Blueprint Financial Planning LLC
Vicki Fillet began her investment career with The First Boston Corporation and later joined Furman Selz becoming a Managing Director. After her Wall Street experience, she became a consultant for Republic Bank where she worked on the development and feasibility of several investment products for the individual. While living in Canada she led the volunteer fundraising activities for the community hospital. Returning to New Jersey, she consulted with Ryan Beck & Co. on product development, before co-founding Value Architects.
As Value Architects Asset Management took off, she and her business partner, Rick Konrad, established Blueprint Financial Planning to focus on the financial planning needs of clients. Vicki is committed to helping her clients manage their money more effectively by teaching them the necessary information to take control of their finances. As she likes to say, "the more you know, the more you will be able to manage your money effectively and make it work for you."
Vicki is a graduate of Fordham University with a BA in economics and business. She received her Certificate in Financial Planning from New York University, and her CFP® designation in 2006. She is currently Chairman of the Financial Planning Association of New York. She is also a member of the Financial Women’s Association where she is on the Advisory Council for its Financial Backpack program, providing financial literacy education to high school students.
BA, Economics and Business, Fordham University
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Congratulations on paying off your student loans! That is a big deal.
If you are willing to lock your money up for 3 years both Synchony Bank and Capital One will give you a yield of about 2.60% US Treasury 3 year securities currently yield 2.88%. American Express BANK will give you 1.75-1.80 will no time constrants.
Looks like American express or some other hight interest rate savings account is the best place for the $6,000.
Buying an ETF involves risk and not appropriate for monies you want to be safe.
I am guessing that your day trading is not in a tax deferred account, but in an investment account.
Therefore, any profits will be treated as long term or short term capital gains.
Capital gains and losses are classified as long term if the asset was held for more than one year, and short term if held for a year or less. Taxpayers in the 10 and 15 percent tax brackets pay no tax on long-term gains on most assets; taxpayers in the 25-, 28-, 33-, or 35- percent income tax brackets face a 15 percent rate on long-term capital gains. For those in the top 39.6 percent bracket for ordinary income, the rate is 20 percent. Short-term capital gains are taxed at the same rate as ordinary income. There also is a 3.8 percent tax on net investment income for single taxpayers with modified adjusted gross income above $200,000 ($250,000 for married couples filing jointly). Note, too, that capital gains, in some cases, face an effective tax rates above the 23.8 percent statutory rate because of phaseouts in the tax code.
I hope that helps!
First of all congratulatins on your current financials! It looks like you have done a good job!
Step on is to get your emergency fund in place. How much do you need to keep in cas or cash equivalents to maintain your and your children's lifesyle if you are suddenly unemployed? This should be set aside first.
Secondly, at 43 you still have at least 20 years till retirement so plently of time to save. Saving 10% of your gross income should be a good number long term.
Thirdl, you have a faily new mortgage with a long life span, why not just shorten the term of that mortgage by making extra payments now. If you use some of your cash to make $1000 extra payment each month, you can shorten the life of your mortgage by about 13 years and save about $100,000 in interest, that will put the end of the mortgage in alignment with retirement. And at the same time you can invest the additonal extra monies not allocated to emergency or extra payments to investments and benefit from the growth of those monies.
The earnings limit in 2016 is $15,720. Above that amount they will deduct
- We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
- In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
- (from SS website)
If you are making more than these numbers and can afford to wait to get social security benefits, it would be in your best interest.
The earnings limit will disappear after your 65th birthday. Income above $34,000 for a single filer will cause 85% of your social security to be taxes also.
Does the rent on the property cover the mortgage payments? Is there any left over?
I do not know your age so I cannot fully answer this question, but paying a 10% penalty to pay off a mortgage with a low interest rate is ot a good idea. In addition to the penalty, you will have to pay taxes on this money also.
Put the money in an IRA and allow it to grow tax deferred until retirement.
If there is extra cash flow from the rental, make extra payments on the house to shorten the maturity on the mortgage.
As long as the payment of the mortgage is not a financial hardship, there is not reason to use retirement monies to pay it down.