Cryptocurrency Basics Cryptocurrency is a type of decentralized digital currency. Bitcoin was the first type of cryptocurrency. In this article, we will go over the basics of how cryptocurrency works. How It Works Each type of cryptocurrency has a blockchain. A blockchain is a constantly changing record of every transaction that was made with [...]
Types of Retirement Accounts To help you save for retirement there are several types of retirement accounts. These accounts include Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, 401ks and 403b plans. In this article, we will go over the basics of these 6 types of retirement accounts. Traditional IRA IRA stands for Individual [...]
Derivative Basics A derivative is a financial contract. Its value is contingent on an underlying asset or group of assets. The price of a derivative will fluctuate with the value of the underlying asset. The underlying assets can include stocks, bonds, commodities, currencies, interest rates, and market indexes. They are often used to hedge [...]
Secure 2.0 Act The Secure 2.0 Act was signed in to law on December 29, 2022, by Joe Biden. This Act increases contribution limits, raises the RMD age, enacts changes to employer sponsored plans, and more. In this article, we will go over some of the changes brought about by the Secure 2.0 Act. [...]
Guide to 529 Plans 529 plans are tax advantaged plans used to fund education. They get their name from Section 529 of the Internal Revenue Code. Typically, parents or grandparents establish them for the benefit of a child, also known as a beneficiary. In this article, we will go over how 529 plans work. Types [...]
7 Things to Know About Inherited IRAs Inheriting an IRA is an intersection of estate planning, financial planning, and tax planning. What is an inherited IRA? It is when you inherit an account with tax advantages after the death of the owner. You will need to move the assets from the original owner’s name [...]
Common vs. Preferred Stock Stock represents a piece of ownership in a company. Typically, they trade on a public exchange like the New York Stock Exchange or NASDAQ. There are two types of stock, common and preferred. In this article, we will go over the differences in common vs. preferred stock. Voting Rights Stock [...]
Benefits of Holding Stocks for the Long Term Holding stocks for the long term means holding on to those investments for a year or more. It requires patience and disciple to do long term investing. It is proven to be a keyway to grow wealth over time. In this article, we will go over [...]
8 Common Investing Mistakes to Avoid No matter what choices you make, there are no guarantees in investing. Everyone’s goals, time horizon, and risk tolerance affect your choices. However, mistakes can be avoided. In this article, we will go over eight common investing mistakes to avoid. 1. Not Understanding Your Investments The best thing [...]
Savings vs. Investing Saving and investing are both crucial elements of successful financial planning. They both serve different purposes and come with pros and cons. In this article, we will compare savings vs. investing and how to best utilize them for your personal finances. Saving Saving is the process of putting money aside into [...]
