The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive. If you have qualifying children under the age of 18, you may be able to claim a child tax credit starting on July 15th. You may also be able to claim a partial credit for certain other dependents who are not qualifying children. But the...
Since the pandemic started last year people have had to make major life changes. Many people are now working from home and may not be aware that they are working more hours. The combination of increased workloads and the pandemic has led to employees feeling increased stress. Here are 6 ways to effectively reduce stress… 1. Prioritize life – Having a to-do list is important but is often...
For many families, saving for kids’ education has become a priority and for a good reason. The average tuition for the 2021 school year ranged from approximately $11,000 (for in-state colleges) to over $41,000 (for private colleges)1. That is approximately 2.5 times what the cost was in the early 2000s, so it would be fair to expect this cost to be substantially higher in the future. For those...
Last month was very good for the markets and below is the economic summary for April. As always, if you have any questions or want to discuss more in-depth do not hesitate to give us a call! Sources: Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (www.bea.gov); Bureau of Labor Statistics (www.bls.gov); Federal Open Market Committee...
President Biden recently announced his $1.8 trillion plan (American Families Plan) for new benefit spending and increased taxes. Please keep in mind that this is the first iteration. We expect to see new items added and changes made as the proposal advances through Congress. Below is a summary to understand the proposed changes. Capital Gains Tax Right now, depending on your taxable income,...
The Agnew Clinic, an 1889 painting by Thomas Eakins.* Author: Andrew Donahue, CFP® Some of our clients are the best physician anesthesiologists in medicine. They also make for some of our best wealth accumulators. Here are eight reasons why. 1. They understand the importance of takeoff and landing. For many physician anesthesiologists, their money is made when they start and when they finish...
It is amazing how long people are living and the wonderful quality of life they live. We had a client that was 93 and was a fantasy football fanatic. Another client was 94 and still playing tennis and golf. We have a client over 100 and she is still sharp as a tack. We are blessed to be able to live long and fulfilling lives these days. Longevity is a real blessing but does not come without some...
BFSG’s Senior Financial Planner, Paul Horn, CFP®, CPWA®, was invited to be a guest speaker for the “It’s Your Money!” workshop series put on by not-for-profit Financial & Estate Literacy. These workshops educate seniors to take control of their financial, estate, and charitable giving decisions. For this session, Paul focused on two of the most heavily sold products by financial...
First Things First: Build an Emergency Fund Experts agree you should have three to six months of living expenses set aside in a safe, interest-bearing account. What you earn on that money is irrelevant. The main goal or objective of this investment is liquidity. Not having an emergency fund can prove to be a very costly mistake. For example, if you need to replace the brakes in your car, if your...
It is never too late and never too early…take charge of your financial situation! In recognition of April as financial literacy month, we would like to share our webinar series, “Money Mastery” which can be found at https://www.bfsg.com/bfsg-university/ The webinars provide tips on how to build and maintain good credit, understanding your credit score, strategies to pay down debt and overall...
Attaining wealth is hard and requires real effort. Below are ten tips to help you develop a wealth mindset based on our client and personal experiences: 1. Wealth is Fleeting As they say, “easy come, easy go”. Too often we have seen people lose wealth just as quickly as they earned it. Look at those that invested in GameStop (GME) at its highs or other investing fads to see this. Those that...
As we enter April, we are still seeing the markets reach new highs. Below is a summary of the important economic data over the last month: Sources: Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (www.bea.gov); Bureau of Labor Statistics (www.bls.gov); Federal Open Market Committee (www.federalreserve.gov)Indices:The Barclays Aggregate Bond Index is...
This is one of our favorite times of the year. We are approaching spring, so the days are longer, air is warmer, and the final snow is melting away. This is also the time of year people begin spring cleaning and getting their house or other affairs in order. Since finances are on people’s minds since we are in tax season, we thought it would be a good time to do some spring cleaning for your...
The U-6 Unemployment Rate Bottoms Have Been "Stuck" Around 7 - 7 1/2% Around Cyclical Turning Points It is readily apparent that the Federal Reserve (the “Fed”) is more focused on employment rather than inflation. Last year the Fed released a new policy framework (1) that included a shift away from its traditional practice of raising interest rates based on the headline unemployment rate (U-3)....
With a new president often comes new agendas and philosophical changes. This is especially true with the Democrats controlling the House and picking up important seats in the Senate. President Biden is expected to pitch his "Build Back Better" infrastructure plan on Thursday and how to fund the estimated $3 trillion price tag. Democrats will be forced to choose between budget reconciliation,...
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*Please Note: Limitations. The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent. BFSG does not prepare legal documents or tax returns, nor does it sell insurance products. Please Also Note: Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.
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