Money, taxes and insurance · 10 guides
Financial Advisor: problems and fixes, explained by Joseph
Joseph Roppolo is the only financial advisor member of BNI Preston Center. These guides are written for a Dallas–Fort Worth reader who has the problem right now: what is happening, what to check, when to call, and what it costs.
- You outlived your term policy: was the money wasted, and other life insurance myths Paying premiums for twenty years and never filing a claim can feel like money gone. It is the same bargain you make with every other kind of insurance, and the myths around it keep a lot of families underprotected. No: outliving the policy is the result you were paying forMyth: whole life is always the smarter buy because you get something backMyth: insurance should double as your investment planMyth: when the term ends, you are out of options
- What a term life policy costs, and the handful of things that move the premium There is no single price for term life insurance. The premium is built from a few facts about you and the coverage you choose, and once you know them you can shape the cost instead of guessing at it. The short answer: it depends on five things you can nameCoverage amount and term length: the two dials you controlAge, health and habits: the part the insurer pricesWhy the premium usually stays the same for the whole term
- Saving for college in Texas: prepaid tuition, 529 savings plans and what to fund first Texas families have more than one state-run way to save for college, and they work very differently. Here is how prepaid tuition and 529 savings plans compare, and why I ask about protection and retirement before the college fund. The short version for Texas parentsWhat Texas offers through the statePrepaid tuition: locking in today's prices529 savings plans: flexibility with market risk
- SEP, SIMPLE IRA or 401(k): picking a retirement plan for a small business Three plans cover most small businesses, and each one fits a different kind of owner. The right choice depends on who you want to contribute, how predictable your profits are and how much paperwork you will tolerate. The quick way to tell them apartFour questions to answer before comparing plansThe SEP: simple and flexible, but only the employer pays inThe SIMPLE IRA: employees save, the employer matches
- Opening a Roth IRA on your own: when it works and when help pays for itself Opening a Roth IRA takes less time than most people expect. Deciding whether you qualify, what to put inside it and how it fits the rest of your plan is where a little guidance can matter. Yes, you can do it yourself, and many people shouldWhat a Roth IRA is, in plain termsCheck whether you can contribute before you open anythingOpening the account takes an afternoon
- New baby, divorce, new job: when to review your coverage and who is named on it A beneficiary form takes five minutes to fill out and can decide where a lifetime of savings goes. Here is when to look at yours again, and what to check when you do. Once a year, and every time your life changesWhy the beneficiary form can matter more than your willLife events that should send you to your paperworkDivorce deserves special care
- How much life insurance a family really needs, worked out on one sheet of paper Rules of thumb are a poor way to protect a family. The right amount of life insurance comes from your own numbers, and you can work out most of it at the kitchen table in an evening. Add up what would have to be paid, then subtract what you already haveStart with what the family owesHow many years of income would they need?Costs coming down the road
- Before you hand anyone your savings: the questions to ask a financial advisor A good first meeting with a financial advisor should feel like an interview you are running. These are the questions I would ask if I were sitting on your side of the table, and what the answers tell you. Seven questions cover most of what you need to knowWho are you licensed with, and in what capacity?Check the record before the second meetingAsk how they are paid and what you will pay
- An old 401(k) from a former job: what a rollover involves and how long it takes An old 401(k) is easy to forget and surprisingly easy to move, as long as you choose the right kind of rollover. Here is what happens at each step and where the delays and tax traps usually hide. What actually happens, in two sentencesYou have four choices, not oneWhy cashing out is usually the expensive choiceFirst, find every account you have left behind
- Two kids, a mortgage, no plan: how a working family puts protection and savings in order Most families I meet are not careless. They are busy, and the paperwork for protecting their income and building savings keeps sliding to next month. This is the order I walk them through, and what to watch for along the way. The feeling that something is missingWhy the pieces feel disconnectedThe order I walk families throughWhere you can start on your own this month