How Does Your Net Worth Measure Up?

Check out this article “The Typical American's Net Worth By Age: Here's Where You Stand”. It compares household net worth by age as reported by the Census Bureau. I think it is interesting that the 70th percentile for the 35 to 44 age group has similar net worth as the “average” (50th percentile) household in the 55 to 64 and +65 age groups. Is it indicative of a shift in participation in defined contribution plans versus the reliance Baby Boomers placed on pensions and Social Security? Or does it suggest that younger adults are taking charge of their finances and getting ready for a secure financial future? In our firm, we are noticing more people from Gen Y seeking out professional fina

Buying a Boat

I don’t know about you, but during the cold winter months I drum up all kinds of ideas relating to sun and fun. One idea that comes up every so often is how much fun it would be to have a boat. I think many people are like me and tend to romanticize the idea of a major purchase like buying a boat. But, remember it is essential you don’t neglect the practicalities that go along with it. There are important questions soon-to-be boat owners ask themselves when making a purchase decision. What kind of boat and engine will suit your lifestyle? How big of engine or what color is best? How close do you live from a boating area? Will you tow it or store it nearby? Perhaps, the most essential q

Are You Missing Out On Free Money By Maxing Out Your 401k Early In The Year?

People with high income and/or who max out their 401k plan early in the year could be missing out on free employer matching contributions. Most employers match employee contributions each paycheck throughout the year. For example, assume you earn $10,000 per month and your employer matches 6% of your salary. Each month, you contribute 10% or $1,000 and your employer would match it with $600. Your total contributions for the year would be $12,000. Employer matching contributions would be $7,200 for the year. Let’s say you decide to max out your contributions at 15% of your salary. If you make the contributions evenly throughout the year, you would contribute $1,500 per month and your emp

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