Welcome to PursePower™, our financial column for moms. It will focus on financial topics that affect us all, but especially parents. Things that keep you up at night, things you think you know but aren’t quite sure, and hopefully validation that you are already doing a bunch of stuff well. We’ll explain different financial terms and break down strategies to help your family. If there’s a topic you want to hear about, please let us know.
You should probably know a little bit about me as the author, too. I have two daughters, and was recruited into the financial services world when I had my oldest. She’s a sophomore in college now, so I’ll let you do the math on my age. I started CovingtonAlsina in 2012 and have been running a business while juggling kids and managing a household. Along the way, I earned both my CERTIFIED FINANCIAL PLANNER™ and Certified Private Wealth Advisor™ certifications. You can see my full bio here.
CovingtonAlsina was founded to serve women and help them bridge the confidence gap in finances and investing. While we work with clients of all genders, our approach remains educational in nature, empathetic and, as much as possible, jargon-free. We do offer educational workshops and webinars regularly, and most are no charge. We have a full calendar of these events on our website.
I think our lives are incredibly complex, and knowing everything I know about money is a full-time job. It’s not possible for you to know everything you know about what you do, and know everything I do. This column is a way to share what I know, and I hope you find it helpful.
We have about a week before taxes are due, so I’ll give you a couple of ideas if you haven’t already filed. If you are eligible, you can still make contributions to your IRA for last year. If you own a business, which can include a side hustle, you may be able to contribute up to 20% of those earnings to a SEP IRA. And, if you had a High Deductible Health Plan, you can still contribute to your Health Savings Account. These things can all reduce your tax bill and are available until the tax filing deadline.
Another approaching deadline is for the Maryland College Savings Plan matching program. If you earn under $175,000 filing jointly, or $112,500 filing as an individual, the State of Maryland will match up to $250 of contributions to a 529 College Savings Account. You can apply here. If grandparents and the grandchildren are both Maryland residents, they can open accounts and receive matching funds as well, with up to two matching gifts per child, per year.
Over the next few months, we’ll walk through our Hierarchy of Financial Priorities to give you an overview of planning topics to address for your family. Reach out any time with questions to info@covingtonalsina.com.
Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and CovingtonAlsina are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice. The opinions voiced in this column are for general information only and are not intended to provide specific advice or recommendations for any individual.
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