These trusts are a wonderful way to benefit charity and achieve a family’s retirement and estate planning goals in a tax advantaged manner.
Current estimates suggest that Biden’s program would cost around $300 billion, or about $2,300 per U.S. household. While this burden would not actually be shared equally across all households, it provides some perspective on the cost of the program.
Many congregants feel the costs to daven in shul are unwelcome or unnecessary. Their frustrations are valid. A frum lifestyle is expensive, and shelling out more money is a challenge for many.
Any college-bound person should fill out the FAFSA a year prior to matriculation. Remember, your family doesn’t need to have a low income to qualify for assistance.
College is an investment: Don’t let any admissions officer, friend or family member sway you with less important factors like campus life, extracurricular activities, junior year abroad options, national rankings, how many alumni are Nobel laurates, or the university’s sports team.
If you are baffled by this definition, you are not alone. Yet, this confusion hasn’t stopped many folks from enthusiastically investing in and utilizing this asset.
While you seem less enthusiastic about your son’s plans, your in-laws may be ecstatic about the idea. They may be more than willing to pick up the tab.
Financial planning is not only about the accumulation of wealth, it is also about the transmission of values to the next generation.
There is a tendency for investors to find, and pile into, the hot investment du jour... When things go south, having an overly concentrated position in any one area of the market can be devastating.
Besides mortgage and insurance payments, there is a myriad of costs associated with maintaining a home. It’s important to factor in these annual upkeep costs to ensure you are purchasing a home that you can actually afford.
Despite what may seem like my impassioned defense of Los Angeles, I have only been there as a visitor. I can appreciate a great dinner with friends at Pat’s on Pico... However, I can’t pretend to fully understand the daily struggles of the average frum family there.
Taking the time to go through a checklist of items to ensure that your investments and financial plan are all up to date is imperative to achieving one’s goals.
If you are a few years from retirement or in retirement, inflation becomes a bigger concern. You may no longer have a paycheck, can’t take as much risk with your portfolio, and don’t necessarily have the luxury of waiting out a long inflationary cycle.
It’s important to remember that this is not the first time that the world has been on edge.
One of my most interesting observations is that the folks who accumulated the most assets were often not the ones with the highest incomes.
The rule of thumb is to have three to six months’ worth of expense money in your account as a cushion in case a need arises.
When deciding where to live, there may be a tradeoff between the percentage of your income that goes towards housing costs and the number of options for frum amenities which are more plentiful in high cost of living communities.
You may be surprised how many companies would be open to having the right candidate work remotely regardless of their location.
Housing is the obvious example of potential cost-saving by moving. I am always astounded when friends and clients in other parts of the country tell me how much they spend to purchase a new home.
None of these strategies are easy, but they may all be effective when taken seriously.
Some readers may be concerned about putting all their money into the stock market since its fluctuations can be nerve-racking.
Downsizing is a great time for retirees to go through their own things and dispose of items that they no longer need. It’s also a great opportunity to gift more sentimental items to children, grandchildren, or charity.
You will hear all about the investments on which your friends made a windfall but will never hear about the duds that cost them a fortune.