How to Protect yourself against Phone Call and Email Scams

The #1 Financial Scam against seniors is the Social Security scam.  It is very easy to become a victim.  The Department of Justice is cracking down on robo calls but the calls continue to increase. One of the latest scams is a phone call that your social security number is being suspended due to suspicious activity.  You are instructed to call right away … [Read more...]

What is the best way to save for a child’s college education?

529 Plans are great savings and investment vehicles to grow money for your children’s education.   529 plans are established by each state.  Contributions are not tax deductible for federal income tax, but many states, including Virginia, offer their residents a deduction from state income tax.  Earnings grow tax free for both federal and state income taxes … [Read more...]

Question: What is a Fiduciary and what does the Fiduciary Rule mean for Investors?

A Fiduciary is an investment advisor who works only for the investor and always provides advice that is in the investor’s best interest.  In the past, the conventional broker model has worked to avoid the responsibility of being a Fiduciary.  Many offering investment advice work under a rule that says the advice must only be Suitable.  That is a much weaker … [Read more...]

Question: Are bonds a safe place to put money that I don’t want at risk in the stock market?

Answer:  Conventional thinking says that bonds are a buffer and offer diversification from the stock market, and many people don’t realize that bonds can lose value, too.  A bond is a debt instrument.  When you buy a bond you are loaning your money to the government or a municipality or a corporation.  In return for the loan, the issuer of the bond promises … [Read more...]

Question: How does a ROTH IRA work?

Answer: The ROTH IRA turns traditional IRA rules upside down. It is named for Sen. Roth of Delaware who was the chief legislator to propose this type of IRA back in 1997. So, it has been around for a while but it is definitely gaining in popularity, and rightfully so. The best analogy to explain a ROTH IRA is the concept of the Seed and the Harvest. Would … [Read more...]

What should I read or is there a class I can take to learn more about handling money?

Answer: Have you checked out our Wise Women Leave a Legacy Program? This is designed especially to help women learn more about managing their money. We meet for an hour and 20 minutes on the third Thursday of the month in our office in Roanoke. The meeting begins promptly at noon. It is a small group setting and we share a variety of information each month … [Read more...]