HENRY is a catchy acronym for “high earner, not rich yet.” It describes a demographic made up of young and often highly educated professionals with substantial incomes but little or no savings. HENRYs generally have enviable career prospects, but many of them feel financially stretched or may even live paycheck to paycheck for years, especially if they are working in cities with high living costs and/or facing large student loan payments. If this sounds like you, it may be time to shed your HENRY status for good and focus on growing wealth — even if it means making some temporary

As your family’s wealth grows, you may start to prioritize giving back to your community. Cultivating philanthropic values can help foster responsibility and a sense of purpose among both young and old alike, while fulfilling your financial goals. Charitable donations may be eligible for income tax deductions (if you itemize) and can help reduce capital gains and estate taxes. Here are four ways to incorporate charitable giving into your family’s overall financial plan. Start the tradition of annual family giving End of year presents a perfect opportunity to establish an annual family giving plan. Begin by determining the total amount

The Azzad Ethical Fund (ADJEX) will distribute capital gains to its shareholders on December 20, 2021. Shareholders may see the fund’s share price drop for a couple of days while the capital gains are processed and distributed. The post below should help explain this standard procedure of capital gains distributions for mutual funds in the U.S. What are mutual fund capital gains distributions? When a mutual fund realizes capital gains, such as from stock dividends or from selling holdings that had increased in value, the fund must distribute those gains periodically among all fund shareholders. If you own shares in a

Over your lifetime, you may have been focused more on accumulating assets in tax-deferred retirement accounts like 401(K)s and traditional IRAs. However, Uncle Sam will soon come knocking for his portion of the pie that you’ve accumulated, specifically when you turn 72. Here are a few things you should know about required minimum distributions (or RMDs) and what you should do in your pre-RMD yearsto help minimize your taxes. What Are RMDs? Once you reach age 72, you are required to take minimum distributions from your traditional IRAs and most employer-sponsored retirement plans. (RMDs are generally not required from an