Karstens Investment Counsel, Inc.
Ryne joined Karstens Investment Counsel in 2016. He has worked in the field of Investments and Finance since 2011 and has experience ranging from large institutional firms to individual wealth management. He received his degree in Financial Management from Hillsdale College in Michigan, where he also studied Economics and History. Ryne is very involved in the community. He serves on the Board for Angels Among Us, a local Non-Profit for children suffering with cancer. He is also on the Advisory Board for First State Bank. In addition, he is the President of Young Catholic Professionals. Ryne lives in Omaha, Nebraska. His only claim to fame is that he was named after a notable Chicago Cubs player, Ryne Sandberg.
At Karstens Investment Counsel (KIC), Ryne and his team recognize that each investor is unique and therefore each investment plan should also be unique. Their recommendations are tailored to each client’s long-term goals and objectives, risk tolerance, need for cash flow, and tax situation. Their clients are the first priority.
Ryne believes that a client is best served by utilizing a single advisor who is aware of, and takes into account, the entirety of that client’s financial situation. At KIC, Ryne acts as client's Chief Financial Officer. As personal CFO, it is his job to help his clients manage their financial complexities, from investments to tax planning, insurance needs to retirement planning, and estate planning and beyond.
BS, Financial Management, Hillsdale College
Unfortunately, it sounds like the house you are looking at buying is a bit outside your range of affordability. While technically you could withdrawal money from your 401(k) or borrow against it, you should not in this scenario. I would recommend that you continue to keep your lifestyle at a modest level until you can afford a healthy down payment for your home, without sacrificing your emergency fund. Too many people enter a situation like yours because their emotional attachment to a home drives them to purchase too much house too quickly and it can put unneeded strains on them in the future, such as the need to replace a furnace, or some other large home expense. Save yourself the hassle and keep renting so you can pay down debt and establish an emergency fund with 6-12 months of expenses. I promise you will thank yourself in 10-15 years.
As a younger investment advisor who recently attended college, I will take a shot at this and say that the degree you attain is not as important as the actual knowledge you can bring with you to the investment firm and readily apply to their operations. As an investment banker, you will spend a good portion of your day analyzing the financial markets as a whole, spotting financial trends, and making investment decisions. I would focus your studies on areas that will increase your ability to comprehend the basics of finance, perform market analysis, and attain a practical understanding of economics. In addition to choosing your undergraduate degree wisely, you should also make sure that your electives are strategically selected. For instance, psychology, computer science, marketing, and statistics are all great courses that might make you stand out against other candidates. Learn as much as you can while you're in school, use your career service department to secure an internship, and maintain good grades. Good luck to you!
You should seek out a financial advisor who works for an hourly fee, you may even be able to find one who has a CFP or CPA designation which is a sure-sign that they have experience solving more-complex tax questions. Many people don't realize that you can interview financial planners rather than simply doing research online or taking a referral from a friend. Sit down and think through the most important qualities that you look for in an advisor, and then don't settle until you find someone who meets those qualifications. Hourly fees can fluctuate as well, so make sure that you understand what you will be paying in advance.
Finally, I would make sure that whoever you hire will collaborate with your other trusted professionals. When it comes to retirement, estate, and tax planning in later stages in life, you want to make sure that your hired professionals, despite being in their respective corners of expertise, are collaborating and coordinating advice for your ultimate benefit.
You should consider opening up an individual brokerage account, or joint account with your spouse, and start saving in it on a monthly basis just like your IRA and your 401(k). You will thank yourself when you reach retirement and not only have additional funds to fund your lifestyle, but also have an account that is not subject to income tax at the time of withdrawal.
Remember that any income, dividends, or capital gains generated in a portfolio like this will generally be taxable to you in that given year, so I would recommend meeting with a professional to choose investments that will help you accomplish your objectives, without causing unneeded adverse taxable events.
You can absolutely do this! As long as the value of the stock is lower than $14,000, there should be no problem in gifting it back to your friend. If the value is higher than that $14,000 limit, you will need to file a gift tax return. If this is the case, you may want to consider gifting it back to them in tranches, maybe $14,000 before the end of the year, and then then give the remainder to them after January 1, 2017.
All you need to do is call the institution that is holding the stock (known as the custodian) and ask them to put together the paperwork needed to retitle the shares to your friend. Keep in mind, if the stock has experienced growth since your friend gifted it to you in 2014, he or she will experience a capital gain when it is gifted back to them.