SK Wealth Management, LLC

At SK Wealth, we strive to help our clients live with intention tomorrow and today through thoughtful financial planning and investment management. In this episode of our podcast, Jason and Mac talk about how you can use your investments to make a difference in the world. BONUS: Check the comments for links to Jason and Mackenzie's podcast on non-traditional ways to give back to the causes close to you.

Just like everything else, it’s important to find a good balance in your financial life. Mac is really great at helping you find that balance with your retirement and investment funds so you’re not just saving for the future, but saving on your tax bill as well. Mackenzie Richards, CFP®, CPWA®

So you want to want to incorporate more intentional charitable giving into your financial plan but aren't sure where to start. Let's simplify: ♥️ Step One: Ask yourself what causes grab your heart, then follow that thread. 💸 Step Two: Look for organizations that are transparent about their spending and are efficient with the support they receive. 🔎 Pro Tip: For peace of mind when deciding which charities to support, utilize resources like CharityWatch.org, and consider talking to your financial advisor. 👀 Charity Watch Resources for Donors: https://lnkd.in/g2b622D

Your well-deserved end-of-year bonus just dropped, and we know – you're excited! Before you book that dream vacation, take a breath, and check out Mac's good advice on the blog. He can help you find the sweet spot between treating yourself today and making sure your finances are secure for future you. 👀 https://lnkd.in/ggPKndtv Mackenzie Richards, CFP®, CPWA® #FinancialWellness #BonusSpending #FinancialPlanning #DebtReduction

Giving to charities and nonprofits feels good, and with the right philanthropic strategy, you can do good by boosting the impact of your donations to create a legacy of giving that benefits both you and the causes that matter to you. Good #PhilanthropicPlanning allows you to: ♥️ Define your charitable goals ♥️ Select causes meaningful to you ♥️ Reduce your taxable income ♥️ Leave a lasting impact on the world for the better For steps, strategies, and tax considerations for impactful charitable giving, check out Jason's article: https://lnkd.in/diaRXspA

So why is it important to have a basic understanding of tax laws related to charitable donations? Doesn't my accountant take care of this for me? Yes, your accountant will handle the preparation of your return and take into account certain deductions. But as you embark on a new year, it's beneficial to strategize your donations by understanding which are tax deductible, to what extent they're deductible, and how to properly document them. Within the broader context, charitable planning can be a key piece of your financial plan. Perhaps you’re committed to a charity close to your heart, maybe you just want to be more charitable, but you're unsure about your own finances and don't want to jeopardize your financial future. Either way, looking at charitable giving through a financial planning and tax management lens is going to help your dollars go further in supporting the causes that you really care about. Learn more here: https://lnkd.in/dVgWDfBh

How much do you trust the charities you donate to? Are they transparent about what they do with your contributions? You can check curated lists like this one from Charity Navigator to find out how your favorite charities rank. https://lnkd.in/d2GmuSJM

A Singles' Guide to Financial Stability CREATE A COMPREHENSIVE FINANCIAL PLAN AND BUDGET ➢ Develop a detailed plan that outlines your income, expenses, assets, and debts. ➢ Budget out how much money you need to cover your expenses in the short- and medium-terms. ➢ Consider the unexpected. BUILD AN EMERGENCY FUND ➢ Set aside enough money to cover 3-6 months of essential living expenses. ➢ Keep tyour cash in a readily accessible account, like a high-yield savings account. INCREASE FINANCIAL LITERACY ➢ Educate yourself on key financial topics such as investments, tax planning, and estate planning. REVIEW AND UPDATE ALL BENEFICIARY INFORMATION ➢ Update the beneficiary information on your retirement accounts, life insurance policies, and other financial assets. RE-EVALUATE LONG-TERM CARE AND DISABILITY INSURANCE ➢ Assess your need for long-term care and disability insurance in case of future health-related financial burdens. ➢ Compare policies and choose coverage that fits your current situation and potential needs down the road. MAXIMIZE RETIREMENT SAVINGS CONTRIBUTIONS ➢ Contribute diligently to your retirement accounts. ➢ Take advantage of employer matching programs and tax-advantaged retirement plans. DEVELOP A SUPPORT NETWORK ➢ A strong personal support network of friends and family will help you navigate emotional and practical challenges. ➢ Build relationships with trusted financial advisors, accountants, and estate planning attorneys who can coordinate on your behalf. Find more tips here: https://lnkd.in/d93cAqeH

Extra cash is exciting! And with so many ways to prudently approach a windfall, you may be feeling some bubbling uncertainty. Save? Invest or pay off debt? Spend?? 😵💫 Avoiding emotional decisions, understanding your overall goals and current financial situation can help you find the middle ground between treating yourself and keeping your finances in good shape. If you're wanting to loosen up in the new year by giving yourself permission to spend a bit more, we recommend Bill Perkins’ book, Die with Zero: Getting All You Can From Your Money and Your Life. 📖 https://a.co/d/0Clqzqu #BonusSpending #MoneyMatters #PersonalInvesting #FinancialPlanningRI

🙋As part of my compensation package, I have a lot of company stock and want to diversify, but I'm nervous about the tax implications. How can I create a more diversified portfolio and be smart about tax liability, too? 🔹Utilize a donor-advised fund to offset gains with charitable deductions. 🔹Sell portions of your stock strategically over several tax years. 🔹Incorporate stock into your estate planning through gifting. 🔹Consider exercising stock options or RSUs in stages. Check out this weeks's article and podcast episode about Tax-Efficient Investing here: https://lnkd.in/dea7auWE