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What Should You Do With Your 401(k) When You Change Jobs? May 4, 2022

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Reduce Your Credit Card Debt April 5, 2022

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4 Ways To Manage Your Money More Effectively March 2, 2022

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Be Aware of Online Dating Scams February 11, 2022

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Transitory Inflation? Not Anymore. February 2, 2022

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Be More Diligent Than Ever January 13, 2022

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Year-End Tax Planning Tips December 2, 2021

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Watch Out for Fraud This Holiday Season November 19, 2021

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60 Day Rollover Rule – What You Need to Know November 1, 2021

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Mixed Signals on Inflation September 29, 2021

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Featured

What Should You Do With Your 401(k) When You Change Jobs?

Your 401(k) Options *Using A 401(k) From A Previous Jab

Hi {Firstname},

If you are moving to a new job, don’t forget about your 401(k) with your former employer. It’s important to know your options and make the most advantageous decision for your circumstances. So, what exactly are your options, and what are the pros and cons of each?

Leave Your 401(k) With Your Previous Employer

When you leave an employer who provided a 401(k), one option is simply to leave your money where it is – in the existing 401(k) plan with your former employer. Your money will continue to grow tax-deferred, and you’ll have access to it when you retire at age 59 1⁄2 . However, you won’t be able to add funds to this account anymore, and if you have less than $5,000 in this account, your previous employer may choose to send you the money (or put it into an IRA).

Roll Over Your 401(k) to Your New Employer

You can roll your 401(k) over to your new employer’s plan if they offer one. Once you’re eligible (there might be a waiting period for joining your new employer’s plan), it’s simply a matter of filling out some paperwork to initiate the direct transfer. This option will not incur any penalties or taxes. Rolling over your 401(k) to your new job can also help you simplify your retirement savings plan.

Roll Over Your 401(k) Into an IRA

If your new employer does not offer a 401(k) or if you elect not to participate in the plan that they offer, you could open an IRA. You can still request a direct transfer in this instance. If you decide to use an indirect transfer, in which your previous employer sends your money in the form of a check to be deposited into your IRA, it’s important to note that this process is more complicated and can incur heavier taxes, decreasing the amount that makes it into your IRA.

Cash Out

Another option is to cash out your 401(k), but this is the most costly of the options, as you’ll owe income taxes on the full amount of the withdrawal from a traditional 401(k), and you’ll probably be subject to the early withdrawal penalty of 10%. While this might be an option if your need for cash is critical, it can significantly impact your long-term retirement savings.

If you’re experiencing a change in employment, schedule an appointment with the office. We’ll go over your options with you and help you find the most favorable course of action for your circumstances.

This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.

Before deciding whether to retain assets in a 401(k) or roll over to an IRA, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock. Please view the Investor Alerts section of FINRA website for additional information.

Cetera does not offer tax or legal advice.

Steve Lindquist

Steve Lindquist
[email protected]
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140 www.gbfinancial.org/


Securities and advisory services through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA, SIPC, a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity. CA Insurance License #0G30574

Investments are:

Not FDIC/NCUSIF Insured

  • No Bank/Credit Union Guarantee
  • May Lose Value
  • Not a deposit
  • Not insured by any federal government agency

Confidential: This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to whom this email is addressed. If you are not one of the named recipient(s) or otherwise have reason to believe that you have received this message in error, please notify the sender and delete this message immediately from your computer. Any other use, retention, dissemination, forward, printing, or copying of this message is strictly prohibited.

Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

Filed under   Financial Education
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Reduce Your Credit Card Debt

Credit card debt doesn’t have to keep you from fulfilling your financial goals.

Not all debt is bad. Mortgage and auto loans are often necessary, but credit card debt can be sneaky – it usually starts small and gradually increases. Over time, your card balance may feel overwhelming, like you’ll never be able to pay it off. Thankfully, there are strategies you can use to start reducing this debt that can threaten your long-term financial security.

Control your spending.

You can’t control the interest rates on your cards, but you can control how much you spend. Limiting overspending means making hard decisions. If you can’t pay cash or pay your credit card balance every month, you probably shouldn’t spend the money.

Pay off as much as you can.

If you already have significant balances on your cards, it’s important to pay more than the minimum monthly payments. You’ll shrink your total balance faster and pay less interest over time.

Set up automatic payments.

Missed credit card payments often come with late fees that only add to your debt. And worse than that, missed payments can cause a significant hit to your credit score. Set up automatic payments to get rid of human error and the potential for missed payments.

Snowball Method.

Using this debt reduction strategy, you’ll pay off your smallest debt first. Make minimum payments on all other forms of debt while paying as much as you can on your smallest balances. Once cleared, roll those payments into the next smallest debt, and continue snowballing until all your balances are paid.

Avalanche Method.

Target cards with high interest rates since they cost the most in monthly interest charges. Make minimum payments to all other debt except for cards with high interest rates. Pay as much as you can on those cards since their debt is the most financially crippling.

It typically takes far more time to pay off credit card debt than it does to accumulate it, and besides that, it’s generally less fun. Focus on implementing these strategies to start creating a more stable financial future. We’ll continue to work on strategies to create a financially secure future. As always, contact the office if you have any questions or would like to discuss further.

Steve Lindquist

Steve Lindquist

Steve Lindquist
[email protected]
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


Securities and advisory services through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA, SIPC, a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity. CA Insurance License #0G30574

Investments are:

Not FDIC/NCUSIF Insured

  • No Bank/Credit Union Guarantee
  • May Lose Value
  • Not a deposit
  • Not insured by any federal government agency

Confidential: This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to whom this email is addressed. If you are not one of the named recipient(s) or otherwise have reason to believe that you have received this message in error, please notify the sender and delete this message immediately from your computer. Any other use, retention, dissemination, forward, printing, or copying of this message is strictly prohibited.

Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

4 Ways To Manage Your Money More Effectively

Not having positive money management habits can have a severe impact not just on your current finances but also on your future finances. Creating and sticking to good habits can help you feel more in control and give you a sense of confidence about your finances.

To get a better idea of your current finances and take charge of your money, use these four practices in your daily life.

1. Set Financial Goals

In the future, you may want to buy a different house, send your kids to college and retire. Now is the time to think about your financial future. This is true of setting both short- and long-term goals. There will be steps along the way, but you have to know your destination before starting your journey. Consider what you want your financial future to look like and set goals accordingly.

2. Think Ahead in Your Spending Decisions

Even if you already have an optimized monthly budget, create a plan for your net income that you haven’t designated for a specific use. Some money should automatically go to your savings accounts, but even so, you may still have unaccounted funds. Before spending those extra dollars, think about any upcoming expenses in the next few months or years. Does your vehicle’s registration renew soon? Will you need a new roof in the next few years? Preparing for these events can take a load off and ease your mind.

3. Purchase With Cash

A good rule of thumb is to not use your credit card if you can’t afford to purchase with cash. Falling back on your credit card when you want to buy something you can’t afford creates negative habits that are difficult to break. Continuing to spend money you don’t have leads to paying more interest, higher monthly credit card payments and keeping you in debt. Managing your money well means getting out of debt, and falling back on your credit card does not help you succeed in that goal.

4. Start Saving Early

Starting to save early can be more financially efficient and put your spending priorities into better focus. Saving early applies to everything from short-term goals like purchasing a vehicle to long-term goals like retirement. The earlier you start saving, the easier it is. It’s much easier to save for retirement over 30 years rather than 10. Identify your financial goals and start saving for them as early as possible.

Make these strategies your newest habits, and start on your way to a more effective money management journey. Contact the office and discuss how these healthy habits could make an impact on your financial plans.

This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.

Steve Lindquist

Steve Lindquist

Steve Lindquist
[email protected]
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


Securities and advisory services through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA, SIPC, a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity. CA Insurance License #0G30574

Investments are:

Not FDIC/NCUSIF Insured

  • No Bank/Credit Union Guarantee
  • May Lose Value
  • Not a deposit
  • Not insured by any federal government agency

Confidential: This email and any files transmitted with it are confidential and are intended solely for the use of the individual or entity to whom this email is addressed. If you are not one of the named recipient(s) or otherwise have reason to believe that you have received this message in error, please notify the sender and delete this message immediately from your computer. Any other use, retention, dissemination, forward, printing, or copying of this message is strictly prohibited.

Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

Filed under   Financial Education
Comments Off on 4 Ways To Manage Your Money More Effectively

Be Aware of Online Dating Scams

During the COVID-19 pandemic, many people are trying online dating for the first time. Unfortunately, scammers are looking to take advantage of that.

Especially during Valentine’s Day and the season of love, singles looking to make that special love connection via an online dating app need to be particularly aware of online romance scams.

MatchGroup, which owns some of the most popular dating brands such as Tinder, Hinge and OkCupid, has recorded an increase in users throughout the pandemic. As the use of these online platforms has increased, so has the number of reported romance scams. The number of losses from the scams has likewise steadily increased as well.

Romance scammers start by using someone else’s identity to create fake profiles. They can send you positive messages to make a special connection, say all the right things and gain your trust. They might claim to be a doctor, a service member or an oil rig worker living overseas.

They want to make future plans with you. But then, something comes up, and they ask you for money to help them out. This nearly always means asking you to buy gift cards (and give them the PIN, so they get the cash) or wiring them money.

Romance scams on the rise

The Federal Trade Commission has reported the number of romance scams have nearly tripled in the last five years. Even more, the total amount of money people reported losing in 2019 is six times higher than it was five years ago – from $33 million lost to romance scammers in 2015 to $201 in 2019. People reported losing more money to romance scams in the past two years than to any other fraud reported to the FTC.

What can you do to help protect yourself?

If you are looking for romance online, here’s how you can help protect yourself:

  • Never send money or personal information to someone you’ve never met in person.
  • Ask specific questions about details given in online dating profiles.
  • Use a reverse image lookup to confirm the picture is real.
  • Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to communicate directly.
  • Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to understand better and target you.

Being a victim of an online romance scam can put your personal details at risk. During this time of cybercrime growth, credit and identity monitoring can help scan for signs of potential fraud.

 

Provided by: IdentityIQ

1 Source: AARP
2 Source: Identity Theft Resource Center
3 Source: TechRepublic
4 $1,000,000 ID Theft Coverage – provides up to $1,000,000 in coverage for: funds stolen by unauthorized electronic funds transfer from an account in your name, legal fees, miscellaneous expenses, and up to $1,500 per week (five weeks maximum) for wages lost while resolving a stolen identity event. Family members means the enrollee’s children under the age of twenty-four (24) who permanently live in the same residence as the enrollee at the time of the stolen identity event. Underwritten by AIG.

Transitory Inflation? Not Anymore.

If you weren’t paying close attention, you might have missed it. 

Fed Chair Jerome Powell dropped the word “transitory” when describing inflation during his recent testimony to Congress.1 

Powell had told the story of transitory inflation for the past several months while the Consumer Price Index showed eye-popping, year-over-year gains of 5% to 6%.2 

But now it appears that the Fed Chair has changed his tune. 

Powell said that rising energy prices, higher rents, and strong wage gains could keep inflation elevated, though he maintained that inflation would decline sometime in 2022.3 

So does that mean it’s time for investors to prepare their portfolios? 

Inflation and interest rates are only two factors in an overall investment strategy. And at this point, the Fed has only provided a rough timeline about when to consider raising short-term rates.4 

As hard as it can be, sometimes wait-and-see is the best approach. Recent market volatility has been making headlines, which can be unnerving. If you find yourself second-guessing your overall approach, give us a call. We’d welcome the chance to hear your thoughts. 

Steve Lindquist

Steve Lindquist

Steve Lindquist
[email protected]
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


  1. Reuters.com, November 20, 2021 
  2. BLS.gov, November 10, 2021 
  3. WSJ.com, November 30, 2021 
  4. CNBC.com, November 10, 2021 

The forecasts or forward-looking statements about the 2022 interest rates are based on assumptions, subject to revision without notice, and may not materialize. 

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

 

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