J.K. Financial, Inc
Financial Planner, Founder
John A. Kvale CFA, CFP, is the founder of J.K. Financial, Inc., and with 22 years of industry experience, is currently the president of J.K.Financial, a fee only financial planning and wealth management firm.
J.K. Financial specializes in wealth management, adhering to unique approaches to investing in the capital markets. The company has a global presence, serving individual and institutional clients across the United States, as well as several foreign countries.
John is a co-author of a Quarterly Wealth Management and Financial Planning Newsletter, which is distributed to clients and investors across the country. He actively analyzes and updates ideas and investing on $treet-¢ents.com, a community blog site. John appeared on Good Morning America as the winning planner for ABC's Frugal Family Challenge, co-sponsored by USA Today. He recently concluded a term as president for the CFADFW Society, the local society in Dallas representing the CFA Institute. John began his financial planning career 24 years ago in Dallas, and resides there with his wife, Pamela, and children, Sophia and Pierce.
BBA, Finance, Stephen F. Austin State University
Assets Under Management:
Percentage of Assets
Your Life on 1 Page - John Kvale
3 questions Clients Ask - John Kvale
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Fantastic question, and all encompassing. In the essence of time-space lets address the most important items in order of importance.
* Make sure your rainy day fund has at least 3 to 6 months expenses-as you go through life this rainy day fund will need to increase as your monthly expenses increase.
* Next, focusing on your house fund along with your retirement savings at the same time is important-you want to put as much in your retirement savings as possible, above and beyond the match, as long as you also have adequate cash flow to save after tax dollars for your house down-payment- these after-tax dollars saved on a monthly basis will also give you a good time horizon of when you will be able to purchase your home.
* Given your long-term goals-keep an eye on your assets being too heavily weighted towards retirement, since you are so young-it is possible to end up with too many assets in retirement funds early, as a percentage of your total assets leaving you less liquidity for an emergency.
Again fantastic question, do not feel like you have to conquer all of this while you’re in your 20s. It is not uncommon for many to be wrestling with this into their 40s or 50s … so as they say “How do you eat an elephant? One bite at a time!” Take your time, focus on your goals, and just take one bite at a time. You’re doing terrific!
Hello, great question. There are many ways to buy oil stocks. While buying an index such as the XLE would expose you to many different oil stocks, you do not have to buy thousands of oil stocks all at once.
You may purchase the stock of an oil company with as little as one share, however that would generally not be a good idea due to transaction costs. If your budget is thousands of dollars, you may want to purchase several different individual oil stocks and may think of purchasing 10 to 25 shares of each oil company.
Some oil stocks do pay dividends, some do not. Researching historical dividend paying companies may help you determine the future probability of an oil company continue to pay their dividends.
Of course, in any investment you may lose your money. With oil prices at such a low level, it is highly likely some companies in the oil and energy space will go bankrupt. As far as the time to invest, that is your decision. A long term horizon in any investment is generally the best.
Good news, it sounds like from your question, that the funds will most likely NOT be taxable to you, however there are certain situations where there could be some tax liability to you. In most cases, inherited funds, even from most trusts will pass to you without tax liability, but not all!
To be certain, contact your husbands Uncle, or the tax professional handling the transaction, and ask them if any tax liability will be assumed by your family. This should be a fairly easy question for them to answer and certainly not offensive to ask.
If there is a tax liability owed, you are on the correct track by setting aside funds for this future liability. In either case, it is highly likely the entire amount WILL NOT be taxable, if any at all.
IT sounds like from what you've said and what your accountant has told you, you may not need to file your income taxes. Generally if your income is below your standard adduction, the IRS does not mandate you file an income tax return. According to the IRS here are the 2015 standard deduction amounts :
|Filing Status||Standard Deduction|
|Married Filing Jointly||$12,600|
|Married Filing Separately||$6,300|
|Head of Household||$9,250|
Be careful! If I understand your situation correctly, you may have the opportunity to roll over you profit sharing plan into an IRA thereby deferring the majority of taxes immediately. Assuming this is not the situation, municipal bonds will allow you an income without taxes. There are various types of municipal bonds, some associated with better taxes according to what state you live in. Be sure to check your taxing authority for optimal tax savings for your situation.