The 10th Financial Commandment for Millennials: Don’t Keep Up with the Joneses
Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, we discuss how lifestyle creep can lead to poor financial decisions and possibly ruin; and how keeping what really matters to us in life in the forefront of our financial lives can steer you away from conspicuous consumption. “Money has never made man happy, nor will […]
How to Lower Your Income Tax Bill
Okay– you just completed your income tax return for last year. You want to file it away and not worry about taxes until next year, but before you do– take a look at your completed return to identify ways you can save tax dollars next year. Income tax planning can add to your future […]
The 9th Financial Commandment for Millennials: Open a Taxable Investment Account
Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, we discuss when to open a taxable investment account and how to strategize the location of your investment vehicles based on account taxability characteristics. Once you’ve filled up all your tax-deferred and tax-free investment accounts, it’s time to start paying Uncle Same (now) to invest. The […]
The 8th Financial Commandment for Millennials: Paying Down “Normal” Debts
Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, we go through the advantages of paying down common and often necessary consumer debts such as car loans, mortgages, and student loan obligations. If you’ve made it to the 8th Commandment congrats, you have established a strong financial foundation; we also know you’ve paid off […]
Four Inevitable Trends for Investors
Over the course of my thirty-year career in the financial services industry I have seen and continue to hear many investment theses. Some brilliant, some not so much so. I have also witnessed a number of changes that in retrospect were obvious and inevitable. The personal computer revolution was one of the first. I recall […]
The 6th Financial Commandment for Millennials: When it’s (Not) Smart to Max Out Your Retirement Plan
Whether you’re enrolled in an employer retirement plan like a 401k, are self-employed and can utilize a SEP or Solo 401k, or are forced to brave it alone and contribute to a personal IRA – and you’ve completed the previous Financial Commandments for Millennials it’s time to start making the maximum contributions to these plans. First things […]
The 5th Financial Commandment for Millennials: Implementing the Right Asset Al
Asset Allocation & Risk Tolerance Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, understanding risk tolerance, asset allocation, and their relationship, is the foundation of modern portfolio theory. Implementing the proper asset allocation to minimize risk, while still achieving your long-term goals, is crucial to your success and peace of mind. Asset allocation means: […]
The 10 Financial Commandments for Millennials 4th Commandment: Establishing an Emergency Fund
The Emergency Fund: Why, How Much, & Where Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, determining the correct amount, picking a high-yield account, and saving for an Emergency Fund is critical in establishing a solid financial foundation for millennial investors. Before you start investing, you still need to complete one other, vital, […]
How to Start Your Estate Plan
Mistakenly, many believe that they do not have enough assets to worry about estate planning. With today’s $5.6 million exclusion per individual and simplified portability that raises a couple’s exclusion to $11.2 million, estate taxes may not be an overbearing concern. But there are many estate planning steps everyone with heirs and assets should take. […]
Getting the Right Amount of Insurance – The 3rd Financial Commandment for Millennials
Insurance Coverage: Basic Concepts Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, basic insurance knowledge will help you get the coverage you need and help clarify some misconceptions. Health Employer group health insurance plans are the most common option for young investors. Often, you don’t have much say in the plan, but the pricing […]
