Friday, August 19, 2016

7 Ways To Avoid A Financial Nightmare During Divorce

A divorce is a difficult time emotionally and financially. Many decisions will need to be made during this process that can affect your financial stability in the future. It can be a challenge to make major decisions when you are distracted by your emotions. Consulting a financial advisor can be beneficial when it comes to making decisions about your finances during a divorce. The financial experts in St Louis are here to help you know the options you have when it comes to making decisions about your financial situation. Bogetto & Associates has provided some helpful tips of what to avoid when making major financial decisions during a life changing event, like divorce.


1. Underestimating your Expenses


Income may be effected during a divorce, be sure to establish a new budget to help keep within your means. Many people want to maintain their current quality of life after divorce, be sure to estimate for future expenses when creating your new, personalized budget.

2. Assuming Equal Division is Fair


During a divorce, many couples split the property based on value. Keep in mind that current valuation may not pertain to the future. A rental property can actually bring in more money than it is valued, consider the future value of all assets as they are being divided.

3. Making All Financial Decisions at Once


Financial decisions should not be made in an emotional state of mind. Try to take your time and consult a professional when making major financial decisions.  After your divorce is finalized, try to avoid making additional decisions based on finances for a while.

4. Misunderstanding Debt Liability


Typically, couples divide debts that were incurred together for each individual to pay off. The creditors do not care what your divorce settlement has stated, if your name is still on the debt, they can come after both parties for payment. A tip to avoid this situation is to pay off all joint debts incurred during the marriage before the divorce is finalized.

5. Thinking Parent with Custody Should Keep Home


When children are involved in a divorce, is often thought that the parent with full custody should keep the house. This is a nice thought to help keep a sense of normalcy for the kids, but this can create a financial strain for the one making the house payment alone.

6. Failing to Consider Long-Term Financial Security


Think about long-term financial situations that may arise due to your divorce. Whether it is child support, credit problems, or sending your kids to college one day, think about these factors when making decisions about your finances.

7. Forgetting to Update Beneficiaries


During a divorce, you should update your life insurance policy, estate plan, and any other accounts that may have your ex-spouse’s name on them. If something were to happen to you, the money would then go to the person who is listed as a beneficiary.


Many important decisions will need to be made during a divorce. Hiring a professional to advise you when making financial decisions during an emotional time can help ease your stress. The financial team at Bogetto & Associates can work with you to establish a financial plan and know what factors can help to avoid a financial nightmare during a divorce. Divorce is a major life change, both emotionally and financially, don’t let your financial stability go to the wayside during this difficult process.

Sources:
http://money.usnews.com/money/personal-finance/articles/2015/08/07/7-financial-steps-to-take-when-getting-a-divorce
http://www.divorcenet.com/states/arizona/sixteen_financial_mistakes#b

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Thursday, August 11, 2016

Smart Ways To Save For College

The average cost of tuition in the United States for a four-year university is $10,000 per year. This cost does not factor in room and board, campus activities, or other expenses that can arise for your student. Establishing and contributing to a college savings account for your children at a young age will help build wealth for their education over time. The financial experts in St. Louis have compiled a list of smart ways to save for your children’s college fund. We know that you may not be emotionally prepared for this major step in your kid’s future, but Bogetto & Associates wants to help you be financially prepared for your child to go to college.


Establish a 529 Savings Account


A 529 plan is an education savings plan operated by a state or educational institute established to help families set aside funds for college costs in the future. In most cases, your choice of school is not affected by the state in which you create and build the 529 savings plan. This type of savings plan works much like a 401(K) or IRA by investing your contributions over time into a mutual fund or similar investment. A 529 plan will offer several investment options to choose from to match your style of savings.

Create a Brokerage Account


A brokerage account is a taxable account you can open with a stock brokerage firm. The convenience factor of linking this account to your checking or savings account makes for an easy transfer of funds. You can use the money in the brokerage account to buy and sell many different types of investments; common stocks, bonds, mutual funds, and real estate investment trusts are just a few of the investment vehicles that can be utilized through a brokerage account. 

Consider Prepaid Tuition


A prepaid tuition allows funds to be contributed into an account set up based on today’s tuition rates. Locking in the current rate of higher education is a major benefit of this type of savings account for college. Tuition rates rise every year, if you are able to lock in rates for your child now, you have the opportunity to save big on their college expenses. This is a great way for parents and grandparents to add money over time into a child’s education fund.

Start a Roth IRA


A Roth IRA can be used as a savings tool for college education expenses. Some parents use this method as a combined college and retirement savings fund. Many times IRA withdraws are exempt from withdrawal penalties if the funds being taken out are specifically used for qualified educational expenses. Funds remaining in the Roth IRA after education expenses are paid can be left in the investment vehicle for retirement.


College is a major expense that many parents face. As a parent, you want to provide for your child and give them the best shot at a bright future. Preparing yourself financially for your child’s college education can help make this emotional time easier for a parent. The trusted financial advisor team in St. Louis is here to help you make the college saving process less stressful by providing different options to help save for your child’s education. 

Sources:
http://money.usnews.com/money/personal-finance/articles/2011/02/02/5-smart-ways-to-save-money-for-your-children
http://www.bankrate.com/finance/savings/3-ways-to-save-for-your-child-s-future-1.aspx
http://time.com/money/4196687/alternative-college-savings-529/

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St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Thursday, August 4, 2016

6 Money Goals to Help Build Your Future

 How do you work toward a better chance at a stable financial future? The financial advisor team in St. Louis knows that the future is unpredictable, so it is best to be financially prepared for events that may arise down the road. It may seem overwhelming now, but following these six goals that Bogetto & Associates has provided can help you feel more secure in your financial future. You never know what will happen in the future, but being financially prepared can help reduce stress and worry about it.


1. Create A Budget


Allocate your money into a set budget. This can help reduce on unnecessary expenses that you can in turn add to your investment and saving funds. Once you set a budget, try to stick to it. Budgeting is the first step when it comes to building wealth for your future.


2. Reduce Expenses


Through reduction of your expenses, you can have more money to save or invest to reach your future financial goals. Think about your monthly expenses versus what you actually use. Do you have a landline phone or a gym membership that goes unused each month? Cutting back on the amount you spend eating out can free up some money as well. These area easy ways to reduce on your monthly outgoing expenses.

3. Save For Emergency Fund


An emergency fund can help pay for unexpected expenses, like medical bills, employment changes, or vehicle repairs. It is recommended to have a fund stashed away to help you get by on six to twelve months of expenses.

4. Build Good Credit


Credit can impact everyone’s lives. Establishing and maintaining good credit can help you by securing better rates on loans and credit cards. This can also save you money in the long run by borrowing at a lower interest rate.


5. Add To Retirement Savings


Retirement is a time to enjoy friends and family, without the worry of work. You work hard your entire life for this freedom. With a retirement nest egg, it is important to contribute regularly to build up your fund over time. Saving for retirement can help ensure that you can enjoy it, when it comes time to retire.

6. Pay Off Debt


Relieving yourself of the weight of debt can help you reallocate that money to a savings or investment fund. It is suggested that you pay off your debt with the highest interest rate first, typically credit cards, and then move on to the next highest rate of debt you owe.

The only thing certain about the future, is that it is uncertain. You can help better prepare yourself for the unknown by financial planning. The financial advisors in St. Louis want to help you plan and prepare for your future financial situations. Setting goals is the first step in the process. The six goals provided are a great way to start financially preparing yourself for the unknown. We would be pleased to help you set and work toward achieving your unique financial goals.

Sources:
http://www.forbes.com/sites/financialfinesse/2014/02/27/7-steps-to-a-better-financial-future/#8de71d266770
http://stories.wellsfargobank.com/love-money-5-tips-help-build-future-together/
http://time.com/money/2793907/building-wealth-best-moves-if-youre-25-to-34/

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Friday, July 29, 2016

How Much Do I Need To Retire?

People work so hard throughout their life with retirement as their end goal. All age ranges often ask this important question, “How much do I need to retire?”  There is no clear, easy answer to this commonly asked question. Retirement savings is not a one-size-fits-all situation. Many variables effect how much you should invest and save. Your trusted financial advisor team in St. Louis is here to help you identify these variables to help better plan for your retirement down the road.


The amount you work toward setting aside for retirement should be based on your unique financial situation. When it comes down to it, the calculation is comprised of your age, spending habits, debts, and any potential income during retirement.

Age


Age is a major factor in the retirement planning process. Your current age and the age at which you plan to retire effects how you should start saving or investing. As a younger individual planning for retirement, you may not need to approach the situation quite as aggressively as others. You can spread out the amount you invest and save for retirement over several years leading up to retirement. A person who is closer to retirement age may want to buckle down and invest and save in methods to help build up their nest egg quickly.


Spending


Your spending habits are a significant factor in planning for retirement. If you plan to cut back on spending as you retire, not as much will be needed to set aside. Many retirees end up spending more in their retirement due to having more free time in which to spend money. Grandchildren are another big expense for retirement aged individuals. Take into account these extra expenses as you create a plan.

Debts


The amount of money you will need to live when you retire should have debts calculated into it. Many people work to pay off their major expense, their mortgage, before retirement. This can help reduce the amount you will need to set aside drastically. Other debt, like vehicle loans or credit cards should be factored in when planning for retirement.

Income

Additional income, whether it be 401K through your employer or rental properties you may own, should be determined to help calculate an accurate goal in which you wish to save. Many retirees work part time to bring in additional income as well.


The future is uncertain which can make planning for retirement difficult. Let the expert financial advisors help make the planning process easier. Bogetto & Associates can help create a custom retirement savings and investing plan to meet your individual wants and needs. For help calculating how much you should save for your retirement fund, contact Bogetto & Associates. We want you to be prepared and be able to enjoy your retirement in which you have worked so hard. 

Sources:
http://www.forbes.com/sites/robertberger/2015/05/20/how-much-do-you-really-need-to-retire/#46e7e0794939
http://www.cnbc.com/2015/09/21/how-much-do-you-really-need-for-retirement.html
http://money.cnn.com/calculator/retirement/retirement-need/

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Location: St. Louis, MO 63127, USA

Friday, July 22, 2016

9 Concrete Ideas to Save Money on Your Grocery Bills

Who doesn’t want to save money on their grocery bill? Saving on groceries can help you put more money towards your savings and investing plans.  We have talked about the importance of having a monthly budget in previous blogs, and our financial professionals want to offer some concrete ideas to help you save. Food is one of the largest regular expenses that we endure. The average family of four in America will spend about $700 per month on groceries. Finding ways to save on this expense will free up part of your income to help you save or invest for the future. The trusted financial advisor team in St. Louis offers you these 9 tips to help save when grocery shopping.


1. Shop All At Once


Making one trip to the store to get all of your food for the week can help you avoid extra purchases. Each time you enter the grocery store, you may be tempted to make an impulse purchase; cutting down the number trips into the store can help keep your impulses in check.

2. Use Up Food You Have At Home


About 25 percent of the food Americans buy gets thrown away because it is outdated or spoiled. Be creative in using the food you already have in your pantry or refrigerator at home, otherwise you are simply throwing your money away.

3. Take Inventory Before


A major mistake many shoppers make is to go to the grocery store without a list. Take an inventory of the current food you already have on hand so that you do not buy duplicate items. This can help reduce the amount of wasted food as well.


4. Plan Meals By Grocery Ads


Strategically plan your meals for the week in coordination with food that is on sale in the weekly grocery ads. Many grocery stores have apps where you can view current ads online as well as in the newspaper.

5. Try To Price Match


If you do a price comparison of different grocery stores, shop at the one that offers to price match their competitors. You can simply show the cashier a competitor’s price on a particular item at check out and they should change their price to match.

6. Participate In Loyalty Programs


Choose to shop at a grocery store that offers a loyalty program to save money. These programs usually offer special discounted prices for members. Some offer a discount on gasoline purchase as well. Loyalty programs can tempt you to purchase unnecessary items; the key to saving money is to stick to what you planned on purchasing when you walked into the store.   If you get extra discounts on top of that, great!

7. Eat Before Grocery Shopping


Making a trip to the grocery store on an empty stomach can be a bad idea. Food that you normally would not purchase will seem more appealing if you are hungry. Eating before or having a snack can help you avoid impulse purchases while shopping for food.

8. Avoid Pre-Portioned Packaging


Individual sizes of food packaging is typically more expensive. If you purchase fruits or vegetables, buy the fresh, full size options and cut it up yourself. The same cost saving approach goes for snack size fruit cups or chips. You are usually paying for the convenience factor when it comes to pre-portioned food.

9.
Stock Up When Price Is Down


If there is a food item that your household uses frequently, wait for it to go on sale and then stock up. This method is good especially with meat or frozen food that you can buy in bulk and freeze to help last longer.


Start Saving Now

Take some or all of these ideas on how to save at the grocery store and apply them to your shopping routine. When saving money on one budgeted item, like groceries, you can raise the budget for your investment or savings plans. Cutting down on your grocery bill can help open up opportunities to save more and invest for the future. Learn how to work towards achieving your financial goals by contacting Bogetto & Associates.


Sources:
http://time.com/money/3481381/save-on-groceries/
http://www.moneycrashers.com/ways-save-money-groceries/
http://www.huffingtonpost.com/2015/05/18/money-saving-tips_n_1537035.html

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Friday, July 15, 2016

History of the Dow Jones

Most Americans have heard of the Dow Jones Industrial Average (“The Dow Jones” or “The Dow”), but they may not understand why this average is so important in the world of finance. Basically, the Dow Jones Industrial Average is an indicator of the current economic state of the United States as it gauges the performance of the industrial sector. Understanding the Dow can help you in your financial planning decisions, and the expert financial planning team at Bogetto & Associates can help you with any questions you have on this important economic indicator.  Here is some background on the Dow Jones Industrial average and how it is calculated.


Creation of The Dow Jones

Created in 1896, the Dow Jones is named after its founders—Charles Dow and Edward Jones. As the Dow proceeded, many changes were made to its components and calculation methods. The first industries on the index were railroads, cotton, gas, sugar, tobacco, and oil. These are all industrial based companies, which was a big part of the economy at that time for the United States.

Here’s a list of the original Dow companies:


Calculating The Dow Index

A price-weighted index means higher priced stocks are weighted higher to keep the numbers in perspective. Originally the Dow was calculated by adding the price of all the stocks and then dividing by the number of companies that make up the index. This offers some perspective on the economy, but as the Dow Jones grew and progressed some changes were made. The owners decided they had to weigh out changes like mergers and stock splits, which is where the price-weighted system that is used today originated.

Changes To The Index

Only twelve companies were included in the original index; that number grew to thirty in 1928 and has remained since then. A big change occurred in 1932 when eight of the companies were replaced. At the same time, two companies were added who are still part of the Dow Jones today, Coca-Cola Company and Procter & Gamble Company. Four companies in both 1997 and 1999 were changed out. The 30 companies on this list have changed 51 times over the past 120 years.   Apple, Inc. replaced AT&T, Inc. on the index most recently in 2015. General Electric is the only original Dow Jones company in the index that is still in part of the list today.   A company is usually removed from the list if they go through financial trouble or when the economy as a whole shifts.

2016 Dow Jones Components
Apple                                                                          JPMorgan Chase
American Express                                                      McDonalds
Boeing                                                                        3M Company
Caterpillar                                                                   Merck
Cisco Systems                                                            Microsoft
Chevron                                                                      Nike
Coca-Cola                                                                  Pfizer
Dupont                                                                        Proctor & Gamble
ExxonMobil                                                                 The Travelers
General Electric                                                          UnitedHealth
Goldman Sachs                                                          United Technologies
Home Depot                                                               Visa
IBM                                                                             Verizon
Intel                                                                             Wal-Mart
Johnson & Johnson                                                    Walt Disney



The history of the Dow is a history of the US economy.  Having a basic understanding of the Dow Jones Industrial Average and other market averages can help you work toward achieving your financial goals.  Working with a financial advisor at Bogetto & Associates and the wealth of experience that we have can make a difference.  Let our knowledge of the markets help YOU work toward achieving your financial goals. 

Sources:
http://solutions.dowjones.com/history.asp?link=djc-topnav
http://www.cnbc.com/2014/07/02/history-of-dow-30.html
http://www.investopedia.com/terms/d/djia.asp

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Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Friday, July 8, 2016

Ways Women Can Work Towards Achieving THEIR financial goals!

If you are single or married, learning how to manage your financial future is important.  Many married women hand over financial responsibility to their spouse and then do not think about it again. If you are single, it is very important for women to think about their finances now and set themselves up for a more stable future. The team of financial advisors at Bogetto & Associates can help you learn how to work towards achieving your financial goals.  Married or not, women should be prepared to handle any financial obstacles that may arise down the road.  In addition, women may have a unique retirement planning needs. Often, they are caretakers to family members and women tend to live longer than their spouses, requiring careful retirement income planning to make their money last.  Here are 7 tips from the financial experts at Bogetto & Associates to help women plan wisely:


1. Knowledge is Power


It is not a good idea to invest money in a product or company that you do not understand. Do research on all avenues in which you wish to invest. Look at past performance, assets a company has, and research recent news about the company or product.   Find out as much as possible about the investments you plan to make.  A financial professional can help you with this!

2. Watch out for taxes and take advantage of employee matched funds


Investing pre-tax money is a good idea because every dollar that you invest in this type of product is not taxed as income. This can help you save money on income taxes now, but when you withdraw this money down the road you will be taxed. If your employer offers to match a percentage of your retirement investment, take advantage of it. In essence this is free money your employer is willing to put into your retirement account. 


3. Use The 15% Rule


Setting aside 15% (or more) of your income to invest monthly will help grow your wealth substantially. You can set up your bank account to automatically withdraw a set amount from your paycheck into your investment account. This is a good idea to get the funds transferred without emotionally having to part with the money each month.

4. Don’t Play it Too Safe


Many people are told to invest in safer options to lower the risk of losing money, but this can be detrimental to your investing plan. The bigger the risk, the bigger the reward is a popular saying. This is true, but it is a good idea to find a balance between risk and reward when investing.  It's often advisable to take more risk when you are young, and lower your risk as you approach retirement.

5. Know what Investment Fees that you are paying


There can be fees associated with investment. Research the investment routes you are selecting to know about these fees beforehand. Transaction fees, front end loads, and yearly fees are just a few of the fees you may encounter when investing.  When you use a financial advisor like Bogetto & Associates, we will let you know about any fees upfront!



6. Reduce your Debt


When debt is lowered, you will have more money available to invest. Paying off credit cards and making bigger payments toward your loans are great ways to start to reduce your debt.

7. Get Professional Help


When making investment decisions, hiring a financial professional is a good idea. Financial advisors are full of knowledge that can help you make investment decisions easier. This is their full time job, so they know the ins and outs of the investing world. This can help you save time when it comes to investing for your future. 

Contact Bogetto & Associates for help!


Women should control their investment and savings decisions for their financial future. If you are married, make sure you and your spouse are planning together. If you are a single woman, it's critical to start working towards achieving your financial goals now. If you are wanting to learn more about planning towards achieving YOUR financial goals, call your trusted investment professionals in St. Louis.

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.



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