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Sam Lipscomb, CEPF®

Sam Lipscomb is a writer for SmartAsset. His work spans a wide variety of personal finance topics with expertise including retirement and investment. He is particularly well versed in credit cards. Sam has been featured in The Economist and on The Points Guy. He is a Certified Educator in Personal Finance (CEPF®). Sam graduated from Kenyon College with a degree in Economics and enjoys being a go-to resource for family and friends when it comes to personal finance. Originally from Washington, DC, Sam loves all things aviation and is a Cleveland sports fan. He currently lives in New York.

Posts by Sam Lipscomb, CEPF®

Multi-Family Office
Financial Advisor

What Is a Multi-Family Office?

A family office is a financial advisor firm that provides comprehensive wealth management services to a single individual or family. A multi-family office simply expands on the same concept. Instead of working with just one family or individual, a multi-family… read more…

financial literacy is costing americans
Financial Advisor

This Mistake Is Costing You $1,400: But You Can Fix It

A recent study done across several different age groups throughout the country revealed a troubling finding about financial literacy among Americans. The study, which surveyed a total of 3,389 adults, showed that the average adult loses about $1,389.06 annually due to… read more…

be wary of target date funds
Investing

The Hidden Cost of Target Date Funds

If you’ve begun saving for retirement, there’s a good chance you’ve heard of target date funds. They’re a common investment vehicle, often used in employer-sponsored retirement plans like 401(k)s or 403(b)s. More specifically, target date funds are exchange-traded funds or mutual… read more…

Stash vs. Acorns vs. Robinhood
Investing

Stash vs. Acorns vs. Robinhood: Which Is Best?

When it comes to investing online or on your phone, Stash, Acorns and Robinhood are three names at the top of the industry. Each was designed to simplify investing for retail investors, offering straightforward apps that are easy to use… read more…

empty nesters not saving enough for retirement
Retirement

Empty Nester? This Avoidable Mistake Could Jeopardize Your Retirement

Saving for retirement is a lifelong undertaking. It involves keeping your retirement goals in mind as you have children, get different jobs and move from place to place. However, a recent study from the Center for Retirement Research at Boston College… read more…

south dakota tax shelter
Taxes

This Hidden U.S. Tax Shelter Is Not Just for the Global Elite – Want In?

Normally when you hear the word tax haven, the typical places spring to mind. The Cayman Islands, Switzerland, Panama and the Bahamas are all tax havens, but over the course of the past decade South Dakota has joined their ranks… read more…

Private Banking vs. Wealth Management
Financial Advisor

Private Banking vs. Wealth Management

While some may use the terms private banking and wealth management interchangeably, there are important differences between them. Wealth management typically involves tailored financial planning services, investment management or a combination of both. Private banking usually entails a variety of… read more…

Best Retirement Plans for Self-Employed
Retirement

Best Retirement Plans for Self-Employed People

Being self-employed has a multitude of benefits. While you can be your own boss and enjoy the flexibility and agency that comes along with this style of employment, there are certain things that aren’t as readily available. This includes employer… read more…

biden capital gains tax changes
Taxes

Tax the Rich: Biden to End Trump Tax Cuts on the Wealthy

House Democrats have proposed legislation that could end Trump tax cuts for the wealthy and corporations. If passed, this could implement some of the biggest tax increases in decades. But while these tax changes aim to make good on President… read more…

Ultra-High-Net-Worth Individual
Financial Advisor

Defining an Ultra-High-Net-Worth Individual

In order for someone to be considered an “ultra-high-net-worth individual,” they typically need to have at least $30 million worth of net investable assets to their name. However, this isn’t really a legal definition. As the name suggests, ultra-high-net-worth individuals… read more…

SmartAsset: Financial Advisors for Social Security
Financial Advisor

Financial Advisors for Social Security

When it comes to getting ready for retirement, there are many questions surrounding Social Security. Some of the most important include deciding how Social Security payments will fit into your overall retirement income plan and figuring out when to start… read more…

is an annuity a good investment
Retirement

Is an Annuity a Good Investment?

Annuities are popular financial products that often guarantee income throughout the course of your retirement. While you may even have access to customizable features and riders, you’ll likely have to pay high fees and may also end up taking home less than you would by investing your money elsewhere. Note that those who sell annuities often… read more…

estate planning vs will
Estate Planning

Estate Planning vs. Will: What’s the Difference?

A lot of people think that estate planning and writing a will are the same, but one is actually just part of the other. Simply put, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other… read more…

what certifications do you need to be a financial advisor
Financial Advisor

What Certifications Do Financial Advisors Need?

Financial advisors are professionals who work with clients to help them with their finances and investments. Advisors may work with clients holistically to develop broad financial plans, or they can help with a narrower focus, such as estate planning or retirement. Advisors often have certifications that indicate a certain level of expertise or area of… read more…

why people prefer human advisors
Financial Advisor

The Secret to More Peace of Mind With Your Investments

When it comes to working with an advisor to help manage your finances, there are lots of options at your disposal. Robo-advisors, for instance, are a very popular option when it comes to getting financial advice. They are often cheaper than human advisors. However, despite the benefits of using a robo-advisor, a new Vanguard study… read more…

millennials and gen z financial mistakes
Financial Advisor

Want to Achieve Financial Wellness? Millennials and Gen Z-ers Should Avoid These Mistakes

While markets have boomed over the past 10 years, a recent study by PricewaterhouseCoopers shows that Millennials and Gen Z-ers have been experiencing considerable financial strain. This includes significant decreases in household income as well as difficulties paying for household expenses. As a result, people are turning to less-than-ideal methods of making ends meet, such… read more…

do i need a financial planner
Financial Advisor

Do I Need a Financial Planner?

A financial planner can be a powerful force for good, helping you set and reach financial goals. But do you really need a financial planner? Many people forgo the option of working with a financial planner in favor of doing research on their own, setting their own goals and managing their own finances. That means… read more…

SmartAsset: How to Find a Certified Financial Planner
Financial Advisor

How to Find a Certified Financial Planner (CFP)

With so many online resources to choose from, finding a financial advisor has become easier. However, there’s a lot to sift through when it comes to picking one. Every financial advisor tends to have different types of certifications, such as certified… read more…

lower life expectancy and retirement
Retirement

How Lower Life Expectancy Could Put Your Retirement at Greater Risk

When it comes to saving and investing for retirement, one of the biggest challenges is figuring out how much money you’ll need to live out the rest of your life comfortably. There’s no telling how long you might end up living. Add in a spouse, children and other dependents, and the calculation become even more… read more…

proposed expansion of private fund reporting requirement
Investing

SEC Moves to Expand Hedge Fund, Private Equity Disclosures

This week, the U.S. Securities and Exchange Commission voted in favor of proposing rule amendments that would expand reporting requirements for private funds such as hedge funds and private equity funds. While private funds are already required to disclose certain information on predetermined timelines via Form PF, the proposed rule changes would tighten those rules further.… read more…

how the no surprises act affects your medical bills
Financial Advisor

How The ‘No Surprises Act’ Affects Your Medical Bills (and Possibly Your Care)

Most Americans have heard stories about surprise medical bills that can cost unknowing patients thousands of dollars for what they may have thought were simple or necessary procedures. However, the practice of surprising patients with medical bills may soon be a thing of the past. The federal No Surprises Act, passed last year, went into effect… read more…

tax refund delays
Taxes

Many Tax Refunds Will Be Delayed, Treasury Says: How to Get Yours Sooner

On Monday, Jan. 10, the Treasury Department announced that the IRS is facing significant challenges this year due to budget concerns and issues caused by the COVID-19 pandemic. Officials are warning that many taxpayers could see significant delays in receiving their tax refunds this year. There are millions of tax returns that the agency has… read more…

infrastructure bill cryptocurrency regulations
Financial Advisor

How the New Infrastructure Spending Package Affects Crypto Investors

Crypto investors better look up from their Coinbase and Gemini apps. Changes are afoot. President Joe Biden signed into law a $1.2 trillion infrastructure spending package on Nov. 15, and though the law was a key achievement as it pertained to infrastructure spending, there were a number of other politically relevant provisions — namely regarding measures… read more…

big banks crypto investments
Investing

Here’s Why Big Banks Are Going All In On Crypto: Should You Follow Suit?

It’s no secret that cryptocurrencies are an extremely popular asset class. They’re also a cultural phenomenon that has changed the way many retail investors save and plan for the future. In the past, big Wall Street firms haven’t paid much… read more…

muni bonds and tax hikes
Investing

Why Investors Are Piling Into This Often-Overlooked Security

With proposed legislation to raise income taxes and capital gains taxes circulating in Washington, D.C., municipal bonds have become an attractive option for investors seeking tax-free income and low risk investments for their portfolios. However, it’s important to note that rising interest rates and credit perils can pose serious risks, particularly when it comes to high-yield… read more…