TJ Weir - Financial Advisor

08/11/2022

Does your company offer a Roth 401(k)? What's the difference between that and a Traditional 401(k)? What do those contributions do to your taxes? A financial advisor can help you determine the best strategy for you.

08/03/2022

07/08/2022

Get out of debt
Live on less than you make
Consistently save and invest

Markets fluctuate, politics change, and life happens. But stay true to these principles and you will see long-term success.

06/30/2022

Financial freedom starts with financial education. We study in school, we get training at work, we hire a personal trainer to workout. But do we seek out that help when it comes to our personal finances?

There are skills you can learn to help you reach your financial goals. How to create a budget and stick to it. The difference between certain retirement accounts. Whether to invest or pay down debt.

Call me for a free consultation and to learn more about the steps you can take to take control of your finances.

06/15/2022

How much money will you need in the future?

A down market can really put this question in the front of your mind. It can sometimes be hard to grasp “saving for retirement”. So, let’s work backwards. How much money will you need?

Let’s use round numbers for an example:
What you will live on in retirement - $50k per year
When you retire: 60
Life expectancy: 85

How much money you will need: $1,250,000

That money can come from a variety of things – 401(k), IRAs, social security, etc. But to not outlive your money in 25 years of retirement, spending $50k per year, you’ll need over $1 million.

Don’t wait to put together a comprehensive financial plan. The earlier you start, the easier these conversations are when you reach retirement.

Understanding what you spend, what you need to save, and how life changes affects those decisions along the way is crucial to a sound financial plan that sets you up for success.

06/10/2022

Realtors, general contractors, small business owners – make sure you know what retirement accounts are available to you. The more unique your business is, the more unique your financial planning can be. Outside of a standard IRA, a Solo 401(k), SEP IRA, and SIMPLE IRA are examples of retirement savings plans that can be used by 1099 employees and business owners.

In a profession where income can fluctuate monthly, it’s important to have a sound financial plan and take full advantage of the opportunities your career gives you.

05/26/2022

Your actions as an investor to a market drop actually start before you see a decline.

When you initially choose how to invest your money you should understand your risk tolerance and time horizon. How aggressive do you want to be, and when will you need that money?

When you decide how to allocate your investments, whether it’s selecting mutual funds in your company 401(k) or your portfolio within an IRA, you should feel comfortable with that risk tolerance when the market is up and, more importantly, when the market is down.

Set yourself up how you feel comfortable, and trust that plan as the market moves.

Finally, continue to contribute to your accounts. When the market is down, it’s the best time to stay consistent. You are buying low at that time, and if you stay consistent and disciplined, you will reap the benefits as the market rebounds.

05/23/2022

401(k) options when you change jobs:

1. Roll it into an IRA – rolling it into an IRA will give you the most options and flexibility, as your investment choices are virtually unlimited.

2. Roll it into your new 401(k) – you will then choose how your money is invested based on the investment options your new employer offers.

3. Leave it in your old 401(k) – you will not be able to contribute, but it will still be invested in your original investment choices and managed by your old employer.

Don’t lose track of the money you’ve worked hard to save. Stay on top of things as your life and career evolves and continue to be intentional about setting yourself up for success.

05/19/2022

How much does waiting to save for retirement actually cost you?

Let’s assume you invest $300/month, and your investments grow at 6%.

Start investing at 30 – balance at 65 years old = $427,000
Start investing at 35 – balance at 65 years old = $301,000
Start investing at 40 – balance at 65 years old = $207,000

The best way to build wealth is to consistently save and take advantage of compound interest as early as possible.

To put $300/month into perspective, that’s $75/week. Look at car payments, how often you eat out, subscriptions you have, and so on. You can go to Target and spend $300 in 5 minutes!

Create good habits and pay yourself first. If you start looking at an investment contribution like a bill you have to pay, it becomes a natural thing to do, and you’ll reap the benefits down the road.

05/12/2022

HIGH SCHOOL SENIORS (AND PARENTS) – DON’T LEAVE MONEY ON THE TABLE!!

2021 High School graduates missed out on BILLIONS of dollars, according to a February New York Times article.

1.7 million graduates didn’t file the Free Application for Federal Student Aid (FAFSA), leaving an estimated $3.7 billion in available Pell Grants unclaimed.

I’m not talking about student loans. I’m talking about free money that doesn’t need to be paid back. The application should take about 30 minutes to complete.

FAFSA Link:
https://studentaid.gov/h/apply-for-aid/fafsa

Article Link:
https://www.nytimes.com/2022/02/04/your-money/students-college-grants-fafsa.html

The number of students filling out the Fafsa form has fallen in the pandemic, and the form is used to determine who gets federal Pell Grants, which are aimed at the needy.