Gen Y Planning

Financial Planning for Millennials

Everything You Need to Know About Tax Prep: A Comprehensive Checklist

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How to
Financially Prepare
to Take a
Sabbatical

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I Do, We Plan: Financial Strategies for Couples Tying the Knot

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Baby Steps to Financial Success: A New Parent's Money Guide

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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 … [Read more...] about What Happens to My Roth IRA When My Income Increases?

I’m Scared to Spend Money, But I Make Six Figures

I’ve spoken to so many successful millennials who earn a comfortable salary and save and invest a healthy amount. Yet they still hoard cash like their luck is about to run out, or are racked with fear whenever faced with a chance to spend on something that isn’t essential to survival. They’re so afraid to spend money! While the media is talking about millennials spending all their money on … [Read more...] about I’m Scared to Spend Money, But I Make Six Figures

How Do Trust Funds Pay Out?

Whether you’re the recipient of a trust fund or you’re setting one up for the benefit of someone else, it’s important to understand the basics of how trusts work. Trusts can be complicated, but they’re also helpful estate planning tools that allow people to pass their wealth down, while in many cases bypassing the expensive and time-consuming probate process. Keep in mind that I am not a lawyer … [Read more...] about How Do Trust Funds Pay Out?