Element Retirement & Investment Consultants, LLC
Eric Wylie with Element Retirement & Investment Consultants is an independent, fee-only Registered Investment Advisor located in College Station, Texas. They look at the clients’ entire financial picture, not just their investment assets, in order to develop and implement an inspiring vision of their financial future and a realistic strategy to achieve it. All of this is accomplished through research, experience, and unparalleled attention to relationship and service.
As a fee-only Registered Investment Advisor, Eric helps families create peace of mind by establishing and implementing wealth plans and investments in a highly personalized and unparalleled way. Over the last two decades, during some of the most trying periods in the financial markets, Eric has worked with a number of affluent and high net worth clients to ensure that their portfolios were positioned to weather those, and future, storms.
Eric holds the Certified Trust and Financial Advisor (CTFA) designation which places an emphasis on not just financial planning, but also on trust and estate planning, giving Eric a solid foundation in fiduciary services. This positions him to offer not only objective and independent information, but also education, advice, and advocacy on behalf of his clients.
A graduate of Texas A&M University, Class of 1993, Eric has degrees in both Finance and Management. While in college, Eric was a member of the Corps of Cadets, served as a Student Body Senator, and was Treasurer of the Business Student Council. After graduation, Eric remained in College Station and worked for two large firms in the financial services industry. In 2011, Eric opened Element Retirement & Investment Consultants in College Station.
Eric continues to be active in the community and enjoys woodworking, numismatics, camping, geocaching, and all manner of watersports. He, his wife Joey, and their four children attend A&M United Methodist Church in College Station.
BBA, Finance and Management, Texas A&M University
1) Start saving NOW! Utilize your company's 401(k) if applicable; if not, contribute to an IRA. Time is your friend, and the time value of money shows that the earlier you start, the better. Save at least 10% of your income, give away 10%, and live off of the rest. Invest in a diversified portfolio of domestic and international equities.
2) As part of the above, don't forget to also build up a stockpile of emergency money, this amount doesn't necessarily need to be some % of your income, but an amount that helps you sleep well at night, whatever that means to you. But it should at least be enough to cover the cost of new tires or some other potential unexpected expense.
3) Stay out of debt. Regarding home ownership, there can be benefits from buying a house, but there are a lot of expenses as well. And mortgage interest isn't necessarily deductible depending on your itemized expenses. You are given a standard deduction of $6,350 (double that if you are married), so don't buy into the "get a mortgage; it's deductible" hype that lenders (and real estate agents) like to say. Once you are a little older and more settled, then consider a house. Regarding other debt, looking rich by buying expensive cars and technology doesn't make you rich. It's not what you spend, but what you DON'T spend that makes you wealthy.
An LLC can own stocks, but all income generated from the LLC is passed through to the owner's personal tax return. So if the question is, "Should I setup an LLC to for the purpose of purchasing stocks," the answer is no because there is no benefit to this as there are expenses associated with establishing and maintaining a corporation. However, if you already have an LLC and have excess cash that you wish to invest, and not withdraw for whatever reason, you can certainly open an investment account for the LLC and purchase securities of any type.
Any investment into any industry carries risk, which is why diversification is very important. In my opinion, you should not have more than 5% of your long-term investable assets in any one specialty industry such as this. The most 'smart and sound' stock investment is in larger companies in established industries, but that doesn't mean this is a bad investment. If you do go ahead with this, buy several stocks and keep the total of those stocks below 5% of your overall investments.
Unfortunately, no. Withdrawals are taxed in the year in which they are taken. You will also incur a 10% penalty on the amount withdrawn if you are under 59 1/2 years old.
A bond selling at a premium is selling for more than the price at which it will mature. This is because the coupon that it is paying is higher than what the market would be paying for another bond with a similar maturity. Note that, if held to maturity, you will lose principal (i.e., its value will go down over time to the par value), but you should be more than compensated for this due to the aforementioned higher income from the coupons.
The fact that it is selling at a premium, though, does not necessarily make it a good investment. You must also look at credit quality, not to mention whether or not it fits into your overall diversified long-term investment plan.