Jake Of All Trades

On this episode Jake and Kirk discuss one of the most basic retirement planning “rules of thumb,” The 4% rule. Is it time to change that rule?   *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and unrelated to Commonwealth.” Have questions about managing your financial lifestyle? Email Jake@yo...

Some of the early implementations of this massive new bill, Secure Act 2.0, are already taking affect. On this episode Jake and Kirk discuss the changes to your 401k. This will be a good overview to help you strategize with your financial planner regarding your retirement plan. *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and P...

A recent survey found that most Americans still believe in waiting till retirement to travel more. On the show Jake and Kirk discuss this issue and some ways to make travelling before retirement a priority.     *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and unrelated to Commonwealth.” Hav...

On this episode Kirk & Jake discuss some methods for attaining retirement income, so you don’t have to rely just on retirement savings.   *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and unrelated to Commonwealth.” Have questions about managing your financial lifestyle? Email Jake@youan...

In previous episodes Jake and Kirk discussed the possibility of student loan forgiveness and what it might look like. As of now there seems to be no possibility of student loan forgiveness occurring in the near future. What now? *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and unrelated to...

Over the next several weeks Jake and Kirk will be discussing the largest legislative changes to retirement in American history. We will discuss changes to RMDs, 529s, Rollovers, 401ks, 401k Savings, IRAs, Roths, Roth 401ks and much much more. These changes will not take effect immediately. However, we will be explaining the changes to better help you understand what is happening to your retirement...

The IRS has released new “Inflation Adjusted Tax Brackets.” Who does this benefit and who might this hurt? How can you prepare? Will your raise or your current tax bracket change? Jake and Kirk discuss all aspects of this change and how to prepare for it (or who can ignore this!).   *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning...

We often think of financial scams coming in the form of some exiled prince in Africa who needs assistance. But these hokey scams that everyone has heard of are rarely the type of scam that will actually drain your bank account. Everyone knows about them. The scam that will get you is the one you aren’t expecting. On this episode Jake and Kirk discuss a particularly nasty one that Jake encountered...

On the show Jake and Kirk discuss differen costs that come with using IRA’s as a form of retirement versus a 401k. Since 401Ks can only be utilized through a company, there are different fees attached to a 401k. This means if using an IRA, you could be losing out on a significant portion of your future wealth. Since every person is unique, Jake and Kirk discuss what these costs are and how you can...

On this episode Jake and Kirk discuss a new trend among investors: Tax Lien investing. They go through how this process works as well as the pros and cons and how to approach it safely. This is not a recommendation for tax lien investing. -- *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and...

Jake buys a house! On this episode we go through all that Jake went through in buying his new house. We also discovered some important reasons why having a third party advocate is important during this highly emotional time. And Jake reveals some secrets to house buying that most people don’t know.    *“Tax preparation, planning, IRS representation, and business valuation services offered through...

Some professionals want to manage the bulk of their own wealth themselves. And when they are searching for a financial advisor, these individuals may want to ask specific advice about specific issues. Most financial advisors, however, work under a business model where they earn money by managing the assets of their clients. How can someone find a competent financial advisor and pay them an hourly...

On this episode Jake and Kirk discuss the recent Student Loan Forgiveness and how it will effect you. Many people may be expecting a big check, but only a few will receive actual cash. Nonetheless who will this impact and how might it impact them? Tune in as Jake and Kirk discuss everything relevant to financial decisions in this new forgiveness.   *“Tax preparation, planning, IRS representation,...

There are more companies emerging in the BNLP (Buy now pay later) space. These are different than credit cards, and yet can still damage your credit score. They can also end you up in hot financial waters. On this show Jake and Kirk discuss the ups and downs of these programs and how to use them effectively, or when to avoid them completely. --- *“Tax preparation, planning, IRS representation, and...

Student loan forgiveness has been approved. It may not be what you think and on the show Jake and Kirk discuss the ins and outs of student loan forgiveness as passed by the Biden administration.  *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and unrelated to Commonwealth.” Have questions abo...

On this episode Jake and Kirk discuss the 60/40 rule, the 4% rule and the passive income rule. Though there are times when these rules of thumb may be very helpful, it’s important to understand where the come from and how to apply them to your life. Also, there may be times when you dont’ want to apply them but something different. *“Tax preparation, planning, IRS representation, and business valu...

We have all seen the memes. It is way harder to buy a home today than it was for our parents to do so in the 70s. On this episode Jake and Kirk discuss this idea (and some memes!). They use some data that includes inflation to discuss the various aspects of home ownership today versus in the past. You may be surprised by their view.   *“Tax preparation, planning, IRS representation, and business v...

It’s no secret that the stock market has seen a drop in value recently. One of the most common questions that financial advisors are asked is how to protect themselves during these times. On this episode Jake and Kirk discuss a few options and offer strategies to help one overcome and event flourish during a drop in the stock market.   *“Tax preparation, planning, IRS representation, and business...

We all know the basic idea of life insurance, but on this episode Jake and Kirk discuss the different kinds of life insurance, when you might consider surrendering a life insurance policy, and unique ways people use life insurance to protect people in their lives.  *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Se...

Jake and Kirk discuss the average 401k balances of individuals in their 40s and 50s. This is helpful as benchmarks to see where you stand in relation to other people. While it may be harmful to compare oneself to others, it can be useful as a tool to consider where you are and where you would like to be financially. *“Tax preparation, planning, IRS representation, and business valuation services o...

On the show today Jake gives us a brief history of how we all got in debt and how our relationship to debt has changed over time. In particular Jake and Kirk discusses how this affects our wallets today as well as our spending and savings habits. *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate...

On this show Jake educates Kirk on what exactly a reverse mortgage is, how it operates, the different types, when one should consider a reverse mortgage, and other types of loans one might consider prior to going the reverse mortgage route. *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and Preparation Services are separate and u...

Before the pandemic the FIRE movement was huge. For several decades figures like Tim Ferriss and Dave Ramsey and many others have advocated for various methods of gaining financial independence. On this show Jake and Kirk discuss this movement and where it is given the state of today’s American and world economy. *“Tax preparation, planning, IRS representation, and business valuation services offe...

There are some small changes to the current student loan programs that might help some people qualify for student loan forgiveness. This is a rapidly changing topic based on current political events. Jake and Kirk do their best to sift through what is and is not being promised.   *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Tax Planning and...

If you have ever left a job, there may be money out there with your name on it—literally! On this episode Jake and Kirk discuss how to discover if you have a lost or forgotten 401k somewhere out in the world. You may have been signed up for one without even knowing it! Listen in to learn more. *“Tax preparation, planning, IRS representation, and business valuation services offered through iFile Ta...