Traditional 403(b) or Roth IRA?

When most people think of retirement accounts, a 401(k) comes to mind. However, for employees of nonprofits or public entities, a 403(b) is typically the only option. 

Because this account is handled differently than a 401(k), it’s crucial to understand the ins and outs. In this article, we want to dive into these plans, including the difference between a traditional 403(b) and a Roth IRA. 

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Our Review of Betterment vs. Wealthfront

Technology has made so many facets of modern life easier. When it comes to finances, you no longer have to meet with an actual person in an office to manage your money. Now, there’s an app for that. 

However, while there are plenty of finance apps on the market, two of them are notable for their high-tech approach to investment and portfolio management. 

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Our Review of Stockpile vs. Robinhood

In the old days, if you wanted to invest online, you had to have some knowledge of what you were doing, and some capital already so that you could pay trading fees and other expenses. 

These days, there’s an app for that. Actually, there are many different trading apps available, but for this article, we’re going to look at two of them: Robinhood and Stockpile. We’ll break down how they’re similar and how they’re different, as well as which one is best for the kind of trading you may be doing. 

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Our Review of Blooom

Firms that manage your 401(k) are rare and difficult to find, which is unfortunate because managing your own 401(k) can be stressful and a hassle to keep up with. Blooom bridges the gap between you and 401(k) management by making the management of it as easy as possible. 

Blooom (yes, with three Os) is a registered and qualified investment advisory firm that can actually manage your 401(k) for you. Blooom identified an opportunity gap in the market, which is that millions of people every year hire third parties like robo-advisors and your traditional financial advisors to manage their 401(k) accounts. 

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Your Investments and the Coronavirus; What Should You Be Doing

Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China have raised concerns about its containment. These increased concerns have sent stocks quickly lower over the last few trading days as you've probably seen if you've been on the internet (it's pretty impossible to miss at this point).

While we don’t know how many people the virus will infect, the length of this viral cycle and what influence it will ultimately have on the economy, we do know that you probably have some questions about how it could affect your investments.

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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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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 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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What To Do With $50,000

Have you recently come into a $50,000 windfall, such as an inheritance? You may be tempted to buy a new car or take your family and friends on a dream vacation. 

But before you do, stop and consider all of your options — including saving the money...who would've thought a financial advisor would recommend this. 😁Developing a sound financial strategy is a good way to make your money grow.

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5 Great Value Investing Books Worth a Read

When it comes to investing, putting money into stocks is one of the best options for the long term. However, as you can imagine, trading in the market can be complicated and somewhat confusing for first-timers. Fortunately, there are tons of resources on the subject, so getting started is all about doing a bit of research. 

We’ve compiled a list of five great value investing books worth a read. Whether you’re brand new to the world of stocks and investing or just want to polish your knowledge, each of these books is going to help. 

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The Financial Freedom Blueprint® Is Now An Online Course!

The Financial Freedom Blueprint® Is Now An Online Course

We have some super exciting news around here at NextGen Wealth. We have taken our trademarked financial planning process, The Financial Freedom Blueprint®, and turned it into a do it yourself online course.

So, if you’re the do it yourselfer type when it comes to your personal finances, you now have a financial planning process laid out for you that will take you through every step of the way.

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How to Get the Most Bang for Your Buck with Investment Properties

Whether you’re a first-time real estate investor or an experienced veteran, you can always do a little bit more to maximize profit in your investment properties. Here’s how you can get the most bang for your buck. 

Fix-and-Flip for Cheap

One of the most common types of investment properties are fix-and-flip properties. For the uninitiated, a fix-and-flip investment is when you buy a house that’s undervalued, most of the time because it’s old and run-down. You purchase it at a cheap price, fix it up and make it nice—thus improving its value—and then you sell it to make a profit.

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How to Become a Millionaire in Your 30s

For most people, the idea of becoming rich is mostly a fantasy. Many of us imagine what it would be like to have millions of dollars, but few of us actually get there. However, if you want to know how to become a millionaire in your 30s, the answer will probably surprise you. It doesn’t take an inheritance or some kind of get-rich-quick scheme. 

In this article, we’ll outline the best methods you can start using right now to become a millionaire before you reach 40. We’re not saying that the road to wealth is easy, but once you have the right plan in place, it is attainable. 

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Is Passive Income Right for You?

If you’re like most people, you work a lot. These days, a growing number of Americans are working multiple jobs. Either the gigs are all part-time, or people are working on side hustles to earn extra income. 

One of the issues with the standard model of earning money is that you have to work for it. This is what’s called active income. You put in the hours, and you get a paycheck at the end of it. The more work you do, the more money you make. 

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How to Become a Millionaire in Your 40s

While becoming a millionaire in your 40s may seem difficult, it’s something that many people can achieve. All it takes is the right mindset and a laser-sharp focus toward building wealth and increasing your net worth.

There is something about accumulating $1 million that shows you are on the right track financially. But how do you get there? If you want to increase your chances of accumulating $1 million in your 40s, there are certain financial habits that will help you achieve that milestone faster.

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Should I Pay Off My Mortgage or Invest?

When you buy a house, the resulting mortgage can feel like a weight on you - mentally and financially. If you end up with a surplus of cash, you may wonder if it’s better to pay off your mortgage or invest the money in the stock market. 

This is a common question in personal finance circles. Some people believe paying off your mortgage is a good investment, while others think putting your money in the market is a better option. 

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5 Ways to Become a Millionaire

Who wants to become a millionaire? Many people would love to reach this seven-figure goal and know they can give themselves that title. But is it possible? 

While a million dollars may seem out of reach, accumulating wealth is not as difficult as it seems. There are many ways to become a millionaire and build your net worth. Which one you choose depends on what works for your particular situation. 

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A Guide to Choosing the Right Wealth Management Firm

With so many wealth management firms competing for a client’s favor and attention, you might be lead to believe that picking one is as easy as a walk in the park. Sadly, that's not the case. It's great that people have options nowadays, but the sudden increase in numbers also makes finding the right firm for your specific financial situation more challenging.

If you're at a point where your portfolio has become too large to manage on your own, then it's high time to call in the experts. The right wealth manager will help you identify solid investment choices and map out a strategy that will not only let you achieve your financial goals but surpass them, if possible.

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Why Your Financial Advisor Shouldn’t be Managing Your Investments

Many people consider hiring a financial advisor to manage their investments. But is a financial advisor really the best person to handle your investments day-to-day?

While a financial advisor or Certified Financial Planner® should be overseeing your investments, this shouldn’t be their main focus. They should be looking at the big picture and quarterbacking all areas of your financial life and not getting into the nitty-gritty of managing your portfolio.

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Tips to Maxing Out Your 401(k) Account

One of the best ways to save for retirement is to use tax-advantaged accounts. Most employers offer the option of contributing to a 401(k) account, which can be a great idea for stashing cash for your golden years.

Maxing out your 401(k) account for a few years can give you a good foundation for retirement. The earlier you get started, the longer the money will have to grow and earn interest.

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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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