Why Did I Start My Business?

I started Financial Journey LLC at the beginning of 2021. There were several reasons why I started my own business (during a pandemic!):

Health Event

In June of 2020 we had a major health event in my immediate family that could have ended much worse than it did. When you have a scare like that, you start thinking about everything that you take for granted and what it is that matters most to you. For me, experiencing that there might not be a tomorrow with a loved one really emphasized that time with family is something that I value most. Even though we were at the beginning of the pandemic and not having to go into the office every day, it made going into the office that much worse. If you’ve ever been to the DC area, then you know how bad traffic is. During pre–Covid times, I would leave my house in the dark and come home in the dark because traffic would at least double the amount of time it takes to drive the route. Then on the weekends, I was simply preparing for the next week and doing chores I couldn’t get done during the week. It just was not enjoyable and did not seem logical to spend all that time commuting because I barely saw my family during the week.

Location Freedom

With the pandemic came a lot of Zoom interactions. Remote work was on the rise before the pandemic, but Covid really skyrocketed remote work and Zoom interactions. Having the ability to do everything that you need from a laptop really gives you the freedom to be anywhere. Because of Covid, many offices gave up their office space and let their employees work remotely. When I started my business, I knew I wanted it to be completely virtual. I even thought about getting an RV and traveling around the country for a year with a laptop for work. Being completely virtual allows me to spend more time with my family because all I need is a laptop.

Access

Another thing I had tapped into while gaining experience at other firms is that most of our clients were retirees or came to us to see if they could retire. What about the younger generations that haven’t built up their nest eggs yet? Most firms require you to move your pot of assets to them so they could charge a fee based on your investment assets, which is why younger people miss out on advice until later in life. I joined XY Planning Network who understands that the younger generations are underserved and have been pioneers in the movement for Fee Only advice and offering different types of access to financial planning–which encompasses so much more than investment management. Luckily, I have been able to provide different ways to work with me—not only giving access to a Financial Planner without having a large pot of money, but also providing low–cost options so that financial planning is available to more people than just the wealthy.

Education

I really love all the different areas of financial planning and putting all the pieces together. I don’t like surprises when it comes to money and taxes and if you know how all the different pieces work, then there is little room for surprises when it comes to your money. Obviously, there’s no way to plan for life’s surprises, but if you understand how all these different pieces work (or work with someone who does), you can navigate things much better. You don’t know what you don’t know, and some decisions can have a huge impact on your finances. It is nice to have a thinking partner when you are faced with some of these decisions.

These are the main reasons that I started my own business. I love helping people get organized with their financial lives and educating them on how to best use their resources. Being able to do this from anywhere, having the ability to help more people than traditional financial institutions, and meeting people where they are is rewarding for me.

If you are looking for a trusted partner to help you navigate financial decisions, we are here to help. Schedule a meeting with us today to see how we can help you with your own financial journey.

Financial Journey LLC is a registered investment advisor offering advisory services in the states of Alabama, Florida, Virginia and in other jurisdictions where exempted. Information provided is for educational purposes only and not, in any way, to be considered investment or tax advice.

Moving Checklist

Whether you’re moving across the country or to a neighboring town, just the thought of moving is enough to make anyone feel overwhelmed. 

When you’re ready to move, don’t forget that a plan is key.

As someone who has recently moved, I have put together this helpful checklist for you so that your experience can go as smoothly and quickly as possible.

Just click here, make a copy and add your own items, or just print it out or download as is!

 

Financial Journey LLC is a registered investment advisor offering advisory services in the states of Alabama, Virginia and in other jurisdictions where exempted. Information provided is for educational purposes only and not, in any way, to be considered investment or tax advice.

 

 

 

$10K Federal Student Loan Forgiveness Announced

This is going to be short post because we do not have the details yet. President Biden announced on August 24th that he is authorizing $10K of student loan forgiveness.

Here’s what we know:

To qualify for this forgiveness:

  • Income must be less than $125Kfor Singles or $250K for Head of Household or Married Filing Joint
    • We aren’t sure how they will define income—wages or adjusted gross income based on which tax year?
  • Must be FEDERAL loans—if you refinanced into a private loan, unfortunately this doesn’t count
  • There may be an additional $10K of forgiveness if you qualified for the Pell Grant

What we don’t know(the details!):

  • What year will this income threshold be based on?
  • The mechanics of getting this done—form, apply online, timeframe, etc.?
  • Will this forgiveness be taxable? Most loans that are forgiven are considered taxable. Currently the Public Service Loan Forgiveness program is not taxable.
  • If you have multiple loans, can you choose the one with the highest interest rate?

As soon as the details are worked out and more information becomes available, we will be sure to post another update so stay tuned.

 

Financial Journey LLC is a registered investment advisor offering advisory services in the states of Alabama, Virginia and in other jurisdictions where exempted. Information provided is for educational purposes only and not, in any way, to be considered investment or tax advice.

5 Questions You Should Ask When Hiring a Financial Advisor

Finding the right Financial Advisor for the job is so important! You need someone who is trustworthy, competent, and affordable. 

Questions To Ask Yourself

Before you interview a financial advisor, you need to ask YOURSELF a few questions: 

  • What are you looking for in a financial advisor?
  • What services do you need?
  • What are you willing to pay for them?
  • How often do you want communication (frequent in-person, occasional call, or email)?

Knowing your goals and communication style will help you to quickly determine which financial advisor is the right one for you.

Questions To Ask a Financial Advisor

  1. Are You a Fiduciary?

You want your financial advisor to say yes! Fiduciaries are financial advisors who are required to:

  • Put the client’s interests first
  • Disclose important information, including their fees
  • Reveal any conflicts of interest
  1. How Do You Get Paid?

Financial advisors can make their money in several different ways:

  • Hourly
  • A fee based on a specific service
  • A percentage of the managed assets
  • A sales commission on investment products

To avoid any conflicts of interest, look for an advisor who is “fee-only.” 

  1. What Services Do You Provide?

Different advisors may only support you in certain financial areas, such as:

  • financial plans
  • managing assets
  • investment advice
  • retirement
  • insurance
  • tax planning

Before you hire a financial advisor, know what services are offered and if there are any extra costs for additional services. 

  1. What’s Your Philosophy on Investing?

A good financial advisor should fit your needs. You want someone whose investment philosophy matches yours and uses strategies that you understand. This will help you feel more secure through the ups and downs of the market. 

  1. Who Are Your Typical Clients?

You want to work with a financial advisor who has experience working with people in your situation. 

Conclusion

A good financial advisor should expect questions like these. They understand how important the relationship is between the advisor and the client and want a good fit for both parties which is why you should interview more than one. 

Your financial advisor is an important person in your life. Take your time to consider all the candidates and choose the one who’s best for you.

If you are looking for a trusted partner to help you navigate financial decisions, we are here to help. Schedule a meeting with us today to see how we can help you with your own financial journey. 

 

Financial Journey LLC is a registered investment advisor offering advisory services in the state of Virginia and in other jurisdictions where exempted. Information provided is for educational purposes only and not, in any way, to be considered investment or tax advice.

Financial Planning-is it Easy?

Over the years I have gained lots of experience in financial planning with seeing so many different scenarios-not one person’s situation is the same. Also, the CFP(R) curriculum consists of an education piece that really lays out a great framework in the Financial Planning process. When you start with a good framework that has pieces that can be replicated and add real life situations to this framework, it becomes second nature.

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