Latest news with #JimMcGowan
Yahoo
5 days ago
- Business
- Yahoo
5 Proven Steps To Retire as a Multimillionaire If You're in Your 30s Now
If you're in your 30s, retirement may not be top of mind, but it should be — if you start saving now, you could retire with a multimillion-dollar nest egg. With time, consistency and smart financial planning, you can retire rich no matter where you're starting from. Find Out: Read Next: Here are five proven steps to help you retire a multimillionaire. The first step to retire a multimillionaire is to set a clear objective. 'Before you even get into investments, you need to decide what the goal is for this wealth,' said Jim McGowan, CFP, wealth management advisor at Apollon Financial. 'I have conversations [with my clients] about values: Do they value education? Do they value entrepreneurship? Do they value faith or church? That can start you down the right path.' You might have various goals for your wealth, so it's important to define each goal and the amount you need to save for each. Once you figure out your goals, calculate an estimate of how much you need to save every year to get there, accounting for market swings, inflation and compounding interest. Learn More: If you want to live rich in retirement, now is the time to maximize the amount of money you are bringing in while cutting back on how much you are spending. This might mean taking on side gigs or asking for a raise, while sticking to a strict budget and possibly downgrading your lifestyle. The more you can save and invest now, the more your money can grow over time. Investing consistently — and making wise investments — is the key to becoming a multimillionaire. Start by maxing out your retirement accounts. 'The sooner the better to begin contributing to your 401(k) plan or an IRA if you don't have an employer plan,' said Patrick Maher, CFP, president at DFCU Financial Partners. 'Also, consider the Roth option in your 401(k) or IRA because it will provide tax-free withdrawals at retirement.' Next, you can add on other investments, such as a brokerage account or real estate investments. If you're interested in real estate investing but aren't financially able to buy an investment property right now, consider starting out by 'house hacking' — renting out extra rooms in your home while living there yourself. Eventually, you can use these funds to invest in other properties. 'By reinvesting this money into real estate properties, you can effectively scale your income without working around the clock,' said Ryan Chaw, a real estate investment coach and founder of Newbie Real Estate Investing. Once you've established your various investment vehicles, automate regular contributions so that your wealth continues to compound. 'A good target [is to] aim to invest 15% to 20% of your gross income annually,' said Melissa Murphy Pavone, CFP, founder of Mindful Financial Partners. 'The key is consistency.' Since you're saving over a long timeline, it's likely you'll need to make some pivots along the way. Depending on your circumstances, you may want to adjust your risk levels, increase your savings rate or rebalance your portfolio to stay on track with your goals. Enlisting the help of a financial professional can help ensure you are making the most of your money to grow your wealth for the long term. A certified financial planner can help you optimize your tax strategy, choose the right investment mix and plan for any major financial milestones you encounter along the way. More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on 5 Proven Steps To Retire as a Multimillionaire If You're in Your 30s Now
BBC News
07-07-2025
- Sport
- BBC News
Paintballers in Penkridge dream of Olympic role for sport
Professional paintball players say getting their game to became an Olympic sport in the coming years is "everyone's dream" in the has become a hub for paintball with the Great Britain national teams training at the venue in head coach at GB Paintball, Jim McGowan said: "Growing paintball, having it recognised as a sport, and eventually getting it into the Olympics, is everyone's dream here."He spoke as the second leg of a European championship event took place at the Staffordshire site. Penkridge was "the hub of paintball" in the country and it was "where everyone comes to play, to grow," Mr McGowan told BBC Midlands Paintball's squads include a men's team and a women's team, as well as U16 and U19 teams. Paintball match formats can vary but many games last 15-20 minutes and a team scores points by hitting a buzzer on the opposing team's bunker. They also try to "eliminate" players from the opposing team using their paintball Dowson, GB Paintball's lead strength and conditioning coach, said he and his colleagues were setting their sights on the Olympic cycle after the next games in Los Angeles in Dowson, who lives in Kempsey, Worcestershire, said paintball was a high-adrenaline sport that would be "absolutely wonderful" for Olympics spectators to added that paintballers should champion the sport's "physical, mental and social" benefits to help boost public interest in the game."There is such good team camaraderie and fun everywhere you look at these tournaments," he said."That shows you the health benefits, not only physically but mentally, that paintball can bring." Follow BBC Stoke & Staffordshire on BBC Sounds, Facebook, X and Instagram.
Yahoo
11-06-2025
- Business
- Yahoo
I'm a Financial Advisor: 4 Strategies I Share With Clients Looking To Build Generational Wealth
Many Americans aspire to leave a financial legacy. According to a recent survey by Empower, 40% of Americans say leaving an inheritance for their children is part of having a happy retirement. And while this is a worthy — and achievable — financial goal, it does require careful planning. Read Next: Check Out: To find out how Americans can best build generational wealth, GOBankingRates spoke with Jim McGowan, CFP, wealth management advisor at Apollon Financial, about the strategies he recommends to his clients. Here's what McGowan advises for building long-lasting wealth. A generational wealth portfolio must address different timelines and goals. Some people may need to rely on it for lifestyle expenses today, while that same portfolio also needs to provide for younger generations years from now. So it needs a growth component along with preservation. The key is diversification across multiple asset classes. Assets for shorter time horizons include cash and fixed-income investments such as bonds. Longer-term assets might be real estate and private investments — including private equity, private credit and private real estate. For You: Before you even get into investments, you need to decide what the goal is for this wealth. I have conversations with families about their values: Do they value education? Do they value entrepreneurship? Do they value faith or church? That can start you down the right path. The process starts by defining each goal and the funding amount needed. Then we put it in the proper accounts and figure out how we want to disperse or grow those accounts. Then it finally comes down to what's the allocation — the actual specific investments we want to choose. I like to educate people on taxes. I think a lot of people don't understand the difference between estate tax and inheritance tax. Estate taxes apply at the federal level. Right now, the estate tax exemption is $14 million per person, so $28 million for couples, so it doesn't touch most people. It seems like a crazy number, but with real estate, the way the value has increased over the years, I've had clients with large properties or land that do need to plan for this. Most states impose an inheritance tax, and that's something families really do need to plan for. For example, in Pennsylvania, there's a 4.5% inheritance tax on any money passed to children or grandchildren. So, one thing that I do with clients is, instead of giving all your money to your children and then they eventually give it to their children — triggering inheritance tax twice — look into giving some to your children and then also some directly to your grandchildren, typically in the form of a trust. I had three women clients who called themselves 'The Golden Girls.' They lived together in a beautiful, older house they'd shared since their spouses passed away. Two women owned the house equally and the other woman didn't. Their goal was to pass the house among themselves until the last person passed. In their wills, each left their share to another. But in Pennsylvania, if you give to a friend, it triggers a 15% inheritance tax, so two women would have had to pay 15%. This house was the biggest part of their estate. If they were to give it to somebody and have to take 15% off the top, they would have to come up with cash to pay the inheritance tax or sell the house. We put the house in a trust to avoid those taxes, but life insurance is another powerful tool for managing inheritance taxes. If you fund a life insurance policy, at death, the beneficiaries receive an influx of cash income-tax-free. Then they're able to cover the inheritance taxes and also potentially fund the maintenance of the house for future From GOBankingRates 4 Things You Should Do When Your Salary Hits $100K If a Financial Advisor Doesn't Ask These 5 Questions in Your Consult, Keep Shopping 5 Steps to Take if You Want To Create Generational Wealth Robert Kiyosaki: 5 Money Habits of People Who Retire Early This article originally appeared on I'm a Financial Advisor: 4 Strategies I Share With Clients Looking To Build Generational Wealth Sign in to access your portfolio
