Danna Jacobs, CFP®, MBA, ADPA Legacy Care Wealth, LLC

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About Danna Jacobs, CFP®, MBA, ADPA

I hold the CFP® and ADPA® designations granted by the Certified Financial Planner Board of Standards, Inc. In addition, I earned an MBA from New York University’s Stern School of Business, with concentrations in Finance and Entrepreneurship. My coursework included the subjects of Business Management, Accounting, Business Strategy, Corporate Finance and Business Planning. I also received a Bachelor of Arts from Vassar College (Poughkeepsie, NY) with concentrations in Economics and Italian.

I am also a trustee and board member of the Student/Partner Alliance (S/PA), a non-profit organization that partners high school students from urban areas with both scholarships and mentors so they can attain a private high school education. I am also leading the development of a Young Professionals Network (YPN) at S/PA. Other non-profit organizations that I have worked with in the past include Habitat for Humanities, Komen Race for the Cure, March of Dimes, and Streetwise Partners.

Prior to launching Legacy Care Wealth, I was a Client Service Associate at Barclays Wealth from January 2010 to March 2013. My responsibilities included responding to client inquires regarding investment management, account maintenance, tax issues, trust and estate administration, as well as assisting the sales team with equity offerings, and marketing alternative investment opportunities.

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Recently Published

Five Ways to Fulfill Your Retirement Dreams - by Jackie Waters

April 10, 2017

Five Ways to Fulfill Your Retirement Dreams

Guest Post by Jackie Waters

Five Ways to Fulfill Your Retirement Dreams

Depending on your current age, retirement can sound like a lifetime away from now. Many people establish short-term savings goals, but what about the last 20 to 40 years of your life? Have you truly established a plan for yourself once you don’t have to go to the same job everyday? Creating the ideal retirement for yourself isn’t rocket science. In fact, here are five easy ways to turn your retirement dreams into reality:


1.    Set your goal

Do you want to retire at age 50, or do you want to work into your 60s? Where do you envision the rest of your life -- on an exotic island, in the mountains across country, or in your home of 30 years? You can certainly have your “golden years” be fruitful when the time comes, but first you need to decide what that picture looks like. Once you have a specific idea in mind, you can begin to plan on saving to fulfill those dreams.


2.    Determine your savings plan

Many companies offer a 401(k) savings plan to their employees. This can either be matched by their employers at a considerable rate (sometimes up to as much as 15%), or it is simply for the employee to contribute into on a weekly or monthly basis. Of course, this type of savings account is optional, so you won’t automatically accumulate savings -- you’ll have to elect to do so. Speak to your HR representative about this type of benefit for more information.


An especially good option for those who are younger, and if your company offers it, is converting to a Roth 401(k). The beauty of this retirement option is that even though you are paying taxes on the front end, when you are younger and in a lower tax bracket, you will reap the benefits later when you retire, as all earnings are tax-deferred. You cannot take tax deductions on your contributions, but the payoff when you retire is worth it.


If you are self-employed, living and working overseas, or simply just want another retirement source, you may want to think about a traditional or Roth IRA. Although each type of IRA has rules and stipulations, both allow you to make yearly contributions of up to $5,500 per year. With accumulated interest on top of annual additions, you could retire very comfortably if you start saving at a young age.


It’s also wise to keep all of your income and retirement savings tax documents in order from now until retirement, either with an accountant, W2 or 1099 software, or your own personal system of organization. You don’t want to be caught unprepared for an audit, especially once you’ve reached retirement.

 

 
3.    Set your goal

Do you want to retire at age 50, or do you want to work into your 60s? Where do you envision the rest of your life -- on an exotic island, in the mountains across country, or in your home of 30 years? You can certainly have your “golden years” be fruitful when the time comes, but first you need to decide what that picture looks like. Once you have a specific idea in mind, you can begin to plan on saving to fulfill those dreams.


4.    Determine your savings plan

Many companies offer a 401(k) savings plan to their employees. This can either be matched by their employers at a considerable rate (sometimes up to as much as 15%), or it is simply for the employee to contribute into on a weekly or monthly basis. Of course, this type of savings account is optional, so you won’t automatically accumulate savings -- you’ll have to elect to do so. Speak to your HR representative about this type of benefit for more information.


An especially good option for those who are younger, and if your company offers it, is converting to a Roth 401(k). The beauty of this retirement option is that even though you are paying taxes on the front end, when you are younger and in a lower tax bracket, you will reap the benefits later when you retire, as all earnings are tax-deferred. You cannot take tax deductions on your contributions, but the payoff when you retire is worth it.


If you are self-employed, living and working overseas, or simply just want another retirement source, you may want to think about a traditional or Roth IRA. Although each type of IRA has rules and stipulations, both allow you to make yearly contributions of up to $5,500 per year. With accumulated interest on top of annual additions, you could retire very comfortably if you start saving at a young age.


It’s also wise to keep all of your income and retirement savings tax documents in order from now until retirement, either with an accountant, W2 or 1099 software, or your own personal system of organization. You don’t want to be caught unprepared for an audit, especially once you’ve reached retirement.


5.    Decide how you want to save

Are you a person who wants your savings to be taken out of your weekly paycheck automatically, or would you rather seek out your own method for contributions? Maybe your intentions are to first build an emergency fund or pay off a large debt before you begin investments, which means you only start off by adding your income leftovers to your savings. Perhaps for the IRA, you would feel more comfortable adding one big chunk at a time, every few months. While it’s advised that you should be making contributions as often as possible due to compound interest, unique situations or personal beliefs interfere with the ability to make weekly or monthly additions.


6.    Consider passive income sources

If you have a steady source of income that allows you to retire comfortably, you could still be making money and gaining revenue through passive incomes, even while you’re retiring in paradise and the paycheck is no longer automatic. Different kinds of passive income include real estate investments, writing a popular blog or eBook, renting out a space in your home, and affiliate sales marketing.


Since you assumably have more time on your hands, retirement is a fantastic opportunity to take small risks, like becoming a silent partner on a new business or channeling your love for photography and selling pictures online. With passive income, the opportunities are endless.


7.    Wait for retirement before spending

It’s tempting to withdraw your savings amount before retirement, especially if a financial crisis hits and you need money quickly. However, with several retirement savings options, there are penalties, taxes, and other fees that are accounted for before you’re able to see the fruits of your labor. For instance, with any type of IRA, you have to pay an additional 10% tax for early withdrawals. With other forms of long-term investments, you may encounter significant hardships with removing money from an account that requires you to first be of a certain age.


Photo credit: Pixabay

8.    Decide how you want to save

Are you a person who wants your savings to be taken out of your weekly paycheck automatically, or would you rather seek out your own method for contributions? Maybe your intentions are to first build an emergency fund or pay off a large debt before you begin investments, which means you only start off by adding your income leftovers to your savings. Perhaps for the IRA, you would feel more comfortable adding one big chunk at a time, every few months. While it’s advised that you should be making contributions as often as possible due to compound interest, unique situations or personal beliefs interfere with the ability to make weekly or monthly additions.


9.    Consider passive income sources

If you have a steady source of income that allows you to retire comfortably, you could still be making money and gaining revenue through passive incomes, even while you’re retiring in paradise and the paycheck is no longer automatic. Different kinds of passive income include real estate investments, writing a popular blog or eBook, renting out a space in your home, and affiliate sales marketing.


Since you assumably have more time on your hands, retirement is a fantastic opportunity to take small risks, like becoming a silent partner on a new business or channeling your love for photography and selling pictures online. With passive income, the opportunities are endless.


10.Wait for retirement before spending

It’s tempting to withdraw your savings amount before retirement, especially if a financial crisis hits and you need money quickly. However, with several retirement savings options, there are penalties, taxes, and other fees that are accounted for before you’re able to see the fruits of your labor. For instance, with any type of IRA, you have to pay an additional 10% tax for early withdrawals. With other forms of long-term investments, you may encounter significant hardships with removing money from an account that requires you to first be of a certain age.



Ms. Waters is a mother of four boys, and lives on a farm in Oregon. She is passionate about providing a healthy and happy home for her family, and aims to provide advice for others on how to do the same with her site Hyper-Tidy.com.




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Back to Blogging

April 7, 2017

Back to Blogging

Getting back on track


Back to Blogging

As with many other things in life, I have fallen off of my blogging habit the past few months.  The easy excuse is that I am expecting another baby this summer, and those early months of pregnancy were just plain old not fun and I didn't have the bandwidth for my blogging habit.  However, like most things that are good for us and important to do, even a reprieve from them is not reason to abandon the practice.  Instead, I am openly admitting the inconsistency, asking for any reader's forgiveness and wanting to get back on track!

What habits are good for you that you have swayed away from?  Given my profession, the easy example is checking your budget!  We have found time and time again speaking with clients that by making them just track their spending, they have a tendency to spend less.  It may be partially because they know they will have to be accountable for their purchases, spouses/significant others may be shared this information in a more transparent way, or simply because the act of tracking makes them take pause before making a spending decision.  Sometimes, that momentary break to think before taking action is enough for us to break a bad habit or start a good one!

The other easy parallel with finance is fitness!  We all know we should move more and eat less to be in better shape, but if it was so darn easy, why do so many of us struggle with our weight and nationally do we struggle with unprecedented obesity levels?  Because these habits are linked to deep emotional and psychological identities we have created for ourselves.  The same thing is true with spending - so think about the habits you created for yourself, the habits of your spouse, and the habits your parents displayed in your childhood home.  Chances are you are mirroring the spending habits you were raised with, or "othering" that  behavior and acting in complete contrast to what you saw exhibited in your households.  And, like with fitness, tracking your actions is the best way to identify these actions.  Knowing that you have to write down every calorie or workout out each day certainly seems to be enough for many of us to change our actions.

So keep me accountable, and keep yourself accountable!  Take pause before action to ensure you are acting with intention - and track the actions you want to change.

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October 19, 2016

Student Loans - How does Public Service Loan Forgiveness work??

The murky waters of student loan forgiveness


Student Loans - How does PSLF work??

I recently attended an intensive course all about student loans.  You may think - how boring?  Hour after hour just discussing student loans?  I have to tell you - it was actually incredibly interesting and I have the amazing leaders in this space Heather Jarvis and Adam Minsky to thank for that.  Shout outs to them aside, what were some of my key takeaway's?

First off, the Public Service Loan Forgiveness program - while it is an active congressional measure - has yet to actually forgive any student loans!  In fact I personally suspect the government doesn't even have a proper plan in place yet to honor the forgiveness.  In 2007, Congress passed the College Cost Reduction and Access Act of 2007 which first created the Public Service Loan Forgiveness program.  The Public Service Loan Forgiveness program has a few requirements.  As Heather says:

  1. You have to be making the right kind of payment - your student loan payments must be in Pay as You Earn, Income Based Repayment or Income Contingent Repayment status.  Insider's tip - Payments made before October 1, 2007 don't count towards forgiveness.  
  2. On the right kind of loan - your student loan must be a Federal Direct loan issued before July 2010.
  3. While working at the right place - you must be working for a government agency or 501(c)3 organization. Insider's tip - To ensure your employment is counting towards your forgiveness, submit the PSLF Employment Certification Form annually.
  4. Repeat 120 times (or ten years if you are making consecutive payments) - this means that for folks that started doing this on the first date available in 2007 and did all the above steps accurately, the first forgiveness will be granted in October 1, 2017.  Insider's tip - And don't be late on your payments, otherwise that payment doesn't count!
  5. Prove it! - When it is time for your loans to be forgiven, the responsibility will be on you to prove that you did all the above accurately 120 times, so keep good records.  Insider's tip - Don't leave your employer until your loans have been forgiven in full!  This may put your forgiveness at risk.  

More about student loan forgiveness for other folks who don't work in the government or for a charitable organization next time!

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Ideal Clients

  • Entrepreneurs
  • Gen X
  • Parents
  • Young Professionals

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  • Monthly Fee
  • Quarterly Fee
  • Assets Under Management

Fee Options

  • Monthly Fee: $150-250/mo
  • AUM: .50- 75 bps

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