Gilbert Wealth Articles

Mastering Tax Brackets for Better Financial Planning: How Progressive Tax Bracket Work

Understanding how the US tax system works is a critical component of providing effective advice as taxes play a notable role in many areas of your financial picture. Tax planning is one of those topics that is interwoven into many other financial planning topics. From understanding the tax implications of various savings strategies to the tax implications of estate distributions, having a solid understanding of how taxes work can help make better decisions.While nearly everyone files taxes every year (yes, there are a few who might not need to), many do not have an understanding of basic, foundational tax concepts. This…
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The Cardinal Rules of Travel Hacking and Other Guidelines

Maximizing the benefits of credits cards, aka Travel Hacking, can be an alluring activity. From the large sign on bonus' to the promises of free flights, free hotel nights, exclusive access to lounges, and more has spawned a generation of those looking to take every last opportunity to maximize the benefits they get through their credit cards. While there are certainly some benefits of travel hacking, it can also be done incorrectly leading to a worse financial situation. Credit cards lead to certain behaviors that, if not controlled, can leave people indebted at high rates jeopardizing their financial futures.  Cardinal Rule…
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When That Tax Document Will Arrive

Here is a quick list of when in the year you will receive certain tax documents:  Form Title Description Source Typically Received By Form W-2 Reports annual wages and taxes withheld from paychecks, including compensation such as bonuses. Employers Jan 31 Form 1099-MISC For reporting payments to freelancers, independent contractors, and other non-employees. Payers who have paid $600 or more Jan 31 Form 1099-INT Form 1099-DIV Form 1099-Composite Documents interest income earned during the year. Banks and other financial institutions Feb 15 Form 1098 Reports mortgage interest (and possibly other mortgage-related expenses) paid during the year. Mortgage lenders Jan 31…
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What to Include in Your Will: Understanding Key and Supplementary Provisions

The drafting of a Last Will and Testament (or just a Will) is a fundamental aspect of estate planning, serving as a guiding document through which a person, known as the testator, delineates the manner in which their estate should be distributed upon their demise. A Will is considered a legal declaration that ensures the testator's wishes are executed in accordance with their precise instructions. To maintain the integrity and enforceability of this document, certain essential components must be incorporated.  This article explores 5 Key Elements of a Will and 5 Optional Elements of a Will that could be included.If you…
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Using a HELOC as an Emergency Fund

Establishing an emergency fund is one of the fundamental steps in building a firm financial foundation. Emergency funds provide you with a buffer for when, not if, but when life throws a curveball your way. Traditionally, such funds are maintained in highly liquid assets, accessible at a moment's notice to cover unforeseen expenses or to provide a financial buffer in times of income disruption. Most emergency funds consist of a checking, savings, or money market fund and perhaps some cash on hand that is easily accessible.A question I often get is should you use equity in a home as an emergency…
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What Happens if You Die Without a Will

So, you've decided to pass without a will. Yep, chosen, because anyone can make one, and if you haven't, it's a choice. It's like saying, "Surprise me with chaos!" Life's full of surprises, so why not add a twist after you're gone? While you've picked the unpredictability of not having a will, let's peek into the world of what happens next. Get ready for a wild ride of legal puzzles, family dramas, and 'who gets what' uncertainties! I'm afraid to tell you... you're intestate. When someone dies intestate, state laws, known as intestacy laws, come into play to determine how…
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How to Monitor Your Credit Score

Understanding your credit score is crucial for financial well-being. It plays a pivotal role in determining your ability to secure loans, credit cards, and favorable interest rates. Fortunately, checking your credit score has become easier than ever, and you can do it for free. In this guide, we will walk you through the process, providing information on contacting credit agencies, using reliable websites, and exploring alternative monitoring methods. The Three Credit Agencies There are three major credit reporting agencies in the United States: Equifax, Experian, and TransUnion. These agencies play a crucial role in the financial system by collecting and…
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From Ballots to Portfolios: Unraveling the Relationship Between Elections and Markets

Presidential election years often bring a whirlwind of emotions and uncertainties, not only in the political landscape but also in the realm of financial markets. Investors are frequently caught in a conundrum, grappling with the dilemma of whether to alter their investment strategies amid the volatility that accompanies these pivotal periods. Historically, the relationship between presidential elections and market performance has been a topic of intense scrutiny and debate. While it's tempting to make knee-jerk reactions or adjust investment portfolios based on the political climate, it's crucial to approach this with a clear understanding and a long-term perspective. A Caution…
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The Crisis Chronicles: How Stocks Won the Battle of Nerves

The stock market is a dynamic entity, subject to the ebb and flow of various events and crises that span the globe. News headlines and banners from the largest news outlets to the smallest Youtuber discuss the events of the day and how to react to the latest news that is sure to change the markets. As a long-term investor, it is important to cut through the turmoil and emotional rollercoaster and look at the historic context of crisis events. From political upheavals to economic recessions, geopolitical tensions to natural disasters, the market has weathered an array of challenges since 1970…
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Understanding When it’s Okay to Sell Investments at a Loss

Investing in financial markets involves a blend of strategy, timing, and risk management. Among the various decisions investors make, selling at a loss can be a bitter pill to swallow. Afterall, one of the fundamental principles of investing is "Buy Low, Sell High" not the other way around. While this is ultimately the goal of investing and I would to always have a portfolio consisting of 100% winners, in reality, a diversified portfolio will have some positions that win and some that lose. In these cases, there are circumstances where selling an investment at a loss can actually be a smart…
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