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Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

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Wealth Market Commentary (Week of June 19, 2017)

A Closer Look at the State of the U.S. Economy

It’s been a relatively quiet month for the market. Equities and fixed income continue to grind higher as investors doubt a near-term revival in inflation. And, with little expectation that tax cuts will be implemented this year, the markets have taken little notice of the relentless political drama coming out of Washington. Given the lack of major market events, we’re taking a step back to focus on the unique state of the U.S. economy right now, how the Federal Reserve might respond, and what it means for the market.

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How This L.A. Lawyer Renovated Her Home to Make It Foster Child-Ready

Finding your dream home can be tricky, especially in a tough real estate market. Currently, home sales are falling nationwide due to a housing shortage that’s keeping prices high, making the process especially thorny. That’s why so many people are turning to home renovations to convert an eh, it’ll do house into a dream home. In fact, according to a survey by HomeAdvisor, home renovation spending is expected to continue to rise in 2017, with 80% of homeowners planning projects in the next 12 months.

Kate McKeon was one of those people. After growing up all over, from Sacramento to Europe, McKeon went to the University of Southern California to get her bachelor’s degree. She thought she was ready to become a Midwest girl during law school in Michigan, “then it got to be October,” she joked, and cold. She returned to L.A. in 2009, where she was ready to take another big step: Becoming a foster parent.

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How to Talk to Your Parents About Money (Without Losing Your Mind)

Other than your love life, finance might just be the last topic you’d ever want to discuss with your parents. Not only could it potentially open you up to unnecessary and unwanted criticism (ahem, like comments about avocado toast), but financial advice from a baby boomer can sometimes feel a little irrelevant. The financial climate has changed considerably since your parents were in their 20s or 30s. The cost of higher education has gone up 1,120% in 30 years, and millennials (i.e., you) are carrying majority of the $1.2 trillion in student loans Americans currently owe and are paying back.

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Self-Employed? Here’s Why You Need a SEP IRA

Being self-employed is great: You have more freedom and flexibility, and working for yourself can be financially rewarding. As a self-employed person, you have another big opportunity: setting up a Simplified Employee Pension (SEP) IRA. With this move, you can potentially save even more for retirement than you could with a 401(k), and get started saving towards your biggest financial goal—financial independence.

A SEP IRA is ideal if you’re a successful professional with no employees who wants to shelter your income from taxes and invest for retirement. When you’re self employed and receive 1099 income, you pay both the employer and employee portions of Social Security and Medicare taxes. Contributing to a SEP reduces these along with federal and state income taxes. While it gives you the flexibility to decide how much you want to save each year, it also gives you much higher contribution limits than the $5,500 limit of a traditional IRA—and it can be just as easy to set up. It can be a powerful wealth management tool.

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