What is a Solo 401(k)?

Investing for your retirement is important, but it’s something that many people don’t plan ahead for. Many of us are left scrambling for what feels like years or decades later trying to scrape together a retirement account or 401(k). 

One question that we get fairly often in regards to retirement is: What options are available to me if I am self-employed?

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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! 

Continue reading

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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. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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