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John Madison

CPA, CRPC, AWMA
Personal Finance, Investing, Taxes
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“John is a CPA, CPRC, AWMA and financial educator committed to educating and empowering individuals and couples to make smart decisions regarding their personal finances. Schedule a no-cost, no-obligation consultation to learn more.”
Firm:

Dayspring Financial Ministry

Job Title:

CPA , Financial Counselor, CRPC, AWMA

Biography:

Born and raised in Virginia, John passed the CPA exam before graduating from Virginia Commonwealth University and beginning his career at a “Big-8” accounting firm in 1987.   

After two years in public accounting, he accepted employment with a client and rose through the ranks in private industry.  Desiring to work in a more diversified environment, John started his own accounting practice in 2000 and added personal financial coaching services in 2012.

John resides in Hanover County, Virginia with his wife and children.  He is active in his church, enjoys finishing a good run or workout at the gym, and leads personal finance classes in the community.

Education:

BS, Accounting, Virginia Commonwealth University

Fee Structure:

Fee-Only

Disclaimer:

The recommendations provided are educational in nature and not intended to be specific recommendations for any particular individual.  The goal is to educate and inform readers of available options, with the ultimate decision being theirs.  Please consult the appropriate tax, investment, insurance or financial planning expert before making any final decisions.

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  • John Madison with Dayspring Financial Ministry
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May 2018
    Personal Finance, Financial Planning, Debt
August 2018
    Personal Finance
March 2018
    Debt, Personal Finance
September 2018
    Personal Finance, Financial Planning
February 2018
    Real Estate, Financial Planning

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    Debt, Financial Planning, Investing, 401(k), Real Estate
What should I do with an extra $2,500 monthly cash?
100% of people found this answer helpful

Great idea to plan ahead.  First, you're doing the right thing by applying the extra $2,500 per month to the auto loans.  Continue to execute your plan until both are paid in full.  I'm assuming you have no other debt, besides the mortgage that you mentioned.

Once that step is complete, I'd first recommend that you build an emergency fund of three to six months of expenses (here's a post to help decide the right amount for you).  Once that is complete, make sure you and your wife are saving 15% of your income into accounts for your retirements.  This may be a 401k, traditional or Roth IRA, brokerage account(s), etc.  Should you reach that goal, then focus on saving for your children's (if any) college costs.  If you have that covered as well, then look toward paying extra principal payments on your mortgage.  Note: these are general recommendations and, at times, a different plan would be appropriate for some people.  I'd need to know more about your situation to determine the proper steps for you.

Thanks for our questions and please contact me if I can be of assistance.

John Madison, CPA

john@dayspringfm.com

dayspringfm.com

 

4 weeks ago
    Estate Planning, Real Estate
Should I sell land that I own right now or wait 10 years to sell it for a higher profit?
100% of people found this answer helpful
4 weeks ago
    Financial Planning, Retirement, Social Security
Can I collect Social Security survivor benefits?
100% of people found this answer helpful
4 weeks ago
    Taxes
What are the tax implications of holding a brokerage account in an LLC?
last month
    Banking
If a person adds a second name to a savings account before he dies and that second person is not in the will of the deceased, does the account belong to the second person who is not in the will?
100% of people found this answer helpful
last month