Thinking About Becoming A Stay-at-Home Parent? 4 Financial Considerations Before Making the Transition

/ Castle Wealth Advisors, LLC/
Thinking About Becoming A Stay-at-Home Parent? 4 Financial Considerations Before Making the Transition

Making the decision to transition from the workplace to becoming a stay-at-home caregiver can be a scary decision.  There are many pros and cons to consider with both choices.   Weighing and discussing these options with your spouse/ partner (while potentially difficult at times) will help you both to feel better supported by the other and more financially sound.  

Reviewing these four financial considerations before deciding to make the transition can help you lower stress, have a smooth transition into becoming a stay at home parent and will help you down the line should you decide to work or not.

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So, You Want a Promotion… 5 Ways to Better Position Yourself for the Promotion You Want

/ Castle Wealth Advisors, LLC/
So, You Want a Promotion… 5 Ways to Better Position Yourself for the Promotion You Want

Being up for a promotion can be a stressful time. However, it doesn’t have to be. Positioning yourself for a promotion should be something that you prepare for well before the interviewing process begins.  Remember that old saying, “ABC… Always be closing”?   When it comes to your future career aspirations and advances you should be thinking, “ABP… Always Be Positioning”!  

If you are ready for the next step in your career or a new challenge these 5 tips will help you better position yourself the next time a promotion is on the line:  

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3 Reasons Your Spouse or Partner Should be Included During Planning Conversations

/ Castle Wealth Advisors, LLC/
3 Reasons Your Spouse or Partner Should be Included During Planning Conversations

Have you and your spouse discussed your retirement plans?  In the 2017 study, Age Wave/ Merrill Lynch, “Finances in Retirement: New Challenges, New Solutions” showed that only 16 percent of pre-retirees older than 50 feel prepared for a 20-year retirement.  

Personally, I found that to be a truly sobering statistic.  As a Certified Financial Planner™ I’ve seen the importance and difference working with a professional to develop and follow a financial plan can make.  Also, I know there is a significant need in our country to help individuals plan their finances and retirements.  However, I was shocked to see a number less than 20 percent!  

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Meeting the Often-Overlooked Needs of Business Owners

/ Castle Wealth Advisors, LLC/
Meeting the Often-Overlooked Needs of Business Owners

Business owner clients put a great deal of faith and trust in their Financial Planners, Wealth Managers, and Accounting Professionals. Clients who own their own businesses rely on us to keep them up to date on events that may have in impact on the financial health of their businesses.  Often times taking a holistic approach when working with business owners is best to address their needs.  

Many financial, investment, and accounting professionals have recognized the need to work with their business owner clients on succession planning.  However, they have not been able to because they lacked a process and simplified workflow needed when working on these cases.  This has led to an ever-widening gap between the client’s needs and the service they are receiving

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Small Businesses Need Retirement Plans Too- Retirement Planning for Your Small Business

/ Castle Wealth Advsiors, LLC/
Small Businesses Need Retirement Plans Too- Retirement Planning for Your Small Business

Providing a retirement plan for your business can be beneficial to both you as an owner and your employees.  With the move away from pension plans many individuals will be relying more heavily on their own savings to provide income during retirement.  One of the best tools we have to create retirement savings is a plan through their employer. 

If you are considering creating a retirement plan for your small business you have several options.  Below will be a discussion about a few of those options.  This is not an exhaustive list and there may be some plan types that will benefit you more than another.  Prior to implementing a plan you should consult with a seasoned professional (financial advisor and tax advisor) who can help you select the plan that will best fit your small business.  The contribution limits and tax deductions can vary from plan to plan and year to year. So, it is advised to work with a trusted advisor.

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Investing for Small Business Owners:  3 Tips to a Better Portfolio

/ Castle Wealth Advisros, LLC/
Investing for Small Business Owners:  3 Tips to a Better Portfolio

For many small business owners, their business is their biggest asset as well as the largest producer of their family’s income. Business owners are entrepreneurs and are generally more comfortable taking on risks. For these reasons, small business owners face unique challenges when considering and selecting investments for their portfolios, and it’s important to keep in mind some basic investment principals. Not doing so can cause business owners to take on too much risk unnecessarily and can endanger their business and their income.

Here are three tips that small business owners should use to guide their investing decisions:

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Concerns Business Owner’s Should Revisit – Don’t Forget A Business Review

/ Castle Wealth Advisors, LLC/
Concerns Business Owner’s Should Revisit – Don’t Forget A Business Review

Whether you have one employee or many, being a business owner is hard work and no matter how hard you try there always seems to be a growing list of tasks that need your attention. I both sympathize and empathize with you.  

For me personally, I started Castle Wealth Advisors, LLC because I felt there were many individuals, families, and businesses who were underserved by the investing and financial planning industry.  I wanted to provide an ethical and approachable financial planning and investment management service to individuals, families, and business owners who were concerned with their financial futures or just had a few questions, regardless of age, sex, race, or net worth.  That was very important to me and it still is today.  

The paths that leads business owners to start their own companies will vary greatly from business owner to business owner.  Sure, we started our companies because we felt there was something we could add to our industries that would be new, make a difference, or help people.  However, there is one common theme among us.  We all need help along the way to ensure we have made informed decisions with regard to our companies.  

Given today’s environment of low interest rates and the increasing volatility in equity markets, many investment portfolios are at risk and for those who own their own businesses the stakes can  be even higher.  This has caused many business owners to re-think their strategies  and goals, both personally and from a comprehensive business perspective.  

If you own your own business here are a few areas to consider:

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Estate Planning for Children Over The Age of 18??  The Answer May Surprise You.

/ Castle Wealth Advisors, LLC/
Estate Planning for Children Over The Age of 18??  The Answer May Surprise You.

Do you were children need estate planning documents?   If your child is 18 or older, they are technically in adult.  Which means you no longer have the legal right to make medical decisions for them, access their medical records, or handle their financial matters.  Consider the implications not having the ability to make medical decisions for your child in the case of emergency or if your child becomes incapacitated.  

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How Has Your Estate Planning Been Impacted By the New Tax Law

/ Castle Welath Advisors, LLC/
How Has Your Estate Planning Been Impacted By the New Tax Law

Now that tax season is over.  Take a moment to ask yourself if your Estate plan needs to be reviewed.  Many individuals and families are finding they may need to check in with their financial planner and attorney to understand how the new tax law may impact their estate plan.  

An Estate plan, just like a piece of real estate, needs periodic maintenance and care to make sure it’s in good shape when you need it most. 

Provisions in the newly passed GOP tax plan mean it’s time to review a handful of key areas in your estate plan. Below are five areas you should pay attention:

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Basics of Estate Plans: A Simple Way To Understand What Happens To Your Assets

/ Castle Wealth Advisors, LLC/
Basics of Estate Plans: A Simple Way To Understand What Happens To Your Assets

I’m asked many times by novice and experienced investors alike, “Do I need a will?” 

“Well, it depends on what you want to happen” is my general response.  Not everyone’s situation is the same and therefore they don’t need the same estate documents.  But at a basic level I believe everyone should have an understanding of the process for wealth transfer based on the pre-death planning that has been done.

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