Understanding how to plan for your financial security is crucial, but it's not as difficult as it might seem. So, what are the steps involved in the financial planning process? Let's explore the key details you need to know.
Read More
In a world where financial uncertainty can feel like the only certainty, many miss the critical step of cash flow forecasting in their financial journey. This oversight is not just a small blip. It can lead to significant missed opportunities and unnecessary financial stress.
Read More
If you count yourself among the 72% of the country who consider themselves not financially secure, it's time to do something about it.
At Phillip James Financial, we've helped countless Minnesotans achieve financial freedom. Keep reading and find out about some of the strategies that we've discovered work best for our clients.
Read More
According to CNBC, 77% of Americans are anxious about their financial situation. Trying to pay down debt, save for retirement, and make ends meet in your everyday life can be incredibly stressful. This is why it is important to create a strong financial plan.
Read More
Money matters. Whether you're just starting to build your financial foundation or navigating the complexities of growing wealth. Understanding how to manage your money is the key to growing it.
When it comes to money management, two terms often come up: wealth management and financial planning.
You shouldn't have to worry about your financial future. Check out these thirteen great benefits of financial planning that you should know about.
Read More
"What gets measured, gets improved", is a common saying that's been going around the blogosphere for a while now. It applies to all aspects of your life, such as meeting a daily calorie goal or walking 10,000 steps.
Read MoreDo you feel as though you're constantly struggling with finances? With everything going on these days it's more important than ever to get your finances under control. Perhaps you're considering building your own financial plan but haven't taken financial planning seriously in the past.
You may wonder - what is the first step in financial planning?
Below, we'll outline the first step in financial planning.
Read More
A capital gain refers to the increase in value of an asset such as stocks, bonds, precious metals, real estate, and other assets. When these assets are sold, the realized gains are taxed at lower rates than ordinary income if the assets are held for at least one year. If the assets are held for less than a year, the gain is treated as a short-term capital gain which is taxed under ordinary income tax rates.
Read More
The decision on the timing of when to claim Social Security benefits should be based on a number of factors including one’s ability to cover existing living expenses without the benefit, life expectancy, and spousal considerations.
Read More
A tax strategy known as Net Unrealized Appreciation (NUA) can be an effective way to reduce tax liability.
Read More
Minnesota has a lot of large employers with publicly traded stock and generous stock plans. Here’s how to manage the risk while being mindful of taxes.
Read More
Deferred Compensation is a strategy where a portion of an employee’s income is set aside, or “deferred”, to a later date. This strategy allows employees to avoid recognizing income in the current year, and instead defer that income to a future year. In many cases, the taxes due on the income are also deferred to the future period in which the income is received.
Read More
An Employee Stock Purchase Plan (ESPP) provides employees an option to purchase stock in the company they work for at a discount below market price. Understanding how these plans work, including the tax implications, will allow an individual to make an educated decision on whether to participate in the plan and how much to invest.
Read More
A 401(k) plan can be funded through several avenues including contributions, a transfer, and a rollover. In this article, we will discuss the key differences between a rollover and a transfer along with the key steps required to avoid costly penalties and unfavorable tax consequences.
Read More
During the year 2020, you've probably experienced exhilarating highs and painful lows as you've looked at your retirement account balance. Living in this time of the pandemic has been challenging in so many ways, including financially.
Read More
Employee Stock compensation is one of those things that you know you should be doing something with but really only give it any thought when you are forced to do something, like approve an option grant. Even if you aren’t checking every day, you should at least review your total employee stock plan once a year.
Read More
First off, congratulations! You have sacrificed, saved, and worked hard to be in the position you are today. But before you retire and enter an exciting new chapter of life, let’s look at some planning items to consider when it comes to selling your employer stock options in the year of retirement.
Read More
With so many publicly traded companies located here in Minnesota (United Health, Target, Best Buy, Medtronic, US Bank, General Mills) it’s not surprising that we often have questions about the NUA rule. Anyone who has worked with one of these companies over a significant period of time may be looking at a large concentrated stock positions with a potentially huge tax burden in the near future. The NUA rule may help alleviate some of that burden but you have to do it the right way.
Read More