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  • In todays complex financial landscape, navigating through investments, savings, and financial goals can feel overwhelming. However, Favored Financial Planning is revolutionizing the approach to financial management, making it more accessible and manageable for everyone. With a commitment to personalized service, we offer a comprehensive and supportive approach, ensuring that every client feels confident and empowered [] The post Transform Your Financial Future with Favored Financial Planning appeared first on Favored FP .
  • Cognitive biases and our mindset toward money have a significant impact on our investment philosophy, self-worth, sense of security, and definition of success.
  • ProsperiTea Planning is looking to expand our team! We are currently looking for a Manager of Office Operations, who will be responsible for multiple day to day office tasks. These tasks and at times special projects will have an overarching theme always to relieve and delight the clients of the firm. A strong attention to [] The post Hiring: Manager of Office Operations appeared first on ProsperiTea Planning - Greenfield, MA .
  • Semi-retirement can provide an excellent balance between work and your personal life.
  • What does it mean to “rebalance” your portfolio? Is it important to do? How do you do it? Let’s take a look at this important topic, as rebalancing can help you manage risk, enforce discipline, and optimize your investment returns.
  • As the cost of higher education continues to rise, saving for college has become a top concern for many families. With escalating tuition fees, its essential to have a solid financial plan in place to ensure that your childs educational aspirations can be realized without being burdened with excessive student loan debt. One powerful tool [] The post Maximizing College Savings: A Financial Advisors Guide to 529 Plans appeared first on Favored FP .
  • I have such wonderful clients. Many of them send me items of interest. Recently, my client JC, a former J.P. Morgan employee, sent me a gold mine: the J.P. Morgan Guide to Retirement 2024. It is 53 pages chock full of interesting data. You can see the whole thing HERE. But the page that really []
  • The world of wealth management is filled with stories of inherited wealth ruining people. Theres something infantilizing about not having to figure out how to earn a living. Earning a living is a hard nut to crack: what can you do that people will pay money for? Money sufficient to get an apartment, food, and [] The post How Much Should You Help Your Adult Children appeared first on ProsperiTea Planning - Greenfield, MA .
  • Financial literacy gives you control over your finances to make knowledgeable choices to achieve your life goals. When you feel empowered to manage your finances you are better able to navigate financial challenges and opportunities.
  • When you receive an inheritance, it is essential to understand the tax consequences of the accounts you inherit.
  • We have figured out who will win the election. The people we serve often ask us how the upcoming election will impact their investments. While many seem to have strong feelings about one or both candidates, ultimately we see this as an economic question and so we always attempt to offer an economic answer. And [] The post The Obvious Winner of the Upcoming Elections appeared first on ProsperiTea Planning - Greenfield, MA .
  • Planning for college expenses can be a daunting task for many families. With the continuously rising costs of higher education, its crucial to explore various avenues for saving and investing wisely. One such avenue that often goes underutilized for college savings is the Roth Individual Retirement Account (IRA). Let’s explore the advantages of incorporating a [] The post Maximizing College Savings: Leveraging Roth IRA for Education Expenses appeared first on Favored FP .
  • In my last blog article, I reviewed Federal income tax liability. Today we move to Social Security tax. Almost all workers, whether they work for themselves or someone else, pay Social Security taxes. How much do you pay? Let’s begin with taxpayers who work for someone else. Employees pay Social Security tax of 6.2% on []
  • The IRS will notify you of an audit through the mail, the agency will not initiate an audit over the telephone. Most audits are handled through the mail without the need to meet with an IRS agent.
  • Baseball and Taxes

    I love baseball. It’s the best. With baseball season starting and tax returns due soon, let’s take a look at an interesting intersection between the worlds of baseball and taxes: Shohei Ohtani’s contract.
  • One significant difference between ETFs and mutual funds is how they are traded. ETFs trade like stocks, the market price of the ETF changes throughout the day and the price depends on when you buy or sell shares.
  • In todays unpredictable world, having a financial safety net is crucial for weathering unexpected storms. One of the most fundamental components of a solid financial plan is an emergency fund. Let’s delve into what an emergency fund is, why its essential, and how a financial advisor can be invaluable in helping you build and manage [] The post The Importance of an Emergency Fund and the Value of a Trusted Financial Advisor appeared first on Favored FP .
  • Today I got asked, by a couple that has very good financial hygiene, whether it’s okay for them to forego saving over the next three years. Between their kids’ education, a career change, and some wanted home renovation projects, there just isn’t enough money to save on top of it all. Is this an okay [] The post What Most People Don’t Understand About Saving appeared first on ProsperiTea Planning - Greenfield, MA .
  • Exercise can improve your finances as a result of better sleep, more vitality, enhanced processing capability, and improved concentration.
  • Mike Schneider
  • Are Forecasts Useful?

    Are forecasts related to the markets and economy useful? Or are they useless? You could even argue (persuasively) that predictions and forecasts are more a source of risk rather than a tool to help you avoid risk.
  • Taxes are on my mind this month as tax season is in full swing. Also you may have heard there is a Presidential election later this year. I probably follow tax policy discussions more closely than the average bear, but I suspect everyone will be hearing a lot about who does or does not pay []
  • Between two professional credentials that each need a lot of continuing education, plus family vacation time, you’ll find that Wendy works in weeks-long surges but is frequently out of the office in between. That’s okay, we’re planners, we’re good at this! Here’s how we put the Tea in Team: Wendy and Sam can both create [] The post Wendy’s Vacation Conference Schedule for 2024 appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • Automate the payment of your bills to save time and avoid potential late charges. Automate monthly contributions to savings and investments.
  • In the pursuit of financial security, mastering debt management is the cornerstone of success. While debt is often viewed with apprehension, understanding how to effectively manage it is the key to building a solid foundation for the future. As a financial advisor, I recognize that debt can either be a hindrance or a strategic tool []
  • In the journey toward financial success, one of the most essential tools is strategic tax planning and preparation. While many may view taxes as an unavoidable burden, savvy investors and practical financial advisors recognize it as an essential aspect of their strategy. Mastering the specifics of the tax code can yield significant benefits, enabling you []
  • Make an effort to enhance your investment knowledge in 2024. Take some time to read some articles and books and watch some webinars to improve your ability to manage your finances. Plan time in your schedule to work on your finances.
  • Thinking Ahead?

    "When you think about your finances, how far into the future do you tend to think and plan? Days? Weeks? Months? Years? Decades? Generations?" This is a question I often ask people during the prospective client process, as how someone answers is very helpful in understanding their financial approach. How far ahead do you think?
  • Financial planning is an essential tool for everyone, but its importance for women is particularly noteworthy. Historically, women have faced unique financial challenges, making strategic financial planning essential for empowerment and security. Bridging the Gender Wealth Gap Despite considerable advancements, a wealth gap based on gender exists. Factors such as wage disparities, career breaks for []
  • Financial planning isn’t just about managing your money; it’s about sculpting a roadmap that guides you toward your aspirations and secures your future. Whether youre setting aside a portion of your income for emergencies, planning for retirement, or aiming for specific financial milestones, the significance of financial planning resonates deeply in every aspect of our []
  • When it comes to securing your financial future, choosing the right financial planning firm is an important decision. Often, the debate revolves around larger, well-established firms versus smaller, boutique ones like Favored Financial Planning. While both have their merits, there are distinct advantages to opting for a smaller firm like Favored Financial Planning. Personalized Attention []
  • Partnering with a financial planner is an essential step toward securing your financial future. However, its equally important to ensure that you are aligned with the right professional who understands your goals and concerns. Asking the right questions can be the key to finding the perfect fit. Understanding Their Expertise Begin by delving into the []
  • We had such a lovely Open House! Sam Plotkin introduced himself with a presentation on his thoughts about the investment markets. Happily, Gary recorded it via Zoom so you can watch his very entertaining and informative 20 minute presentation here: The post Introducing Sam Plotkin, CFA, speaking on Financial Markets and the Business of Providing Financial Advice appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • Losing a loved one is an emotionally challenging experience, and for widows, it often comes with additional financial complexities. (Feed generated with FetchRSS )
  • I went to a presentation yesterday from a NY Life agent about Qualified Longevity Annuity Contracts (QLACs). Its a deferred annuity that moves up to $200,000 out of your IRA (where its subject to RMDs) into a cash stream in your old age.  Theyve been around since 2014, but for the past few years they [] The post Adding QLACs to our toolkit appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • Getting tax credits for an electric vehicle is really complicated. The requirements surrounding where the vehicle was assembled means that two identical brand-new cars sitting on the lot can qualify for EV credits of either $7,500, $0, or something in between!!  How to figure out if your car qualifies? Until now we’ve had to [] The post EV Credits getting easier in 24, but 23 is still a mess! appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • Wondering what you might be able to do to improve your tax picture? Tax planning can be extremely beneficial, potentially leading to thousands upon thousands of dollars saved if done well. Let’s go through 15 common strategies I use with my clients. My hope is that perhaps something in here will be helpful to you, hopefully reducing that pesky tax bill a bit.
  • Several studies have found that asset allocation has more influence on portfolio performance than any other investment decision.
  • It is that time of year when Social Security/Medicare recipients receive letters outlining their 2024 benefits. About 7% of Americans will see an ‘IRMAA’ surcharge on their Medicare premiums. Read on to learn more about IRMAA. What is IRMAA? IRMAA stands for Income-Related Monthly Adjustment Amount. It is an additional fee levied on top of []
  • The rule of 4% has been proven to be reliable through a wide range of tumultuous markets including the great depression, World War II, and the high inflation in the 1970s. It can be a good place to start, to see how well positioned you are for retirement.
  • A Roth 401(k) may be a better option if you are currently in a low tax bracket and expect to be in a higher bracket in retirement.
  • As we usher in the new year, 2024 brings not only new beginnings but also changes to the tax landscape that may impact individuals and businesses alike. The Internal Revenue Service (IRS) has introduced updated inflation-adjusted income tax brackets, reflecting the ever-evolving economic climate. In this article, we will delve into the details of the new tax brackets for 2024 and explore what these changes mean for clients. (Feed generated with FetchRSS )
  • Looking at your insurance picture? Wondering what to consider, what to prioritize, what to do? Let’s go through 15 quick ideas.
  • Hiring: Paraplanner

    We are currently searching for a full-time Paraplanner to join our busy firm. As a Paraplanner at ProsperiTea Planning you will be responsible for assisting in nearly every aspect of running the business. Paraplanner Duties: Update Client Plans: Update Net Worth Statements in Excel using material provided by the clients. Update MoneyGuidePro with recent statements [] The post Hiring: Paraplanner appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .
  • I dont recall my parents giving to charity. Maybe they did, but they never talked about it or modeled it with their kids. Instead, I had to learn about giving as a young adult. I remember shrugging off Development Office requests from Mount Holyoke College, but got more enthused about helping the community after attending [] The post 3 Tips on How to Create a Giving Budget appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .