Collins Wealth Management LLC

08/24/2023

Compound Interest is a powerful tool for saving money. Understanding what compound interest is and how it works is priceless.

You may have heard the phrase, "Let your money work for you," and have asked yourself what that means. The simple answer is investing your money that brings returns. Compound interest has the same concept but operates differently than investing and returns only. Compound interest is the foundation f...

05/25/2023

Always remember, in most cases, wealth is built over time and not overnight. Building wealth takes discipline and can be achievable with correct planning.

For most people, steady, ongoing work is the foundation of their wealth. Career success and a good salary, or building and growing your own business, is the means to a lifestyle you enjoy now and the promise of a stable financial future. For others, an inheritance, a windfall from an investment or e...

05/05/2023

Summer will officially be here soon, but before kids get out of school and all the vacation planning you did begins to come to fruition, it can be a good idea to take stock of your financial picture and make updates where necessary.

Summer will officially be here soon, but before kids get out of school and all the vacation planning you did begins to come to fruition, it can be a good idea to take stock of your financial picture and make updates where necessary. Below are a few things you should consider to keep your plan in sha...

03/14/2023

Asking questions about your decisions is a part of life. The main question you need to ask yourself is. Are you asking yourself the right questions?

As naturally social creatures, relationships are essential to our everyday lives. Relationships can help us advance through our careers; they can be the source of fond memories and even help us live longer. (1) But one relationship impacts all other aspects of life and must be nurtured and revisited...

01/24/2023

Happy New Year!!

12/15/2022

The Ferrari versus Lamborghini debate. Both vehicles are built for one reason: performance and speed, but they are different in design and approach. Owners of these cars usually have a reason why they choose one over the other.

Money market accounts versus Money market funds have the same concept. Both are tools to help save money but are different in design and approach. Knowing the difference between each is essential in making your decision.

Many options and different account types are used for individuals to save money. The goal of saving money is to increase funds while receiving a decent annual percentage yield (APY) on regular savings and dividend or capital gain payments on invested funds. Most importantly, your short-term or long-...

11/21/2022

There are some key points to consider when deciding between renting or buying, and each has benefits and drawbacks.

If it’s an investing question, the usual debate goes something like this: Buying allows for capital appreciation and tax advantages, but renting is cheaper, and you could invest the extra money in the stock market. Both points are equally valid, as far as they go. But for most people, home ownersh...

10/25/2022

Are you thinking about retiring soon? It's essential to consider each piece of your income and taxation and to understand the moves you can make to keep more money in your pocket.

Inflation has been hitting everyone's wallets all year long. With the cost of everything from fuel to pasta going up, a 40-year high in the cost-of-living-adjustment (COLA) for social security sounds like a good thing. But is that all there is to it? The answer is complicated. For those already reti...

09/27/2022

As a small business owner, you dont have to sacrifice retirement planning. There are options specifically for smaller businesses.

Small companies shouldn't forgo retirement savings just because a 401(k) plan can be expensive to set up and maintain. There are options specifically for smaller businesses: a Savings Incentive Match Plan for Employees (SIMPLE) plan, a Simplified Employee Pension (SEP) plan, and a SOLO 401 (k). If y...

08/30/2022

It's not about how much money you have to pass on to your kids – it's about passing on money-smarts. Teaching your kids sound financial knowledge can help them make smart financial decisions now and in the future.

It's not about how much money you have to pass on to your kids – it's about passing on money-smarts. Teaching your kids sound financial knowledge can help them make smart financial decisions now and in the future. Like everything you teach them, some key concepts and topics create a foundation the...

08/18/2022

One of the most challenging parts of college isn’t getting accepted; it is figuring out how to pay for it. Long before your child is selecting a major, their college savings plan should be in place and growing.

One of the most challenging parts of college isn’t getting accepted; it is figuring out how to pay for it. Long before your child is selecting a major, their college savings plan should be in place and growing. Here are a few of the biggest questions you may have. When do you start? What’s the r...

08/03/2022

Yes, It can be very uncomfortable to tell someone about your finances. It's just like your health; it is a time when you can take care of a common cold yourself. But there are moments when you need to be seen by a professional Medical Doctor and explain your symptoms, so they can help you get your health back on track. There is no difference when it comes to your finances. With this blog, I give pointers on when a professional financial advisor might be needed and how to select one.

For most people, there's usually a point where their financial life becomes complicated enough that they realize it's time to hire a professional. This could be at any stage of life; it's more about the individual situation and how an advisor can help. Here are a few common situations: You've got yo...