Financial Planning, Retirement Plan, 401k, Investment Blog

Financial Planning, Retirement Plan, 401k, Investment Blog

Estate Planning

What are Real Estate Investment Trust (REIT)

Posted May 22, 2011 by Bernz

The average investor may feel intimidated by all of the options available to them for investing. Choosing between stocks or bonds or any of the other traditional investment options can definitely be confusing if you do not take the time to research everything that is available to you in the in financial world. And once you do decide on something like stock, how do you know which ones to choose and how much to invest in each one.

If you feel like you want to try something a bit different you are not alone. While many people choose to use the money they have allocated for investing for stocks, there is a good part of the investing population that may be looking for a more interesting kind of investment opportunity. Real estate is a market that just may fit your needs if you would like to try your luck at something different from the traditional investment options of stocks and bonds. This is not to say that you need to become a real estate expert, but you will likely need to learn about the market to make sure you are spending your money wisely.

Investing your money in a Real Estate Investment Trust (REIT) would be a great choice for someone just like you who is looking for an interesting investment that is out of the mainstream. A Real Estate Investment Trust is a fund that uses money from investors and invests it in properties or buildings. If you are familiar with stock or bond mutual funds, then you should think of this kind of fund in the same way, only instead of stock and bonds, you are dealing with real estate.

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Posted in Estate Planning, Investing in Real Estate | No Comments »

Estate Planning – When and Why it’s Needed

Posted April 17, 2011 by Bernz

It is very important for everyone, not just those with a lot of money to plan out what they want to happen with their estate once they are gone. Though many people do not like to talk about death, it is a necessary part of life and everyone should make the time to write out an estate plan. While many people think that a will is the only part of the plan that they need, you will also want to think about power of attorney as well as a living will.

No matter how small your assets are, if you do not have a will in place when you pass away, you could be leaving a legal mess for your loved ones. Not only will they have to sort out your possessions, but they will probably have some unexpected expenses that could end up costing them a lot of money. Even if you know that you need to make a plan for your estate, you may not know where or when to start.

Well, the answer to the when question is easy. You should definitely start working on putting together a will as soon as possible. If you have a home or any other large assets then it is even more important that you make creating a will a priority. But an even better reason than because you have property is if you have children. Life can get pretty complicated if Aunt Nancy and Grandma Mary both think that you would have wanted them to become the guardians of the kids because there was no will to tell them otherwise.

 

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Posted in Estate Planning, Financial Goals | No Comments »

Getting the Most from Your Accountant

Posted February 24, 2010 by Bernz

If you’re like most people, the only interaction you have with your accountant occurs at the end of the year at tax time. Most of the time, this exchange involves discussions about missing receipts, tax write-offs, and filing deadlines. It is rarely fun and, more often, painful.

A good accountant, however, can be worth his or her weight in gold- literally. Here are some important tips on choosing the right accountant and getting the most out of the relationship:

1) Choose a qualified accountant. The word accountant is not standardized or protected. Anyone can call themselves an accountant and it can be difficult to assess an accountant’s credentials. A Certified Public Accountant in the US or a Chartered Accountant in Canada and the UK, however, must undergo certain levels of education and examination to be able to use those titles. Selecting a designated accountant will give you comfort about the level of expertise your advisor has. (more…)

Posted in Estate Planning, Financial Education, Financial Goals, Tax Reduction | 1 Comment »

What is Term Life Insurance

Posted September 29, 2009 by Bernz

Shopping for a life insurance policy can be confusing and frustrating. There are many different types of policies with different rules and privileges. Premiums vary significantly across providers and product types.

One of the most popular types of life insurance is term life. Term life is straight life insurance without any of the bells and whistles. Whole life, on the other hand, usually carries an investment portion which grows in value and can be cashed out over time. Term life pays the face value of the policy at the time of death of the insured.

Term life insurance has both positives and negatives in comparison to whole life. On the positive side, the premiums are usually significantly lower than whole life premiums because there is no investment portion. Many individuals with term life insurance find that having a separate investment account allows them to have more control over both their insurance and investments. (more…)

Posted in Estate Planning, Life Insurance | No Comments »

Financial Literacy- Does It Still Work?

Posted March 30, 2009 by Bernz

Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.

However, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.

The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.

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Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, Index Funds, Investing Basics, Investing in Real Estate, Investing Strategies, IRA, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving for College, Saving Money, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »