Next Step Wealth Management

Are you a gig worker?
Whether driving, freelancing, or providing services, you need to stay informed about your tax responsibilities. Unlike traditional employees, gig workers typically don’t have taxes automatically withheld from their income, making quarterly estimated tax payments essential. Another option, if you have another job as an employee, is to submit a new W-4 and have your employer withhold more from your paycheck to account for your gig work.

Ensure you track all income and expenses throughout the year, as deductions like mileage, equipment, and home office expenses can significantly reduce your taxable income. Consider working with a tax professional to navigate complexities and avoid potential penalties. Proper planning can help you meet your tax obligations while maximizing your earnings.


*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Just got married or planning to soon? If so, congratulations!
If you're changing your last name, make sure to update it with Social Security, your bank, and any investment or insurance companies where you have accounts and policies. Keeping everything updated will prevent any future confusion and potential headaches down the road.

🐾 Happy National Dog Day! 🐾

Today, we're celebrating the furry friends who bring so much joy and love to our lives. Meet the dogs behind our team—a delightful bunch of tail-wagging, treat-loving, four-legged companions who add that extra spark of happiness to our daily grind and remind us of the simple joys in life.

Have you heard about Medicare’s popular program SilverSneakers? The program is nationwide and offers, at no additional cost to those 65+ on eligible Medicare plans, free gym membership (on-site and online) and health education. It’s never too late to start living a longer, healthier life!
https://silversneakers.com/

Is it possible to avoid a loss entirely? Not quite, but you can certainly take steps to manage your risk. It's important to understand your risk tolerance and align your investments with your comfort level.

Risk Perspective Is it possible to avoid loss? Not entirely, but you can attempt to manage risk.

Is it time to find a new path for your life?

The Divorce process can be complex and emotionally challenging, but having the right information and guidance can help you to make informed decisions for yourself and your family.

Join local professionals this Saturday from 9-11:00 am to get information and have your questions answered. This workshop is designed to help both women and men take the next step, no matter where you are in the process. Let us help you move forward.

For those who are not local, a zoom link is available.

Free Divorce Information Seminar- In person w/ Local Subject Matter Experts Considering Divorce? If you are in Sacramento, Placer or El Dorado County areas, please join our 3rd Saturday Divorce Information Seminar.

Behavioral bias can significantly impact our financial decisions and lead us astray. Recognizing these biases is the first step to making smarter financial choices. Stay aware, challenge your assumptions, and always seek diverse perspectives.

Have you ever thought about how to make a difference with your investments?

Philanthropy and impact investing both aim to shape a better future, but they do so in different ways. Which approach aligns with your goals for creating change?

Impact Investing or Philanthropy This fun piece can help your clients explore the benefits of impact investing versus founding a philanthropy.

August is National Make A Will Month
Do you have a will? If so, when was the last time you reviewed and updated it1?

When Do You Need a Will? When do you need a will? The answer is easy: Right Now.

When was the last time you reviewed your monthly expenses?

Whether it's unused subscriptions, dining out, or impulse buys, small changes can add up. Reevaluate your spending and keep more money in your pocket!

The average American spends over $200 monthly on subscriptions, according to C&R Research. Many people underestimate the amount they spend by upwards of $100 per month. Over time that can definitely add up!

Do you know how much you spend on monthly subscription services?

Monthly Memberships A look as how autopay subscriptions can be a drain on your finances, especially when forgotten.

Do you have a living trust in place?

If not, it’s worth considering! Without one, your estate could get stuck in probate for an average of nine months, and the courts get involved in deciding who inherits your assets. But with a living trust, your estate avoids probate, giving you control and ensuring a smoother transition for your loved ones. It's a proactive way to manage your legacy according to your wishes.

Take control of your estate planning and make things easier for your loved ones. Setting up a living trust can make a world of difference!

Whether you are already retired or just starting to prepare, take a look at your home. Could rightsizing be the right decision for you?

Rightsizing for Retirement What does your home really cost?

Happy Gorgeous Grandma Day from me to all the fabulous grandmas out there!

These crazy boys may be the reason for most of my laugh lines (and maybe a few gray hairs!), but they bring so much joy to my life!

Being a grandma is so rewarding - messy hugs, endless questions, and all! Here's to making memories that will last a lifetime!

Have you ever felt confident about a stock, only to find later there were warning signs you missed? You may have fallen victim to confirmation bias, where our brains focus on information that confirms our existing beliefs and glosses over stuff that contradicts them.

When it comes to investing, a healthy dose of skepticism can be your best friend. Challenge your own thinking, diversify your information sources (beyond those you regularly follow), and don't be afraid to ask questions. The more well-rounded your view, the better equipped you are to make informed investment decisions.

Ben Franklin used compound interest to make big contributions to his two favorite cities.

The Power of Compound Interest Learn how to harness the power of compound interest for your investments.

Can you believe we are half way through the year already? Now might be a good time to check in on your finances and review your budget. Some questions to ask yourself:

Have your spending habits changed?
Are there areas that have been hit harder than expected by inflation?
Did you have to dip into your emergency fund?
Did you start a new job, retire, or re-enter the workforce?
Has your family grown or was a family member hospitalized?

Many of life’s events can have an effect on your finances and sometimes they can get overlooked. Don’t be caught unaware! Consider giving us a call today to chat about the changes in your life and how they might impact your financial goals.

Many people consider paying off their mortgage in retirement an easy choice. But have you considered some of these often overlooked points?

Mortgages in Retirement Explore the benefits and drawbacks to paying off your mortgage prior to retirement with this article.

Happy 4th of July!
As we celebrate our nation's independence, let's also remember the importance of financial freedom. Take a moment today to reflect on your financial goals and the steps you're taking to achieve them.

We're chatting about financial independence on the blog today...
https://www.nextstep4you.com/blog

The 4th of July is right around the corner... what will you be grilling?

It's important to have coverage that's designed to fit your personal needs. Be sure you understand the terms of your policies and review them regularly to make sure they still give you the protection your family needs.

If we can be of any assistance regarding term life insurance, please reach out. We'd be happy to answer any questions and discuss your needs.

Open communication about finances is important in a relationship. Talking about financial goals, spending habits, and debt can be uncomfortable, but it's essential for building a strong foundation together. Why not put a financial planning date on the calendar soon?

Do you find yourself focusing on what's happening right now and forgetting the bigger picture? Things can change quickly and so will the day's headline. When it comes to investing, keep your focus on long-term goals, not just the latest trends.

Sending best wishes to fathers, grandfathers & father figures everywhere.

The frequency of scams targeting U.S. seniors continues to increase. Last year, according to a new FBI report, a staggering $3.4 billion in losses were reported, with nearly 6000 individuals over the age of 60 losing more than $100,000. The most costly of these scams? Investment schemes enticing victims to transfer money to fraudulent financial institutions.

So, remember... Stay cautious of unexpected contact from financial institutions or unknown parties. If an offer seems too good to be true, it likely is! Educate yourself and your loved ones about common scams. If you suspect any suspicious activity, report it to law enforcement right away!

Source:

Criminal schemes targeting U.S. seniors account for $3.4 billion in reported losses, FBI says Reports of elder fraud crimes increased by 14% in 2023, according to a new federal report.

Whether it’s budgeting, investing, or planning for retirement, every action counts towards building a secure future for you and your loved ones.