. A review of your 401K or other employer-sponsored plan
3. A Prioritized “to-do” list
4. Educational worksheets on financial planning topics

Ready to get started? Contact Kristine McKinley at 816-739-4853, or email us at kristine@beacon-advisor.com to setup your consultation today!

Looking for the perfect gift this holiday season? A gift certificate for the Jump Start Your Finances Consultation is a thoughtful gift for the holidays, graduation, weddings, or any occasion! There’s no better gift than the peace of mind that comes with preparing for your financial future.

It basically talks about how the AMT is supposed to keep the rich from paying too little tax, but since the AMT rules have never been adjusted, it’s middle income Americans who are facing the AMT. 

I agree that the AMT needs to be fixed, as more and more of my clients become subject to the AMT every year.

Click here to read more.

Tags: AMT, alternative minimum tax

The Morningstar Classroom offers over 172 courses on investing.  Topics cover stocks, bonds, mutual funds and portfolio management. 

The classes are free and start from a basic learning level and progress up to an advanced level, so investors of all levels can improve their investing knowledge.  Visit the Morningstar Classroom to review the course catalog and to sign up. 

In addition to these free courses, Morningstar also offers investing workshops for a nominal fee.  The workshops are more in depth than the free courses, and include exercises to help sharpen your investing skills. 

Finally, Morningstar has some great articles on their website.  My favorite columnist is Sue Stevens.  Click on the Personal Finance tab to read Sue’s articles.

Tags: investing

Today I want to talk about where to keep your emergency fund.

If you’ve followed the guidelines (3 to 6 months of living expenses, or $1,000 if you’re working on a ‘baby’ emergency fund), then you may have a substantial amount of cash lying around.

You don’t want this money sitting in a checking account earning no interest, or a savings account that earns less than 1% interest.

On the other hand, you don’t want to put your emergency fund at risk.  So where to put that cash?  Here are some suggestions:

1.  Look for a money market account at a bank or credit union in your area.  A great place to start your research is Bankrate.com, where you can search by your location.  Your local paper might also list money market accounts in the money or finance section.

2.  If you’re comfortable with online banking, check out internet banks such as ING, HSBC, or Emigrant.  Online banks may offer a higher interest rate than local banks because they have lower overhead.

3.  CDs – although a good portion of your emergency fund should be in liquid accounts that are easy to access, you might want to keep part of your emergency fund in CDs to earn a higher interest rate.  Shop Bankrate.com or your local banks for the best rates.

4.  Money market mutual funds – if you already have investments with a mutual fund company or brokerage company, you might consider using a money market mutual fund for your emergency fund.  Rates are competitive and this option may be more convenient for you if you already have a brokerage account. 

5.  Short-term and ultra short-term bond funds – these are bond funds which fluctuate based on what the bond market is doing, so the value of your bond fund can go down.  However, there is potential for a greater return than a money market or CD, if you don’t mind the additional risk.

Tags: saving money, budgeting, emergency fund