OM Investments

Utilize what you know and can do to help others. (Displayed here on the company page first.) The American College of Financial Services #financialadvisor #financialindependence #financialadvice

A Financial Planning #Checklist, From Age 20 to 70 and Beyond by ThinkAdvisor and Roger Wohlner (Part 2) What You Need To Know - Younger clients should start and contribute as much as possible to their 401(k) or other #workplace retirement plans. - After #retirement, investors need to review and update their #EstatePlanning, especially if a spouse has died. - At age 50, #savers ideally would have accumulated an amount equal to 3 to 5.5 times their current salary. *(The below is condensed for brevity. Click the article link below for full #tips) #FinancialPlanning is generally about setting goals and helping clients devise and implement strategies to achieve those #goals. Clients in Their?50s This is the home stretch toward retirement for many. Investors should continue on the financial planning and investing path they ideally started in their 40s. This is the time period where retirement planning should be refined and where investors should start thinking seriously about their retirement timetable. #Planning priorities for this decade might include: - Continue to max out retirement savings and take full advantage of catch-up contribution opportunities. Consider a #HSA health savings account if they have access to one. - Discuss #finances with #children and #parents as applicable. Clients in Their 60s This is the decade where #retirement happens for most people. Some may #retire in full, while others may continue to work on a full- or part-time basis. This is a decade where some people may #downsize their #residence and perhaps #relocate. Planning priorities for this decade might include: - Decide?when to claim Social Security benefits. - Review?Medicare options?and claim at 65 or older if covered by an employer's health plan. - Formulate a more concrete?retirement #income #strategy?including which accounts to tap and when. - Look at their tax situation as they enter retirement to ensure that withdrawals are done in the most tax-efficient way. - Look at #LongTermCare options. - Update and revise their #will and?#EstatePlanning?as needed.? Clients in Their 70s and Beyond - Most people will be retired during this period. Planning priorities might include: - Prepare to take?#RMD required minimum distributions?each year, starting at age 73. - Review?#Medicare options?annually and make changes during the?open enrollment period?as needed. - Review and update their estate planning as needed, especially in the event of the #death of a #spouse. - Determine where they might live in the event that they need to move into some sort of?care facility. - Discuss their situation with children or parents as applicable. How Much to Save for Retirement, by Age + More! Click the article link https://lnkd.in/eD-wKChS

Tax Burden by State To determine the residents with the biggest tax burdens, WalletHub compared the 50 states based on the cost of three types of #taxes — "#PropertyTaxes, individual #IncomeTaxes, and sales and #ExciseTaxes — as a share of total personal #income in the state. Key Findings - #NewYork has the highest overall tax burden, while #Alaska has the lowest. - #Maine has the highest property tax burden, while #Alabama has the lowest. - #California has the highest individual income tax burden, while seven states (including #Texas, #Florida and #Washington) have the lowest. - Washington has the highest sales and excise #TaxBurden, while #NewHampshire has the lowest. - Red states have a lower tax burden than blue states, on average." Although, Texas is tied lowest income tax at 0%, it is the 8th highest in property tax rates at 3.71%. As a result, it is the 14th lowest tax burden state according to the study. Income Tax Burden California has the costliest state and local income taxes in the nation, at 4.9% of its residents’ income. On the other end of the spectrum, Alaska, Florida, #Nevada, #SouthDakota, Texas, Washington, and #Wyoming do not charge any income #tax. This makes them attractive states to move to. Click the below link for more details. https://lnkd.in/ecY6Dzt

What is the point of a vacation? Vacations help improve one’s #physical and #MentalHealth, and it makes people discover new things about themselves and what they want to do with their lives. Each year, #Americans leave more than 600 million #vacation days unused. Our work martyr attitudes combined with a culture of #silence in the #workplace is keeping workers at their desks instead of using their time off. To change this, National Plan for Vacation Day reminds us to plan our vacation at the start of the year for the rest of the year. When it comes to taking a vacation, it is the #planners (OM Investments) of the #world who get the job done. Planners are more likely to take all their vacation time in a given work year and take more extended vacations than non-planners. They are also #happier with their #jobs, #relationships, and #health. So don't knock the planners who get out the door to vacation! Get #planning![ Steve O. Oniya, CFP?, ChFC?, MBA] About the Founder Project: Time Off has uncovered an alarming trend over the last 40 years: Americans are taking fewer and fewer vacation days. To reverse this trend, we aim to prove that vacation #travel is valuable and necessary for strengthening personal #relationships, #inspiring #creative thinking, improving #professional #performance, and #promoting better #health. https://lnkd.in/gk9EKzAe #PlanForVacation - National Day Calendar "The need for this day became especially important when survey findings revealed that Americans were not using their vacation days since 2015. This was, in turn, negatively affecting their health, relationships, and even #companies." - National Today What is the point of a vacation? Vacations help improve one’s physical and mental health, and it makes people #discover new things about themselves and what they want to do with their lives. How To Celebrate National Plan for Vacation Day Use your leave You only #live once, so stop postponing that vacation and start planning. Use the one life you have to have all the fun you want! Spend time with your #LovedOnes The time you spend with your near and dear ones will end up as beautiful #memories. It is important to #cherish them and plan to spend time together. #Share on #SocialMedia Don’t forget to share your trip pictures and experiences on Instagram! #Inspire others to #plan and go on that vacation too. Why We #Love National Plan for Vacation Day It opens us up to new #experiences Vacations help us leave our normal, #boring #routines behind and #LetGo, and allow us to #rediscover ourselves and what we love. https://lnkd.in/gyH252vU #Instagram Better Late Than Never

(Part 2: More Scenarios) Steve O. Oniya, CFP?, ChFC?, MBA & OM Investments mentioned in the news regarding "Home improvement loans for seniors: Funding aging-in-place renovations" with Bankrate media. Check out the article written by Heidi Rivera below on how people can improve their home, depending on their age, with different financial strategies. Other key takeaways are: "Factor-in prices for the renovations and get multiple quotes to make sure you are competitively pricing what you need. Talk to a financial professional to make sure you are also factoring in your #savings, #investments, and #refinance options, among others, to find an efficient plan that meets your needs."— Steve Oniya | President and Chartered Financial Consultant, OM Investments I’m retired and on a fixed income Your best option may be to utilize the equity you’ve built up in your property or consider a?#ReverseMortgage, also called a home equity conversion mortgage. You may also consider an #FHA-backed improvement loan, like a Title 1 Property Improvement Loans or a?203(k) loan. Because each loan is insured by the federal government, you’ll likely get a lower rate than you would on other improvement loans or personal loans. Another option is to apply for a government or state grant. To be eligible for these, you’ll need to meet certain income and age requirements. This makes them a bit more restrictive than other sources of financing. I’m moving in with a family member If you’re selling your #home before move-in, the sale proceeds can go toward renovation costs. If you’re not selling a property, you may consider?a personal loan?or a low-interest credit card to cover the costs. If an aging loved one is moving into your existing home,?carefully consider the space in which they’ll live. If you do have an available room, make an effort to improve its accessibility before your loved one moves in. How to qualify for a home improvement loan as a senior The first step is to research and find out what programs are available in your area. Private lenders also offer #HomeImprovement loans, though they aren’t designed specifically for seniors. For most, you will need: A #CreditScore in the 600s or higher. A steady source of #income. A #debt-to-income ratio under 36 percent. If you want to?qualify for a #HomeEquityLoan?or #HELOC, you’ll commonly find these requirements: At least 20 percent #equity in your home. A credit score of 620 or higher. A debt-to-income ratio of 43 percent or less. A steady source of income. No matter which type of #loan you choose, it’s a good idea to shop around and find a program offering terms that make the most sense for you and your financial picture and needs. More details, scenarios, and potential solutions in article. https://lnkd.in/geBrjwUS #financialplanning #FixedIncome #Mortgage #HomeEquity Best Egg #FinancialLiteracy #CFPpro #Finances #PersonalFinance

A Financial Planning #Checklist, From Age 20 to 70 and Beyond by ThinkAdvisor and Roger Wohlner (Part 1) What You Need To Know - Younger clients should start and contribute as much as possible to their 401(k) or other #workplace retirement plans. - After #retirement, investors need to review and update their #EstatePlanning, especially if a spouse has died. - At age 50, #savers ideally would have accumulated an amount equal to 3 to 5.5 times their current salary. *(The below is condensed for brevity. Click the article link below for full #tips) #FinancialPlanning is generally about setting goals and helping clients devise and implement strategies to achieve those #goals. Clients in Their?20s - Get started and?contribute as much as possible?to their 401(k) or other workplace retirement plans. The miracle of compound growth is never more on an investor's side than during this period. - Establish a budget for their spending. - Formulate a plan to pay down any student loan or excess credit card debt. - Be sure to enroll in?health insurance?and consider disability insurance. Clients in Their?30s This is a decade often framed by moving ahead careerwise, starting and growing a family and in many cases buying a first home. For those graduating from professional schools like law or medical school, this might be the decade where they start their careers in these areas. Planning priorities for this decade might include: - Create a #will and buy?#LifeInsurance?as needed. - Increasing their #savings rate. #Investors in this age range should be putting as much as possible away for retirement. This can coincide with increased earnings as they advance in their #careers. - Continue to reduce #StudentLoans and any other lingering #debt obligations. - Accumulate a down payment and purchase a #home. - Begin #saving for their children's college education. Clients in Their?40s This is a life stage where many people are established in their careers. Children will be getting older, with some of them off to #college. This is a time where clients should be seriously thinking about long-term goals like retirement. Planning priorities for this decade might include: - Pay down their #mortgage if possible. Clients in Their?50s + More! Click article link https://lnkd.in/eD-wKChS

Steve O. Oniya, CFP?, ChFC?, MBA & OM Investments mentioned in the news regarding "Home improvement loans for seniors: Funding aging-in-place renovations" with Bankrate media. Check out the article written by Heidi Rivera below on how people can improve their home, depending on their age, with different financial strategies. Other key takeaways are: 1. For those wanting to grow older in their own homes, #HELOCs (home equity lines of credit), home improvement loans and #HomeEquity loans may be a good way to finance the necessary #renovations. 2. If you're moving in with a #LovedOne, consider a personal #loan or low-interest #CreditCard to finance accessibility renovations and aids. FHA Loans, like Title 1 Property Improvement Loans and 203(k) loans, are often less expensive than other loans and have lower credit minimums. 3. #FHA Loans, like Title 1 #Property Improvement Loans and 203(k) loans, are often less #expensive than other loans and have lower #credit minimums. 4. Staying in your own #home as you grow older offers many benefits. For most, it means a stronger sense of #privacy, comfort and #independence. It can also be #cheaper than the costs of an #AssistedLiving facility. To?safely age in place, you may need to make physical changes to your home. It’s best to begin #planning these renovations early because the #costs can be high. How to #finance home renovations for accessibility Most people reach their?peak earning years?in their mid-40s through their mid-50s. Home improvement loans for seniors Approval relies on your #CreditScore, credit history and #income. You won’t have to tap into your home’s equity or put your home at risk by using it as collateral. However, unsecured #loans’ #InterestRates are generally higher than those of #HomeEquity products. A secured loan may mean easier qualification or lower rates if your credit score is fair rather than good or excellent. But you risk losing your collateral if you default on the loan. Home equity loans and HELOCs Home equity loans and HELOCs?turn your home’s?available #equity into #cash, which you can then use toward renovations or whatever other #expenses you’re dealing with. Is a home improvement loan for #SeniorCitizens right for me? Your circumstances determine which?#HomeImprovement loan funding?option will work best for you. "Factor-in prices for the renovations and get multiple quotes to make sure you are competitively pricing what you need. Talk to a financial professional to make sure you are also factoring in your savings, investments, and refinance options, among others, to find an efficient plan that meets your needs.— Steve Oniya | President and Chartered Financial Consultant, OM Investments More scenarios and potential solutions in article https://lnkd.in/geBrjwUS #financialplanning #HomeEquity Best Egg #Retired #FinancialLiteracy #CFPpro #Finance #PersonalFinances

#PivotalResearch: Apple’s New Savings Account Is Convenient. Is That a Good Thing? with The Wall Street Journal by Imani Moise Having savings tied to credit card, payments app could tempt some users into #overspending Apple Inc. turned millions of #iPhones into piggy banks with the launch of its new high-yield #savings accounts. But stashing money for big purchases or with the same #app used to buy things each day could prove a little too #convenient, tempting users to #spend instead of #save, #FinancialAdvisers say. "There is a #balance to strike between convenience of accessing #money and speed bumps and #nudges to discourage drawing down savings for nonessential purchases, said Pam Ladd CPA PFS, senior manager for public accounting for the American Institute of Certified Public Accountants (AICPA). #Research into #MobilePayment use suggests that technologies that make it easier to spend often lead to more #spending. A 2019 study by researchers at the University of Giessen in #Germany found that frequent use of #MobilePayments was highly correlated with costly #CreditCard behaviors such as paying late fees, or only making minimum payments. Adding friction to #technology could help people resist the #temptation to #spend their savings, #economists say. Krissy Charles, 29, who works at a law firm in New York and blogs about her spending and savings habits, said she recently removed all of her debit and #CreditCards from #ApplePay in an effort to rein in her spending. “Everywhere I go, I just tap, tap tap and I lose a sense of my #budget,” she said. See article for more (subscription access): https://lnkd.in/gnE5V3cZ * If we are not #mindful, we can be hurting our #wealth building & preservation. The opportunity to conveniently spend, intuitively & counterintuitively, can cause us to spend more on things that not only increase our #expenses, but also our #liabilities that are not aligned with our #goals & #values. We can be #thankful & have #gratitude for #tech, while reign in spending on #food, #travel, & more for our #savings. Let's avoid #LifestyleCreep/ #LifestyeInflation, & let's #reflect & reassess for #strategy! #FinancialIndependence #FinancialLiteracy #FinancialFreedom #OMInvestments #Economics #WealthRetention #WealthPreservation #WealthProtection #PersonalFinance #Apple

Happy #Mentor Month to all the #leaders out there trying to make positive changes in their #community. Grateful for the community gifts given to us that are as sweet as honey, that help us to keep flying high like bees. #LeadershipInAction 3rd Decade #leadershipdevelopment

Happy MLK Day. Appreciate your assets. And may your assets appreciate! Love your community and let your community love you through service. https://lnkd.in/gcQ3aG7A #MLK #Assets #Service