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Gen Y Planning

Financial Planning for Millennials

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Wealth Doesn’t Happen Overnight — Here’s How to Get Rich Slowly

You daydream about quitting your job if you won the lottery. The truth is, for most people, accumulating wealth takes time. Getting rich slowly isn’t what most people talk about, but it’s the real path to wealth. It’s not sexy or exciting — it’s pretty much like watching paint dry. Very few people develop an app they sell for millions of dollars, or make a fortune flipping houses. Most … [Read more...] about Wealth Doesn’t Happen Overnight — Here’s How to Get Rich Slowly

The Marie Kondo Approach to Decluttering Your Budget

I’ll admit that I don’t have the patience to create a detailed budget myself (I practice “reverse budgeting” — make automatic contributions into savings, retirement, and investing accounts, set aside money to pay all my bills, and spend freely out of what’s left). It’s a system that works for many people, but sometimes you crave a more detailed way to plan. Enter Gen Y Planning’s Associate … [Read more...] about The Marie Kondo Approach to Decluttering Your Budget

How to Help Your Family Financially Without Going Broke

As Gen Y gets older, we’re reaching financial stability in greater numbers, and that means that the family members who helped us out financially for so long may need our help now. Baby Boomers are getting older, and that can come with increased medical expenses, or even retiring in a less secure position than they thought they would. I work with many clients who provide monetary support to … [Read more...] about How to Help Your Family Financially Without Going Broke

How to Claim Your Parent as a Dependent on Your Taxes

Older millennials are quickly approaching the sandwich generation phase: taking on greater  responsibility for older relatives while also caring for young children. As baby boomers begin to retire, some will need the support of their adult children. In some cases, it may make sense to consider claiming your parent as a dependent on your taxes. There are a lot of rules about this, and … [Read more...] about How to Claim Your Parent as a Dependent on Your Taxes

How to Budget for the Hidden Costs of Homeownership

Lifelong renters are often surprised at the random additional expenses they have to cover when they buy a home for the first time. Because landlords cover a lot of the cost of maintaining their property (or roll that cost into your rent amount), rent is the highest amount you pay for housing per month, while a mortgage is actually the lowest amount you’ll pay. There are lots of hidden costs of … [Read more...] about How to Budget for the Hidden Costs of Homeownership

What Happens to My Roth IRA When My Income Increases?

I frequently recommend Roth IRAs to my clients as part of their retirement savings strategy. Because you contribute after-tax income, millennials who are still establishing their careers (and therefore are in a lower tax bracket) can lock in a lower tax rate on contributions now, and then pay no taxes when withdrawing money in retirement — even if you’re in a higher tax bracket. You can always … [Read more...] about What Happens to My Roth IRA When My Income Increases?

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I'm Sophia! And I'm not your father's financial planner. I work virtually with clients across the country to help them navigate through big life changes and reach their goals. I'm also a foodie, a true crime junkie, and a lover of karaoke. Let's chat! Click here >>

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Sophia Bera, CFP®Follow

Foodie financial planner who loves books, podcasts, and karaoke. Currently, in NYC. Then off to Cali. Back in Austin in Sept.

Sophia Bera, CFP®
sophiaberaSophia Bera, CFP®@sophiabera·
25 Oct

What to Do First With an Inheritance: http://snip.ly/g7j1xn via @TwoCentsLH

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sophiaberaSophia Bera, CFP®@sophiabera·
25 Oct

Make these small behavioral changes to improve your quality of life: http://snip.ly/5b8l0r via @FastCompany

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sophiaberaSophia Bera, CFP®@sophiabera·
24 Oct

I've pretty much been living off of breakfast tacos and english muffins this week. I promise I'll eat a vegetable soon.

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