A financial professional can estimate your future financial needs and plan ways to stretch your retirement savings.
A seasoned investment pro can also help you stay on the roller coaster of investing—even when your investments take a dive.
Whether you just bought your first home or have been running your own business for 30 years, you get to choose what to do with those assets you’ve worked so hard for.
No matter how old you are, dealing with taxes can feel overwhelming—especially as you get closer to that dream retirement. A tax professional can explain how taxes impact your finances.
Mossy Creek Financial does not offer tax advice.
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A financial professional focuses on helping people create plans to reach long-term goals. They help with things like starting a college fund or saving for a down payment on a home. You can think of them as financial mapmakers, helping you chart your journey.
Prepare to meet your financial professional
List your assets and liabilities
Outline your income and expenses
Write down your goals
Consider the needs of your family
Get your financial documents in order
Prepare a list of questions
Bank & Investment Statements
Insurance and Annuity Statements
Mortgage & Loan Documents
Retirement plans & Social Security Statements
Wills, Living Trusts, Durable Power of Attorney
Do I need an accountant to do my taxes?
43% of Americans file their taxes using an online digital service or by hand. Just 36.8% hire a professional to help according to GoBankingRates.com.
How Much Do I Need to Save for Retirement?
One easy-to-remember rule is the 25x rule. According to Forbes, the 25x rule gives you a baseline retirement savings goal. Simply:
1. Take your current monthly spending level and multiply it by 12 to estimate your annual spending.
2. Multiply your annual spending by 25.
How Much Do I Need to Save for College?
In its 2022 report, Trends in College Pricing and Student Aid, the College Board reports that a moderate college budget for an in-state student attending a four-year public college in 2022-2023 averages $27,940. For out-of-state students at public colleges, the average budget comes to $45,240, and for students attending private colleges, the average budget is $57,570.
How Do I Set Up a Savings Account for My Child?
You can open a savings account for your child as soon as they have a Social Security number. You have two options: a custodial account or a joint savings account. In either case, you’ll need identification and an initial deposit.
With a custodial account, you will manage the account; your child won’t be able to conduct any transactions without you. With a joint account, your child may be able to do more on their own, including using a debit card.
What's the best way to protect my family and myself?
A financial plan can also help you focus on crucial issues like emergency preparation and insurance. Do you have enough cash to cover at least three-to-six months’ essential living expenses? When was the last time you reviewed your health insurance coverage? Do you need life or disability insurance and how much? These are the deeper questions a plan can help you answer to protect your family from the unexpected.
What Are Long-Term vs. Short-Term Capital Gains, and Why Does It Matter?
When you sell a capital asset like a stock, the difference between your proceeds and the cost of your purchase is your capital gain (or loss). If you’ve held the asset for one year or less, that gain or loss is short-term. If you’ve owned the asset for longer than a year, your gain or loss is long-term.
This is an important distinction because short-term and long-term gains are taxed differently. A short-term gain is taxed at whatever your effective tax rate is. For example, if you’re in the 35 percent tax bracket, all your short-term gains are taxed at 35 percent. Long-term gains have a special tax rate that is typically 15 percent but that can drop to 0 percent in certain situations, such as if you’re a low-income taxpayer.