Common Wealth Charlotte is a local non-profit that provides financial literacy education and access to non-predatory financial services to Charlotte’s low-income families. Epic Capital has been a big fan and supporter of theirs over the past several years. Mid last year we partnered with them on a volunteer basis, serving monthly at their financial workshops.
Charlotte has approximately 150,000 residents working full time and making 30 to 35 percent of the area median income (AMI). As a partner to 36 local nonprofits and workforce development agencies, CWC’s goal is to assist in the achievement of financial independence through innovative financial education, asset-building strategies and access to non-predatory banking services and loans. CWC believes financial instability underpins every challenge faced by this population, including housing, transportation, education, employment security, debt management and access to healthcare. CWC’s mission to establish pathways to financial stability is integral to this population’s well-being, as well as to Charlotte’s community-wide initiative of increasing upward mobility for its underserved residents. To learn more about the incredible work they do or to help support their efforts, please visit www.commonwealthcharlotte.org.
In corporate America, pension plans are fading away. Only 16% of Fortune 500 companies offered them to full-time employees in 2018, according to Willis Towers Watson research. In contrast, legal, medical, accounting, and engineering firms are keeping the spirit of the traditional pension plan alive by adopting cash balance plans.1
I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, Hugh likes to make sure … Continue reading “The Gift Tax”
“Never confuse a single defeat with a final defeat.” — F. Scott Fitzgerald The economic struggles in our country are among the worst we’ve ever seen. In April, a record 20 million people lost their jobs, and 36 million people have filed for unemployment since the COVID-19 pandemic struck in mid-March. Record drops in consumer … Continue reading “Better Times Are Coming”
You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Potential earnings in a backdoor Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth … Continue reading “Backdoor Roth IRA”
Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want to keep in mind if … Continue reading “Coping With An Inheritance”
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