Christopher Fess

The Fraud Protection Advantage of Credit Cards

Living in Frisco, Texas, Christopher Fess is a financial advisor working at Fess Financial + Life & Legacy Financial. Voted a Five Star Investment Advisor by the Texas Monthly Magazine every year since 2010, Christopher Fess publishes a monthly newsletter educating Americans on financial issues such as their use of credit and debit cards.

Debit and credit cards are American staples. According to the Federal Reserve, Americans use debit cards far more often, setting aside credit cards for big-ticket purchases. For instance, the average debit card transaction in 2018 was valued at $36 while for credit cards was $89. This data reveals that Americans use debit cards for their everyday expenses and then splurge with their credit cards. Beyond price, however, there are other factors that Americans should consider before using one card over the other, starting with fraud protection.

With credit cards, users are liable for a maximum of $50 in fraudulent card charges. With debit cards, that $50 limit holds only with lost cards or forgotten PINs reported within two days. If reported within 60 days, the applicable limit is $500. After 60 days, users face unlimited liability.

Credit cards, therefore, are more ideal for scenarios where users sense a higher degree of risk such as when they are buying from online vendors and when they have to leave sight of their cards. For consumers who still prefer to use their debit cards in these scenarios, it would be wise of them to lower their checking balance. In addition, users can dispute their credit card bills before paying their monthly bills. Disputing debit card charges is more difficult since the money has already been cut from the checking account balance.

Ultimately, the advantages brought on by credit cards only hold if users pay their monthly bills on time. If they do not, they risk incurring high-interest charges and compromising their credit scores.

All About the Chartered Advisor for Senior Living Designation

Christopher Fess is a Frisco, Texas-based wealth management professional who leverages more than three decades of experience to serve clients through Fess Financial. Complementing his extensive experience, Christopher Fess holds multiple professional designations, including Chartered Advisor for Senior Living (CASL).

Now a legacy program no longer offered through the American College of Financial Services (ACFS), the CASL designation is held by financial advisors who have consistently worked with middle-aged or older clients to help them achieve their prospective financial goals. The ACFS closed the program to new professionals in September 2015, and stopped administering the CASL exam as of March 21, 2017. It still recognizes the designation, however.

Advisors who hold the CASL designation are particularly adept at helping older clients navigate areas such as health and long-term care insurance, as well as estate planning. Those who earned the designation had to complete at least 250 hours of study, as well as five college-level courses such as Understanding the Older Client and Health and Long-Term Care Financing for Seniors. Coursework touches on key elements of aging successfully, including health care needs, family relationships, Medicaid planning, and Medicare coverage.

CeeDee Lamb Leads Dallas Cowboys 2020 NFL Draft Class

Christopher Fess is an experienced, Frisco, Texas-based wealth management professional who has been recognized as a Best of Frisco Financial Top Advisor every year from 2012 to 2019. Beyond his professional pursuits, Christopher Fess enjoys following the National Football League’s (NFL) Dallas Cowboys.

The Cowboys added seven players to their roster through the 2020 NFL Draft, which concluded in April 2020. With its first pick, 17th overall, the team selected University of Oklahoma wide receiver CeeDee Lamb. In his junior season in 2019, Lamb accumulated 1,327 receiving yards on 62 receptions and scored 14 touchdowns. Through three seasons at the school, he registered 3,292 receiving yards and 32 touchdowns. He was a Consensus All-American in 2019.

Dallas selected University of Alabama cornerback Trevon Diggs with its second-round pick. Diggs had an impressive senior campaign, with 37 tackles, eight passes defended, and three interceptions, one of which was returned for a touchdown. He and fourth-round pick Reggie Robinson II have the potential to step right in and make an impact in Dallas’ secondary. The Cowboys also drafted defensive tackle Neville Gallimore (Oklahoma), center Tyler Biadasz (Wisconsin), defensive end Bradlee Anae (Utah), and quarterback Ben DiNucci (James Madison).

The Intricacies of Taxing Partnerships

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Award-winning financial advisor Christopher Fess works at Fess Financial in Frisco, Texas. A chartered financial consultant (ChFC) and tax professional, Christopher Fess helps clients, such as limited partners, in navigating complex tax laws.

Partnerships, unlike corporations, do not have a legal life of their own and are therefore considered pass-through entities for tax purposes. This means that partnerships do not pay taxes on their earnings as corporations do. Rather, these earnings are distributed to partners who then pay taxes on their individual shares or deduct their share of losses.

With regard to dealings with the IRS, a partnership should file a Schedule K-1 with the agency alongside a Form 1065. The former details each partner’s share of profits and losses and the latter helps the IRS know if the partners are reporting income correctly. Each partner then reports his or her share of profit or loss in his or her tax return (Form 1040). Because partners have no employer to withhold their income taxes, they should estimate how much money they will owe at year end and make payments every quarter. They should also pay self-employment taxes on their partnership profits including social security and Medicare.

Travis Frederick Retires at Age 29

An accomplished financial advisor, Christopher Fess has guided Fess Financial in Frisco, Texas, since 2003. Outside his professional life, Christopher Fess is an avid Dallas Cowboys fan.

Coming off a disappointing 8-8 record in 2019, the Dallas Cowboys hoped to recruit some top-tier free agents and put together a strong draft to compete in the 2020 season. However, the team suffered an unexpected blow when its star center, Travis Frederick, announced his surprise retirement at the end of March 2020.

Drafted by the Cowboys in the first round in 2013, Frederick became a mainstay on the team’s offensive line, anchoring a strong unit that included fellow All-Pro linemen Zack Martin and Tyron Smith. A five-time Pro Bowler himself, Frederick missed all of 2018 when he was diagnosed with the rare autoimmune disorder Guillain-Barre Syndrome. Though he returned for all 16 games of the 2019 campaign, it would be his last.

In his announcement, Frederick stated that he was retiring, in part because he could no longer play at the high level he and his teammates were accustomed to. The Cowboys have not announced who would replace Frederick in the starting lineup, but the team’s options include Joe Looney, who filled in for Frederick during the 2018 season.

Later Midlife Phase of Retirement Planning

A Chartered Advisor for Senior Living and Chartered Financial Consultant, Christopher Fess works as a financial advisor for Fess Financial. Known for his highly energetic delivery style and keen insight into the matter, Christopher Fess educated thousands of people on the importance of financial planning. He is also experienced in the field of retirement planning.

The later midlife phase, roughly the age between 50 and 65, is the third and final phase of retirement planning. In this stage, it is a good idea to make the investments and retirement-oriented accounts more conservative. People at this stage usually have a considerably higher income than in youth and have possibly paid off some debts.

If one has 401(k) or IRA/Roth IRA accounts set up, they should maintain them. In this phase, it is possible to add $1,000 to an IRA or $6,000 to a 401(k) account per year. Of course, it is still not too late to start saving for retirement, even at this stage.

Investing in particular areas of real estate and buying blue-chip stocks might also be reasonable ways to increase the retirement fund even further. At this stage, it is also wise to start planning the actual year of retirement.

Retirement Planning in Early Midlife

Based in Frisco, Texas, Christopher Fess works as a financial advisor at Fess Financial. He assumed the position in 2003, after 14 years in the financial industry. One of Christopher Fess’ specialties is retirement planning.

Early midlife is the second of three phases of retirement planning. It lasts roughly from the age of 35 to 50. People at this stage might have mortgages and student loans to pay, as well as credit card debt or other financial difficulties. That said, it is crucial not to give up on retirement planning at this stage.

The financial strains might be high, but the income is also typically a log larger than in the young adulthood phase. If one already has 401(k) or IRA accounts, it is wise to keep investing in them. Even a regular IRA account is the right solution if a Roth IRA account is out of reach.

Last but not least, it is still not too late to start a retirement fund. The compound interest might not have as many years to grow, but a smaller retirement fund is better than no retirement fund.

One-Handed and Two-Handed Backhands in Tennis

A skilled financial advisor with more than three decades of experience, Christopher Fess provides clients with investment management, tax planning, and estate planning services through Fess Financial and Life & Legacy Financial in Texas. Outside of work, Christopher Fess enjoys tennis.

In tennis, there is a lot of discussion about whether a one-handed or two-handed backhand is better. Both styles have their advantages and drawbacks, so deciding between the two often depends on the player’s personal comfort with either style.

Two-handed backhands are what most players learn as beginners. This type of backhand is much easier to learn, especially for children. The second hand on the racket improves the stability of the hit, making it more reliable in tight situations, and also more consistent. Not only that, but two-handed backhands are generally more precise, since they have a smaller margin of error, and they are usually more versatile and capable of hitting topsins, high balls, and topspin lob shots.

But when it comes to hitting all these shots, the one-handed backhand is the superior style. It’s better at hiding a slice, and grants players more reach when they hit the ball. In addition, many players feel that one-handed backhands allow for more fluid movement when playing a match. However, mastering the one-handed backhand takes time and is more difficult for young and beginning players.

Saving for Retirement When You’re Self-Employed

The Best of Frisco Financial Top Advisor for 7 consecutive years, Christopher Fess has been working in the finance industry for more than 30 years. Throughout that time, he has earned several licenses, including his Series 63 and 24 licenses. A financial advisor at Fess Financial + Life & Legacy Financial, Christopher Fess has also taught thousands of people about everything from asset protection to retirement planning.

While there are plenty of benefits to being self-employed (such as greater freedom), self-employed individuals are solely responsible for saving for retirement. Fortunately, they usually have access to the same types of retirement savings plans as traditionally employed individuals, such as a 401(k) and IRA.

A one-participant 401(k), or solo 401(k), functions in the same way as employer-sponsored 401(k) plans. However, due to their self-employed status, those who have solo 401(k) plans set up can contribute to their retirement plans as both the employee and employer. When contributing elective deferrals, individuals are still subject to maximum annual contribution limits, but they can make non-elective contributions to the plan of up to 25 percent of their total compensation each year.

IRAs, either traditional or Roth, are also options for self-employed individuals. They are particularly beneficial to new entrepreneurs, and can be formed from old, employer-sponsored 401(k) accounts. While IRAs are still subject to annual contribution limits set by the Internal Revenue Service (IRS), they are one of the easiest methods of saving for retirement as a self-employed person.

There are also Savings Incentive Match Plans for Employees (SIMPLE) and Simplified Employee Pension (SEP) IRAs. Both IRAs are similar if at least one employee is covered by the plan, but they do have drastically different contribution limits. For 2020, the SEP IRA limit is roughly $57,000, while the limit for a SIMPLE IRA is $13,500.

In Your 40s? It’s Not Too Late to Start Saving for Retirement

A chartered financial consultant and chartered life underwriter, Christopher Fess has more than two decades of experience as a financial advisor. Passionate about financial planning, Christopher Fess believes retirement planning can help people live comfortably in their golden years.

One of the most common concerns people have about retirement is whether it is too late to start investing. The truth is, the earlier a person starts saving, the more they will have, since compound interest grows savings exponentially over time. A person in his or her 40s may not have that much time to benefit from compound interest. However, it’s not too late to start.

Consider this example: If a person 45 years old earning $50,000 annually expects to retire by 65, they have 20 years to invest. If the person invests $100 every month ($1,200 a year or 2.5 percent of income) in an employer-matched 401(k), earning an annual return of 7 percent, he or she will have $100,000 saved by age 65. If the person gradually contributes more than $100 per month, for example up to $2,250 annually at age 50, $3,250 at 55, and $4,250 at 60, matched by the employer up to 3 percent, total retirement savings will be $162,500 by age 65. However, that may not be enough for a comfortable retirement, since the average person spends about $45,756 a year in retirement. Therefore, a more ideal contribution by him or her is 20 to 30 percent of income every year. When time is constrained, the more money contributed toward retirement, the better a person’s chances of retiring comfortably.