January 2024

The cycle of poverty is a self-perpetuating phenomenon where individuals or communities experience persistent poverty over generations. It involves a complex interplay of economic, social, and environmental factors that reinforce and perpetuate poverty. Breaking the cycle of poverty is crucial for several reasons: Characteristics of the Cycle of Poverty: Limited Access to Education: Low Income […]

Managing someone else’s money is a significant responsibility that often involves ethical, legal, and financial considerations. Here are some general guidelines and steps you might consider if you find yourself in a position where you need to manage someone else’s money: Legal Authority: Understand Financial Situation: Establish Communication: Budgeting and Financial Planning: Investments: Risk Management:

Bankruptcy is a legal process that allows individuals or businesses to seek relief from their debts when they are unable to repay them. The idea that someone is “too broke to go bankrupt” may be rooted in the fact that filing for bankruptcy often involves fees and costs, and individuals facing financial difficulties may struggle

When you leave a job, especially if you have a 401(k) retirement savings account with that employer, there are several factors to consider regarding the impact on your 401(k). Here are some key points to keep in mind: Before making any decisions, it’s advisable to consult with Matthew Jennings, JD, MBA, EA, RFC®, CEP®, CES™,

A reverse mortgage can be a useful financial tool for certain individuals in specific situations. However, it’s crucial to carefully consider when and how to use a reverse mortgage, as it may not be suitable for everyone. Here are common scenarios where a reverse mortgage might be considered and how to use it: When to

The decision of whether to take Social Security benefits early is a complex and individual one. Whether it is advisable depends on various factors, and there isn’t a one-size-fits-all answer. Here are some considerations to help you decide whether taking Social Security early is advisable for you: Reasons It Might Be Advisable: Reasons It Might

After-tax 401(k) contributions are a type of contribution to a traditional 401(k) retirement savings account that comes from income that has already been taxed. These contributions are made after reaching the annual limit for pre-tax contributions. While they don’t provide an immediate tax deduction, any investment earnings on after-tax contributions grow tax-deferred until withdrawal. Advantages

Filing taxes is an annual responsibility for individuals and businesses. Here are some key things to know about filing taxes: Tax Deadlines: Types of Taxes: Forms and Documentation: Deductions and Credits: Electronic Filing: State Taxes: Penalties for Non-compliance: Seek Professional Advice: Record Retention: Remember that tax regulations can vary based on your location and individual

Managing Loan-Level Price Adjustments (LLPAs) is an integral part of navigating the mortgage process, whether you are a borrower or a mortgage professional. Here are some strategies to help manage LLPAs effectively: For Borrowers: For Mortgage Professionals: Managing LLPAs involves a combination of financial planning, education, and strategic decision-making. Both borrowers and mortgage professionals can

It is possible to invest in real estate without directly buying property. Several investment strategies allow individuals to participate in the real estate market without the responsibilities and capital required for property ownership. Here are some reasons why this is possible: By utilizing these alternative investment methods, individuals can tailor their real estate exposure to