The tour is being sponsored by the NAPFA Consumer Education Foundation, TD AMERITRADE, and Kiplinger’s Personal Finance magazine. The bus will tour the country during the next year, beginning on October 1, 2009 and will be visiting major city centers to promote the message of saving and financial literacy. At the various stops Fee-Only, fiduciary financial advisors will be on hand to deliver free financial guidance - no strings attached!
NAPFA-Registered Financial Advisor Alan Campbell, CFP joined a team of volunteers today at the tour stop in Harrisburg, PA. The bus was located at Strawberry Square, a popular shopping destination right across the street from the State Capitol Building. Although Governor Rendell did not stop by for some advice, several state employees did. Here are some of the questions Alan answered today:
I spoke with a retired man who received royalty income this year from an oil & gas investment and was looking for a way to shelter it. He asked if he could write off the loss by giving the funds to his girlfriend or daughter and I explained that although he may see them as a charity, the IRS does not. In the end, we agreed that he would be better off paying the taxes and keeping most of the funds because he didn’t want to give up control of the funds.
I also meet with a woman who felt that stock in Ford Motor Co. was a great bargain at less than $2 per share and asked how to buy it.I explained what a discount broker was and encouraged her to look into TD Ameritrade or E-Trade.
Overall, I was impressed with the both the quantity and the quality of the questions asked.Our location was across the street from the state capital building and many of the people who approached us were state employees on their lunch breaks.A good number of them were thinking about retirement in the next few years and wondering what to do with their pension options when they do retire.
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