John Duggan - Prudential Advisors

John Duggan - Prudential Advisors Hi, I’m John and welcome to my page. Hi, my name is John and I work as a Financial Advisor.

I'm a Financial Planner and my goal here is to share my insights so you can feel more confident and better about any future decisions you'll make regarding your finances. My main goal in my profession is to help my family, friends, and all those connected, in the world of finance. Whether it be through managing risk, seeking to increase wealth, or taking a full blown look at your financial situati

on. I want the people that I help to be confident when they think about their financial future. My Services Include:
- Investment Planning
- Preservation Planning
- Retirement Planning
- Tax Planning
- Estate Planning
- Investment Advisory
- Business Planning

12/17/2024

The other day, I was discussing long-term capital gains with a retired couple.

They were genuinely surprised when I told them they’d owe $0 in federal taxes on a portion of their long-term gains.

Here’s the scenario:

- This couple has an annual income of around $70,000.

- They own a capital asset valued at just over $100,000.

- They’re planning some home updates and renovations this year.

We brainstormed various options to fund their goal.

One possibility was selling a portion of their asset with the long-term gain.

Here’s where it got interesting—if they chose this route, they’d owe $0 in federal taxes on the sale.

How is that possible?

- Long-term capital gains have their own tax rates, separate from ordinary income.

- While they’re included in your taxable income, they’re taxed differently.

- If you’re married and file jointly, long-term capital gains are taxed at 0% until your total taxable income exceeds $94,050 in 2024.

For this couple:

- Their income is $70,000.

- If they realized a long-term capital gain, the first $24,050 of it would fall within the 0% tax bracket for federal taxes.

- Because long-term capital gains get added to taxable income, only gains exceeding $24,050 would bump them into a higher tax bracket.

This means they could sell part of their asset to fund their renovations without owing any additional federal taxes.

But, there’s always a catch…they live in New Jersey, where state taxes still apply.

This is an important factor to keep in mind when planning for long-term capital gains or any large financial decision.

Tax planning can feel complicated, but opportunities like this show how understanding the rules can work in your favor.

If you’re considering selling investments, funding a project, or just curious about how taxes might affect your decisions, let’s talk. Planning ahead can make all the difference!

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Disclosure: Actual investment results may be more or less than those shown. This does not represent any specific product [and/or service]. Cetera Advisor Networks LLC exclusively provides investment products and services through its representatives. Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice.

12/05/2024

Growing up, I was never really taught much about personal finance.

I didn’t learn about budgeting, saving, or investing until I got to college.

I didn’t get my first credit card until after college.

And I had no idea how impactful taxes were until I started my career as a financial advisor.

My parents were always supportive and helpful with the financial necessities I needed while growing up, which I will always be grateful for.

But looking back, I wish they’d educated me more.

I also wish they had let me take on a bit more financial responsibility.

It would have helped me realize the importance of good financial planning and its potential to shape my future.

Fast forward to today though, and I have learned more than I ever thought I would about personal finance, including areas on the business-side too.

I get to be the education I wish I’d had to my clients.

Whether it’s helping:

- Set realistic financial goals and build a plan to achieve them
- Track cash flow and establish a solid emergency fund
- Invest for retirement while protecting against financial uncertainty
- Understand tax strategies to minimize what you owe and keep more of what you earn

The list goes on.

It’s incredibly rewarding to take what I’ve learned and pass it on to people who may feel just as uncertain about personal finance as I once did.

Looking back, I realize how life-changing it can be to have someone guide you through your financial journey.

If you’ve ever felt overwhelmed or unsure about your finances, remember: you’re not alone, and it’s never too late to start planning for the future you deserve, and/or hope to have one day.

12/03/2024

The other day I delivered a financial plan to a couple in retirement.

One of them is concerned about running out of money while the other is unperturbed.

It’s quite the contrast.

They’re pretty low maintenance, so their living expenses don’t add up to much.

They are both receiving Social Security, have a pension plan, as well as a couple of annuities.

All in all, this couple has done quite well for themselves and during their working years.

They've saved well for their future, and have reached financial independence...

At least how I view it:

Passive income exceeds living expenses + a buffer.

Now, you may be wondering, this couple seems to be doing just fine.

How much can they really benefit from a financial plan?

Well...

Here are some expressions they gave me and how their tailored plan helped them:

- Clarity on Inflation: They now have real numbers for how inflation will affect their finances in the coming years and how their purchasing power can be preserved

- Built Confidence for Downturns: It showed them how their current lifestyle would likely remain intact even in really bad economic scenarios

- Clarified Tax Strategies: We explored how to minimize taxes over the long run by managing RMDs (Required Minimum Distributions) and withdrawals from accounts with different tax implications

- Enhanced Estate Planning: The plan showed how their assets would be transferred to their children

- Addressed Long-Term Care Needs: We evaluated potential healthcare and long-term care expenses and the impact they’d have in their plan

Building this plan certainly had a different style to it.

I’m usually putting plans together for clients who are a long way from retirement.

Not well into it.

But this plan made just as big of an impact for this couple.

Because it’s built for you—your situation, your goals, and your sense of comfort.

Financial planning isn’t just about preparing for retirement; it’s about helping ensuring confidence and control in every stage of life.

What say you? Are you on track to meet your goals, or just wondering how to make your money work harder for you?

Let’s connect! Even a quick conversation can help uncover opportunities.

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Disclosure: Cetera Advisor Networks LLC exclusively provides investment products and services through its representatives. Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice.

11/19/2024

Nobody plans to retire broke, but people do.

As a Financial Advisor, here are 5 steps I’m taking myself to help make sure that doesn’t happen:

1) DCA Investing

- Whether the markets are up, down, or neutral, I stick to a consistent investment strategy that focuses on time in the market and not timing the market

2) Income Protection

- Life is unpredictable, protecting my income with the right insurance carrier is a safety measure I'm taking to help make sure my financial future doesn’t get derailed

3) Investment Strategies

- Diversification and asset allocation are both very important in making sure my money grows
- Outpacing economic factors like taxes and inflation is vital for investing
- However, growth isn’t the only thing I, or you, should be concerned with as investments work on a risk/reward scale
- That is why I align my investment strategies with my goals

4) Goal Planning

- Clearly defining my goals whether it be saving for retirement or an upcoming home purchase, protecting myself/others from financial hardship, or launching my own firm, will help me stay focused and disciplined on achieving them

5) Financial Independence

- Building my passive income sources (real estate, dividend-paying stocks, annuities) so that eventually my passive income exceeds my expenses, and I have a buffer, is the ultimate goal I have for my financial future

What do you think about these 5 methods I have to a healthy retirement? What would you add?

Interested in learning more about how my team and I work as Financial Planners? Shoot me a message or leave a comment—I’d love to chat!

Disclosure: A diversified portfolio does not assure a profit or protect against loss in a declining market. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.

11/12/2024

Financial planning is simple for most.

But, just because it’s simple doesn’t mean it’s easy.

Life happens. Emergencies pop up. The markets fluctuate. Emotions can take over.

There are a lot of factors at play when it comes to a person’s financial planning (or lack of it).

Some common put offs I’ve seen include:

1) DELAYED GRATIFICATION
- The rewards of good, quality financial planning often aren’t reaped the day after, but years down the road
- This often leads to delays in planning because you don’t see results until later

2) INFORMATION OVERLOAD
-With the many different banks, rates / returns, investment companies / investments, insurance companies / products, etc. it can be overwhelming to decide which way to go

3) LACK OF TIME
-Financial planning usually falls down the to do list when things like work, family, and life are on the table and the goal is so far away

4) UNCLEAR GOALS
- Most people have a general idea of what they want their money to do
- But clearly defining their goals and developing a clear strategy to get there is a different story

Don’t let these factors be a barrier to your financial planning.

The earlier you start and put together a plan, whether it’s on your own, or with a financial planner.

The better off you’ll be in working towards accomplishing your goals.

Interested in learning more about how my team and I work as Financial Planners? Shoot me a message or leave a comment—I’d love to chat!

10/17/2024

I’m going to make a post that is a little unorthodox today.

It’s “National Get Smart About Credit Day”, but instead of telling you about ways to improve your credit score, I’m going to tell you how to tank it.

1) Payment History ⌚ - Never make on time payments. (A surefire way to hurt your score)

2) Amounts Owed 💵 - Carrying debt at or above 50% of your credit limit on credit cards. (The closer to your limit the bett-… worse)

3) Credit History 📆 - If you’re new to credit or haven’t had a long history of it, you could become an authorized user with someone else who has had credit for some time. (Being added on the account of someone with a poor score is a good way to drag your own!)

4) New Credit 💳 - Open a lot of new accounts all at once. (10 new credit accounts within a year should get you at least -50)

Knowing what hurts is just as useful as knowing what helps!

What do you think? Were these tips helpful? Any ways that you’d add for hurting your credit score?

If you like this post, feel free to follow me and click the 🔔 to get my next post.

10/10/2024

It is against the rules (IRS Rules) to contribute to a Roth IRA if you make more than $161,000 (Single).

However, that doesn’t mean its totally off limits.

Here’s how you get money into one in a strategy known as the backdoor Roth IRA:
1) Open Traditional IRA
2) Open Roth IRA
3) Contribute to Traditional IRA
4) Rollover money from Traditional IRA to Roth IRA

Note: If you already have an IRA opened and funded you should be aware of the pro-rata rule which will look at all your IRAs and the funds in them when making a conversion, even if you setup a totally separate IRA.

Also, don’t forget to report these rolled over funds on form 8606!

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Disclosure: Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal or earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59½ or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, nonqualified Roth IRA distributions may be subject to state taxes.

10/03/2024

According to the Bureau of Labor Statistics, half of small businesses (with 2-50 employees) don’t have a 401k.

This is crazy to me, especially because the cost of setting up a 401k nowadays is virtually nothing in the first 3 years for small business owners.

How so?

Startup tax credit.

A majority of small businesses qualify for them, but in case you are curious, here are the conditions:
- Your business had 100 or fewer employees who earned at least $5,000 from you in the previous year
- At least one plan participant is a non-highly compensated employee
- The business has not maintained another retirement plan for the same employees in the past 3 years

The startup tax credit is for up to $5,000 per year and can be claimed for the first 3 years of your business’ 401k ($15,000 credit maximum).

Whether you own your own business, are thinking of starting your own, or even work for another person’s, this can be very valuable to know.

Are you a small business owner? Were you aware of this tax credit?

Cetera Advisor Networks LLC exclusively provides investment products and services through its representatives. Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice.

10/01/2024

Basic Investment Advice – “Diversify your portfolio”

Levelled Up Investment Advice – “Diversify your accounts”

Commonly spread investment knowledge is to diversify your portfolio. It will help reduce risk while still allowing for good growth potential.

Don’t get me wrong, this basic advice is great advice.

Although, it often stops there.

Diversification can be taken further, and should be, if you want to grow your assets optimally.

A great way to further diversify is by different account types.

Essentially, there are 3 different types:
- Taxable (Brokerage, Savings Account…)
- Tax-deferred (401k, IRA, Annuities…)
- Tax-free (HSA, Roth IRA, Roth 401k…)

As you diversify among these accounts, you should try to position your assets accordingly so that the accounts and their features align with your goals.

This type of diversification needs to be spread more.

A diversified portfolio does not assure a profit or protect against loss in a declining market.

09/20/2024

We’ve all felt the effects of inflation over the recent years.

It truly is like a silent tax.

Subtly, but surely, it erodes your purchasing power.

It can easily destroy the wealth created by families and individuals given time.

Invest in assets that fight against.

Don’t neglect planning for it.

It has a much bigger impact on your money than a lot of people realize.

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