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October 2021 Financial Planning & Investment Newsletter

by Financial Design Studio, Inc. / November 2, 2021

In This Issue: Financial Planning & Investing Newsletter October 2021

Each month we cover Financial Planning & Investing topics that apply to you.  We cover a variety of topics to point out timely information that applies to you.  See what’s in our Financial Planning & Investing Newsletter October edition!

Investing:

Giving Back: A Better Life for Kids

The next few months we are sharing about organizations in our life that we are personally involved with.  You might be surprised how often we hear from people looking for a great organization to give to.  Or maybe you’ll enjoy learning something new about us by reading how we spend some of our time outside the office.

An organization I personally love and spend time helping is A Better Life for Kids (ABLFK)!  ABLFK is a local not for profit organization that serves children with extraordinarily difficult circumstances in Ghana, Africa. 

Read the rest of the article here.

Estate Planning Documents: What are they?

Do not hesitate to have your estate plan created!  Your family is depending on it.  Even a single individual or married couple with no children or assets should have an estate plan. They can choose who will make their healthcare and financial decisions.

Will:  A legal document that allows your assets to seamlessly be transferred to those people or organizations that you have selected.  You also should name a guardian for the care of any minor children.  This document allows for the management of your affairs while you are no longer living.

You avoid the probate process by having a will created, signed and in place to facilitate the necessary transfer of assets.  The probate process is costly since it involves getting supervision from the court to gather your assets, pay debts and taxes, and then distribute the remaining assets to beneficiaries

Read the full article here!

3 Major Changes to Public Service Loan Forgiveness (PSLF) Program for Student Loan Borrowers

On October 6, 2021, the Department of Education announced 3 major changes to the Public Service Loan Forgiveness (PSLF) program that make it a lot easier to get student loans forgiven. While this doesn’t help all borrowers struggling with student loan debt, these changes will help those that work in nonprofit industries, such as teachers and certain medical professionals. In this post we’ll look at what changed and how these changes may help you.

Check out this video here!

Be Proactive: Tax analysis

One question we hear a lot from those who are self-employed and doing some type of payroll is: “How do I balance my taxes and save for the future?” For this let’s discuss your tax analysis…

Let’s go through an example so I can show you some of the mechanics of how a tax analysis works.

If you pay yourself $1,000, you will receive a net check of $923.50 after all mandatory taxes have been taken out such as Social Security (6.2%) and Medicare (1.45%).  This means that if you want to save for the future, reduce your taxable wages or make payments towards your tax bill, you have $923.50 left to allocate.

Keep reading here for more details…

Financial Planning & Investing Newsletter October

Financial Planning & Investing, Fee-only financial advisor, chicago, barrington

If you’d like to catch up on last month’s September 2021 Newsletter you can grab that at this link!

Ready to find out more?

Contact us today for a free 30-minute consultation!

Recommended Reading

November 2021 Financial Planning & Investment Newsletter

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September 2021 Financial Planning & Investment Newsletter

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Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.