John Madison

Personal Finance, Investing, Taxes
“John is a CPA and financial coach 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!”

60 Minute Finance

Job Title:

CPA and Financial Counselor


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 2013.

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.

In addition to 60 Minute Finance, John is also the owner and president of Riverpine Services, Inc.  Riverpine Services, Inc., provides freelance accounting services to a select number of small businesses throughout the region. In 2016, John moved to a part-time roll with Riverpine to focus his attention and energy on his personal financial education efforts.


BS, Accounting, Virginia Commonwealth University

Fee Structure:



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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2 weeks ago
    Debt, Personal Finance
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    Real Estate, Financial Planning
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    Financial Planning, Personal Finance

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    Banking, Debt, Real Estate
Should I buy a house that is $1,375,000, or use the money that I would put towards the down payment to paying off $450,000 of debt?
100% of people found this answer helpful

In general, I recommend to pay off non-mortgage debt prior to purchasing a home.  Doing so in your case would reduce your $1,000,000 in savings to $550,000.  Even if you used 100% of this amount (which I wouldn't recommend unless you had another account with a significant emergency fund), your mortgage would be for $825,000.  Just your principal and interest payment on this amount (over 30 years at the interest rate you specified) would be about 40% of your GROSS monthly income.  This is far too much of your income going toward housing.  Your home mortgage should be no more than 25% of your NET monthly income.

If you put down more on the house to reduce your mortgage payment, you would still be left with all or a portion of your non-mortgage debt.  Your total debt payments in this scenario would still be far too large of a percentage of your income.

Please reconsider purchasing a home that expensive!  Your income can't support it.  Being "house rich" and "cash poor" is no way to live!  It would take only a small hiccup in your income to create significant financial problems.

Thanks for your question and good luck!


2 weeks ago
    Social Security, IRAs, Taxes
Should I file taxes this year to make up for the years that I haven't filed if I am receiving Social Security benefits and distributions from an IRA?
100% of people found this answer helpful
4 days ago
    401(k), Insurance, Life Insurance
Is whole life insurance a good option for my family of three if I have multiple retirement accounts and insurance policies already in place?
100% of people found this answer helpful
6 days ago
    IRAs, Taxes
For tax filing year 2017, does conversion from a traditional IRA to a Roth IRA have to be transacted by December 31, 2017 or do I have until April 18, 2018?
100% of people found this answer helpful
6 days ago
    Retirement, 401(k), IRAs, Taxes
If me and my spouse file our taxes as married filing jointly, can we both contribute the maximum amount to traditional IRA accounts and convert them to Roth IRAs?
100% of people found this answer helpful
2 weeks ago