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Taxes Are the Golf Balls of Personal Finance

For the professional golfer, hitting your ball into the water has its price: It can be embarrassing. The internet is littered with stories and images of PGA Tour players dropping their trousers to take swings at errant, but playable, shots that have landed in hazard areas. It can cost you a tournament. Greg Norman, the

How To Get Your Children To Own Their Financial Future

I am often asked how to raise a financially literate child. It seems easy enough, right? We help them with some terminology, coach them to have financial discipline and teach them about the stock market. With a combination of an allowance and a lecture about frugality we send them on their way into life on the path to financial freedom. But like so many other aspects of raising a high functioning human, we learn that it does not work like we thought.

How Parsec Monitors Investment Securities

Parsec invests in a variety of securities for its clients. These may include mutual funds, exchange traded funds (“ETFs”), and individual stocks, among others. All of these investments can and do experience significant price pullbacks from time to time. While Parsec’s research committee focuses on investments it can hold for the long-term and performs significant due diligence before adding any new positions, price declines still happen. In this article we will discuss how we monitor investment securities and our process when a stock or fund does not perform as expected.

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Swinging and Investing Despite Overconfidence Bias

If you’re a bogey golfer, you’ve probably had your share of three putts (and sometimes four), but I’m willing to bet you haven’t experienced anything like what happened to Dustin Johnson at the 2015 U.S. Open.

What Are RMDs and QCDs?

I joined Parsec last November, and one of the big workstreams underway was Parsec advisors working with their clients on their required minimum distributions (RMDs) since the CARES Act waived 2020 RMDs for all IRAs (including inherited IRAs) and tax deferred accounts (SEP IRAs, SIMPLE IRAs, 401k, 403b and Government 457b plans). Should clients defer

Know Thyself – Are You a Trader or an Investor?

I heard about a study that found people were more likely to vote if you ask them, “are you a voter?” as opposed to, “do you plan on voting?” The way you view yourself matters. If you identify as a voter, then you are more likely to go to the polls or send in your ballot at election time. It’s the same with fitness – if you identify as a runner, you are more likely to run consistently, because it’s not just something you do, it’s who you are.

Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

The maximum individual retirement account contribution for 2021 is $6,000 ($7,000 if aged 50 and over). The question of choosing between a Traditional IRA and Roth IRA largely comes down to when it’s most opportunistic for you to pay taxes. A Traditional IRA is a great option if you’re in your mid-to-late career and in

When Should You Take Social Security?

The ages between 62 and 70 are a critical time for determining how and when to take Social Security benefits. There are many options when it comes to this program, and which option is best for you will depend on your specific situation.

To Everything There Is a Season — Is Downsizing on Your Horizon?

“To everything (turn, turn, turn) There is a season (turn, turn, turn) And a time to every purpose, under heaven A time to build up, a time to break down A time to dance, a time to mourn A time to cast away stones, a time to gather stones together” “Turn! Turn! Turn!” written by

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