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Young Professionals



Peace of Mind Financial Planning, Inc. works with clients to integrate the financial areas of their lives. It’s important to address the big financial issues you face in establishing yourself so that when your financial life becomes more complex, you’ve got a foundation to continue building your financial independence.  Financial planning is about much more than any one aspect and no two situations are just alike. Taking an in depth look early in your adult financial life can make a huge difference in meeting your life goals. 

Paying down debt vs saving money

As you begin your career, you might feel overwhelmed with the debt that you have acquired throughout the course of your education. We address the balance between saving money for the future and paying down debt. There are many options available to you when it comes to structuring your student loan debt. We look at your entire financial situation in order to determine which strategy is most beneficial for you. Many people have heard of the concept of Time Value of Money. This is a key component to finding a balance between paying down debt and saving money. For example: If you were to invest $200/month for 35 years (assuming average rates of return of 5%) that money would compound to a value of roughly $215,000. However, if you were to wait to begin investing for 10 years while paying down debt, that value would be roughly half. An important note is that these calculations don’t take into account that many employers will match a portion of your contribution, which is essentially free money. It’s important to have someone help you determine the best way to balance paying down debt and saving money to maximize the long-term benefit of investing for the future.

 


 
Employer benefits and savings plans
   
Developing a consistent investment plan
 
 
Tax planning and tax return preparation

Tax Planning – What you pay in taxes every year doesn’t need to be a mystery. We’ll help you understand your tax obligation and work to develop a personalized monetary strategy that allows you to achieve as many tax deductions as is legally possible. Tax Preparation – We prepare the individual tax returns for most of our clients. There is a benefit to having an Enrolled Agent with the IRS, which we are, or a CPA prepare your tax return. We will help you maximize deductions and check your return for as many deductions as is legally possible. We are also able to work with you to develop tax efficient investment strategies to ensure your tax liability is reasonable. There is benefit in consistently having the same professional prepare your tax return every year. Someone who understands the details of your financial situation is able to more efficiently and accurately prepare your return. However, if you’re happy with your existing tax preparers, we can work with them to get complete and accurate information and help them maximize the deductions you’re entitled to

 


 
Having a reasonable spending plan
 
Purchasing a Home
 
Goal Setting