The NextGen Wealth Weekly Roundup February 21, 2020

Once again, China released a large number of new confirmed cases of the coronavirus, with nearly 800 more cases overnight. This then resulted in a major drop in stocks, with fear over the global economic slowdown bound to happen. It kinds of seems like this is a recurring theme.

Earlier this week the market was up, as the number of confirmed cases had its lowest growth since January. This lifted investor sentiment and we saw S&P 500 and Nasdaq hit record highs. There was also talk of China taking action to lessen the effect of the coronavirus on their airline industry.

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What is a Donor Advised Fund?

A Donor Advised Fund (DAF) is like a charitable-giving savings account, helping you maximize your tax benefits while making a bigger impact on your favorite charitable causes.

Illustrated below, the IRS defines a Donor Advised Fund as: “A separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor's representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account.”

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The NextGen Wealth Weekly Roundup February 14, 2020

Stocks were up this week, but little changed today as investors are still digesting the disappointing consumer data and strong earnings. 

Retail sales were unchanged last month according to the Commerce Department. They added though that clothing stores sales had their largest one month decline since 2009. 

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Are You Obsessed With Money?

As the saying goes, money makes the world go round. Living in modern society means that you can’t avoid money, no matter how hard you try. Need to get some food? That costs money. Need to get gas in your car? Swipe your card or fork over a few bills. Virtually every aspect of your life revolves around money - earning it, spending it, and saving it. 

For the most part, scrutinizing your money habits is a good thing. You don’t want to constantly worry about where your next paycheck is coming from, or whether you have enough cash to pay for something. However, while a detailed understanding of your money is good, it’s too easy to get carried away. 

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The NextGen Wealth Weekly Roundup February 7, 2020

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

After a rally in the market this week, stocks are down today even after better-than-expected jobs data was released. The release of this data seems to be well-timed with the coronavirus fears having investors questioning growth. 

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What is an Investment Policy Statement?

In its simplest terms, an investment policy statement (IPS) is a list of rules drawn up between you and your financial planner to set clear and concrete goals for each other. It also works as a game plan for the financial planner so that they can employ their expertise in the best way they see fit to meet your goals in a timely and efficient manner. 

Specifically, a financial advisor would look at risk, liquidity and asset allocation. An IPS serves as a manual of sorts to manage these three components but can include additional items as well.

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The NextGen Wealth Weekly Roundup January 31, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week!  

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Tax Strategies Behind Roth IRA Conversions

Saving money for retirement is critical, but not everyone knows how to do it effectively. You should already understand the value of building a nest egg for your golden years. However, when it comes to the types of accounts you have, it can start to get a little confusing. 

Individual retirement accounts (IRAs) are the most common options for those looking to save money, and there are two primary kinds - Roth and Traditional. In this article, we want to compare the two, particularly when it comes to paying taxes. 

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The NextGen Wealth Weekly Roundup January 24, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

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Podcast Interview: Crushing Debt Podcast

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Crushing Debt podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast. Shawn is actually an attorney who has his own practice in the Tampa area (wish I were there right now with the weather we’ve been getting in Kansas City).

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The Tax Benefits of Net Unrealized Appreciation

When you get a new job or start working for a company, your pay and benefits can take different forms. Your salary is often your primary form of taxable income, but companies can compensate you in other ways with benefits packages, perks, retirement plans, 401(k)s, and even shares of the company. 

One of the ways that companies and organizations can compensate their team is by giving them equity in the company, via employee stock ownership plan (ESOPs) or profit-sharing. If you do in fact have stock within your company 401(k) you could potentially be eligible for tax rules that can help you save money on your taxes.

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The NextGen Wealth Weekly Roundup January 17, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Once again, we saw stocks hit record highs this week due to a solid start to earnings season and strong global economic data that was released. All three main markets here in the US (Dow, NASDAQ and the S&P 500) were all up 1.5-% going into today.
 
Some of these can be attributed to the aftermath of the U.S. and China trade deal signing. This trade deal signing is expected to create a sharp increase in the sales of U.S. goods and services to China. Let's hope this is the beginning of the end of the two-year trade war.
 
However, this does still leave U.S. tariffs on billions of Chinese goods, which is about three-quarters of Chinese imports to the U.S. So, possible tariff reductions will be one thing discussed at later negotiations between the two countries. 

So enough of my commentary, let’s jump in and check out some of the best articles I ran across from the past week. Enjoy the weekend and find some time to relax.

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What is a Mega Backdoor Roth IRA?

When it comes to saving money for retirement, you should already know that IRAs are an essential part of the retirement planning process. There are two different kinds - a Roth and a Traditional IRA, and the rules surrounding them are pretty straightforward. 

However, depending on your particular situation, you may be able to take advantage of a mega backdoor Roth IRA. Not everyone can do this, but if you can, it could be highly beneficial for getting you to retirement as quickly as possible. 

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What is a Qualified Domestic Relations Order (QDRO)?

Whether you’ve been married five years or 25 years, divorce can be fraught with many challenges, including financial issues. Most likely, this is a difficult time for you, and you’re in uncharted waters. 

Many friends and family may try to give you information, which can be helpful, but having a trusted attorney, tax professional and financial advisor can help protect what you have and make the right decisions for you.

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Our Review of Mint vs. Quicken

Modern budgeting tools simplify managing your money. Some of these tools don't cost anything, but some can still really benefit you for only a small fee. Mint and Quicken are perfect examples of these tools. 

Mint is free, while Quicken will cost you a small fee. However, both can be extremely helpful and keep your finances organized. Let's take a closer look at both of these great budgeting apps. 

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Our Review of Mint vs. Personal Capital

There was a time when monitoring your financial situation was relatively complicated. Whether it was balancing a checkbook or writing expenses in a ledger, you had to input everything by hand and do a lot of math to get accurate results. 

Thankfully, we’re living in the golden age of technology. Instead of using old-fashioned financial tracking methods, all you need to do is download an app, and you’re ready to go. However, with so many options available, it can be a bit overwhelming to determine which one is best for your needs. Fortunately, we’re here to help with our review of Mint vs. Personal Capital. 

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The NextGen Wealth Weekly Roundup December 20, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

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Do I Need a Backdoor Roth IRA?

No matter how old you are, it’s never too late to start thinking about retirement. Although you will want to put money away in a variety of different accounts, one of the most reliable is an IRA. You may already be familiar with Traditional and Roth IRAs, but the fact is there is a way to move money from a Traditional to a Roth, which is considered a Backdoor Roth IRA or a Roth Conversion.

Both actually do the same thing in a slightly different way. A Backdoor Roth IRA is typically in relation to converting a Traditional non-deductible contribution to a Roth IRA. A Roth Conversion is normally in relation to a larger amount being converted from a Traditional to a Roth. Again, they both do the same thing but just have different names. Today, we’re going to focus on the Backdoor Roth IRA.

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The NextGen Wealth Weekly Roundup December 13, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

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What is Tax Gain Harvesting?

One of the biggest challenges to overcome when investing is trying to minimize your tax liability. Capital gains taxes can take a significant chunk of your gains if you're not careful. This is why you need to understand various tax strategies e to minimize your tax liability. 

Although it may seem a bit counterintuitive at first, tax-gain harvesting may be a viable option in some cases. While you may have heard of tax-loss harvesting, today we want to take a closer look at tax-gain harvesting to see how it works and when it should be deployed. This strategy is a bit more advanced than some others, but it can be beneficial when used effectively. 

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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