The Financial Pyramid Series: Nest Egg Investing Part 4

Having access to ample savings is beneficial if you need to make a large purchase or take a vacation. It's also necessary when you're saving for retirement. One method you can use to save for retirement involves nest egg investing. You can build this nest egg with a retirement plan that's sponsored by your employer or an individual plan.

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The Financial Pyramid Series: Cash Reserves Part 3

Building personal cash reserves will improve your financial security and prepare you for anything that comes up in the future. Whether you experience a medical emergency or want to make sure that you have something to pass on to your heirs, building cash reserves isn't difficult as long as you take the right approach. By utilizing the financial pyramid technique, you can more effectively reach your financial goals and increase your cash reserves.

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Saving Money by Creating a Budget

When the economy is struggling and inflation is high, the rising costs of goods can make it difficult to rein in expenses. Saving money during times of inflation might seem impossible when you need to pay for your mortgage, health insurance, food, and a car payment. These expenses add up quickly. It's possible, however, to save money during inflation by creating a budget. Here are some money saving tips to keep in mind while you make a budget.

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The Benefits and Downsides of a Roth IRA

The Roth IRA is a retirement savings plan that lets you save money for retirement while also paying tax on the income. You can contribute to a Roth IRA in any amount of your choosing, but there are limits on how much you can contribute each year and those limits change as your income changes.

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Book Review: Money Tales

Looking for a good way to teach your kids about financial topics or a Christmas gift that keeps on giving for your children or grandchildren? Take a peak at the Money Tales series from Sheila Bair.

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What if you won the Lotto?!

Everyone has big dreams of hitting the Lottery, especially now when the jackpot is so huge. What they do with those winning varies slightly from person to person but you can often hear the typical “I’d buy a house” or “A personal jet” huge purchases or the more practical “pay off all my debt”. Although, we all know the winning is taxable, less discussed is the payout options available to winners.


Lump Sum Payment

The lotto winner receives the entire value of the prize at once, taxes are due on the total amount when you file their taxes for that year. You can invest the money right away to capitalize on potential returns and you have access to liquid funds. This option is best suited for prudent individuals who can manage their money wisely.

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Student Loans Part 2

Student Loan Forgiveness Plan

  • On August 24, 2022, President Biden announced $10,000 of debt relief per federal student loan borrower for those who did not attend college on Pell Grants. He announced $20,000 for those who did attend college on Pell Grants.
  • The loan forgiveness is for individuals making under $125,000 a year and families making under $250,000 a year. Loans must have been taken out by June 30, 2022.
  • If you’re a current borrower and a dependent student, you will be eligible for relief based on your parents’ income rather than your own.
  • Borrowers for whom the Department of Education does not have accurate income information (the majority of borrowers) will need to apply for loan forgiveness. The application should be available by early October. It will take four to six weeks for the forgiveness to appear in a borrower's loan profile, so the government recommends borrowers apply before November 15 to ensure the relief is applied by the time payments resume in January 2023. Sign up at studentaid.gov to be notified when the application opens.
  • Borrowers will be able to apply for student loan forgiveness through December 31, 2023.
  • President Biden also extended the pause on student loan repayments that was set to expire on August 31. Payments will begin again in January 2023.
  • Something getting less attention than it should: If you made student loan payments during the pandemic pause, you can now receive a refund. Simply contact your loan servicer to begin the refund process.
  • Certain states will be taxing your forgiven loan, be sure to let your accountant know that you had a forgiven loan

Proposed Changes to Income-Driven Repayment Plans

The Department of Education has proposed changes to income-driven repayment plans:

Student Loans Part 1

Paying down student loans versus adding to retirement

Many people question the best use of expendable income as to whether or not additional payments should be made toward student loan debt or if those extra funds should be allocated toward savings or investments. If you have a reasonable expectation of high returns in the market the question becomes debatable however, if you are paying high interest, have a high balance or have unpredictable cash flow it is more than likely more prudent to try to pay down the student loan debt faster.

Here are some pros and cons for paying down the student loan debt or investing:

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Handling an Inheritance

After managing the grief of losing a loved one comes the potential burden and stress of managing an inheritance. Here are a few tips to help you through the process.

Consult a financial professional AND a tax professional. The laws surrounding inheritance are currently in flux and it is hard to know what the news rules are and how they apply to your situation. Working with professionals can help you navigate those rules easily and they can help guide you in how the different types of inheritance may affect your financial situation.

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Budgeting During Inflation

Bloomberg economists have estimated that the average household in the U.S. will be spending upwards of $433 more per month in 2022 than they did last year. This is a minimum of $5,200 per year if you make no changes to your style of living. If your budget has little room for additional expenses, you will need to make some difficult decisions about your budget.

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Address

5345 N El Dorado Street
Suite 5
Stockton, CA 95207

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Hours

8:00am - 4:00pm
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8:00am - 1:00pm
Friday

Benefits Management for Businesses

Attentive Investments provides benefit plan and investing management for businesses of almost any size.

Financial Planning and Investments for Individuals

Attentive Investments provides a broad spectrum of financial services for individual investors.

Address

5345 N El Dorado Street
Suite 5
Stockton, CA 95207

Phone Number

Hours

8:00am - 4:00pm
Monday - Thursday

8:00am - 1:00pm
Friday


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