Financial Fridays with Bob Gustafson

If you have managed to save for retirement using a traditional IRA or 401(k), you may wish to consider doing a Roth IRA conversion. There are some good reasons for doing so, most of which include managing taxes. But should you go that route?

Charities rely on donations and for many donors, charitable giving is important to them. Many include charitable donations as part of their estate plan. So, whether you want to donate to an organization or cause that you are passionate about or help your school or university, there are steps you can take to ensure your money actually gets to them.

As humans get older, our bodies aren’t what they used to be, and neither are our minds. When it comes to financial decision making, it’s up to you to recognize the need for a transition plan.

If you think you may need long term care insurance to provide for personal care and wellness in the future, learn more before you invest.

The debate of active vs passive investing has been raging since the 1970s. Proponents on both sides offer up what they believe to be objective evidence that supposedly supports their respective positions. If you are not that familiar with the active vs passive debate, let me briefly explain.

People often wonder if they should invest in real estate. Depending on who you ask, opinions will vary. Real estate investment can be a lucrative and rewarding venture, but it's essential to tread carefully and thoughtfully because not everyone is cut out to own real estate.

When it comes to financial planning and wealth management, you want an advisor that has expertise in financial advice and investment strategies. But, more valuable is a financial expert who is also bound by a legal and moral duty to prioritize your best interests.

Finding the best college savings plan is a crucial step towards securing your child's educational journey. With the rising costs of tuition and other expenses, it's never too early to start planning for the future.

Is it even possible to save too much for retirement? This question is a popular one in the media right now. Experts are weighing in and the topic is being discussed in a lot of different places.

Retirement planning is a crucial aspect of securing your financial future, especially if you're self-employed. Unlike employees who may have employer-sponsored retirement plans, self-employed individuals need to take proactive steps to create their own retirement nest egg. Fortunately, there are some excellent retirement plan options tailored to the needs of self-employed individuals.

Investors are always looking for ways to diversify their portfolio. To do this, they often look to various types of funds that can provide this diversification without having to buy individual securities. Mutual funds or exchange traded funds (ETFs) are two of your options.

A REIT, or Real Estate Investment Trust, is a company that owns or finances real estate properties. A REIT lets you be involved in the real estate market without having to actively manage a property.

A self-directed IRA is a specialized retirement account for investing in alternative investments that are not allowed in a traditional IRA. Learn about the pros and cons of this type of investment option.

If you follow financial industry information, you may have read that it’s best to reduce risk in your portfolio as you near retirement. That’s a very valid concern. And the advice is generally true. But there is another way to reduce risk and still achieve your long-term goals.

Many people think getting a large lump of money may last longer than it really does. Unfortunately, most inheriting a large sum of money won't know how to put it to good use. But with some planning and understanding of your financial needs, you can make sure your inheritance can help you reach your financial goals, maybe a bit quicker than you had expected.

Some financial planning experts believe retirement could be the longest phase of your life. Whether it is or not, all experts would agree retirement planning is important. But there are a few common retirement planning mistakes that many people make that you could easily avoid. 

If you own a small business, it’s important to make preparations to sell the business sooner rather than later. In fact, many experts will agree the day you start or buy a business is the time when you should prepare your exit strategy. So, whether you're years away from considering an exit strategy or just around the corner from putting your business on the market, understanding the best time to prepare for this significant milestone can make all the difference.

Few things can cause as many problems for your retirement outlook as the impact of inflation. You know that when the average inflation rate increases, things get more expensive. But did you know that the types of goods and services used by the elderly are affected more by inflation than the goods and services used by younger people?

There are many common investing myths that can be very costly, leading you to be too conservative, too risky or avoid investing completely. We’d like to steer you away from some of the most common investing misconceptions that can significantly injure your investment power and financial strength.

Fixed annuities will provide a guaranteed pay-out at a rate of return over a period of time. The rate of return usually mimics current interest rates. What could ever be bad about that? Let's find out whether a fixed annuity is right for your retirement portfolio.

Some people just aren’t financially savvy. Instead of calling an expert for investment advice, they try to figure it out on their own. This is never a good idea. See below for the most common investment mistakes to avoid. Learn from others’ failures and don’t fall into these traps!

If you’re among the many recent college graduates, you’re likely thinking about your future. You may even have a pretty impressive list of things you plan to do, like buying a car, taking a fabulous trip abroad or buying your first house.

More and more workers are leaving their full-time jobs and becoming part of the gig economy. Whether you are starting a consulting business working from home, a handyman service for seniors or creating an internet business, you are part of the gig economy.

Do you have a child who recently entered the workforce? As a parent, you should still offer advice and guide them on their financial journey. Check out the following ten financial tips to help your young adult find financial success.

Going through a divorce is never fun. Not for you, and definitely not for your children (if you have them.) Add the finances to the divorce discussion, and results of a heated, adversarial divorce can be catastrophic – both financially and emotionally for you.

When you hear the term ‘portfolio diversification’ with regard to your investments, you might believe you’ve got a clear concept of it: don’t put all your eggs in one basket. But there are many categories and degrees of risk that each of your ‘eggs’ can encompass

We are familiar with the old adage that to be a successful investor you must buy low and sell high. I’m not sure anyone would argue this fact but unfortunately for most people this is a rather elusive concept. Why?

Contrary to many financial advice, there are times when you may want to continue life insurance coverage as you approach and enter retirement. There can be many reasons to keep life insurance coverage so don’t be too quick to pull the trigger on getting rid of your life insurance as you approach retirement.

In the realm of retirement planning, there is a perpetual quest that captures our imagination and fuels our financial aspirations: the magic number. Let's discuss how you can determine your magic number amidst the ever-changing landscape of personal finances and economic uncertainties.

Social security is not as straight forward and easy to understand as some people may believe. There are things you need to think about before signing up for the benefits.

Intergenerational Financial Planning is a strategy that aims to integrate financial planning among generations. It’s where grandparents, parents, and children work together to maximize overall family wealth.

What is the best way for you to save for your child's education? Learn about the different college savings alternatives to understand what is available to you.

Teaching kids to be financially savvy is a critical life skill. Money affects quality of life, relationships, marriages, children and what you can do for others. Remember, the more money you have, the more you can give to others and do good in the world!

An annuity is a financial product used to save tax-deferred for retirement or to generate regular income payments once in retirement. There is a lot of confusion around annuities as a retirement investment. Learn what a tax-deferred annuity is and whether it is right for you.

Investing in real estate is another way to diversify your portfolio. Learn about 4 strategies if you want to invest in real estate.

Comprehensive financial planning involves the detailed review and analysis of all facets of your financial situation. It is only through comprehensive analysis that your true financial condition can be determined and the proper plan can be recommended.

Estate planning is hard for families to begin with. Given the dynamics of blended families, estate planning sooner than later is important for your peace of mind.

Retirement planning is a significant aspect of ensuring financial stability and peace of mind in our golden years. While various factors contribute to a successful retirement planning, one element stands out as essential: budgeting.

Socially responsible investing (SRI) is an investment strategy that gives the individual options to allocate capital towards companies whose practices align with their personal beliefs and values, and exclude companies that are not congruent with their social, moral, environmental, political, and/or religious beliefs. Learn how SRI and ESG strategies could impact your investment portfolio.

Once the kids are out of the house (and it’s just you and your spouse), how do your insurance needs change now that you are empty nesters? Listen as we discuss the various policies and how your coverage may need to adjust. 

If you’re planning for retirement, you should be looking at putting money in an IRA. But, it’s important to know the difference between various types of IRAs. They differ with regard to how they’re funded and how they will be taxed when you’re ready to withdraw money. Let's compare a Roth IRA to a traditional IRA on four important areas.

Investment risk refers to the possibility of losing some or all of the money you have invested in a particular asset or security. The higher the risk we are willing to take, the higher the return we can expect to receive and vice versa.

Asset allocation is an investment strategy that attempts to balance risk versus reward. It aims to do this by adjusting the percentage of each asset in the investment portfolio according to the investor’s risk tolerance, goals and time frame.

Most businesses understand the importance of business succession planning. But many fail to realize the role that digital marketing plays in the business succession planning process.

The goal is to not pay more taxes than you have to. It starts with you understanding how retirement income is taxed. Put together a strategy before retirement that will put you in the best position to minimize your taxes.

It's never an easy conversation to have, but you and your spouse need to prepare financially in the event you are faced with the unexpected death of your spouse.

A systematic savings plan is a process or system of automatically saving a portion of your income on a regular basis. Automatically having money moved to a savings account removes the temptation to divert funds to something less important.

People make various financial mistakes during their retirement years. But some are more common than others. Read below to learn the four most common financial mistakes made during retirement that you should avoid.

Living in a multigenerational household spans from being wonderful to a complete disaster. If you’ve made the decision to try this living arrangement, then it’s critical to plan for it. In our experience, the people who have really thought through this strategy, analyzed the details, and spelled out a plan have the best chance for success.

In life, most people aren’t financially savvy. Everyone has a different skill set and some people just aren’t naturally prone to being good with money. As a result, too many people in our country never achieve financial success.