In this episode of Friends Talk Financial Planning, we talk about some ways that the wealthy use to pay less taxes. Whether or not you have millions of dollars in the bank, these strategies could still help you lower your tax bill in the future! Resources: - Alliance of Comprehensive Planners: https://www.acplanners.org - John's firm website: https://www.trinfin.com - Find us on Facebook: https://www.facebook.com/friendstalkfinancialplanning TRANSCRIPT: Bridget: Well, y

In this episode of Friends Talk Financial Planning, John and Bridget discuss the concerns facing many Americans today regarding home ownership. Has it truly become impossible for regular folks to afford a house in today's economy? They'll analyze housing affordability in the US, discuss historical home ownership rates with regards to the modern context, and explore whether our expectations of what a home should offer have evolved over the years. Prepare to challenge your perc

In this episode of FTFP, John and Bridget discuss the challenges of selling a house and offer their insights and advice. From pricing strategies to considering carrying costs, they delve into the emotional and financial aspects of selling a property. Join them as they explore the decision-making process and the importance of taking into account the value of time and effort. Don't miss out on their valuable tips! Episode about Bridget selling her house: https://youtu.be/6dxsm

In this episode of Friends Talk Financial Planning, Bridget shares her personal experience of buying a house and the financial planning lessons she learned along the way. With the current real estate market characterized by low inventory and high interest rates, Bridget breaks down these factors and their impact on the buying process. She also discusses the unique circumstances of sellers in today's market and the challenges they may face in transitioning out of their homes.

When you've reached a point in your life when you know you've got more than enough, you may think about passing along your financial wealth to your kids, grandkids, and charity. Tax-efficiency means youYou want to give money and pay less tax! Bridget Sullivan Mermel and John Scherer explain how to give money and pay the least in taxes for everyone involved. #acpmemberwisdom #estate Here's another video we shot about estate planning mistakes: https://youtu.be/VSvzddIDN

Avoid These Estate Planning Mistakes. You can only do estate planning when you're alive. When you're dead, it's too late. Not wanting to think about dying, many people don't check their estate plan. In this episode, we discuss three big estate planning mistakes that we've encountered with clients recently. We also discuss how often we suggest people check different elements of their estate plan. 00:00 Welcome 01:11 Mistake 1 07:42 Mistake 2 09:25 Mistake 3 12:50 Ho

Real estate investing can be made easy with REITS, or real estate investment trusts. But many people don't know how REITs work in a portfolio. In this video we’ll explain REITS, help you understand the different ideas about how real estate works with your net worth and talk about how much of your portfolio you might want to invest in REITS. By the end, you’ll understand how to think through if buy or keeping your REIT makes sense for you. 00:00 Welcome! 00:46 REITs E

Bridget got a question this week--what are the pros and cons of renting out your vacation home? John is a CFP® who owns a vacation home. He shares his experience on the pros and cons in this episode. We talk through if the tax benefits are what you might think (probably not) but what the benefits might be. Do you feel gratified because you may be helping other people create memories? Or are you going to get so annoyed that you leave a nastygram to all future renters when som

These days people talk about the pros and cons of rental property. People refer to this as passive income, dreaming of checks showing up automatically while you munch on Cheetos on the couch while watching your favorite show. John Scherer has owned multiple different investment properties and even owns one, now. We talk about the pros and cons of investing in real estate. What is the reality. We talk about investing in real estate versus working more in your regular jo

The real estate market is hot in many areas right now, with sellers getting multiple offers. What’s a buyer to do? How can you approach this decision and not ruin your financial future? In this episode, we talk about the basic guidelines about how much house to buy and how much to put down as a down payment. Then we get real. Bridget talks about what it was like when she over bought. That’s when we get into what buying a house has to do with camping. John talks about n

Saving money on state income tax, property tax and other Chicago fees when you retire in Chicago--that's what Kyle Harvey and Anne...

The biggest mistake people make when buying a house is over-buying.

Terri and David came in for a meeting with me. They were expecting a baby and wanted to buy a house. They had their eye on a $500,000...

Don't buy real estate because you think it's an easy way to make money while in your underwear watching TV while eating Cheetos.

Following up on my post about what to ask mortgage brokers, the Wall Street Journal has an interesting article on the current state of...

This article from the WSJ covers how the housing market varies by region: Home Sales All Over the Map And this Article from August 3,...

I'm not very interested in predictions about how long the current economic downturn is going to last. What I'm interested is in the...