Review Category : Financial Independence

Five Money Moves To Make When You Get The Pink Slip

The Pink Slip. It’s the dreaded official notification from your employer that they no longer need your services. You’ll often hear the corporate rumors flowing within your company about the impending layoffs, but you’ll never suspect that you might be a person on the hit list. We never imagine that we will be that person who gets called in for dismissal time. While getting a pink slip is an awful feeling, it’s also a phase in your life where you need to immediately get your financial act together.  Here are my four smart money moves to make when you get laid off from work. 1. When is your last paycheck? – It’s truly amazing to me how many people don’t ask the very simple questions when they get the heave ho from their employer.  You will want to ask specifically when your last day or work is and what the expectations are of you over the next 30, 60, or ...

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What To Do When You Inherit An IRA

The other evening as I was checking client e-mails, a client sent me a short note inquiring about something her sister did with an inherited IRA and quickly after hearing the story I knew it was even too late to give advice.  The sister had told the IRA custodian to make a check out to her Father’s estate and this would cause tax consequences that are irreversible. Inherited IRA’s can be just like a dozen eggs…once you crack the shell it is impossible to put it back together.   When a loved one passes away, there is a wide array of emotions, and this could affect how you make short term financial decisions.  Especially when you don’t know all of rules or have various siblings chirping in your ear.  It is one of the most important times to seek out financial help from a professional. The overall rules for inherited IRAs are extremely complicated.  It really depends if you inherit the ...

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