Able Wealth Management's blog on personal finance, financial planning, investing, taxes, and the behaviors and decisions that influence our actions.
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Auto insurance can seem complex and confusing, especially if you're new to it. However, understanding the ins and outs of your policy is crucial for making informed decisions. Here, we break down key components of auto insurance coverage, provide examples, and answer some frequently asked questions.
Transitioning to a new job is a significant life event that comes with its own set of challenges and opportunities. One of the most critical tasks during this period is choosing the right benefits package. Given that most companies have a 30-day enrollment window, it's essential to make informed decisions quickly. In this article, we'll guide you through the 4 key tips for enrolling in benefits.
In the intricate web of life, we often find ourselves entangled in the tantalizing allure of "what ifs." What if I had invested in that stock? What if I had timed the market just right? What if I had pursued that job opportunity or married that special someone? These questions, seemingly innocent at first glance, have the power to lead us down a rabbit hole of remorse and disillusionment.
Estate planning is a complex endeavor, and one of its most intricate components is the "step-up in basis." This mechanism can significantly influence the after-tax value of assets, especially when considering the difference between a full and partial step-up. Financial advisors play a pivotal role in guiding clients through this maze, ensuring they maximize their wealth for themselves and their heirs.
In our complex financial lives, we face a never-ending array of choices that profoundly shape our future. But these choices are not isolated snapshots but part of a larger, interconnected system that echoes our values, fears, and aspirations.
Backdoor Roth IRAs present an enticing avenue for high-income individuals aiming to optimize their retirement savings. However, this path is laden with potential hazards. This article aims to demystify the complexities of Backdoor Roth IRAs, highlighting common missteps and providing advice on how to circumvent them.
The world of investments is vast, with every option promising high returns and enticing success stories. One such avenue that has long been regarded as the ultimate path to riches is rental real estate. It’s hard to ignore the success tales of people who made fortunes through property rentals. Often touted as the epitome of passive income, this venture is painted in the brightest colors by many real estate gurus. But is this picture entirely accurate, or is there a darker side to it?
There's a tendency in our world today to view financial decisions as a series of disconnected snapshots. We make isolated choices, focusing on the immediate impact without considering the broader narrative of our lives. This approach, though seemingly practical, is akin to viewing a tapestry thread by thread, missing the grand design that emerges only when we step back.
In navigating the sometimes turbulent waters of family or couple financial discussions, Non-Violent Communication (NVC) offers an effective compass. Developed by psychologist Marshall Rosenberg, NVC encourages empathy and compassion in conversations, making it particularly useful for sensitive topics like finances.
Discipline is crucial for shaping our financial behaviors and achieving our goals. It goes beyond resisting impulsive purchases or making investment choices. Discipline encompasses our financial habits, informed decisions, and continuous learning.
Seniors should plan early for the potential need for a trusted person to take over their finances in case of cognitive impairment. Regular monitoring of cognitive abilities can help ensure the timing is right, protecting them from financial mistakes and abuse.
Navigating the world of taxes as an artist can seem daunting, but it's a crucial aspect of your financial success. As an artist, you're essentially running a business, and this comes with certain tax implications. Your income isn't only derived from the sale of your artwork; it may also come from teaching, commissions, royalties, and grants. All these income sources are taxable and must be reported on your tax return.
Are you on a relentless pursuit of absolute financial autonomy? If so, you might want to reconsider your approach. While total financial independence is often glorified as the ultimate goal, it can sometimes lead to unforeseen detrimental outcomes. This blog post argues that striving for 'enough' financial independence can lead to a more balanced and fulfilling life.
Discover the magic of investing in the stock market through compounding, patience, and persistence. Unlock your financial potential with our insightful guide to long-term wealth creation.
This comprehensive guide provides an in-depth understanding of Donor Advised Funds (DAFs), a unique philanthropic tool that allows donors to make tax-deductible donations, maintain advisory privileges, and manage their charitable giving flexibly and efficiently. However, potential donors must consider certain drawbacks such as limited control, administrative fees, and minimum contribution requirements, and are advised to consult with financial professionals to ensure DAFs align with their financial and charitable goals.
At first glance, financial planning, with its focus on numbers and logic, may seem worlds apart from the realm of cognitive neuroscience and the study of brain hemispheres. However, the work of esteemed psychiatrist and author Iain McGilchrist offers a fascinating bridge between these two seemingly unrelated fields.
Are you considering eco-friendly upgrades for your home? Learn how you can save money while contributing to a greener future through valuable home energy tax credits. From renewable energy systems to energy-efficient home improvements, explore the tax breaks available to homeowners who prioritize sustainability.
As a creative individual, you likely have a passion for bringing your unique ideas and vision to life. Whether you're a writer, artist, musician, or entrepreneur, you have the ability to think outside the box and create something new and exciting.
As a creative freelancer, it's essential to establish a solid financial foundation to ensure long-term success. Start by creating a budget that accounts for all your income sources and expenses. Visual aids like spreadsheets and budgeting apps can be extremely helpful in tracking your cash flow.
Many investors are lured by the idea of taking “big bets” in a single stock to hit it big. However, this approach can be risky and often ignores potential losses. It is crucial to remain vigilant and know when to sell to avoid falling into drastic situations.
Art collecting, a multi-faceted endeavor, necessitates meticulous attention, planning, and expertise. Collectors must comprehensively understand the art market and their …
Managing finances can be challenging, especially for those with variable incomes. Fluctuations in earnings can make planning and controlling spending …
Generating “passive income” through real estate rentals can attract many aspiring investors. However, the reality often needs to catch up to the romanticized expectations, leaving many investors disillusioned with the entire process.
Sometimes, you may find yourself in a conversation where someone is very excitedly explaining an investment opportunity, but it seems …
Money may provide a sense of security but cannot address our underlying existential anxieties. These fears are intrinsic to the human condition and cannot be fully resolved through material wealth.
While homeownership can provide a sense of stability and a place to call one's own, it is important to consider the various factors that can affect the value of a home and impact its return as an investment.
Taxes are an inevitable part of investing in real estate. You can, however, defer or avoid paying capital gains taxes by following some simple rules of a 1031 exchange. Yes, you read that correctly!