Parkworth Wealth Management

04/01/2025

Market downturns can be unsettling, but they also present opportunities to strengthen your financial position. Our latest blog post explores five strategic moves to consider during such times:

1. "Harvesting" Losses
2. Restructuring Your Portfolio
3. Transitioning to ETFs
4. Diversifying Concentrated Positions
5. Converting to Roth IRAs

Implementing these strategies could help turn market volatility into an advantage. For an in-depth look at each approach, read our full article.

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With market volatility, now is a good time to review the “down market” maintenance checklist.

03/03/2025

For professionals who started their careers in the private sector and later transitioned to public service, there’s good news regarding Social Security benefits. A long-standing provision that reduced benefits for these workers has finally been addressed through recent legislation. The Social Security Fairness Act, signed into law on January 5, 2025, brings welcome relief to millions of affected workers.

https://bit.ly/4bmVvcf

The Windfall Elimination Provision (WEP) has been eliminated, restoring full Social Security benefits for career changers moving from the private to public sector. Learn what this could mean for you.

12/16/2024

For those in high-income years, contributing to a donor-advised fund can significantly reduce your taxable income while giving you time to decide which organizations to support.

A donor-advised fund is a smart and flexible way to make charitable contributions, especially in a high-income year. Read on to learn how to maximize tax benefits and make a greater impact with your charitable giving.

12/03/2024

Yes, managing your RSUs is important. It’s part of the wealth formula. But if you want to operate at the next level, you need to look at the bigger picture and take those next-level wealth-building actions with your RSUs.

https://bit.ly/3ZijljF

RSUs are important to understand, but if that’s where your primary wealth-building focus has been, it’s time to level up. Read on to learn how.

11/01/2024

With less than two months before the end of the year, there’s not much time left to cram more savings into your Roth 401(k) account at work using the Mega Backdoor Roth technique. So if you want to take advantage of this option, the time is now. Read on to find out how the Mega Backdoor Roth works, who qualifies, and the potential tax benefits for your retirement.

As we approach year-end, there’s not much time left to utilize the Mega Backdoor Roth technique. This strategy isn’t for everyone, but it might be for you. Read on to learn more.

10/09/2024

If you could substantially increase your income and also be happier and more fulfilled in your work—how valuable would that be for you? Would it be worth the cost of $50 and a few hours of self-reflection? If so, learning the Unique Ability concept and framework may be a worthwhile investment. Especially if you are changing roles as a result of the silent tech job drought, are feeling stuck in your current position, or are just starting out in your career. Or even if you are doing well and simply want more.

The Unique Ability framework is an approach and mindset I’ve found to be energizing and liberating, enough that I’ve shared it with family, friends, and clients. So what is it and how do you utilize it?

https://bit.ly/3XZFO4j

There’s a way to maximize your earning potential, using only what you already possess: your own unique abilities. Read on to learn more.

09/03/2024

When new clients start with us, it’s often the beginning of a multiyear journey along the path to a bigger, better financial future. But first, before we can begin taking strides toward their vision and goals, we often need to perform financial triage to clean up messes clients might not be aware of. Here are a few short stories about issues we’ve faced that highlight why professional oversight can be so crucial.

In the diary of a financial planner, there are pages upon pages noting the time we spend dealing with problems new clients never even knew they had. Read on to hear some of the stories about what we’ve discovered when beginning our work with clients.

08/13/2024

RSUs are like a bonus, but instead of cash, you receive stock. Now, think about it—if you received a cash bonus, would you invest all of it back into your company's stock? Most people wouldn’t. They’d diversify or use it for other needs.

When you hold onto RSUs, you’re essentially making the same decision as reinvesting your entire bonus in one place. Is that the best choice for your financial future?

We explored why it’s often smarter to sell RSUs as they vest rather than holding onto them, and much more, in last month’s "Personal Finance for Tech Professionals" Virtual Book Club.

Missed it? Join our next session on August 26! Learn more and register here: https://bit.ly/3Vxb2zH

08/01/2024

Navigating your financial future starts with asking the right questions. Our latest blog explores the key financial inquiries you should be making to help ensure a prosperous and secure future.

With Google at our fingertips, we often try on the role of keyboard expert to tackle some of our most important concerns. But without a level of expertise, we may not even know the right questions to explore. Read on to learn how professional financial expertise can shape what you learn and help you

07/30/2024

We're excited to announce the promotion of Max Gonda to Wealth Advisor at Parkworth Wealth Management following his achievement of earning the CERTIFIED FINANCIAL PLANNER® (CFP®) designation. Join us in congratulating Max on this well-deserved accomplishment!

Parkworth Wealth Management, in San Jose and Palo Alto, promoted Associate Wealth Advisor Max Gonda to Wealth Advisor after he earned the CFP® certification.

07/15/2024

In last month's "Personal Finance for Tech Professionals" Virtual Book Club, we discussed trying to predict what's next for the markets.

Missed it? Join our next session on July 26! Learn more and register here: https://bit.ly/3Vxb2zH

07/09/2024

In the 2024 CompTIA State of the Tech Workforce study, California led the states in tech sector employment, with 1,533,554 people working in tech in 2023. Many of these employees receive restricted stock units (RSUs) as part of their compensation.

California has specific income tax withholding rules for RSU income, and some of the highest income tax rates in the nation, with a top rate of 13.3% for single taxpayers earning over $1 million. If you work in tech in California and receive RSUs, it's crucial to understand how these rates and rules affect you.

California tax laws—including a new one for 2024—have a large effect on the many tech professionals who call the state home. If you’re one of them, it’s essential you understand both the federal and state rates and rules. Read on to learn more.