Wes Shannon

CFP®, LUTCF
Retirement, Investing, Small Business
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“Wes has 32 years of experience in the financial services field, and is the founder of SJK Financial Planning, an independent registered investment advisory firm, fee-only practice.”
Firm:

SJK Financial Planning, L.L.C.

Job Title:

Managing Partner

Biography:

Wes started his career as an insurance agent for his family’s independent insurance agency in Fort Worth, Texas, where he was born and raised. He owned several businesses over the years in the financial services and other industries.  

After working decades in the insurance and financial services industry, Wes eventually left the insurance field to commit to financial planning and investment advising. Wes founded SJK Financial Planning, where SJK represents the initials of his children. 

Wes graduated with a  bachelor's degree in Business Administration from the University of North Texas majoring in Financial Planning. In addition to being a Certified Financial Planner™ Professional, Wes is a Life Underwriters Training Council Fellow (LUTCF). Wes is also an active member of the DFW chapter of the Financial Planning Association.

In his personal life, Wes has raised three children and seen them through college. He has been active in church, school, and professional organizations all his life. Wes enjoys the outdoors participating in backpacking, hunting, fishing, canoeing, and camping. He likes to cook, garden and read. He has a passion for old movies and is a Turner Classic Movie fan.

 

Education:

BA, Risk Management, Insurance, & Financial Services, The University of North Texas

Assets Under Management:

$12 million

Fee Structure:

Fee-Only
Asset-Based

CRD Number:

1673397

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  • Wes Shannon, CFP
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May 2017
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    Real Estate
What's the difference between short sales and foreclosures?
100% of people found this answer helpful

The answers already given are correct but I just want to ad one more item.  In a short sale, the lender ends up writing off the loss (difference between the sale and the mortgage).  This loss is then reported as income to the seller of the house since it is a loan forgiveness.  An example would be that Bob sell his house for $225,000 but the mortgage is $235,000.  The mortage company agrees to take the $225,000 as payment of the mortgage and they will write off the $10,000 as a loss but will send a 1099 to Bob for him to report the $10,000 as income on his tax return.  Bob will pay the taxes on the $10,000 which could be as much as $3,900 if Bob is in the top tax bracket.

June 2017
    Personal Finance, Investing
How can I build passive income early on?
100% of people found this answer helpful
July 2017
    Retirement, Investing
What is a prudent investment strategy after I sell my business?
100% of people found this answer helpful
June 2017
    Debt, Marriage / Divorce
What is the best use of my divorce settlement funds?
100% of people found this answer helpful
June 2017
    Investing, Stocks
Why should I invest in private stock with no dividends?
100% of people found this answer helpful
July 2017