Alliance Wealth Management
CEO and Founder
Given Jeff's unique interest in the financial markets and his excited to meet new people, being a financial advisor was the perfect fit for his career. He started his career as a financial advisor with A.G. Edwards & Sons in 2001.
In January of 2005, 4 years into his career, he was called upon to support Operation Iraqi Freedom. Anticipating his return, he attained the Chartered Retirement Planning Counselor designation between mission and duties during his downtime in Iraq.
As soon as he returned from Iraq, he resumed his career as a financial advisor. His goal was to provide financial guidance to people in all areas including: investments, insurance, taxes, and estate planning. In November 2007, he became a CERTIFIED FINANCIAL PLANNER™ practitioner, and a month after that, he formed Alliance Investment Planning Group LLC. Since then, Jeff created his own registered investment adviser named Alliance Wealth Management LLC.
With the hope of helping people make sense of investing and their personal finances, Jeff launched his own personal financial blog called Good Financial Cents and life insurance site Life Insurance by Jeff. With so many different options out there, Jeff hopes to ease the fog and help others make clear and smart financial decisions. He currently writes for Forbes, US News & World Report, and CNBC. In addition, he has been featured in major sites such as Huffington Post, Wall Street Journal, Reuters, Kiplingers, and Fox Business.
Jeff resides in Carterville, IL with his wife, Mandy, and his three sons Parker, Bentley, and Sloane and daughter Janella.
BA, Finance, Southern Illinois University
Assets Under Management:
GFC TV Ep 009: This Investor Didn’t Know He Was Paying $5,500 Per Year in Investment Fees
That's because you're adding $27,000 to the new principal balance. Your interest total is dropping by about half, so it's working out as planned. It's not always clear when working out the true cost of homeownership, and refinances can complicate the calculation.
You can, but you may get questioned by the IRS. That means that you need to be ready to prove your single status if questioned. This means having a divorce decree or some other solid legal evidence of your status. Incorrect filing status is a major red flag with the IRS, so be careful and be ready! One thing you'll have going in your favor is that single is a less advantageous filing status than married filing jointly, but then the IRS may approach it as you being married filing separate, which is the worst status of all. If the married status is an error, ask your employer to correct it, and have them file an amended W2 with the IRS. That revision can also be your proof.
I'm guessing your plan is to keep or raise your credit score for the purchase of the home? It will depend on how frequently Home Depot reports to the credit bureau. Most likely they update once each month, which means it can appear after one day or 30. You might check with Home Depot but my guess is that they won't tell you anything for certain. Might find a different way to pay for the materials if you want to be sure.
You can still deduct contributions to an IRA as long you have earned income sufficient to cover the full amount of the contribution. You can make traditional IRA contributions up until age 70.5, but you can make Roth contributions for the rest of your life. Of course, Roth IRAs are not tax deductible, but you still have the benefit of tax-deferred investment income, then tax free withdrawals.
Generally three years is the mortgage industry standard, but it also depends on the program. Be sure that you get all the details from the lender before putting an offer in on a property. Also, keep in mind that rules change all the time!