JL Glowka Wealth Management
Joseph Glowka is a Financial Consultant for JL Glowka Wealth Management located in New Britain, Connecticut. He has over 6 years of employment with this firm as a Sales Assistant and most recently as of this year, a Financial Consultant. He strives to put his clients and their needs first so that they can better sleep at night knowing that their financial future is in good hands.
When Joseph is not working, his life revolves around his wonderful fiancé and two European boxers. He is a member of numerous organizations including the National Rifle Association, the Rotary Club New Britain-Berlin, and Toastmasters International. His hobbies include baseball, boxing, football, and weightlifting.
Thank you for your question. Being 27 myself I get these questions a lot from friends and family in our age bracket. In general what I usually tell them is to first contribute up to the match in your companies 401(k) plan if one is available to you. Next to establish an emergency fund of about $1000. After establishing your small emergency fund begin to pay off your debt from smallest to largest. After all debt is paid its time to grow your emergency fund to cover 3-6 months of expenses. After these steps are done its time to begin investing for your future. Consider atleast investing 15% of your income into suitable investments based on your personal needs.
Thank you for your question. I would say based on what you have said that your wife and yourself would be good canidates to consolidate your account. With that being said giving you a recomendation would be irrespondible based on the fact that we are still missing information. Are you both currently employed? Are you currently enrolled in active 401(k) plans at your place of work? With that being said the one thing I would look into is if you have access to a Health Savings Account. I say this because it may be one of the best kept secrets in retirement planning and could be another avenue for you to consider when making your yearly contrubutions. At 65 years old an HSA essentially turns into another retirement account where you would pay income taxes on distributions. Just something to consider when talking to a Financial Advisor.
Thank you for your question. The one thing that you don't want to do is get to risky with your nest egg as you try to catch up for lost time. With that being said contributing as much as you can each year and staying within your risk profile is a good place to start. My best advice is to speak to a financial advisor who can help guide you based on your individual needs.
Thank you for the question. Bad debt would be considered for the most part a loan taken out on a depriciable asset or carrying a balance on your credit card. The way you are using your credit card, paying it off month to month can actually be a good thing as long as you stay disciplined and don't carry a balance. I say this because of the perks that some cards offer such as cash back. Good debt would be considered something such as buying a home. This is because the house could be tax deductible and appreciate in value over time making it a good investment.
Thank you for your question. While i'd love to give an answer this is really a question that is better suited for a divorce attorney to answer.