Frequently Asked Questions
What Do You Charge For A Financial Review?
I believe everyone, regardless of wealth, should have access to financial advice. We do not charge for an initial meeting with our team or access to our Asset Map Portal.
What Are The 3 Foundational Steps To Build Wealth?
I know it sounds simple, but only by building a financial foundation will you truly have wealth and retirement confidence.
1) Eliminate Credit Card Debt Immediately. Paying high interest (10% or more) to a bank causes anxiety and will never allow you to attain wealth. I rarely advocate taking a TSP or 401(k) loan, however this is one occasion where it might make sense.
2) Save At Least 5% Into Your TSP. You must save at least 5% each paycheck to get 5% match.
3) Build At Least 3 Months of Emergency Reserves. This is your rainy-day fund. For example, if your core expenses are $5000 per month you need to have between $15,000 and $30,000 set aside in guaranteed liquid investments. Inevitably life will pose you with a financial challenge and your rainy-day fund will allow you to meet it.
Should I Transfer My TSP to an IRA?
That entirely depends on your personal goals, risk tolerance and financial plan. I NEVER advocate transferring your entire TSP to an IRA. Once that door is closed, it is closed forever.
Bifurcating your retirement assets into your TSP and an IRA is a smart plan for many retirees. By utilizing a tax-free transfer of a portion of your TSP into an IRA you have access to many more investments and professional money management. An IRA offers more flexibility with investments and distributions, however in almost every case you will incur higher costs inside your IRA than keeping all your assets in the TSP.