Sharing the Wealth for 20 Years

Wealth Management1 is celebrating 20 years of leading our clients on the right path to financial success. To celebrate this milestone, we’re paying it forward with 20 life-changing organizations throughout 2019 while sharing our wealth of knowledge in the form of helpful tips and personalized guidance. 

Our experienced team of Financial Advisors, Trust Officers, and Private Bankers take a personalized approach to your finances to help you reach your goals. Whether you’re looking for an overall financial plan, need to save for retirement or protect your assets, our team can help.

Contact your local First Federal Wealth Management Professional, please select the city closest to you:

Benefits

A Team Dedicated to You

Our experienced team takes a personalized approach to lead you on the right path to reach your financial goals.

Celebrating 20 Years by Paying it Forward

We're performing 20 random acts of kindness as a thank you to our communities for their 20 years of loyalty.

Sharing our Wealth of Knowledge

We're sharing helpful tips on financial planning, retirement and estate planning, and asset protection.

Financial Tips

  • Link to video testimonial of Life Insurance

    1. Buy life insurance as soon as you're able to, while rates are conceivably at their lowest, and before a catastrophic event increases your rate or makes you uninsurable.

  • Link to video testimonial of Credit Card Debt

    2. Pay off high interest credit card debt. No investment manager can guarantee the returns that eliminating high interest debt will instantly save you.

  • Link to video testimonial of Will

    3. Get a will drafted. This is especially important after you have children, as deciding on a potential guardian for minors yourself is far more desirable than having a court do so when you're gone.  As life events occur or your situation changes, update the will.

  • Link to video testimonial of Buy/Lease Car

    4. Do the math when weighing the pros and cons of buying or leasing a vehicle. Consider financing options available, cost of service and maintenance, resale value, and how the term of ownership or lease might coincide with other vehicles in your family fleet.  

  • Link to video testimonial of 401k

    5. If your company offers a 401(k) retirement plan, strive to contribute enough to earn the company match.  This is "free money" as they say.

  • Link to video testimonial of Retirement

    6. Start saving early for retirement and take advantage of compound interest. A 25 year-old setting aside $6,100 annually for 40 years ($244,000), earning 6%, will accumulate $1,000,000 at age 65. A 45 year-old would need to set aside $26,000 annually ($520,000) for 20 years to reach the same milestone. 

  • Link to video testimonial of Budget

    7. Make some version of a budget that allows you to be disciplined.  There are countless versions available online, and your financial planner can assist as well. Speak with a Wealth Management professional for a personalized financial plan. 

  • Link to video testimonial of Long Term Care

    8. Consider purchasing Long Term Care insurance as you near retirement.  A financial advisor with expertise in this area can highlight how much certain types of care cost in your part of the country, and what the average length stay in a facility is for your demographic.

  • Link to video testimonial of IRA Spouse

    9. Consider opening and/or funding an IRA or Roth IRA for a non-working spouse.  As long as the working spouse has enough earned income to cover contributions to the account (and to his or her own IRA or Roth IRA), this is allowed.

  • Link to video testimonial of Password

    10. Think about sharing with a family member or close friend the place that you store the passwords for some of your digital assets, such as social media accounts and places where your downloaded media is stored.  You might also consider adding a clause about these items into your will or trust.

  • Link to video testimonial of W4

    11. Aim to get your allowances on your W-4 and tax withholdings correct through your employer's payroll. Withholding too little means you could end up owing a tax penalty to the IRS; withholding too much means you're giving the government an interest-free loan that could last for several months. Please consult a tax professional for guidance. 

  • Link to video testimonial of HSA

    12. Consider trying to max out your Health Savings Account (HSA).  Your contributions to the account will lower your taxable income, usually on a dollar-for-dollar basis, is fully-portable, isn't "use it or lose it," and will be tax-free on distribution as long as used for qualified medical expenses. Please consult a tax professional for guidance. 

  • Link to video testimonial of Roth IRA

    13. Consider opening a Roth IRA. Even though you won't receive a tax benefit when making your contribution, the growth and ultimate distribution of the assets in the account are tax-free.  This is especially attractive for those with a majority of their incomes in the 10% and 12% tax brackets. Please consult a tax professional for guidance. 

  • Link to video testimonial of Pay Yourself First

    14. Pay yourself first by setting up automatic transfers into savings, money market, IRA, brokerage accounts.

  • Link to video testimonial of Safe Deposit Box

    15. Don’t put original (or the only copies of) estate planning documents in your safe deposit box. Unless the box is titled correctly, court approval is required to access the box to obtain those documents after someone passes away.  Keep an inventory of your safe deposit box somewhere secure. Estate money gets wasted accessing empty boxes, and causes unnecessary delay in the administration. 

  • Link to video testimonial of Personal Statement

    16. Keep your own version of a personal financial statement and update it regular intervals. It can help you streamline your thinking across your various assets and liabilities, as well as provide an overall allocation if you have multiple types of assets.

  • Link to video testimonial of 529 Plan

    17. Consider a 529 plan to help fund education costs. With a 529 plan, the money grows tax-free and is spent tax-free for eligible expenses like tuition, books and fees, and may now be used for tuition at private schools for ages K-12.

  • Link to video testimonial of Uniform Transfers to Minors Act

    18. Uniform Transfers to Minors Act (UTMA) accounts are a good way to begin a savings plan for young children.  Many firms offer brokerage versions of UTMA accounts, where funds can be invested long-term for the child, but an adult is named as the custodian. Gifts to the account are irrevocable, meaning the funds will become property of the child upon age of termination, currently 21 in Ohio, and transactions in the account must be for the benefit of the child.

  • Link to video testimonial of Credit Reports

    19. Take advantage of free credit reports you can obtain from three major credit reporting agencies, including Equifax, Experian, and TransUnion.  One can be obtained for free from each agency once a year, so it might be advantageous to space out your requests.  Even though the free report won't include your credit score, it is an effective way to verify your information is correct and no fraudulent account have been opened in your name.

  • Link to video testimonial of Gifts

    20. A gift to a qualified charitable organization may entitle you to a charitable contribution deduction at tax time, but you must itemize your deductions. Gifts of appreciated stock held more than a year usually allows the donor to take a deduction for the full market value of the securities, effectively allowing the appreciation to escape income taxation.  Certain limits may apply, so discuss such a strategy with your tax advisor and wealth team.

Sharing the Wealth on Social Media

1Securities offered through Money Concepts Capital Corp. Member FINRA/SIPC. First Federal Wealth Management is an independent firm not affiliated with Money Concepts Capital Corp. Not FDIC Insured. Not a Deposit. May Lose Value. Not Guaranteed by the bank. Not Insured by Any Federal Government Agency. www.moneyconcepts.com