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Five Financial Mistakes to Avoid When You Have Money in the Bank

By Bennett Whitlock, CRPC®, Private Wealth Advisor Even people who are financially secure can fall into money traps that put their futures at risk or miss out on opportunities to further strengthen their financial position. Here are five common mistakes financially accomplished people make, along with a few tips to counteract them. Overspending You’ve worked hard to get where you are. Don’t abandon the budgeting strategies …

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Six Ways to Reprioritize Your Finances This Fall

Provided by Bennett C. Whitlock III, Whitlock Wealth Management Let’s face it – summer can be expensive between vacations, home improvements, the cost of children’s camps and dining out. Now that the calendar has flipped to fall, you may want to take this opportunity to check in on your financial well-being and ensure you’re on track for the remainder of …

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Tax Reform Changes That May Impact Your Small Business

Provided by Bennett C. Whitlock III, Whitlock Wealth Management For small business owners, managing the bottom line of their company is often a top priority. If you operate a business of any kind, it’s important to understand the impact of the tax law changes that took effect in 2018 and how they may affect your business. Here are some of …

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You’ve inherited an IRA. Now what?

Provided by Bennett C. Whitlock III, CRPC®, Whitlock Wealth Management Receiving a sizable inheritance can make a significant difference in a person’s financial life. If you find yourself in the position of inheriting an individual retirement account (IRA), it may have added value in the form of tax advantages. The tax rules and considerations of IRAs vary based on whether …

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Legacy Planning Isn’t Just for Your Parents or Grandparents

By Bennett Whitlock, CRPC®, Private Wealth Advisor Estate planning can be a tough and emotional conversation to initiate with your loved ones. But it may not be as challenging as you think. Recent research from Ameriprise Financial confirms that families who have had the conversation say it went better than they expected. In Ameriprise’s Family Wealth Checkup study (November/December 2016), families (adults ages of 25-70 with at …

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How to Set Financial Goals You Can Keep

By Bennett Whitlock, CRPC®, Private Wealth Advisor If you have a goal to improve your financial situation, there are ways you can break it down into steps that will keep you motivated and on track to achieve it. Here are some tips to help you set attainable goals. Be specific and realistic. Setting aspirational goals, such as living the life you want in retirement or …

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Managing the Unknown of Surprise Medical Expenses

By Bennett Whitlock, CRPC®, Private Wealth Advisor Major medical expenses can take a heavy financial toll. Before it does, take the time to prepare your strategy for dealing with surprise medical expenses. Here are several strategies to help you get started. 1. Plan ahead with health insurance. Review your insurance coverage to ensure you understand what services or prescriptions are covered and what medical bills you …

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Financial Planning for Adult Children with Special Needs

By Bennett Whitlock, CRPC®, Private Wealth Advisor If you’re a parent of a child with special needs, you’ve likely dedicated much of your life to researching, providing and advocating for the best care for your child. So naturally, you may worry about what will happen when you are no longer able to supervise your child’s care due to declining health or death. Fortunately, there are steps …

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Five Ways to Manage Investors’ Top Fear: Healthcare Expenses

By Bennett C. Whitlock III No matter your financial situation, it’s normal to have financial concerns as you plan for the future. According to recent research from Ameriprise Financial, the number one fear for those in their 50s through 70s is managing healthcare expenses for themselves or a family member. This same concern ranks number two for investors in their …

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Putting Cash to Work May Get More Rewarding

By Bennett Whitlock III Cash has a role to play in a diversified portfolio for long-term investors in any market situation, particularly when interest rates and volatility are on the rise. If you have a portion of your portfolio in cash, or if it’s been awhile since you’ve reviewed your cash position, read on. The role of cash For many …

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