Life Stages Planning

Your Parenthood Financial Checklist

Adding a child to your family is arguably one of the most momentous milestones in life. After months of preparation, a little one arrives and stirs up overwhelming emotions and a great sense of responsibility. But even if you had everything organized and prepared to bring your baby into your life and your home, there are some practical steps that you need to take now that your family has grown. From hospital bills to education, a child can cost half a million dollars, so your financial strategy needs to change to keep up!

Ask An Advisor Series - Housing

Ask An Advisor Series - Housing

Given what's at stake with buying and selling a house, today's Q&A article is certainly worth the read. Here is a quick preview of the topics that we will be diving into:

  • Are we in a housing bubble?

  • Why are home prices soaring?

  • When is it better to choose a higher interest mortgage with no PMI versus a lower interest rate mortgage that includes PMI?

  • What are the tax consequences of selling a primary residence at a gain?

Ask An Advisor Series - Retirement and Investments

Ask An Advisor Series - Retirement and Investments

Should I rollover my 403(b) into a 401(k) or IRA? How can I buy oil as an investment? Which is the most tax-friendly account to distribute from? Should I use lifecycle funds or choose my own investments within my company's retirement plan? I recently inherited some annuities, is there a way to put a "floor under the market" to protect against a downturn in the stock market? 

Caution, Detour Ahead: My Journey to Starting a Fee-only Financial Planning Firm

Caution, Detour Ahead: My Journey to Starting a Fee-only Financial Planning Firm

My grandma, Marybeth Mellen, passed away the same year I started my company. She was the last of my living grandparents. Actually, my grandma and grandpa helped pay for my college education. The fact I was planning to incorporate student loan planning into my business inspired me to name my firm after them and honor their legacy. Somehow through all the chaos in my life, everything began to converge in a way that I knew I had something. On October 17, 2016, Mellen Money Management was born.

One-step Back, Two-steps Forward: My Journey to Starting a Fee-only Financial Planning Firm

One-step Back, Two-steps Forward: My Journey to Starting a Fee-only Financial Planning Firm

So what variables actually played a role in my decision to leave a great income, a highly successful team, and say goodbye to the best boss I ever had? In the end, too many aspects related to my job were totally outside my control and eventually my boss'.  So when no improvements seemed imminent, I decided it was time for a change. Quite frankly, I felt like I needed something fresh in order for my career to continue growing. 

A ROTH IRA SAVINGS STRATEGY FOR HIGH-INCOME INVESTORS

A ROTH IRA SAVINGS STRATEGY FOR HIGH-INCOME INVESTORS

Raise your hand if you like paying more in taxes than you need to?  Yeah, I didn’t think so… If your answer is like most Americans and you make a sizable income, then a backdoor Roth IRA is a strategy you may want to consider. However, before explaining how to unlock this financial planning tool to your advantage, it is important to know the following Roth IRA phaseout limits set forth by the IRS...

The Adventure Begins: My Journey to Starting a Fee-only Financial Planning Firm

The Adventure Begins: My Journey to Starting a Fee-only Financial Planning Firm

A once stereotypical Millennial, I spent a good part of my 20s wrestling between "adulting" and seeking a good time. In other words, I really wanted to be an adult. Yet I felt like an imposter because I had other priorities. Pre-wife, I was perfectly content going out with the guys and getting into a bunch of nonsense. Responsibilities? Sure, when the mood struck me. I did buy my first home at the age of 25. So a part of me was trying, but honestly, beer-thirty was high on my list of to-dos every weekend.

A Road Less Traveled: My Journey to Starting a Fee-only Financial Planning Firm

A Road Less Traveled: My Journey to Starting a Fee-only Financial Planning Firm

Welcome to my first ever blog post. Given the amount of content, I am breaking up my first topic into a 4-part series called, My Journey to Starting a Fee-only Financial Planning Firm, which focuses on how my career path brought me to start my own firm. Part I, A Road Less Traveled, tells more about why I started a fee-only firm, while the other sequels provide a deeper look into the 3 places I worked prior to Mellen Money Management and how those experiences shaped my company's mission.  The purpose of this series is to give entrepreneurs a peek into how an idea can turn into a profitable company.