Nearly everyone has holes in their budgets… And as with other kinds of leaks, you may have hardly noticed some of them. But those small drips can quickly add up to big bucks. The trick is to find the leaks and stop them so you can keep more money in your pocket. Here are a […]
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Rethinking the Tax Refund
Everybody loves a tax refund. But as good as it can feel to get a fat check from Uncle Sam; the best strategy for maximizing your dollars in many cases is to minimize your tax refund. A tax refund typically means you have been paying more than the appropriate amount of income tax to the […]
Helping Grandkids Pay for College – A Quick Course for Grandparents
With college tuition costs continuing to escalate, grandparents are taking a more active role in helping to fund a college education for their grandchildren via vehicles such as a tax-favored 529 savings plan. More than half (53%) of grandparents are saving or plan to start saving to help pay for college costs, Fidelity reports in […]
Six Tips for Tax-Smart Charitable Giving
When done the right way, charitable contributions can lower your tax bill. Of course, this only applies if you itemize your deductions. If you take the standard deduction, you’re not eligible to deduct charitable contributions from your tax bill. Here are some key pointers in giving to charity while also reducing your tax burden. 1. Audit […]
Why Long-Term Care Is Important
Even a well-developed investment plan can fail for reasons that have nothing to do with investments. It could fail because the family breadwinner dies prematurely and doesn’t have enough life insurance to cover her loved ones. Or it could fail because of an auto accident that results in a large judgment, and there’s insufficient liability […]
Goal Setting – Where are you going?
As the famous philosopher and hall of fame catcher, Yogi Berra once said, “If you don’t know where you are going, you might wind up someplace else.” Unfortunately, this is exactly how most people run their family finances. The focus of your financial plan today should be on goal setting and developing such a compelling […]
Eight Commandments of Building a Strong Financial Foundation
1. Compare your monthly income versus your monthly expenses. Establishing a spending plan can help you get a hold of your financial situation. Live within your means and do not spend more than you make! 2. Pay off credit card balances each month. If you have current credit card debt, attack it each month by paying more than […]
Best Ways to Give Your Heirs Money While You’re Alive
Several years ago, a new theme emerged in the financial planning industry. Clients were beginning to truly worry about their children’s financial futures. Increasingly, the demand to find ways to assist their kids now, rather than waiting to leave them money and assets in their wills, is on the rise. The parents in their 50s […]
Midyear Budget Checkup: Are your current finances still healthy?
When you’re halfway through the year, it’s time for a fiscal checkup. Just as you do with your annual physical, you need to determine if your budget is healthy or if expenses are bleeding enough red ink to cause financial anemia. Are you shedding pounds of debt or are you over-stressed? Will you reach your […]
Stretch Your Retirement Nest Egg So It Lasts as Long as You
During the month of May, Vermillion Financial Advisors work with their clients to review their retirement goals and work to make sure their retirement plans are on track. We would like to provide you, our readers, with an article to supplement your retirement planning process! Americans are living longer than ever before, with an average […]