nVest Advisors, LLC
Jeremy Torgerson is the CEO at nVest Advisors, LLC, a registered investment advisor firm in Texas and Colorado, and has over 10 years of experience in the finance industry. Jeremy has been a small business owner for 20 years, and has mentored small business owners and startups for several years.
Jeremy is quoted reqularly in major US financial media. He also podcasts on financial topics, and blogs on his personal finance and success blogs, thinklikearichguy.com.
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Monthly Planning Subscription Fee (Varies by complexity)
Asset Management Fees (varies by program and custodian)
nVest Advisors, LLC, is a state-registered investment adviser in Texas and Colorado and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this profile shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by nVest Advisors in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption.
Opinions expressed herein are solely those of nVest Advisors, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. nVest Advisors, LLC does not recommend specific financial advice without a signed service agreement with each client and does not provide professional tax or legal advice. This information does not represent a solicitation to complete a financial transaction with the firm.
Generally speaking, the first $250,000 of home equity isn't taxable ($500k for married people filing jointly), and there won't be any additional tax penalty due on it in any event. Always consult your tax preparer to make sure in your particular situation, but generally speaking, home equity is protected up to $250k /$500k regardless, and more is protected if it's going back into a home purchase.
Here's a good legal article on this subject.
All my best! :)
That's not necessarily true. Bond funds will experience capital gains and regular interest payments like other funds. The strategy for non-tax-qualified accounts, if taxes are a significant concern, is to manage the account in a tax-sensitive way - harvesting losses when possible, using tax-free bonds, holding equities for long-term gains instead of short-term, etc.
One thing to consider, though, is that while tax savings is an important consideration, it's not THE important consideration. You really have to weigh the loss of potential returns vs. the gain of saved taxes. That really will involve the work of a financial planner, probably in partnership with your tax preparer.
All my best! :)
Don't worry too much about what's IN the IRA accounts - that doesn't make them fundamentally different for your question. Whether you have stocks, bonds, funds, gold, real estate, or cash in the IRA is irrelevant, because the IRS only really worries about money movement in and out of IRA accounts, not what they are invested in.
Converting an IRA to a ROTH IRA is a relatively simple process, and your advisor or brokerage firm should be able to handle it for you. Essentially, what comes out of the IRA to fund the ROTH will become income to you this year, and you will pay income tax on it as it moves from the traditional, pre-tax IRA into the after-tax ROTH. I would have this discussion with your tax preparer, if you have one, before you do so, to make sure you don't create a significant tax problem because of other income sources you may have.
As far as your question about which account to switch, that's honestly just a personal preference. If you are wanting to reduce your exposure to precious metals (something I would advise that you don't have a signifcant percentage of your savings in, by the way), you might start with that one. I have no idea what's in your other account, but it's important for you, going forward, that you're diversified and not counting on any one asset class to outperform for years and years, despite with the TV pitchmen say.
Set your portfolio up assuming things will be volatile and the world will have challenges that we can't predict ahead of time. Many of us get guilty of giving ourselves hope or relying on emotions about an investment instead of structuring our money to "just let things happen". Don't be a contrarian. In my practice, we wouldn't let a client be too deeply invested in any one particular kind of asset because you need less day-to-day market volatility now that you're retired.
All my best! :)
You're not going to like my answer: you should absolutely NOT buy a $40,000 car. Vehicles depreciate in value (what's the price difference of the new vs. the pre-owned one - that shows you how fast cars drop in value), and eventually you will trade in a year's wage that you spent on the car, for 80% or 90% less than what you paid for it (plus interest).
NEVER buy a brand new car. Let someone else pay the initial depreciation.
In contrast, a house appreciates in value over time, so your money is much better spent buying the home (consider it an investment) vs. plunking down $40,000 on a car to impress the neighbors.
I understand that as a new college grad, probably in your first decent-paying job, you want to splurge a little (and if we're honest, wanting to show off a little), but this is the chance you have to get on the right financial path early in life.
The car's value will fade, both economically and in your opinion of it. Focus on the house.
All my best!
It's great to see a young person not loaded up with debt! Congrats to you!
One of the things I'd advise is for you to consider a ROTH IRA separate and apart from a 457 plan, so that you can make early withdrawals if needed (which you can do from a ROTH IRA, up to the amount of your contributions). Your risk is mitigated and your liquidity needs are met by just making sure your investment selection meets a moderate risk tolerance.
Think of a ROTH IRA is a tax-sheltered, multi-use account you can access if you need it, but if not, it's there for you in retirement, tax-free!
All my best.