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What You Need to Know about Index Funds and Mutual Funds Barnett Financial & Tax

What You Need to Know about Index Funds and Mutual Funds

December 5, 2022

On their surfaces, index funds and mutual funds may seem interchangeable. Both offer diversification of assets and are commonly invested in a basket of stocks that aim to meet a certain investment goal. However, there are many key distinctions that separate an index fund from a mutual fund – distinctions that may be crucial to your portfolio of…

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Remember These Fashion Trends of the 60s & 70s? Barnett Financial and Tax

Remember These Fashion Trends of the 60s & 70s?

December 2, 2022

It’s no doubt that, when it comes to fashion, the 60s and 70s carried the most vibrant, electric trends. Your generation has made the largest footprint in the world of fashion, creating iconic and stylish clothing that, even today, still resurfaces and remains just as cool. You may have already noticed the unexpected return of bell bottoms and…

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The Value of Opening a Roth IRA at the End of the Year Barnett Financial & Tax

The Value of Opening a Roth IRA at the End of the Year

November 28, 2022

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and its unique value…

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Revisiting 5 Books That Defined a Generation Barnett Financial & Tax

Revisiting 5 Books That Defined a Generation

November 25, 2022

Take a moment to consider the world around you. You may be experiencing unrelenting change in your life – the pandemic, economic turbulence, or our society’s increasing reliance on technology – and you may think things look or feel unfamiliar and hectic. But it’s important to remember that your voice and your unique experience as a participant in…

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Thinking About Retirement? The Basics of Financial Literacy Are Your North Star Barnett Financial & Tax

Thinking About Retirement? The Basics of Financial Literacy Are Your North Star

November 21, 2022

Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no external income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep…

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3 Ways the Gender Pay Gap Affects Women in Retirement Barnett Financial & Tax

3 Ways the Gender Pay Gap Affects Women in Retirement

November 18, 2022

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted throughout history, affecting…

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Covering COVID-19 Funeral Expenses Barnett Financial & Tax

Covering COVID-19 Funeral Expenses

November 15, 2022

Have you lost a loved one from the COVID-19 virus and are preparing funeral services? The Federal Emergency Management Agency (FEMA) may be able to help by covering up to $9,000 per funeral for qualified expenses. FEMA can help cover funeral expenses if you are a US citizen, the death occurred in the US or US territories, the…

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Making the Switch to Paying Yourself Barnett Financial & Tax

Making the Switch to Paying Yourself

November 14, 2022

You’ve probably had a daily routine for most of your life – from tying your tie and greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a savings and wealth…

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3 Ways to Cope with the Retirement Blues BFT Financial

3 Ways to Cope with the Retirement Blues

November 11, 2022

Settling down for retirement after many years of work can feel like a sigh of relief, a moment to catch your breath and slow down. However, this shift in lifestyle can also bring up feelings of sadness, anxiety, and loss of purpose. Studies show that a third of retirees develop symptoms of depression,[1] especially those who have lost a…

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Can You Turn Investment Losses into Tax Gains? Barnett Financial & Tax

Can You Turn Investment Losses into Tax Gains?

November 7, 2022

When markets take a spill, especially when it comes to your retirement investments, it’s harder to find ways to meet your financial goals. If you were relying on IRA or 401(k) withdrawals to cover your expenses, doing so when markets are down would decrease the lifespan of your savings. And if you’re nearing retirement, market losses may provide…

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