December 4, 2019
Financial planning can be difficult if you don’t have the knowledge and skill set to do it well. Making informed objective decisions is hard to do when you are emotionally involved with the outcome.
Join us for a discussion about why using a financial planner will benefit you in the long term and how to find a financial planner who is a good fit for you.
The Compass Catholic Blog has more on this topic.
November 13, 2019
Do you know where your parents keep all the information you would need in case of an emergency? Here are 10 questions to ask your parents just in case you (or other family members) ever need it:
- Where do you keep your important information, in case I need to find it in an emergency?
- Where can I find a list of your key contacts?
- How are your accounts registered?
- Do you have an up to date will?
- Have you Designated a Power of Attorney?
- Do you have a Health Care Proxy?
- Do you have a living will or an advance health care directive?
- How can I access your electronic assets in an emergency?
- How do you want to disposition your personal Items?
- Have you documented your final wishes?
The Compass Catholic blog has more details about what to ask and why it’s so important to know where this information is kept.
June 19, 2019
Filing your tax return is a once-a-year event but a mid-year review will help you maximize your tax savings. It’ll only take 30 minutes to do a mid-year review, and it could easily save you thousands of dollars.
The goal is to be tax neutral–not paying too much or too little. The Compass blog has more on what to consider in your mid-year tax review and how to adjust withholding to come out as close as possible to paying or receiving net zero on your taxes.
May 8, 2019
If you don’t have the knowledge and skill set, do-it-yourself financial planning can turn into a huge disaster. It’s hard to make objective financial decisions when you are emotionally involved with the outcome. Join us for a discussion about why using a financial planner will benefit you in the long term. We will also share the questions to ask a financial planner before you decide to work with them.
The Compass Catholic Blog has more on this topic.
April 3, 2019
Once we establish a spending habit, it’s hard to break. But stepping back and analyzing these five areas may put more money into your bank account each time you get paid.
Are you loaning the government money each month? Maybe it’s time to review that W4 form.
Have you had the same car insurance company for ages? Maybe it’s time to do some comparison shopping.
Is your credit report accurate? Maybe you should review your credit report to ensure there are no errors so you get the lowest rates possible on loans.
Are you using life insurance as a saving vehicle? Maybe it’s time to look at how much insurance you really need and get it the least expensive way.
Is money you need now mixed in with money you don’t need until months from now? Maybe it’s time to think about a separate bank account for longer term spending.
Check out out blog for more on this topic.
September 12, 2018
You may think that keeping your mortgage for the tax benefits is a good idea, but the money you get in tax benefits comes nowhere near covering the amount of money you pay in interest. To pay off the mortgage early, try making one extra payment each year or each quarter. You can also try making bi-weekly payments (if your mortgage company will accept them). Another way to pay off the mortgage early is to funnel any windfalls to the mortgage (bonus, tax return, inheritance, etc.)
If you make anything other than the normal payment at the normal time, be sure to check with your mortgage company to be sure you understand how they will handle additional payments and how you designate the extra money you are paying. Once that is set, check your monthly statement to be sure your extra payment has been applied appropriately.
Join the Compass Catholic blog for more on getting rid of your mortgage.
April 11, 2018
Are you getting a big chunk of change back from Uncle Sam for your 2017 tax return? Your goal in 2018 should be to be tax neutral—not owing too much and not getting too much back. Listen in for ideas about how to do that. If you are getting a refund this year, we also have ideas for how you can us it productively.
Check out our blog for more about using your tax refund.
February 14, 2018
It’s tax time, and here are some tips to reduce your tax burden:
- Decide whether to use the standard deductions or itemize your deductions
- If you itemize, track expenses that are deductible throughout the year.
- Take advantage of mortgage interest deductions
- Google W4 withholding calculators to determine if you need to adjust the number of deductions you are taking on your W4 form
- Boost your retirement savings and reduce your taxes
- Take advantage of employer programs for your health care flex spending and child care costs.
Your goal is to be tax neutral–not paying too much at tax time and not using your income taxes as an interest free loan to the government.
To learn more, connect with us via the Compass Catholic Blog.