President Biden announced major changes to student loans 8/24/22. There is much more than just widespread student loan cancellation to consider here. Here is what you need to know: $10,000 student loan cancellation for federal student loan borrowers Income must be below $125,000 if single, $250,000 if married filing jointly to qualify Income will be based on 2020 or 2021 Cancelled amount will be tax free Loans taken out before 7/1/22 are eligible Cancellation is applied automatically if you qualify and studentaid.gov has your income information (from FAFSA completion or IDR re-certifications ..read more

The Biden administration extended the pause on federal direct student loan payments and interest through 8/31/22. Previously expected to resume in May 2022, this marks the 6th extension of the pause originally started back in October 2020 by the Trump administration. I don’t expect this to be the final extension, either. While previous extensions were called the “final one”, I saw no such language with the announcement this time. The likely reason August was chosen is so that another announcement regarding student loans can be made closer to mid-terms with hopes of some renewed political lift ..read more

Saving money is only half the battle when it comes to managing your finances effectively. Where you put that money has an immense impact on reaching your long-term financial goals. Do you keep money in the bank, pay off debt, or invest it one of a variety of tax advantaged accounts? Failing to make the right choice can result in leaving cash on the table, tax inefficiencies, and excessive interest expenses. By following the Order of Saving Priorities (below), you can optimize the effectiveness of each incremental dollar you save. Retirement Plan Employer Match: Common account types are 403b ..read more

Federal direct student loans were scheduled to begin February 2022. It looks like that has been pushed back, yet again, to May 2022. President Biden announced 12/22/21 that due to the Omicron variant and other factors, he is extending the pause on payments and interest for federal direct student loans until May 1, 2022. The previous extension was set to end January 31, 2022 and was supposed to be the “final” extension. This marks the 5th extension of the program that began back in October of 2020. For those that are pursuing PSLF or another student loan forgiveness program, this is welcome new ..read more

With the end of the year fast approaching, it’s time to review some key areas of your finances if you haven’t done so already. Things to consider before the end of the year:  Tax loss/gain harvesting Review and update 401k/403b contributions Review Flex Savings Account balances Take Required Minimum Distributions Rebalance investments Contribute to 529 plan(s) Backdoor Roth IRA contribution (2021 may be the last opportunity) Roth conversions IRA contributions Charitable contributions Pay estimated 2021 taxes These are all topics we pro-actively plan for clients throughout the year. I ..read more

Interest rates remain extremely low, which makes now a good time to consider refinancing your mortgage if you haven’t already done so in the past few years. Refinancing can be a good option for those that: Own at least 20% equity in your home Have good credit Acquired the mortgage when interest rates were higher. In addition to lowering interest rates, financial challenges due to the Covid-19 pandemic have made lowering monthly payments or taking out some cash an attractive option to those that have experienced financial difficulty recently. Questions to ask before refinancing: Will I be a ..read more

Inflation rates have recently risen to levels we haven’t seen in 30+ years. Sustained inflation can cause real challenges as your purchasing power degrades over time. If higher prices are creating a strain on your finances, there are 3 things you can do to minimize the impact: Reduce consumption (Budget) Increase income (Pick up shifts at work, ask for a raise) Invest (Consider a high yield savings account combined with a diversified portfolio positioned for long term income and growth) Check out my interview with KTTC for some tips on dealing with higher prices. While none of these things ..read more

I was honored to be invited to speak as a part of #NurseWellBeingWeek. Check out the Instagram Live recording for the full interview as I share some of my tips to help nurses achieve their own financial well-being.   View this post on Instagram   A post shared by NurseGrid (@nursegrid ..read more

There is certainly no shortage of financial advice out there – and it can be tricky to know what applies to you. Your co-worker may be telling you about how you need to save for your child’s education, but you haven’t yet paid off your own student loans yet – what do you do? The 8 stages of financial success was designed to outline what to consider doing next no matter what stage you’re at with your finances. As long as you take it one step at a time and maintain discipline, you will be successful. The first place to look when managing finances is your employer benefits. Ensure you’re utilizin ..read more

As a financial planner, I get the question “Should I pay off my debt or invest?” all the time. Keeping the money in the bank, paying off debt, or investing may be the best choice depending on your situation. In this article, we’ll examine when each one of these options may make sense depending on your situation. 1. Keep Money in Bank With interest rates low, this often gets overlooked but can still make sense in a couple of scenarios. First, make sure you have enough cash in your emergency fund (typically 3-6 months of expenses). Second, think about upcoming financial goals you have. If you a ..read more