At the start of a new year, people often make resolutions about things they want to change going forward. Finance is one area in which resolutions are made – and often fail. It’s good to make a resolution to make positive financial changes, but without a sound plan, we set ourselves up for failure. Here are three tips to help you develop your plan – simple steps that can set you on a path to a better financial future.
Most people have heard of term and whole life insurance, but are unfamiliar with indexed universal life insurance (IUL). Here are some key points about an IUL and why I often recommend them to my clients.
Since I covered the basics of tax-free retirement accounts in this space, I have received several requests for additional information about TFRAs. I will answer a few of those questions here.
The Cook family gets more than they give from Adopt a Grandparent Day.
Seeing and personally experiencing the difference in the lives and families of those who make a financial plan and those who don’t compels me to continue working to help people make choices that bring peace instead of regret.
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
