Enso Wealth Management
Daren Blonski, co-founder of Enso Wealth Management, brings years of experience and expertise to the firm. As a CERTIFIED FINANCIAL PLANNER™ he has met rigorous professional standards while adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence. Daren serves as lead advisor for many of the firms clients.
Daren has a client centered approach to investing, working with clients to simplify the road to achieving their financial goals. He takes the time necessary to clarify goals, construct a strategy to achieve those goals, and support clients through education, listening, and guidance. The highlight of his job is the joy clients experience when they reach financial fulfillment.
Daren has become an expert in his field with multiple financial designations including Chartered Retirement Plans Specialist℠ (CRPS®), and Chartered Retirement Planning Counselor℠ CRPC®. Clients value his fresh and creative approach to problem solving.
In his free time, Daren enjoys Crossfit. He is active in the community with his beautiful wife and three children.
Daren Blonski, Sonoma Financial Planner
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If this money is meant to be spent for your son's education, have you considered using a 529? A 529 is a great vehicle for saving for education, as it allows for the assets to grow tax free as long as the assets are used for qualified educational expenses. The 529 in of itself is just a type of an account. You will still need to decide what to invest in, inside the account. You should work with a independent advisor to help you determine this. An advisor can help you select an investment that is approiate for your timeline. There are other factors that should go into this decision. What State do you live in? Do they offer a tax deduction for contributions to a 529? If not, than what fund company do you want to work with? Every State has their own 529.
1. Do you have an established emergency savings? If so than invest $70,000, if not than you should keep 3 to 6 months of cash savings in the bank as an emergency savings.
2. If you planning for this money to be an inheritance, you should invest in a low cost, well diverdified ETF or Mutual Fund. If you invest the money in a CD you will struggle to keep up with the expected historical inflation rate of 3%. By investing in CD's you are subjecting the assets to depereciation via inflation.
3. From the sounds of your question, you are likely tied to a bank which has hired a 'broker' to sell you investment for a commission. I would reccomend that you find an independent advisor or go online and use a discount broker. If your going to work with a broker, than seek out one with an established practice with a history of follow-through and client service. There is an inherient conflict of interest when working with a broker, as they are compensated to sell you financial products. Often the advisors you find at banks are not going to be there very long, and will not offer a long-term commitment to your financial success.
It really depends by what you mean by the word credibility... Are you asking whether this company is a good investment? I will suggest an alternative route if your new to investing. Invest in a low cost ETF or mutual fund. Buy it online from a dicount broker, or work with an independent financial advisor. When your starting your investing it's best to extablish a well diversified core of investment holdings. The quickest way to do this is to buy something that has been vetted by people who review investments for a living. Once you have established diversified base holdings, than do research and venture into evaluating indivudual holdings.
There really is not enough information to understand why one would recommend a 401k over a Roth IRA in your situation. Below are some aspects you could explore.
- Have you considered whether or not your able to do both?
- Does your 401K provide a match, if so, by not contributing to the 401k your leaving money on the table?
- Is a tax deduction more valuable to you now or later? This really depends on your level of current income and expected income in retirement.
- A 401k allows you to save more for retirement than does a Roth IRA. How much can you afford to save each year?
- What investing options does the 401K offer? Roth IRA’s allow for much more flexibility in the way of investment options. 401k investment options are usually large mutual funds or ETF’s, and are viewed as possibly less risky than are many investments one can buy in a Roth IRA.