Posts by SmartAsset Team
Marketing
IUL Lead Strategies for Financial Advisors
Indexed universal life (IUL) insurance offers benefits that make it a valuable product for financial advisors. To generate IUL leads, advisors can use marketing platforms, engage on social media and host educational webinars. Building relationships with estate planners or tax professionals can also create ongoing opportunities for new leads. Ready to grow your client base?… read more…
Portfolio Management
How to Compare Index Funds for Your Portfolio
Comparing index funds can help you align your investment goals, risk profile and financial strategy. Key aspects to consider include the cost of managing the fund, how closely it follows its benchmark index and its performance history. Evaluating underlying assets and diversification can also provide insight into its potential stability and growth. A number of… read more…
Real Estate
How to Invest in Real Estate Without Being a Landlord
If you’re interested in investing in real estate but don’t want to be a landlord, there are several investment options. These can include real estate investment trusts (REITs), crowdfunding and rental property syndications, among other strategies. This approach can help you build passive income and increase wealth. Here are 10 common strategies that you could… read more…
Investing for Beginners
10 Toys That Could Make a Good Investment
Collecting toys can be both a hobby and an investment strategy. When choosing toys to collect for an investment, look for items that have shown value growth over time. Vintage action figures, limited edition dolls and rare LEGO sets often increase in value, especially when kept in original packaging. Toys tied to popular franchises or… read more…
Real Estate Investing
Real Estate Crowdfunding Platform Options
Real estate crowdfunding platforms have become a popular way for everyday investors to gain exposure to real estate. This type of investment doesn’t require the capital and know-how needed to purchase entire properties, making it a potentially simpler avenue for diversifying your portfolio. These platforms allow individuals to pool their funds with other investors to… read more…
Portfolio Management
Preferred Stock vs. High-Yield Bonds
Many investors compare preferred stock and high-yield bonds when looking for investment options that provide income and potential stability. Preferred stock provides investors with steady income from fixed dividend payments, but doesn’t offer much growth. High-yield bonds, on the other hand, offer higher interest rates and returns because they are issued by companies with lower… read more…
Real Estate Investing
How to Invest in Rental Property
Investing in rental property is a well-known strategy for creating passive income and accumulating long-term wealth. Whether you’re considering a single-family home, an apartment building or a vacation rental, real estate can be a profitable addition to your investment portfolio. However, there are several important factors to consider before jumping in, including the type of… read more…
Retirement Planning
How to Create Retirement Savings Benchmarks for Your Goals
Creating retirement savings benchmarks can ensure financial security in your golden years. Setting clear retirement goals can help you enjoy a financially secure and fulfilling retirement with peace of mind and a sense of purpose. These benchmarks act as milestones, helping you evaluate whether you are on track to meet your objectives. After assessing your… read more…
Real Estate Investing
Short-Term Rental Regulations in St. Charles, IL
St. Charles, Illinois, has implemented specific regulations to manage the rise of short-term rentals within the city. These regulations are designed to balance the interests of property owners, renters and the community. Property owners must obtain a permit to operate a short-term rental, ensuring the property meets safety and zoning requirements. Additionally, occupancy limits and… read more…
Real Estate Investing
New York Security Deposit Laws Landlords Need to Know
Navigating New York’s security deposit laws is crucial for landlords to ensure compliance and maintain positive tenant relationships. In New York, landlords are typically allowed to collect a security deposit equivalent to one month’s rent. This deposit must be returned within 14 days after the tenant vacates the property, provided there are no damages or… read more…
Real Estate Investing
How Much Can You Raise Rent in California?
In California, rent increases are governed by state laws designed to protect tenants while allowing landlords to adjust for inflation and market conditions. Under the California Tenant Protection Act of 2019, landlords can generally raise rent by up to 5% plus the local rate of inflation, but the total increase cannot exceed 10% in a… read more…
Social Security
Can You Collect Social Security While Still Working?
Many people approaching retirement wonder, can you collect Social Security while still working? The answer is yes, but it depends on factors such as your age and income. Working while receiving Social Security can affect the amount of your benefit, especially if you haven’t yet reached full retirement age. Understanding the rules around how your… read more…
Estate Planning
10 Steps for Effective Estate Planning
An effective estate plan involves taking several key steps. These can include drafting a will, setting up a trust and managing potential tax obligations. Each step will help you create a plan to manage and distribute your assets according to your preferences. Working with an estate planning professional, like an attorney or a financial advisor,… read more…
Advisor Basics
How to Evaluate Your Financial Advisor’s Performance
Evaluating your financial advisor’s performance involves looking beyond mere portfolio growth and delving into a variety of factors that reveal the advisor’s true effectiveness. When considering how to evaluate your financial advisor, review the quality of advice provided, the advisor’s alignment with your financial goals and the transparency and frequency of communication, among other factors.… read more…
How to Invest
10 Types of Antiques to Consider for an Investment
Investing in antiques can be a rewarding venture, both financially and aesthetically, offering unique opportunities for portfolio diversification and personal enjoyment. Selecting the best antique investments requires a keen eye for quality, historical significance and market demand. From timeless pieces of furniture to rare collectibles, understanding which types of antiques hold their value and appreciate… read more…
Real Estate Investing
Pros and Cons of Investing in Chicago Real Estate
Investing in real estate in Chicago can offer a unique blend of opportunities and challenges that appeal to a wide variety of investors. The city’s diverse neighborhoods, strong rental market and potential for property appreciation make it an attractive option for those looking to expand their portfolios. However, the real estate landscape in Chicago also… read more…
Trusts
Pros and Cons of a Family Trust
A family trust can provide a structured plan for distributing assets, avoiding probate and distributing timely inheritance for beneficiaries. It can also offer tax benefits by potentially lowering the estate’s tax burden. However, setting up a trust involves initial costs and ongoing administrative tasks. Here’s a breakdown of advantages and drawbacks to help you decide.… read more…
How to Invest
How to Invest in Collectibles
Investing in collectibles has become an increasingly popular strategy for diversifying portfolios and achieving substantial returns. From rare coins and vintage wines to classic cars and fine art, collectibles offer a unique blend of aesthetic pleasure and financial opportunity. Unlike traditional investments, collectibles can provide a tangible connection to history and culture. This can make… read more…
Real Estate Investing
7 Ways to Pay Less Rental Income Tax in California
California’s high tax rates can significantly impact your rental income, reducing the overall profitability of an investment property. If you’re a real estate investor wondering how to pay no taxes on rental income in California – or at least how to reduce your tax bill. With careful planning and a thorough understanding of the state’s… read more…
Retirement Planning
8 Retirement Savings Strategies for High-Income Earners
High-income earners can optimize their retirement savings by using strategies like maximizing contributions to retirement accounts, making backdoor Roth conversions and managing investments strategically. These approaches can provide tax advantages and help grow wealth to meet long-term financial goals. If you want to build your nest egg, a financial advisor could help you identify investment… read more…
401(k)
How to Use Your 401(k) to Invest in Real Estate
Most 401(k) plans invest in mutual funds, stocks, bonds, and other financial instruments, but you can also use these funds to invest in real estate. Real estate investing can diversify your retirement savings and potentially boost returns. To invest in real estate with a 401(k), you need to follow specific rules and choose the right… read more…
Financial Planning
5 Milestones to Help You Reach Financial Independence
Achieving financial independence can seem like a daunting task, but breaking it down into clear, attainable milestones can make the journey feel more manageable. Financial independence milestones act as guideposts, helping you measure progress and stay on course as you work toward greater financial freedom. From creating a solid emergency fund to diversifying your investments,… read more…
Advisor Basics
8 Signs It’s Time to Change Financial Advisors
Sometimes, the question is not can you change financial advisors, but rather, should you change financial advisors? Perhaps you have noticed a lack of communication or feel like your goals are not fully understood. Maybe there are red flags like high fees or ethical concerns. Whatever the reason, it could be time to reassess the… read more…
Retirement Planning
What Percentage of Income Should You Save for Retirement?
Saving for retirement is a major focus during your working years. You want to make sure you have enough money during your golden years, but also enjoy the present. Determining what percentage of your income to save for retirement can help you set some guardrails to accomplishing both. The general recommendation is to save about… read more…
Wills
8 Estate Planning Tips for Those Who Are Single
Estate planning for singles presents unique challenges and opportunities. Without a spouse or children to consider, single people have more flexibility in deciding how to distribute their assets and manage their healthcare decisions. However, this freedom also carries responsibility. Singles must designate beneficiaries, choose an executor and make critical end-of-life decisions. With these estate planning… read more…