Clarifying Why Money Matters to You

Clarifying Why Money Matters to You

Eric Maldonado, CFP®, MBA
Financial Planning

When creating a financial plan, it's essential to start with getting clear on your values. What does that mean? It means you are beginning with the foundation of what makes you "YOU." When it comes to money, we all have our way of dealing with it. It has been said, "Personal finance is more personal than it is finance." Everybody has a unique first memory of money. Everybody has a unique style when handling their money because of their upbringing and life experiences. Everyone thinks about money in their way, which then impacts how they deal with it. So, it's crucial to spend time thinking about what money means to you and why it's important to you. Your values will be the driver of your goals, which drives your action items within your financial plan.

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Some Good News in Your Day

Some Good News in Your Day

Eric Maldonado, CFP®, MBA
, COVID19

Here's some good news I'd like to pass along for this week:

  • A New Jersey hospital once described as a “war zone” now has zero COVID-19 patients.

  • 17 COVID-19 vaccines are in human trials. At least one may be ready for approval by the end of 2020.

  • 250 million trees were recently planted in northern India.

Uplifting stories are out there; I just thought I'd pass a few along.

We were featured in Time: How Much Should You Have in Savings?

We were featured in Time: How Much Should You Have in Savings?

Eric Maldonado, CFP®, MBA
Cash Flow Planning, Saving, Risk Planning

Full Time.com article: https://time.com/nextadvisor/banking/savings/how-much-should-you-have-in-emergency-savings/

Six to 12 months of expenses

Eric Maldonado, CFP, a financial advisor at Aquila Wealth Advisors in San Luis Obispo, California, also recommends an emergency fund buffer of six to 12 month of expenses.

“This becomes your stress valve,” he says. “You want to be able to make big life decisions based on what you value most. If you don’t have enough cash on hand, you end up having to make hasty decisions due to time constraints.”

And ultimately, that’s what your emergency is built for: peace of mind.

The Cost of Raising Kids

The Cost of Raising Kids

Eric Maldonado, CFP®, MBA
Cash Flow Planning, Financial Planning, Life Planning

It's no secret that kids cost money.

But how much do they really set you back?

For the average American parent, raising a child comes with a price tag of at least $12,980 every year. By the age of 17, that’s well over $230,000—and that’s before college costs come into play. High-earning families spent even more—over $370,000 according to the research. 1

Of course, child-rearing costs vary from family to family, and it’s far more expensive to raise kids in some high-cost-of-living states, like Oregon and New York.2

Plus, kids don’t magically stop costing you money once they turn 18. College, rent, insurance, and helping out adult children can all add up.

Check out our newsletter here for more on the cost of raising kids.

Your COVID-19 Action Plan for Uncertainty (3-minute watch)

Your COVID-19 Action Plan for Uncertainty (3-minute watch)

Eric Maldonado, CFP®, MBA
COVID19, Financial Planning

COVID-19 is raging through America and there’s no doubt that we’re in for a tough time.

The weeks and months to come are going to be hard for all of us.

What actions can we take to protect ourselves when things look so uncertain? How can we build resiliency?

I made a short video showing three key actions you can take to help protect yourself and use this crisis to grow stronger.

We Were Featured In Local KSBY News Interview: Tips for paying bills in the middle of the COVID-19 pandemic

We Were Featured In Local KSBY News Interview: Tips for paying bills in the middle of the COVID-19 pandemic

Eric Maldonado, CFP®, MBA
COVID19, Cash Flow Planning

Link to video interview: https://www.ksby.com/news/local-news/tips-for-paying-bills-in-the-middle-of-the-covid-19-pandemic

Wednesday is April 1st. Meaning, for many: bills and rent are due.

Following the COVID-19 pandemic however, some may now be questioning how to make ends meet

In this time of uncertainty, more financial obligations are in your control than you may think.

"Everyone in the world knows what's happening right now so most of those companies are prepared to do something to help," said Certified Financial Planner, Eric Maldonado.

Maldonado says a number of credit card companies are working with customers that call and ask for assistance.

"Call them and tell them you're having trouble because of the coronavirus paying the fee or the bill and if there's a way to postpone it thirty, sixty, ninety days without any interest or any fees charged. If not, is there any reduction in interest rates I can get?" Maldonado explained.

CARES Act and What's in it for me?

CARES Act and What's in it for me?

Eric Maldonado, CFP®, MBA
Business Owners, Charitable Giving, Financial Planning, Economic Update

What’s inside the $2 trillion CARES Act? What’s in it for me?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is designed to provide relief for individuals and businesses who have been hurt by the outbreak. I won’t try to include all 800+ pages in this email, but here are a few key provisions that you should know about:(1)

One-time cash payment. Taxpayers are eligible for a one-time direct deposit of up to $1,200 per adult ($2,400 per couple) plus $500 per child under age 16. Amounts are reduced for those who make more than $75,000 ($150,000 if married). If you have filed your 2019 taxes already, the IRS will use that income to calculate your payment; if not, they’ll use your 2018 tax filing.

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