Create Wealth Financial Planning

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Create Wealth Financial Planning Schedule an intro call or learn more at the links in my bio. There are no minimum asset levels required to work with CWFP.

Jeff McDermott, CFP®, CSLP®

I am a fee-only fiduciary financial planner who helps mid-career professionals and business owners build a strong financial plan while balancing their busy lives. CWFP was created to meet the needs of individuals who are still creating their financial plan and accumulating towards their goals. We always start by clarifying with you the elements of your ideal life. What are the things you and your family want to accomplish in the next 1, 3, 5, 10+ years? Then we create a plan that helps you align every dollar with a purpose that contributes to that ideal life. When you engage CWFP in ongoing financial planning, our service calendar kicks in to make sure that your plan gets the continued attention it deserves. Whether that is checking in on certain items at certain times of the year such as tax reviews early in the year and benefits reviews before open enrollment, or ensuring other items are adjusted at regular intervals like investment allocations and savings plans, your living, breathing financial plan is updated as you move through life. Working with CWFP on an ongoing basis means having a partner to keep an eye on your financial picture and more time for you to live your best life. If you are ready to learn more about real financial planning, take a moment to schedule a free "Get to Know You" meeting to see if we are a good fit. Any reviews, testimonials, or endorsements left on this page, whether positive or negative, may not reflect the experience of all clients of Create Wealth Financial Planning. No clients or other persons have been compensated for any positive statements left on this page.

10/13/2026

The IRS controls which money leaves your Roth first 👀

Most people treat their Roth IRA as a single bucket. But the IRS sees it in three distinct layers, and the order those layers come out can determine whether you owe taxes or penalties.

Here's how it breaks down:

Layer 1: Contributions come out first. These are always tax-free and penalty-free, regardless of your age or how long the account has existed. You already paid tax on this money going in.

Layer 2: Conversions come out next, with the oldest conversion first. The converted amount itself won't be taxed again, but if you're under 59½ and that specific conversion is less than five years old, a 10% penalty could apply.

Layer 3: Earnings are last. They're only tax-free and penalty-free if your Roth has been open at least five years and you're 59½ or older, though certain exceptions exist.

Knowing which layer you're drawing from puts you in control of how and when you use this account, and opens up possibilities most people never consider.

Reach out through the link in my bio if you'd like some help with this.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving Professionals, Executives, Business Owners, and rising professionals aged 35-55.

10/08/2026

Most people with equity comp skip this question. 👀

If you have stock units, restricted stock, or options, it's easy to jump straight to the tactics: when to exercise, how to reduce your tax bill, which strategy fits your situation.\

The first question worth answering is a bigger one: what is this award actually going to do for your life and your family?

Does it move the needle on a major goal? Does it change your timeline? Does it open doors that weren't there before?

Get clear on that, and the strategies and tax decisions become a lot easier to evaluate.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving mid-career professionals, corporate executives, business owners, and growing families.

10/06/2026

The IRS gave ages 60–63 an extra $3,250. Are you using it? 👀

Thanks to SECURE 2.0, the catch-up contribution limit for this age group jumps to $11,250 in 2026, compared to the standard $8,000 for everyone else over 50.

Stack that on top of the base 401(k) limit and you're looking at a total contribution cap of $35,750 this year, if your plan allows it.

At a 32% tax bracket, that extra $3,250 translates to over $1,000 in federal taxes you don't pay this year. At 37%, it's more than $1,200. Real money that stays in your pocket and keeps growing.

The catch: this window closes the moment you turn 64. You drop right back to the standard catch-up limit.

Your plan also has to offer it, so check with HR or your plan administrator before assuming it applies to you.

This is one of the rare moments the tax code actually works in your favor. Don't leave it on the table.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving Professionals, Executives, Business Owners, and rising professionals.

10/02/2026

Only 46 companies drove half of all market wealth in 100 years. 📊

Researchers studied more than 28,000 publicly traded companies over a century, and the results are surprising.

Just 41% of individual stocks outperformed cash over their lifetime. Only 27% beat the broader market.

Yet investors who simply owned a diversified mix representative of the S&P 500 earned around 10.1% per year on average.

The odds of picking the handful of companies that actually move the needle are stacked heavily against you.

Take what the market gives you, and focus your energy on living a great life without obsessing over the market.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving mid-career professionals, corporate executives, business owners, and growing families.

09/29/2026

The 10-year inherited IRA rule has two tracks, not one. 👀

Most people assume it simply means 'empty the account within 10 years, on your own schedule.' That's only true in one scenario.

The rule splits depending on whether the original account owner had already begun their required minimum distributions when they passed.

If they hadn't started yet, you do have flexibility: empty the account by December 31 of year 10, any way you choose.

But if they had already started those distributions, you're required to take annual minimum withdrawals in years one through nine AND still fully empty the account by year 10.

Miss those annual pulls? You're facing a penalty on top of the taxes owed.

2026 is the first full year these IRS final regulations are in effect with no grace period. That means no more room for misunderstanding.

For anyone in peak earning years, the real opportunity is in sequencing withdrawals across lower-income years before year 10 forces everything into one large taxable event.

Watch the full video to see how both tracks work and what smart planning looks like.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving Professionals, Executives, Business Owners, and rising professionals aged 35-55.

09/24/2026

SEP IRA vs. Solo 401(k): which one wins? 👀

If you're self-employed and opened a SEP IRA because it was the easiest option, you might be leaving a significant amount of retirement savings behind every single year.

The SEP IRA caps contributions at 25% of your net self-employment income. If your income is moderate, that 25% gets you nowhere close to the $72,000 annual maximum, and there's no catch-up provision once you hit 50.

The solo 401(k) is built differently. It layers an employee deferral on top of a profit-sharing contribution, which means solo owners at moderate income levels can often contribute far more than a SEP IRA would allow. Owners 50 and older get a catch-up on top of that. And under SECURE 2.0, those aged 60 to 63 can contribute even more, with a total possible contribution reaching $83,250 for some.

Yes, the solo 401(k) does require an annual IRS filing once assets cross a threshold. The SEP IRA is simpler on that front. But if simplicity is costing you tens of thousands a year in potential retirement savings, it's worth a second look.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving mid-career professionals, corporate executives, business owners, and growing families.

09/22/2026

Your 529 isn't wasted if your kid skips college 👀

This is one of the most common fears parents have about 529 plans, and it's mostly a myth worth busting.

A non-qualified withdrawal does come with income tax plus a 10% penalty, but only on the earnings, not your original contributions. Put in $50,000, account grows to $70,000, you're only exposed on the $20,000 gain. Painful? Maybe. Catastrophic? No.

And there are real ways to avoid the penalty altogether:

Change the beneficiary to a sibling, a cousin, or even yourself if you want to go back to school. The definition of "family member" is wider than most people realize.

Let the account sit and reserve it for grandchildren someday.

Or use the SECURE 2.0 529-to-Roth rollover. If the account has been open at least 15 years, unused funds can roll into a Roth IRA for the beneficiary, up to $7,500 per year (2026) and $35,000 lifetime.

"Skipping college" also usually means skipping a four-year degree, not all education. Trade programs, community colleges, and graduate school may all qualify too.

The account can grow for decades. You're not locked in, you're stacking options for your family.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving Professionals, Executives, Business Owners, and young families building wealth.

09/17/2026

Your family's life insurance number isn't a guess 👀

Most people pick a round number that felt right and never revisit it. But your family's actual coverage need runs through four specific inputs, and skipping even one can leave a serious gap.

The common 10-12x income benchmark is a reasonable starting point. The real number, though, depends on how many years until you reach financial independence, your outstanding debts including the mortgage, projected college costs for your kids, and what you already have in savings and existing coverage.

Subtract what you have from what your family would need. That's your coverage gap.

Here's the mistake that catches most people off guard: assuming the policy through work is enough.

Most employer plans cover just 1-2x your salary. Bonuses and variable comp are often excluded from that figure. And when you switch jobs, that coverage is gone, exactly when your life is most likely in transition.

Term insurance is almost always the most cost-effective way to close the gap. You're covering the window that matters most: kids at home, mortgage unpaid, income still needing to be replaced.

Take 10 minutes, run the numbers. You might find you're in great shape. Or you might find a gap worth addressing now rather than later.

Share this with someone in your family who hasn't done this math yet.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving mid-career professionals, Executives, Business Owners, and young families building wealth.

09/15/2026

Your kid's investment account may be taxed at YOUR rate 👀

If you've ever considered putting money into an investment account under your child's name to take advantage of their lower tax bracket, there's a rule specifically designed to stop that from working the way you'd hope.

It's called the kiddie tax, and it kicks in once your child's unearned income, things like dividends and interest, crosses a certain threshold.

Below that threshold, the income is either tax-free or taxed at your child's rate. Above it? The IRS applies your marginal rate, not theirs.

What surprises a lot of parents is how long this rule sticks around. It doesn't end when your child becomes a teenager. It applies until they turn 18, and extends to age 23 if they're a full-time student who isn't covering more than half their own expenses.

There's also a newer planning consideration worth knowing: if you're exploring a Trump account for your child with the plan to convert it to a Roth IRA at 18, the kiddie tax rules could affect that strategy in ways that aren't immediately obvious.

Building wealth for your family is worth doing. Just make sure the structure you're using actually delivers the tax outcome you're expecting.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving professionals, executives, business owners, and young families building wealth.

09/08/2026

The IRS can tax your side hustle differently 👀

Most people with a side income have never stopped to ask: does the IRS see this as a real business, or just a hobby? That distinction is worth way more than you might think.

The IRS uses a profit-based test as its starting point. If your activity shows a profit in at least 3 of the past 5 years, it generally qualifies as a business. Fall short of that, and you may be classified as a hobby regardless of how hard you're working at it.

Here's where it gets costly: business income allows you to deduct expenses directly against what you earn. Hobby income doesn't offer that same protection under current tax law. Spent $4,000 to bring in $5,000? You could owe taxes on the entire $5,000.

Three common mistakes get people reclassified as hobbyists by the IRS, and most people are making at least one of them right now.

If you're in the early years of a side activity that hasn't turned a consistent profit yet, this is worth sorting out before tax season, not after.

Create Wealth Financial Planning, LLC (CWFP) is a registered investment advisor offering advisory services in the State of FL and in other jurisdictions where exempted. All content on this site is for informational purposes only. Portions of this content may have been generated with the assistance of AI tools.

Investing involves risk and the potential for loss. Please speak with a financial professional to evaluate your personal situation before taking action on any items discussed on this page.

Comments and reactions by viewers are not a guarantee of future investment outcomes and are beyond the control of Jeff McDermott and Create Wealth Financial Planning. Public comments are not selected, amended, deleted, or sorted by CWFP, although personally identifiable information, scam or fraud messages, and misinformation may be removed.

Create Wealth Financial Planning is a financial advisor serving Mid-Career Professionals, Executives and Directors, Business Owners. Gen X and Gen Y (35-55 years old), young families, rising career professionals with growing income, those with student loans or other debt, individuals starting to build wealth.

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