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What is a Mutual fund and How Does it Work?

December 27, 2021

Regardless of what kind of investor you are — small or large, aggressive or conservative, or somewhere in between — mutual funds offer you diversification at a lower cost, this is often with the added benefit of professional management. For those reasons, mutual funds are one of the most popular investment vehicles for the majority of investors. So let’s take a look at what mutual funds are, and why you should consider them as part of your overall investment strategy. And before you make any investment decisions, seek out a trusted professional for investment advice.

Everything You Need to Know About the Child Tax Credit for Your 2021 Return

November 29, 2021

The $1.9 trillion COVID-19 relief package will provide tax credits to more than 36 million American families with children. If you’re one of those families, you’ll need to know how the payments — which will total up $3,600 per child— may affect your tax return.  You will want to consult with your tax advisor for the specific details of this tax credit for children under age 18.

What a tax credit is
A tax credit is designed to reduce the amount of income tax you owe to the federal and state governments. They’re a dollar-for-dollar reduction of the income tax you owe:

How to Research the Best Charities to Give to in 2021

November 15, 2021

As Thanksgiving and other major holidays approach, it’s the time of year where we reflect on our accomplishments and feel grateful for our prosperity. Many of us express that gratitude by making contributions to the causes of our choice.

And we find those causes by researching charities that are aligned with our personal beliefs: If we want to help reduce childhood hunger, we may give to a food bank. If we want to help animals, we make a contribution to an animal shelter.

What Age Can a Kid Have a Bank Account?

November 1, 2021

As a parent, you’re constantly teaching your kids all kinds of life lessons. For example, financial education: Kids pay attention when it comes to how you spend and save your money. And the lessons they’re learning now will influence how they handle money as they get older.

Opening a bank account for your kids might be an ideal way to teach them about money management. But it’s important to determine the right age to open your child’s bank account. You may also want to know how to set up a kid’s bank account, and what to look for in a bank if you’re planning to open a savings account for your child. Here’s how to get started.

Posted in: education, financial, kids, management, money, saving

Converting Your 401(k) to an IRA

September 20, 2021

So you’re leaving your job to pursue new opportunities — congratulations! If you’ve been contributing to a 401(k) in your previous job, you want to make sure you’re safeguarding and optimizing that investment. Generally speaking, when you leave a job, but you’re not retiring, you have four options to address your 401(k) plan: