Want to uncover the hidden potential of 529 plans and the new twists introduced by the Secure Act 2.0? Wondering how this could be the game changer in your child's college fund or even your first-time home purchase? Then this episode is a goldmine waiting to be discovered. We unpack the quirks and benefits of 529 plans, investment plans that not only allow you to save for a beneficiary but also let you withdraw tax-free. 

Have you ever considered how to ensure your financial accounts' safety? Let's discuss the importance of trusted contacts in maintaining financial security. The Finra Rule 2165 is specifically designed to protect individuals over 65 years old or with a mental disability. We will also cover common scams targeting seniors and why keeping your trusted contacts up to date is crucial. We will also share real-life examples that illustrate how trusted contacts can safeguard clients.

What is a fiduciary? This is a question that Richard Oring is frequently asked by his clients at New Century Financial Group.   When looking for an advisor, it's an important question to ask.

A fiduciary is an individual or organization legally required to manage a person's assets for that person's benefit, not their own.   Being a fiduciary means a financial advisor is held to a higher standard when making decisions for his or her clients.

Fiduciaries must follow "duty of care" and "duty of loyalty" - Rich explains what these terms mean and entail.

It's also important to understand how your financial advisor is compensated - are the commission only, fee only, or fee-based (a combination of the two)?

The important thing to remember when looking for a financial advisor is to ask questions.  This can be a confusing field, but your future is too important to simply make assumptions.  And a good financial advisor will make sure your questions are answered.

With the market volatility we've experienced in 2022, many folks are looking at different types of investment vehicles.  One that Richard Oring's clients have been asking about lately is the I Bond.  Today, Rich explains what they are and more.

I bonds are securities issued by the US Treasury, that are 20 year notes and continue paying interest for an additional 10 years, for 30 total.   They can be purchased electronically or by paper. Rich explains the differences, and the limits on what you can buy.

The interest rate on I bonds is comprised of a Fixed Rate plus an Inflation Rate - and we go through how these numbers add up for you, using a specific example for illustration.

These I Bonds are exempt from state and local taxes, and the interest can be used to help pay for qualified higher education expenses, with restrictions. Rich explains those.

As with all financial decisions, your situation is unique.  Before making an investment, talk to your financial advisor, and/or CPA.  You can also research this topic more at https://treasurydirect.gov/

There are many things you should consider when it comes to end-of-year tax planning, but today Rich and Jag are focusing on Tax Loss Harvesting.

To understand tax loss harvesting, we will want to define terms.  Rich walks us through cost basis, capital gains (long and short term), capital losses (long and short term), carry-over losses, and the Wash Rule.

Tax loss harvesting is when you take your investment losses for the year and use them to offset your investment gains, lowering your tax burden.  Also, in years where your losses more than offset your gains, you can carry that over many years, using $3,000 of losses each year.

Rich walks us through the many benefits of tax loss harvesting, but also some of the pitfalls.  The Wash Rule comes into play here, harvesting is only for taxable accounts, and excess short-term trading can lead to headaches.

If you want to know more about tax loss harvesting (this might be the year to use it), or anything related to your finances, you can reach Rich at New Century Financial Group:

Have you ever wondered how Federal Reserve's interest rate changes can affect the market? Well, Kevin Caron, a seasoned Portfolio Manager from Washington Crossing Advisors, drops by to decode the world of finance. With his in-depth knowledge and expertise, we explore current cash, bond, and stock environments, and discuss the impact that interest changes have on the market. Moreover, Kevin also unravels the potential benefits that can be reaped by savers due to these increases.