Posts by Taylor Stanfill, CFP®
20 Second Advisor: What I’ve learned about money from my garden – PT 2
As mentioned in my previous post, it’s amazing how many principles transfer from the garden to life / money. Here’s another one: It’s good to struggle! When you plant a garden, the tendency is to OVERwater your plants. In fact, one of the most common reasons plants die is due to overwatering! You see, plants…
Read More20 Second Advisor: What I’ve learned about money from my garden
We started a garden this year, and it’s been extremely rewarding and fun! There are numerous principles observed in the garden that apply to our finances. Here’s a big one: It is all about the soil! It’s tempting and seemingly more fun to focus on the end product (fruit / vegetables from the garden or…
Read More20 Second Advisor: 4 Financial TIPS That Will Help Bring Peace
At our house, TIPS mean “Taylor’s Inappropriate Prideful Suggestions”. Here, I hope they mean something different… Taxes – People act like taxes are a surprise. They aren’t. Hire a good CPA. Make sure your withholding is set correctly. If self employed, save a % of every dollar you earn for taxes Investments – if you…
Read More20 Second Advisor: Practical Tool To Teach Kids About Money
I REALLY want my kids to learn how to be responsible with money! One of my clients told me about this tool that we have found extremely useful. It’s called Greenlight. Each child has their own debit card that’s linked to their checking account. They also have a savings and giving account. My kids have…
Read More20 Second Advisor: Georgia Doubles Deduction for 529 Contributions
The Path2College 529 plan is a great way for families to save for their kids’ or grandkids’ education expenses. Contributions into the plan are not deductible on your federal tax return but you CAN deduct a certain amount on your Georgia state tax return. The amount you can deduct on your GA state income tax…
Read More20 Second Advisor: The Unequal Recession
An important part of a balanced financial plan is generosity. Regardless of your background, religion, or net worth, sharing what we have with others is healthy. This 60 Minutes segment had a big impact on me (it’s worth the read or watching the 13 minute video). We’ve all been negatively impacted by COVID, but some…
Read More20 Second Advisor: Mortgage Recast
Some people make it a goal to pay off their mortgage early. In order to do this, you have to make extra principal payments. If you make a large principal payment, you can usually request that your lender “recast” your mortgage. This means they will recalculate your monthly payment using the same interest rate and…
Read More20 Second Advisor: Qualified Charitable Distribution
If you are over 70, you likely must take a distribution from your IRA each year. This is a taxable distribution so it increases your taxable income. Alternatively, you are allowed to divert some or all of your required IRA distribution to a qualified charity. If you do this, it’s not recognized as income and,…
Read More20 Second Advisor: 2021 Retirement Contributions
How much will you save towards retirement in 2021? Do you know how much you should be saving? Here are the maximum amounts you can save into the most commonly used retirement plans in 2021: 401k Pre-tax or ROTH – $19,500 401k Catch-up if over 50 – $6,500 SIMPLE IRA – $13,500 SIMPLE IRA Catch-up…
Read More20 Second Advisor: Hope Is Not a Strategy
I love the hope, optimism, and resilience that was displayed as America rang in the New Year! It’s these characteristics that enable us to rise above many different challenges. That said, things didn’t change overnight, and we don’t know what this year will hold. In meeting with clients, I began thinking about what we can…
Read More