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ST CLOUD MN | MAPLE GROVE | VIRTUAL access to my office
15
Peter Mullin is licensed in 15 states as of 08/01/2020
Graduate of Saint John's University | 2008
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1. Maxing out 401(k) & Stopping : If you make $200,000 or $30,000 you can invest the same $18,500 (plus $6000 more after you turn 50) in your 401(k) in 2018 (IRS, IR-2017-177, Oct. 19, 2017). The trouble is high earners tend to not max out their 401(k). If they do then they stop there. Keep going.
2. Withholding Too Little : If your spouse is working alongside you, then it may be time to speak with a CPA or your tax professional. Paying too little in income tax can cause a penalty. Guess what can help mitigate taxes? A 401(k) contribution! (See #1)
3. Prioritizing Debt Instead of Cash Flow : If you could make $30 on every hundred or $4 on every hundred which would you pursue? Certainly the $30, right? Well what would you assume to do first? Pay off a car loan with a 4% rate? Or invest money in retirement that can yield you a deduction; potentially saving you the equivalent of $30 in tax for every $100 invested?
4. College Planning : High earners can be brutalized through the FAFSA system.
5. Living Like There's No Tomorrow:
New to this high earner thing? Have questions? Feel free to take the 15-minute challenge. Give us 15-minutes alone with your financial statements. We’ll give you a bullet-point summary of our findings.
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Peter Mullinis an LPL Financial Advisor with Mullin Wealth Management in the St Cloud, MN area a resident of Rogers, MN. Visit www.mullinwealth.com to learn more.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.
Investing involves risk including loss of principal.
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.
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Well it’s the end of the year. I just searched on Google for “market outlook 2018.” I came up with a little over 58-million “results.”
So should you be investing in stocks in 2018? The quick answer: It’s likely a prudent part of your portfolio. But it depends on your circumstances, right?
It’s apparently popular to throw your hat in the ring.
A mantra that you hear among disciplined professionals is to “stay the course.”
Then you hear “sell high, buy low.”
Who’s right?
The relief of a disciplined strategy is that it can be tailored to you. And tailor we think you should.
Yes, it’s possible that an investor may not utilize stocks in their portfolio at all. Or you may decide to go “all in” with a diversified stock portfolio.
(Side effects from tailoring a strategy may include increased confidence & persistence, apathy toward daily market reports, and increased focus on what really matters.)
Let’s begin with the “Why” of investing for you. Then you can request 15-minutes on the phone discuss your “how.”
So “Why Should You Invest”
Life changes and our “why” of investing ought to transform with life. Some invest for sport – they like the risk/reward of investing – they’re in it for the thrill. I don’t hang with this crowd.
Most of us ought to invest for things we want. Our money & our goals are serious. By investing in a diversified portfolio we can pursue things we want.
1. Living A Comfortable Retirement: Retirement is a noun. It’s up to you to really design and live a retirement that reflects you.
2. Purchasing a Home: Home is a place to live. It can take a down payment.
3. Passing an Inheritance on to Family:
4. Student Loan Shield: This idea is important for many Millennial graduates. Student loans can dominate your budget. But instead of accelerating those payments, what if you paid your required payments, and then invested the additional money that you were going to pay against your loan balance?
5. Emergency Reserves: You probably have read that it’s prudent to keep a relative healthy amount of cash in your checking/savings. Once you’ve achieved that, then you can consider investing additional funds. Go a step further and consider a non-retirement account for you and your house. You can spend this on cars, vacations or use it just as described in #4.
The Dow Jones has seen positive results, so far, in 2017. It’s unusual and sort of uncomfortable as the independent financial advisor. Why is it uncomfortable?
What would sting & linger longer? Finding $20 in the parking lot? Or finding a $20 parking fine on your windshield?
We’ve been finding a lot of metaphorical “$20’s” (i.e. “positive results”) in our portfolios this year. So the second we find a parking fine (or a few in a row) we’ll be sure to ask if stocks are still the right place to park our money.
Complacency can work against us, Dear Clients. Just keep recalling your long-haul strategy and your “why” of investing.
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Peter Mullin is an independent financial advisor registered through LPL Financial. He lives in Rogers, MN with his family. He was born and raised in St. Cloud, MN. Mullin Wealth Management is located in Waite Park, MN.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risk including loss of principal.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
All performance referenced is historical and is no guarantee of future results.
All indices are unmanaged and may not be invested into directly. No strategy assures success or protects against loss.