Advanced Wealth Strategies
Joe Inskeep is a graduate from Texas State University where he received his Bachelors in Political Science with a minor in Business Administration. He currently holds his Series 7 and 63 securities registrations, as well as the General Lines Insurance License. He has been an advisor since 2009 working for a CPA and Wealth Management firm in South Austin. Joe is also on the Building Standards Commission/Fire Code Board of Appeals for the city of Round Rock and sits on the Board of Directors for the Financial Planning Association of Austin.
His expertise is in Assisting individuals with understanding and implementing investment allocations for client portfolios ranging from $100,000 to $5 million, Coordinating tax and estate planning with client’s existing attorneys and CPA’s, Investment research and analysis, and Economic analysis.
Joe and his family live in the Paloma Lake Neighborhood of Round Rock, where they are raising their two, soon to be three kids. In his free time, Joe enjoys sports, traveling, and spending time with family and friends.
BA, Political Science, TSU
Assets Under Management:
Investment Advisory services through Integrated Advisors Network, LLC., a SEC Registered Investment Advisor.
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Good question. I'm glad you are interested in investing and looking to expand your mind with more knowledge. I would start with investopedia.com. When I first started out in the industry I would read as much as I could from here. Great resource with highly intelligent contributors. I would then bounce my ideas off a qualified advisor. Happy reading!
The ROTH IRA is a type of account registration for investments to be held in. Stocks, ETFs. Mutual Funds and Alternative Investments can be held within the ROTH IRA registration. These type of accounts are funded with after-tax dollars and meant to defer gains and distributions until age 59 1/2. Although, you can withdrawal the funds at any time depending on the investment held within the ROTH IRA. i.e., if you invest in an illiquid real estate program then it will not be so easy to get your funds. ETF's, Mutual Funds, and Stocks are liquid and easily converted to cash, for the most part. Your contributions are always distributed tax-free as you have already paid taxes on those dollars invested. Currently, there is no required minimum distribution for ROTH IRAs.
Risks associated with ROTH IRAs depends on the type of investments that are held within the ROTH IRA.
What are the downsides to investing in a ROTH IRA?
You are capped at a relatively low contribution amount of $5,500 if younger than 50 and $6,500 if 50 and above. If you pull the funds out prior to age 59.5 you are penalized and taxed on the GAINS. There are some exemptions here. One is, you can use $10,000 towards a new home purchase for first-time home buyers. Contributions to a Roth IRA have already been taxed, so there is no current tax deduction for these contributions. This can be a risk if you are in a high tax bracket and are not contributing to a 401k or Traditional IRA.
I hope this helps.
Well, from the way this email is written, you sound like a well-rounded individual who knows the value of a hard-earned dollar. Intuitively we know the answer to our own questions. From this, I gather you simply want reassurance on whether or not you are doing well enough to indulge in life. This answer may seem simple but is contingent upon a few different questions. Answers to the following questions may help navigate this decision.
Regarding college funds, how old are my kids (ie: how many more years am I going to contribute to these accounts)? What is my budget per child? What is the potential for each kid to attend a private school or public school and am I going to assist outside of my budget? Am I willing to pay equally for all children regardless of the annual costs?
Regarding miscellaneous expenses (Boat), what is the total cost of my home equity line of credit and what is the benefit of not paying cash? Would I feel more comfortable knowing my boat is paid off or am I trying to weigh the cost of loan interest versus return on investment? We are at an all-time high in the market and nothing is guaranteed except death, taxes, and the interest rate on debt.
What will your total deductions be for 2018? Remember, married filing jointly's deductible is now $24,000. Is the interest on your student loan going to be deductible? If not, I would pay it off, but that's me. I do not like debt and I do not like to chase a few percentage points. However, if I felt that my money could earn more in my business or by investing, I would take that approach and not pay it off. *Note-The interest on home equity lines of credit is not deductible. Going in the same vein as taxes- is one of your cars able to be depreciated for taxes?
As for retirement, it all depends on what age you want to retire, and where. What kind of lifestyle do you wish to have in retirement? How is your current health, and family health history for you and your spouse?
Bottom line is if you feel that you are saving too much, you could probably afford to indulge in something (vacation, boat). You can enjoy life on any budget. Being able to afford the most expensive option, doesn't mean you have to choose the most expensive option. Decide what you and your spouse are comfortable spending, and include this in your budget and make it work.
Remember discipline = freedom, but don't be afraid to live.
The new tax reform bill has eliminated the potential to recharacterize ROTH IRA conversions done in 2018 and the last day for 2017 is October 15, 2018. However, you can still recharacterize excess contributions made to ROTH IRA's.
Like most advisors, I agree that you should not try to time the market. However, there is a difference between timing the market and pulling out during severe uncertainty (2008). I think the best place to keep your money during times when not invested or severe uncertainty is probably in high-yielding savings account that is FDIC insured. You just need to pick the one that is most comfortable and suitible for you. If you are day trading, just keep the cash in your brokerage account which will probably pay little to no interest...there is no need to cry over spilt milk.
Good luck and happy picking.