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Blog Posts (43)

  • 3 Key Money Moves Every Parent Should Make

    Whether you are expecting your first child or have been a parent for years, finances and building a future for your family go hand-in-hand. Luckily, there are money moves you can make now to help manage financial stress, support yourself and your loved ones, and help your children as they get older. Here are three key financial moves all parents should consider making. Review and Update Your Life Insurance For many, life insurance is a necessary but unmanaged expense for a good reason. It is not pleasant to consider a situation where your life insurance policy may become relevant to your loved ones. However, for parents, in particular, having adequate life insurance might be the difference between your children struggling or enjoying a comfortable future. Many employers offer life insurance to their employees, often at a specific multiplier of their salary. For some families, this amount may be adequate; but in other cases, you may need to purchase an additional term policy that provides coverage until your youngest child is an adult. It is worth reviewing how much coverage you have, then comparing this with your average projected earnings over the next decade or so. Also, update your beneficiaries after any major changes. A divorce decree does not remove an ex-spouse's name from a life insurance policy. For any changes in your marital status or if a named beneficiary passes away, you must update your list of beneficiaries with your insurer. Consider a College Savings Account As anyone who is still paying their student loans could confirm, college costs may be a major expense. For many, student loans are second only to the cost of a home purchase. Fortunately, time is on your side when saving for college for those with young children. The funds you put toward your child's future college education may have years to grow. In many states, contributing to a 529 college savings account might even provide you with a state tax credit. Additionally, 529 funds do not have to be for a specific child. If your child gets a scholarship or decides not to attend college, you are free to change the beneficiary to someone else, even yourself. These accounts may also pass down and can be used by grandchildren. Check Your Health Insurance Coverage Health care costs might also be a huge part of any family's budget. And while many employer-sponsored health insurance plans may provide you with decent coverage at a reasonable cost, this is not always the case. Some families with fixed annual health care expenses may benefit from a lower deductible plan that provides more coverage, while other families with infrequent health care costs might find a high-deductible health plan with lower premiums is an easier expense in their budget. If you are not sure about your options, a financial professional or insurance broker may be able to provide more information. Important Disclosures The opinions voiced in this material are for general information only and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information. Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. This article was prepared by WriterAccess. LPL Tracking #1-05268284

  • An Engineer's Guide to Financial Planning

    As an engineer, you already likely know the importance of accurate input when it comes to the final equation, which may put you ahead of the game when it comes to managing your finances. Below are a few ways engineers could apply their skills to their financial planning process. Automate and Optimize Your Finances In today's digital society, it's easy to put bills on autopay and make payments online most of the time. And for regular, steady bills like cable and internet, your mortgage or rent, your cell phone, and any student loans or auto payments, setting up recurring payments may relieve you of the need to remember to pay dozens of different bills each month. As long as you have an adequate financial cushion to cover these bills when they come due, automating your finances may save you time, effort, and the potential for late fees and collection notices. Stay Flexible It may be easy for many people, engineers in particular, to treat their finances with a certain amount of rigidity—especially if you have a steady wage and relatively stable expenses. However, the ability to pivot or adjust your finances to account for changes in income, unexpected expenses, and other surprises may be invaluable. Try to keep an open mind and remain flexible when challenges or opportunities come your way. Invest for Your Future Engineers may make anywhere from $50,000 to $80,000 or more per year, well above the median individual income in the U.S.1 Use this salary to your advantage by setting aside some funds for your future, including your retirement. If your job provides a 401(k), this may be a useful place to stash up to $20,500 per year (or $27,000 per year if you're age 50 or older).2 Your 401(k) contributions won't count toward your taxable income, saving you money in taxes while allowing you to save for future expenses. Some employees also contribute up to $6,000 per year to an individual retirement account (IRA) or Roth IRA as long as your earned income meets certain limits. Setting aside these funds now may not only provide you with a nice nest egg upon retirement, but it may also get you in the habit of saving and help you avoid lifestyle creep when your income increases. Important Disclosures This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. LPL Tracking: 1-05217801 1 2

  • How to Stay Committed to Your Financial Goals

    Setting healthy financial goals is critical. Even more important is staying committed to those financial goals. Keeping yourself committed to your goals may be difficult, especially when times may be financially tough. But by staying on track and focused on your goals, you are more likely to get the long-term outcome you seek. Below are a few simple tips that will help you to stay on track and committed to your financial goals. Find Tools to Make Your Efforts Easier There is a wide range of tools available that can help you stay on track to maintain your goals. These tools generally make financial tasks less hands-on, or even streamline any hands-on processes. One tool to take advantage of is automation. Start by setting up automatic transfers to the various accounts needed for your goals. This way, your funds will be automatically distributed from your monthly income, leaving you less tempted to use the money for other wants. Set up automatic transfers to retirement accounts, savings accounts, and even vacation and holiday shopping funds. Other tools to explore and leverage are budgeting tools that allow you to maintain your budget and ensure the money is designated where it needs to be. Set up an Emergency Fund No matter how hard you plan, sometimes life will get in the way. Major financial needs such as car repairs, housing maintenance, and even medical emergencies can cause you to put your goals on the back burner. At the same time, you must use your finances to get yourself out of the emergency. What should you do? By having and maintaining an emergency fund, you will have the money set aside to deal with these issues without having to take money away that is budgeted toward your financial goals. Track Your Progress and Reward Yourself Sometimes the greatest motivation is seeing your hard work manifest. Set a regular time to check your progress regularly, whether it is monthly or quarterly. See how close you are with each account or goal so that you will see how your hard work is moving you closer to those goals each period. This check-in is also a good time for you to check in to see if your efforts are being appropriated properly. You can make necessary adjustments to ensure you stay on-track with achieving your goals. Need help setting and staying committed to your financial goals? Contact your financial professional today to set up your consultation. Important Disclosures The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy. Sources Content Provider: WriterAccess LPL Tracking 01-05121935

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Other Pages (49)

  • Investment Committee | Gatewood Wealth Solutions

    INVESTMENT COMMITTEE Christopher Arends, CFA ®, CMT ®, CAIA® Director of Investments Aaron Tuttle, CFA®, CFP®, CLU®, ChFC® Partner, Chief Investment Officer & Chief Operations Officer Back to Team Page

  • Christopher Arends | Gatewood Wealth Solutions

    Christopher Arends, CFA®, CMT®,CAIA® Director of Investments Office: 314.924.5105 EDUCATION Saint Louis University - Finance (Magna Cum Laude) ​ PROFESSIONAL Chris started his career in investment operations for a local office of Northwestern Mutual before joining Gatewood Wealth Solutions to analyze the firm’s portfolio and investment team. Chris supports the firm’s daily performance monitoring of its portfolios and individual client accounts. Chris analyzes holdings, new assets transitioning to the firm, gain and loss positions to assist advisors with tax efficiency, and optimizing client portfolios to allocations suited to account goals, risk tolerance, and time horizon. Chris also supports portfolio trading and tracking. Chris is a CFA® Charterholder and has his Series 63 & 7 securities registrations held with LPL Financial and Life and Health licenses. ​ PERSO NAL Chris is a native St. Louisan and is married to Claire, who works with the St. Vincent DePaul Center. Chris played varsity baseball in High School and is a scratch golfer. Back to Team Page

  • Leadership Team | Gatewood Wealth Solutions

    LEADERSHIP TEAM John Gatewood, CFP®, CLU® Founder & Chief Executive Officer Daniel Goeddel, MBA Partner, Chief Development Officer & Lead Advisor Brian McGeehon, CFA®, CLU® Partner, Chief Financial Officer & Lead Advisor Christina Shockley, JD, CFP® Partner, Chief Planning Officer & Lead Advisor Aaron Tuttle, CFA®, CFP®, CLU®, ChFC® Partner, Chief Investment Officer & Chief Operations Officer Christopher Arends, CFA®, CMT®, CAIA® Director of Investments Back to Team Page Clayton Feldman Strategic Project Manager

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