How to Cut Your Expenses in Retirement

The average person needs between 70 and 80 percent of their income each year when they retire. If you have that already saved, you're probably in good shape. 

However, there's always more you can do to help you stretch your retirement funds without sacrificing your quality of life. It just takes planning and know-how.

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What’s the Difference Between a 403(b) and an IRA?

No matter how old you are, it’s never too early to start planning for retirement. While you should start saving as soon as possible, one of the best ways to build a substantial nest egg is to work somewhere that offers employer contributions, like a 401(k). However, for those working in nonprofit organizations, a 401(k) plan is not usually an option. 

Fortunately, many of these entities may offer what’s called a 403(b) retirement account. In this article, we’ll discuss the finer points of a 403(b), as well as compare it to an alternative, the individual retirement account (IRA). Here are the details you need to know. 

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How Do I Calculate My Liquid Net Worth?

If you were to run a business, would you pay close attention to its financial health? Unless you want to go bankrupt pretty fast, we’d bet that you would. Elements like cash flow, debts, and total assets would be part of your normal routine. 

Now, what about your personal financial health? If you’re like most individuals, you might not be as diligent when it comes to your own net worth. Unfortunately, that lack of oversight can be a huge problem, particularly when disaster strikes. 

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The Four Phases of Your Financial Life

Designing, building and protecting a plan throughout these phases requires an integrated approach across many life and financial areas. Key moments across each phase can impact your long-term success to whether you accomplish the goals you’ve set forth. 

I believe that by having a better understanding of each phase, you’ll be able to know what to expect and plan for throughout each one, in particular when it comes to creating a retirement spend down strategy.

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Estate Planning in the Age of COVID-19

Amidst the COVID-19 pandemic, many of us have been forced to ask ourselves: Am I truly prepared for the worst? And one too often undiscussed yet important aspect of future preparedness is estate planning

In just a few short months, the COVID-19 virus (or, coronavirus) has ravaged the global economy, shattered unemployment claims numbers, and left many Americans worried about the well-being of themselves as well as their families.

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7 Goals to Accomplish When You Retire

Although you will have various milestones in your life - buying a house, having children, getting married - one of the most substantial is your retirement. Assuming that you don’t want to have to work until you’re 80, you need to plan for this major step. 

Unfortunately, too many Americans are unprepared, which means that they will wind up scrambling to figure out what to do when they retire. If you’re getting close to that age or you’re just wondering where to begin, let this article be your guide. 

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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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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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Different Ways to Make $200 in a Day

We all run into some tough times when it comes to money. Perhaps you’ve been randomly laid off, you’re in between jobs or perhaps an emergency popped up and it requires funds. It’s never fun being at the mercy of money, but you have the power to take control of the situation and make the most of it. 

According to USA Today, 40% of Americans don’t have $400 to spare if an emergency were to pop up right now. The same survey notes that the median savings account for a household is about $4,000, which is far below the recommended amount to have for rainy days. 

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The Best Kansas City Financial Advisors

Are you in the market for a financial advisor and looking to know who are the best in the Kansas City area?  Well, you’ve come to the right place.

In today’s post, I’m going to provide you with who I believe are the best financial advisors in Kansas City. I respect and admire all of these firms and individuals and would have no problem at all referring a family member (as long as they’re a good fit, of course).

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The Risks of Being a Power of Attorney

As family members, we have a natural inclination to volunteer when it comes to managing end of life affairs and estate planning. It’s what we do. We make sure our parents, siblings and other extended family can count on us to pitch in now and in the future. 

One of those responsibilities is signing on as power of attorney to better serve as executor of a will or to handle legal affairs should a family member pass on or become incapacitated. After all, they’re family, right?

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How to Plan for the Top 3 Expenses in Retirement

No matter how old you are, it’s never too early to start planning for retirement. However, while there are many different elements to this process, it helps to break it down into a few core components. Today, we’re going to cover how to plan for the top three expenses in retirement. 

Making sure that you have enough money to last through your golden years is imperative. No one wants to run out before it’s time. However, it’s not just enough to worry about sources of income during your retirement. You also need to plan how you’re going to be spending that money. 

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Why Do We Think People Have More Money Than Us?

As the old saying goes, money doesn’t grow on trees. However, if you pay attention to some people’s spending habits or online pictures, it can certainly seem that way for them. These days, it’s never been easier to be jealous of everyone else, particularly if you’re on a tight budget. 

But why do we think people have more money than us? What’s really going on here?

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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 Create an Inheritance Plan With Your Children

What kind of legacy are you going to leave when you die? If you haven’t pondered that question yet, now is the perfect time to start. If you have money or any property that you want to pass on, it’s well past time to get a plan in place for when the inevitable happens. 

However, when it comes to estate and legacy planning, you will want to include your children in this process. It may be tempting to try and figure everything out on your own, but it’s often much better to keep them involved. 

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How to Create An Inheritance Plan With Your Parents

Long term financial planning is not an easy task. You have to consider a myriad of potential setbacks, changes and opportunities that will arise over an extended time period. It can be exhausting to map out your plans, but still more draining to do what you need to do when sticking to those plans. 

Fortunately, once your plans are set you can put them out of your mind unless there is a major life transition. It’s those transitions that are the hardest to plan for financially.

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How to Avoid Keeping Up With the Joneses

The newest version of the iPhone just came out, and it seems like all of your friends are getting it. The latest console has just been unveiled, and your buddies were some of the first to buy it. Does this sound familiar? 

These days, it seems like more and more people are participating in “conspicuous consumption.” Back in the ‘50s, this was referred to as “keeping up with the Joneses.” The Joneses were a well-to-do family that always had the latest appliances and vehicles, and they forced everyone on the block to catch up to their level. 

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How to Become a Millionaire in Your 60s

Many people would like to become millionaires, but few know the steps it takes to get there. There is more to crossing the seven-digit threshold than making a high salary. In fact, most people who make an average salary can become a millionaire in their 60s. 

Wouldn’t it be nice to go into retirement having joined the double comma club? While having a million dollars doesn’t equal a luxury yacht or a foreign sports car, it gives you peace of mind. 

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How to Become a Millionaire in Your 50s

Whenever a child says that he or she wants to become a millionaire, they’re likely to receive chuckles and condescending smiles. However, whenever a person in their middle age says they want to become a millionaire, they’re more likely to receive looks of confusion, and maybe even scorn. 

Though, it’s for this exact reason that many people, especially older folks, never take any of the steps required to grow their savings much more than the level it’s been for most of their lives. They’re worried about looking naive, foolish and child-like. 

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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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