Back in late September the Lexington Financial Planner blog wrote about how President Trump’s tax proposal would affect you. Now, the House Ways and Means Committee has revealed their tax bill so let’s take another look. No talking points, no politics, just math. Uh, fun math. No, seriously.
There is a natural, and understandable, instinct in most of us to want to pay off our mortgage as soon as possible. In fact, it’s considered a kind of rite of passage. Yep, the missus and I paid off the house and finally have the kids off the payroll, now we can save for our retirement! But, is paying down your house or other debt early really the right thing to do for your long-term best interest?
The book The Millionaire Next Door revealed, for the first time, that there were strangers living among us. No, not zombies or even Tennessee fans, but rich people, only disguised as you and me.
Enjoy this month’s newsletter where we share an initial analysis about President Trump’s tax reform proposal and an update on BlackRock floating rate income funds.
If you are expecting a political assessment of the President’s tax proposal, change the channel. It is our job at Moneywatch Advisors to analyze policy changes, assess the impact on our clients and help them change strategies, if warranted. So, in that spirit, here is our initial assessment on the framework released this week.
Rachel and Ross, referred to Moneywatch Advisors by Chandler and Monica, are both 40-years old and want to know how much they should have when they retire. Given their combined income of $125,000 per year, we project they will need just over $3.1 Million in investment assets when they retire at 67 to sustain their current standard of living. What the what?! Keep reading to see how we arrived at that number.
If money wasn’t an issue, what would you do? Because, that’s what financial freedom allows. Would you quit your job? Travel the world? Volunteer for a favorite cause? This post illustrates how it’s easier to save and invest for your financial freedom dream than saving for that undefined retirement way off in the distance.
Imagine you are a 30-year old with a degree in French literature and a well-paying job writing code for a new tech startup. No, really! Retirement, as we traditionally think of it, is 35 years away. Saving is for suckers! You’re buying the loft, the 70-inch with surround sound and an Audi Quattro.
I understand a discussion about pensions is about as welcome as Lyme disease. But, while much has been written about who is to blame for Kentucky’s pension crisis and what the impact might be to participants in the various retirement systems, very little has been written about why those of us who don’t have pensions should care. Here is why we should care: because if this is not fixed, Kentucky will slide back rather than be able to invest for our economic future. Enjoy the state parks? You might have to take the kids to Opryland instead. Appreciate the opportunities that our public schools and public universities offer? Well, get ready to sell more wrapping paper and explain to your student that history didn’t end in 2002, despite when the textbook was published.
Enjoy this month’s edition that features the new Moneywatch Advisors logo and website plus our thoughts on potential impacts of the Federal Reserve’s plan to reduce bond purchases starting in October.
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