A couple of days ago, President Trump signed into law a second stimulus package for COVID relief. This legislation includes $600 stimulus checks, more funding for the Paycheck Protection Program, along with some updates to the rules, changes to the regulations related to loan forgiveness, tax deferrals, healthcare, and more. Throughout the episode, Grant dives into what these new updates are, how they relate to individuals, business owners, employees, and how you can take advantage of the provisions in the new stimulus package.Continue reading
At the end of every year, some business owners face situations where they need to set up a last minute retirement plan due to numerous reasons. We dedicated this episode to reviewing how business owners may overcome this challenge. Over the years, Grant has come up with some strategies and maneuvers that may help you set up retirement plans and make deductible contributions late in the year. Throughout the episode, Grant shares how to implement these strategies in your business.
In recent months, IPO investing has been getting a bit of attention as quite a few popular companies such as Airbnb and DoorDash entered the public market this year. We dedicated this episode to exploring what every investor should know about investing in initial public offerings. Throughout the episode, Grant reviews the process of going public, how the IPO markets have changed over the last few decades, and whether we should expect adequate returns from IPO investing.
Solo 401k plans have many aliases: solo-k, uni-k, and one-participant-k, among others. Whatever you want to call it, the retirement plan is one of my very favorite for small business owners without eligible participants. They’re easy to set up, inexpensive to operate, and simple to maintain.
One of the few downsides of solo 401k’s is that they do have one murky intricacy: determining the maximum amount you can contribute in a given year.
This post will cover how to calculate solo 401k contribution limits. We’ll cover the contribution calculations, the deadlines, and everything else you need to know about the accounts.
In recent months, mortgage interest rates have been significantly reduced across the country. Although it may sound like an attractive opportunity for people considering buying a house, there are several complexities related to homeownership. In today’s episode, we’re joined with Kelly Luethje to explore the true cost of homeownership. Kelly is a CERTIFIED FINANCIAL PLANNER™ and the founder of Willow Planning Group. Throughout the episode, Kelly shares her wisdom on the complexities of homeownership and what we should consider before buying a house.
In recent months, many companies have been struggling with numerous aspects of their business due to the economic hardships caused by the pandemic. This situation forces businesses to look for creative ways to cut costs, and one of the methods that companies may use for this is offering early retirement for some of the employees. In today’s episode, we explore what to do if you receive an early retirement offer and how to look at the offer objectively and make a pragmatic decision.
Those of you who know me know that I’m a massive baseball fan. And when it comes to famous quotes from baseball players, one person comes to mind more than any other: Yogi Berra.
Yogi Berra was a long time catcher for the Yankees and had an incredible hall of fame career. He was equally known for his head-scratching quotes, which the world has affectionately termed “Yogi-isms.” Yogi didn’t comment often on financial topics, but he does have one quote that applies nicely to retirement planning:
“A nickel ain’t worth a dime anymore.”
When we think about retirement planning, many people consider $1,000,000 as kind of a “golden threshold.” They think of a million dollars as the minimum nest egg they’ll need in order to retire comfortably. But as Yogi pointed out, being a millionaire doesn’t amount to what it used to.
So is it even possible to retire with $1,000,000 these days?
Let’s find out. In this post we’ll explore a hypothetical couple named John and Jane. They’ve saved $1,000,000 and want to retire, which is a very common situation for many Americans.
After weeks of delay caused by legal battles surrounding the election, at this point, all signs point to the fact that Joe Biden will be inaugurated as the President of the United States of America. As we discussed in detail in a previous episode, Joe Biden’s tax plan contains tax reforms that affect taxpayers in numerous ways. In today’s episode, Grant dives into some of the tax planning opportunities you should consider in the coming months.Continue reading
One thing all parents have in common is wanting what’s best for their kids. We all want to give our kids ample opportunities for success. We all want to keep them rooted in family values. And we all want them to have a fair shot at life.
When it comes to money, we typically want to give our kids ample support without spoiling them too much. Most of us don’t want our kids to win the lottery, though. We’d much rather our kids build some character through struggle and sweat equity. Nothing gives young people an appreciation for higher education than working a few arduous, low paying jobs.
From a financial perspective it’s difficult balancing these objectives. How do I help my kids financially without spoiling them? How do I teach them fiscal responsibility? How can I show them the power of long term tax advantaged compounding?
These a few questions our clients at the financial planning firm often ask. The answer is often the Roth IRA.
This post covers why that’s the case, how you can set one up for your kids, and when & how to contribute to one.
Non-qualified stock options are a great way to incentivize and reward employees and the management of publicly traded companies. We dedicated today’s episode to exploring the basics of non-qualified stock options. Throughout the episode, Grant reviews how non-qualified stock options work, tax implications, and a few things to keep in mind if you have been granted some non-qualified stock options. Stay tuned until the end of the episode, where Grant talks about some tax planning opportunities that could help you minimize the amount of tax you have to pay in the long run.