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Congratulations to Leo Cunningham, CFP, EA

February 4, 2016

We at Main Street Financial are happy to announce that Leo has just become an Enrolled Agent and is joining our tax preparation team.   An Enrolled Agent (EA) is a professional designation granted by the IRS to individuals who complete an intensive course of study and pass a series of examinations.  Upon qualifying, Enrolled […]

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STEP THREE: HOW ARE YOU GOING TO GET THERE?

February 1, 2016

Our first step in the planning process described how to determine where you are now financially. In the second step we covered how to go about quantifying where you want to be in the future. With the starting and end points defined, our third step will describe a process for determining how you will go […]

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STEP TWO: WHERE DO YOU WANT TO BE IN THE FUTURE?

January 25, 2016

STEP TWO: WHERE DO YOU WANT TO BE IN THE FUTURE? (Creating an Income & Expense Statement for Your Retirement Lifestyle)   Imagine yourself going to an international airport and taking off on an airplane that has no specific destination and no plan for getting there. It sounds unsettling and almost absurd, doesn’t it? However, […]

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STEP ONE: WHERE ARE YOU NOW? (Part II)

January 19, 2016

This is the second part of determining “Where Are You Now?” in the financial planning process. Our prior segment covered the Net Worth Statement, and this segment will cover the Income & Expense Statement. These two statements work together to define your current financial situation.   The main thrust of this exercise is to determine […]

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STEP ONE: WHERE ARE YOU NOW? (Part I)

January 11, 2016

Having a clear understanding of your present financial situation is absolutely essential if you hope to map out a plan for achieving future financial goals. You can get a good handle on where you are now financially by very simply using two blank pieces of paper to prepare a couple of fairly straightforward statements: a […]

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What is Financial Planning?

January 4, 2016

Financial planning is merely a repeatable process that evaluates your current financial situation and seeks to map out a plan to realize the financial priorities that you are committed to achieving. It is repeatable in the sense that this same planning process should be revisited any time there are changes to your current situation, to […]

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401(k) Rollover Options and Tips

January 6, 2014

Points to Consider before Processing a Rollover  [Note:  Although this article refers to 401(k) plans, the same points apply to 403(b) and 457 plans] First, take your time and beware, this is your hard-earned savings we’re talking about. There is a lot of competition among big Wall Street firms to get you to roll over […]

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When to Consider NOT Rolling over your 401(k)

[Note:  Although this article refers to 401(k) plans, the same points apply to 403(b) and 457 plans] If you have already landed a new job, you might want to check out your new employer’s 401(k) plan and consider a rollover to that, instead of to an IRA.   If any of the following situations apply to […]

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The Mechanics of completing a 401(k) rollover

[Note:  Although this article refers to 401(k) plans, the same points apply to 403(b) and 457 plans] Don’t be intimidated by the paperwork.  It might be a bit tedious but it’s not difficult.  For accounts that we take under management, we do as much of the paperwork as possible.   If you are going to manage […]

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Flexible Spending Arrangements – change to the “use it or lose it” rules

November 3, 2013

A Flexible Spending Arrangement (FSA) allows an employee to designate up to $2,500 of wages to pay for certain health care costs. Contributions to FSAs are not only free from income tax but also from payroll taxes. For workers with wages under the Social Security wage base (which is $117,000 for 2014) this is a […]

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