Start Planning for College Now

education (Photo credit: Sean MacEntee)

Are you expecting to have a child this year? If so, then planning for his or her college education might be the farthest thing from your mind. After all, it probably seems like many, many years before your child will even be thinking about school. The truth is, however, that eighteen years fly by pretty quickly. Furthermore, recent financial reports are predicting that, in eighteen years, college costs will likely be hundreds of thousands of dollars more in total than they are now.

Fortunately, most people realize the rising costs of college and are starting education planning early. A lot of these people, however, just put money aside in checking or savings accounts, and while there’s nothing wrong with that, it’s always better to be saving via a method that earns you tax benefits.

To find out which of those methods applies to you and to save the most money possible for your child’s education funds, visit Platinum Financial Associates of Naperville for help with education planning.

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Reasons Why an IRA Rollover is Smary

If you’re about to leave an employer behind, you may be wondering what to do with that money in your 401(k). Fortunately, you have quite a few options, and one of the best of those options is to send the fends to an IRA rollover account.   

What makes this option so great? Well, to begin with, you won’t be stuck paying the account manager fees for managing and overseeing the fund. When you do that, you start losing out on money. An IRA rollover, however, keeps you from paying all of those fees and allows your money to actually earn more money at the same time.

A rollover also makes it easier to diversify your funds since rollover plans typically give you lots of different fund types to choose from. And, also bear in mind the sheer ease and convenience of having all of your investments in one place.

If you’re interested in opening a rollover account in Naperville, contact Platinum Financial Associates, Inc. for help getting started.

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New Law Affects IRA Rollovers

People used to believe that taxpayers could roll over as many IRAs as they wanted, providing that they waited one year before rolling over the same account again. A new law put in place by the United States Tax Court, however, puts the kibosh on that theory. Now, the law clarifies, taxpayers can only engage in one tax

free IRA rollover per year. So, even if a taxpayer has eight IRAs, he can only roll over one within a one year period.

While may professionals working in the tax and financial industries argue that the new IRA rollover law will only affect very wealthy individuals and not the “average citizen,” it’s still worthwhile to understand how this law will affect you, especially if you have or were planning on opening multiple IRAs.

If you’d like more information on the new IRA law or if you’d just like to learn more about IRAs in general, contact the friendly experts at Platinum Financial Associates of Naperville.

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Get a Better Understanding of Your Finances

It’s National Financial Literacy Month, a time of year when people are encouraged to better understand their own finances and how to work them to their benefit. So many people walk around completely clueless about “money matters,” and, as a result, often don’t realize how much further their money could go and how much harder it could be working for them.

Finance maze (Photo credit: RambergMediaImages)

Fortunately, there are several things you can do to better understand your finances. For starters, try going to your local public library. Not only do libraries offer books full of financial information, but many also hold personal finance workshops, tax filing sessions, and more to help you take control of your money.

Another super smart thing you can do is to take advantage of companies that offer financial services in your area. While hiring a professional might make you feel like you’re relinquishing control of your finances, the right professional won’t just do everything for you. No, he or she will educate you on how to make smart financial choices both now and in the future. You can find a friendly, expert voice at Platinum Financial Associates of Naperville.

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Do You have Unclaimed Property or Funds

You probably think that if you had some financial assets lying around, you’d snatch them up straightaway. And, while that very well may be true, you may just be missing out on some assets that you don’t know about.

Did you know, for example, that when the average person files his or her taxes, that person will usually accidentally leave out about $460 that could have been claimed? That’s a crazy thing to think about, but people often don’t realize what they’re entitled to and end up missing out. The best way to keep that from happening to you is to let a professional assetmanagement firm handle your taxes and your general financial needs for you.  

Not only do people lose money on unclaimed taxes, but they also lose money on unclaimed property. Whether this loss happens because they don’t know they have the property or they don’t realize that it’s claimable, it’s still a major loss. Again, a professional asset management team can let you know exactly what your assets are and how to claim them for best results.

Don’t continue missing out on money that’s rightfully yours! Call on the help of Platinum Financial Associates of Naperville, and you’ll get every penny you’re owed, guaranteed!

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Is Selling Your Home a DIY Project

It used to be that, when people wanted to sell their homes, they would contact a realtor, list the home through that realtor, and then let him or her do the dirty work. And, while there definitely are still some people who rely on realtors, more and more people are choosing to make selling their homes a “do it yourself” project.

Take, for example, a recent report from Zillow.com, a home listing site. The site, which posts both seller and realtor listings, has reported that the number of people who sell their homes without the help of a realtor has doubled from 2012 to 2014. 

ForSaleByOwner.com, a similar site, also reports growth, noting that the number of people who sold their own homes increased by 24% in 2013.

Anytime you sell your home, it’s wise to seek financial advice, but that’s especially important if you’re doing the hard work on your own. Wealth management advisors can keep you from selling your home for too little or making other mistakes that you’ll later regret.

Remember, your home is an asset, a piece of your wealth, if you will, and before you part with it, you want to let a qualified wealth management firm help you do it right. In Naperville, that firm is Platinum Financial Associates.

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Retirement Tips

The US News & World Report recently released a list of helpful retirement tips, and most of them were pretty solid. The top tip on the list, for example, was to pay off your mortgage as soon as possible, the rationalization being that those who do will virtually be living rent-free during retirement.

retirement (Photo credit: 401(K) 2013)

Another tip was to take advantage of senior discounts in order to help save for retirement. But there’s a big problem with that particular tip. By the time you’re qualifying for senior citizen discounts, you should already have your retirement planning (and funding!) taken care of. In fact, you should probably already be retired or very close to it.

While it’s fine to follow helpful tips and guides to a point, remember that they are no substitutes for serious retirement planning. If you’re ready to start preparing for your retirement—something you should start doing at as young of an age as you can—then contact the financial experts at Platinum Financial Associates of Naperville.

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Smart Finance Tips

Everyone knows that financial planning is important and necessary, but, unfortunately, few people know how to actually go about it. One of the first steps to smart planning is to set clear and realistic goals and expectations for the future. When it comes to your money, you should always be working toward something, whether it’s saving for retirement, your child’s education, or anything in between.  

Another major tip to keep in mind is that you do not have to handle financial planning matters on your own, nor should you. There are excellent organizations out there that can assist you with planning for your future and with enjoying your life, free of debt, right now. One of those organizations is Platinum Financial Associates of Naperville, and it’s just a phone call away! You can take the first step toward a better, brighter financial future by calling the office today and speaking with a qualified, experienced financial advisor who will put your needs first.

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What to Look for in an Investment Advisor

You probably already know how important it is to have a good investment advisor whom you can trust to put your money to work for you, but, if you’re like most people, you likely haven’t gotten around to choosing that advisor just yet. Time, however, is money, and it’s necessary for you to find a trustworthy professional who can assist you sooner rather than later.  

So, what should you look for in an investment advisor? Well, for starters, you want someone who charges a reasonable amount for his or her services and who makes all prices and expectations clear from the start. There should not be any surprises when it comes to how much you will be paying for financial services. Also, your advisor’s main goal should not be to sell you products and/or to make a profit off of you!

You also need a thoroughly licensed and qualified investment advisor. Luckily for you, you can find an advisor who meets all of these qualifications (and then some!) at Platinum Financial Associates of Naperville.

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Don't Use Retirement Funds for Childs Education

A recent article in The US News & World Report chronicled how many adults are dipping into their retirement funds in order to pay for the ever-rising costs of sending their children to school. While this strategy might seem like the best option or like your only option, it’s really not a smart choice. If you start making wise decisions with your money now, you can be better prepared for handling education costs, and you can do so without dipping into your retirement fund.

To begin with, start education planning as soon as possible. Even if your child is still in diapers, it’s not too early to start putting aside money for college. The right financial organization can help you to set realistic savings goals no matter what the age of your child or how long you have to save.

The right financial organization can also help you to take a future-forward approach to education planning by estimating the costs of college by the time your child will be going off to school and by helping you to prepare to meet those costs head-on.

To give your child and yourself the best future possible, don’t rely on retirement funds to pay for education costs. Instead, contact Platinum Financial Associates of Naperville to come up with a better plan that benefits both you and your child.

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Financial Predators

Finance (Photo credit: Tax Credits)

Everyone knows that financial planning is important and necessary, but, unfortunately, few people know how to actually go about it. One of the first steps to smart planning is to set clear and realistic goals and expectations for the future. When it comes to your money, you should always be working toward something, whether it’s saving for retirement, your child’s education, or anything in between.

Another major tip to keep in mind is that you do not have to handle financial planning matters on your own, nor should you. There are excellent organizations out there that can assist you with planning for your future and with enjoying your life, free of debt, right now. One of those organizations is Platinum Financial Associates of Naperville, and it’s just a phone call away! You can take the first step toward a better, brighter financial future by calling the office today and speaking with a qualified, experienced financial advisor who will put your needs first.

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Understanding Your IRA Rollover Options

You might think that an IRA rollover is simple and straightforward, and in some ways, it is. However, IRA rollovers are not one-size-fits-all ventures. No, when it comes to an IRA rollover, you actually have a few different options for transferring your funds.

For starters, you may be able to keep some of your savings or even all of your savings in the plan set up by your past place of employment. Or, if you’ve already got a new job, you may be able to take your funds

from your former employer’s plan to your new employer’s plan. You may even be able to do this in the form of an IRA, or if you wish, you can actually cash out the plan and receive your funds.

While you will likely have many or even all of these options at your disposal, it’s important to choose the one that will be the most beneficial for you. Fortunately, you don’t have to make this all important decision on your own; you can seek the help and expert advice of the financial pros at Platinum Financial Associates of Naperville.

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Invest Wisely

Lifehacker.com recently released a list of tips and strategies for making smart investments. While many different ideas were presented as part of the list, some of the best included setting up strong investment accounts and investing in low-cost stock index funds.

When it comes to investment accounts, you always want to choose tax-savvy accounts, such as 401ks and Roth IRAs, rather than accounts that face heavy taxation. Similarly, investing in bond funds can be smart, especially if you’re not someone who is very comfortable taking risks in the stock market.

If any (or all!) of these tips are a little confusing to you, know that you’re not alone. Many people have trouble navigating and making sense of the different investment options they have available. Fortunately, there are financial firms that offer investment services to help you make the smartest choices possible. You can find great investment services at Platinum Financial Associates of Naperville, so give the company a call today!

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Get Retirement Ready

When you’re young and healthy, your focus is likely on your career, not on what happens once that career is over. Everything does come to an end, however, and if you’re smart, the end to your career can be a happy and relaxing retirement. A good retirement experience doesn’t just materialize out of thin air, however; no, a happy retirement takes planning and forethought on your part.

One of the most important things you can do is to develop a plan for your retirement. There are many companies that specialize in retirement planning, and the sooner you can start taking advantage of their

services the better. In addition to general retirement planning, you should also focus on creating goals related to savings and understanding and preparing for what your retirement needs are likely to be. Don’t go it alone, however; contact the friendly retirement experts at Platinum Financial Associates of Naperville.

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Understanding Your Assets

Did you know that almost everyone (including you!) has some kind of assets? If you’re not sure what those assets are or even if you have any, however, you could be missing out on potential financial benefits. Obviously, the first step to getting the benefits you deserve is to figure out what your assets are. Most assets can be grouped into one of two categories: physical assets and financial assets.

Physical assets are objects or things of value that you actually possess, such as a very expensive piece of

jewelry. If you can hold it in your hand and it has value, it’s a physical asset. Financial assets, on the other hand, are money in any form. Whether it’s a savings account or a retirement fund, if it involves money, it’s likely a financial asset.

Knowing what your assets are and their type, however, won’t do you any good if you don’t know what to do with those assets or how to make them work for you. That’s where the help of an asset management firm can really come in handy. An asset management firm, such as Platinum Financial Associates of Naperville, can show you exactly how to determine your assets and how to put them to work for you!

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