Latest news with #Stroup
Yahoo
14-07-2025
- Business
- Yahoo
7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
Let's be honest: Tax planning isn't exactly fun (nor is paying taxes). But ignoring it could mean parting with money you didn't have to. Find Out: Read Next: If you're making one of these seven common tax planning mistakes — and many people are — you could face higher tax bills or missed opportunities come 2026. Christopher Stroup, a CFP and founder of Silicon Beach Financial, explained what to watch out for and how to get ahead of the curve. Tax planning should be 'proactive, not reactive,' Stroup insisted. 'When you wait until March, most of the best opportunities are already gone.' In fact, even sooner than that, as by year-end many strategies are off the table, especially for equity compensation (non-cash pay, such as stock), retirement savings and charitable giving, Stroup said. 'Last-minute tax planning tends to be reactive, rushed and sloppy. Real tax savings require time to coordinate across your income, goals and entity structure.' By waiting until the end of the year, you could be failing to coordinate with your financial goals at best or missing important deadlines and subjecting yourself to higher tax or penalty fees. Learn More: Another common mistake is neglecting to track your cost basis, especially for stocks, crypto or equity compensation, Stroup said. Your cost basis is essentially what you originally paid for an investment, including commissions or fees. It's easy to lose records over time he said, but if you don't have documentation to prove it, you could be taxed as if the entire sale was profit — even if you only made a modest gain or none at all. If you experienced a job change during the year but fail to account for it in your withholding — the amount of taxes you pay — this could cause problems, Stroup said. 'A second job or dual-income household might bump you into a higher bracket. If you don't update your W-4 or check your withholding early, you might face an unexpected tax bill and possibly a penalty.' If you earn income that must be reported on a 1099, either as a business owner or freelancer/contractor, you're expected to pay estimated quarterly taxes. 'Many freelancers forget to account for self-employment tax, which can add 15.3% to their liability,' Stroup said. Unfortunately, if you underpay your estimated taxes, the IRS may charge penalties, even if you're due a refund later, Stroup warned. 'Accurate quarterly payments protect cash flow and avoid year-end sticker shock,' he said. For eligible taxpayers, some credits can reduce your tax bill 'dollar for dollar,' Stroup said, but many people assume they don't qualify without even checking. A few of these credits include: Saver's credit (for low- to moderate-income retirement savers) QBI deduction (for self-employed and pass-through business owners) Health savings account contributions Education credits like the lifetime learning credit Recently President Donald Trump signed the 'One Big Beautiful Bill' (BBB) into law, which maintains many of the tax cuts from the Tax Cuts and Jobs Act of 2017 and adds other tax changes. It's important to plan for how this will impact next year's taxes, especially as some of the provisions are retroactive to 2025. 'Start modeling different scenarios now. Look at whether Roth conversions, income acceleration or trust updates make sense under current rules,' Stroup said. The 2026 sunset could bring higher income, estate and capital gains taxes. Early action lets you use today's lower rates strategically. When your financial life gets more complex than a W-2 and a 1099-INT, it's time to bring in the professionals, Stroup said. If you're dealing with equity comp, restricted stock units (RSUs), multiple income streams, business ownership and/or changing tax law, these all signal it's time to partner with someone who can go beyond filing and focus on building after-tax wealth. More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
Int'l Business Times
11-07-2025
- Business
- Int'l Business Times
In the Age of AI, Human Storytelling Still Reigns Supreme: Why Advidly is Betting on People over Perfection
Founders of Advidly, Skyler Stroup, Tony Broussard, & Drake Matlock In a world flooded with AI-generated content and relentless algorithmic churn, there's a quiet revolution that's in play, one that's rediscovering the unparalleled value and necessity of the human voice. And Skyler Stroup, founder of creative marketing agency Advidly, has been a vocal advocate of this subtle movement. While many race toward automation, Stroup has affirmed that it's these distinctly human stories that cut through the noise, and that's the philosophy that runs through every operation of his business. Despite keeping human creativity at the forefront of Advidly, Stroup is no stranger to both sides of the storytelling coin. With a background in digital marketing for one of the travel tech industry's top startups on one hand and a career as a signed musician with a prominent American record label on the other, Stroup has embodied a unique convergence of corporate strategy and raw creativity. This blend, he says, is at the heart of Advidly's success. Advidly began with a simple yet radical idea, that every brand has a story which deserves to be told with emotion, nuance, and integrity, especially for founders and small businesses that don't see themselves as "marketers." These entrepreneurs are often closest to the magic of their work, yet paradoxically too far from articulating what makes them exceptional - and here's where Advidly comes in, to give a voice and identity to their brand through strategic collaborations and comprehensive marketing services rooted in creative expertise. "We excavate the story from them and give it life through compelling video, content, and activations," Stroup explains. "The idea is to uncover what's already there and help them see the value in their own story." Team Advidly in Action For many, this is no easy feat. Cultural conditioning around humility often makes self-promotion feel uncomfortable, and at times, even embarrassing. But Stroup argues that this connection is vital for brands, and that doesn't stem from brashness or bravado, but honesty and authenticity, something that the audience seeks most from companies. "You don't have to be the next billionaire or run the next conglomerate. That's not how the real world works." Stroup states. "Even if you're a humble plumber, your brand is built on trust, and that's the narrative your marketing needs to reflect. Not some persona that you think you have to adopt to be taken seriously, one that's removed from you, or who your brand is underneath." This philosophy, for Stroup, is more than just a talking point. It's a sharp critique of the current marketing landscape. As AI tools become more ubiquitous and widely adopted, from chatbots, AI-image generations to cloned avatars that deliver pitch-perfect videos on demand, many businesses are embracing speed, volume, and cost efficiency over substance, leading to an existential crisis in the creative world. Stroup, a passionate spokesperson for creativity and artistic integrity, sees this trend as both inevitable and dangerous. "There's a real risk of creativity collapsing into redundancy," Stroup says. "If every brand uses the same tools to say the same things, then differentiation disappears. And more importantly, so does trust." In Stroup's view, AI is a tool, a powerful one that would help facilitate tasks, but it's not a substitute for vision, and it's certainly not a match for human instinct, the very thing that drives the human race. "We were early adopters of AI platforms," Stroup notes. "But after a year of using it across projects, the patterns started to repeat. There's only so much polish you can apply before it all blends into the same beige." Where AI scales by contributing to the already crowded content noise, Advidly refines. The team is strengthened by a collective of creatives from marketing, entertainment, and independent film backgrounds, and through their artistic prowess, they've deliberately built a foundation that challenges formative content creation. Advidly's work goes beyond aesthetics. They aim for emotional resonance and connection, which, in today's saturated market and diminishing attention spans, is the key to customer retention. That's why their focus is not just on what a business does, but why it matters, what lies behind the name of the brand, its colors, and its offerings, and affirming to them that these stories are worth telling. In a recent quote, Author Joanna Machiejewska said, "I want AI to do my laundry and dishes so that I can do art and writing, not for AI to do my art and writing so that I can do my laundry and dishes." As these words resonate across Stroup's philosophy, he insists that at its best, marketing isn't about ego or attention. It's about trust. And trust, he believes, will always require a human touch.
Yahoo
16-06-2025
- Business
- Yahoo
Want To Retire in Your 50s? 9 Ugly Truths You Need To Know
You may already know that planning to retire early can mean putting aside lots of money. According to Fidelity, if you plan to retire before 62, you should aim to save 33 times your expenses. If you're 45 with annual expenses of $75,000, that amounts to $2.475 million. Find Out: Explore More: But it's not just money and savings you need to consider if you want to retire in your 50s. Some financial experts shared with GOBankingRates a few ugly truths to consider now. Retiring at 50 means planning for more years without a paycheck. 'That requires a deeply strategic investment approach, not just a big nest egg,' according to Christopher Stroup, founder and president of Silicon Beach Financial. 'Inflation, health care costs and market downturns will all take their toll. Your money needs to outlive you, and that requires a plan that adjusts as life does.' Be Aware: If you retire before Medicare eligibility at 65, expect to shoulder thousands in annual premiums through the open market. Per Stroup, for self-employed professionals or those selling a business, early retiree coverage should be a line item in your exit plan. According to Empower, a few health insurance options for early retirees are the health insurance marketplace, health share plans and private health insurance. Stroup likes to remind clients that many accounts, such as traditional IRAs and 401(k)s, penalize early withdrawals before age 59 1/2. He said strategic tax planning, like leveraging Roth IRAs, 72(t) distributions or taxable brokerage accounts, can help bridge the gap. According to Stroup, with the right mix of account types, you can retire early and avoid triggering unnecessary tax or penalty landmines. Plenty of early retirees pivot to passion projects, consulting or part-time work. The key, per Stroup, is designing financial flexibility into your plan before you need it. Whether you're stepping back or stepping sideways, a proactive strategy ensures your money keeps pace with the life you want to live and not just the one you're leaving. It's also important to factor in family members or other dependents when planning an early retirement. 'Supporting a loved one can either force an employee out of or back into the workforce. Consider who else might depend on your income,' according to Kevin Estes, financial planner and founder of Scaled Finance. Early retirement can leave individuals with a lot of time and years on their hands without work to keep them occupied. While this sounds nice in the beginning, it could end up having negative effects. 'Retiring can limit someone's social network, structure and even purpose,' Estes said. 'Plan how to develop all three.' If you expect to start planning to retire in your 50s when you hit 40, you may be in for an unexpected surprise. It's going to take a lot of planning at that stage. In fact, if you didn't start planning in your 20s, you're likely already behind the ball. 'The truth is that early retirement takes a lot of upfront planning and a significant amount of upfront income and investments,' according to Annie Cole, Ed.D., money coach and founder of Money Essentials for Women. Cole said one ugly truth to consider is that retiring early means more years spent living off your retirement income versus living off work-generated income. While your nest egg may seem big at first, it can quickly dwindle down to nothing if you're not careful. If you already hate inflation, just wait until you retire early. All that planning you did to reach early retirement hopefully included inflation considerations — or else you're likely to find yourself struggling to stay afloat when it comes to money. Inflation can affect your health costs, food bills, living expenses and so much more. More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Want To Retire in Your 50s? 9 Ugly Truths You Need To Know
Yahoo
07-06-2025
- Business
- Yahoo
6 Ways To Rethink Retirement in an Ongoing DOGE Economy
Elon Musk may have left his Department of Government Efficiency (DOGE) behind, but the DOGE office and the intentions to cut government spending remain. It will likely have a lingering effect on many aspects of Americans' lives, particularly regarding the agencies where staffing or budgets were slashed or may be in the future. Find Out: Read Next: One of the areas DOGE did a lot of cutting was the Social Security Administration. For anyone retiring in this DOGE environment, in which security nets like Social Security and Medicare may not be so secure, it may be time to rethink some aspects of retirement. Christopher Stroup, a CFP and owner of Silicon Beach Financial, explained some ways to prepare for this new policy landscape. Retirees relying on timely Social Security or Medicare have faced longer processing times and inconsistent access to benefits. 'The cuts didn't just trim fat, they disrupted core services, forcing many to navigate a fragmented system at a life stage when stability matters most,' Stroup said. This volatility adds a new layer of risk to traditional retirement planning that requires more strategy. Be Aware: Simply put, if government support continues to shrink, which is likely, retirees may need to assume greater out-of-pocket costs for healthcare and essentials, Stroup warned. 'Financial plans must now stress-test for reduced safety nets, inflation uncertainty and delayed services,' he said. The assumption that Medicare and Social Security will 'just work' is no longer a safe bet. Stroup suggested soon-to-be-retirees now think of retirement less as a finish line and more as a transition that demands flexibility. 'You'll want to build contingency funds, diversify your income sources, and plan for potential lags in public benefits,' he said. Just as important, don't delay filing paperwork since bureaucratic backlogs can derail even well-funded retirements if you're not proactive. It's also a time to focus on liquidity, not just longevity, Stroup said. This means maintaining a strong emergency fund for benefit delays or policy changes. It's a great time to reevaluate withdrawal rates and healthcare coverage with the help of a financial advisor, and to consider supplemental insurance or annuities to hedge against 'service erosion.' 'Above all, revisit your financial plan annually as this environment demands regular recalibration,' Stroup said. To get down to the essentials and focus your energy, Stroup recommended prioritizing the following three things: Healthcare planning: Confirm coverage and estimate out-of-pocket costs. Guaranteed income: Layer Social Security with annuities or conservative income streams. Tax strategy: Optimize withdrawals to minimize tax drag. A well-sequenced drawdown strategy can preserve capital longer, especially if public benefits falter. Lastly, Stroup feels that 'policy disruption is the new normal.' This means you can't count on yesterday's assumptions. 'Whether it's delayed Social Security checks, Medicare limits or staff shortages, retirees need personal resiliency baked into their plan,' he said. Work with a fiduciary who understands the tech-policy overlap and can help you adapt as systems shift beneath your feet. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 These 10 Used Cars Will Last Longer Than an Average New Vehicle 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on 6 Ways To Rethink Retirement in an Ongoing DOGE Economy
Yahoo
07-06-2025
- Business
- Yahoo
The 3 Best Ways for Boomers To Use Personal Loans To Stretch Their Retirement
Personal loans can serve many functions, from starting a business to buying a new car — even helping in retirement. While it's always important to exhaust other options first that don't require paying interest, there are some situations where a personal loan can make a difference for boomers in retirement. Financial experts offer the best ways for boomers (or any retiree) to use a personal loan to help fund some aspect of their retirement. Find Out: Read Next: One instance when a personal loan can make sense is to bridge a short-term cash need — like delaying Social Security to maximize benefits or covering a one-time emergency without disrupting long-term investments, according to Christopher Stroup, a CFP and owner of Silicon Beach Financial. The key is using it strategically, not as a recurring income source, he said. See More: If you've got debt that's earning very high interest, such as credit cards or high-interest medical debt, a personal loan can offer you 'breathing room,' Stroup said, 'especially when the new loan has a lower fixed rate and shorter term.' It can also simplify payments and reduce interest. However, Stroup said, 'Know that it only works if spending habits also change; otherwise, debt can pile up again.' While personal loans should not be a go-to for most expenses, Stroup said that when the expense is unavoidable and aligns with a broader financial plan, it can be a good idea. 'For example, a medically necessary home renovation or dental procedure may justify a personal loan, especially if it avoids tapping tax-deferred retirement accounts in a high-income year.' Robert Gabriel a financial specialist and creator of Vosita, said these can include things renovations that improve safety or accessibility (like installing grab bars or a stairlift) and allow a retiree to age in place comfortably. 'Similarly, for unexpected but necessary medical expenses that aren't fully covered by insurance, a personal loan could provide a way to manage the cost over time,' Gabriel said. However, in both these scenarios, the retiree needs to be confident in their ability to repay the loan without jeopardizing their essential living expenses. Credit score also plays a huge role in determining personal loan interest rates, regardless of age, Gabriel said. He said that retirees with excellent credit scores (typically 720 and above) will qualify for the most favorable interest rates, which are currently averaging around 13% to 14% according to recent reports. A good credit score (690-719) will still yield reasonable rates, but they'll likely be a bit higher. 'To improve their odds, retirees should ensure they have a good payment history on all their debts, keep their credit utilization low (the amount of credit they're using compared to their credit limit) and avoid opening new credit accounts unnecessarily,' he said. Even small improvements in credit score can lead to significant savings on interest payments. Using loans to cover everyday expenses is a red flag, however, Stroup warned. It often signals that a retiree's spending is outpacing their income plan. 'Over time, this can create a cycle of borrowing that drains savings, increases financial stress and limits future flexibility,' Stroup said. If you're finding yourself turning to loans for repeated borrowing to cover basic expenses, minimum-only payments or juggling multiple loans without a payoff plan, you could have a problem. 'These patterns can signal deeper cash-flow issues and should prompt a review with a financial planner before debt becomes unmanageable,' Stroup advised. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 7 Things You'll Be Happy You Downsized in Retirement 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on The 3 Best Ways for Boomers To Use Personal Loans To Stretch Their Retirement Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
