Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
Wealthy people often are divided into two categories, high-net-worth individuals (HNWIS) who have at least $1 million in liquid assets and ultra-high-net-worth individuals (UHNWIS) with $30 million and up. The definitions matter to the financial services industry, which targets different offerings to members of each group. Depending on which category they fall into, wealthy individuals need and have access to varying types of investment products and financial services. Let’s compare the key differences between both. A financial advisor can help optimize your investments to minimize your tax liability. Read more
Mortgage bankers originate, underwrite and fund mortgage loans. They also may package and sell the loans to investors, although some keep the loans they originate and service them by accepting borrowers’ monthly mortgage payments and handling taxes, insurance and recordkeeping. Are you thinking of getting a mortgage and considering getting some help with the process? You can find a financial advisor with SmartAsset’s free matching service. Read more
Money spent to improve your home can save on taxes. However, the improvements have to be of a certain type, and you can’t claim the deduction until you sell your home. Capital improvement deductions usually aren’t important to sellers whose gains are less than the amount of the capital gains exclusion. But they can save thousands on taxes for people who spend a lot to improve a home and sell it for more than they paid. A financial advisor can help you figure out how to make capital improvements work within your financial situation. Read more
The Hope Credit, which is the previous and perhaps better known name of the American Opportunity Tax Credit, is a federal tax break that can help people pay for college or trade school. This credit… Read more
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