Novak Financial Partners

10/09/2026

One of our favorite things about being small business owners is getting to support our local community.

We’re proud to support Carbondale Jr. Sports and these young athletes! ⚽️

We are proud sponsors of multiple soccer teams this season with Carbondale Jr. Sports.
Our 1st/2nd Grade team came away with 1st place medals at the festival tournament! Way to go guys! 😊

10/01/2026

October is a great time for tax planning. There are still three months left in the year to make decisions that could lower your 2026 tax bill or help you save more for the future.

That might mean increasing your 401(k) or HSA contributions, reviewing gains and losses in your investments, or adjusting your withholding after a raise or bonus. The right moves depend on your situation, and several have December 31 deadlines.

We put together a 2026 year-end tax planning checklist to help you see what’s worth reviewing.

If you’d like help deciding which moves make sense for you and implementing them, we have room for three more clients in 2026.

Seven tax moves to review before December 31, 2026, from maxing out your 401(k) and HSA to backdoor Roth contributions and tax-loss harvesting.

09/08/2026

For high earners, employee benefits can be one of the biggest tax-planning and risk-management opportunities available.

The right elections can help you reduce taxes, build more tax-advantaged savings, and protect your income. But decisions around an HSA, pre-tax versus Roth 401(k) contributions, a mega backdoor Roth, disability coverage, and equity compensation should all be coordinated with the rest of your financial plan.

Our latest guide explains what to prioritize and what to review before leaving your benefits on autopilot.

A financial planner's guide to HSAs, pre-tax vs. Roth 401(k), the mega backdoor Roth, disability coverage, and equity compensation for high-earning households.

09/01/2026

The first thing to do with an inheritance is nothing.

Not because the decisions aren't important, but because they are.

An inheritance can come with tax rules that aren't always obvious. Withdrawing an inherited IRA all at once could create a significant tax bill. Selling inherited investments may result in little or no capital gains tax because of the stepped-up cost basis. And different assets can require completely different strategies.

Before you invest it, spend it, pay off debt, or make any other major financial decision, understand what you actually inherited and the rules that come with it.

We put together a guide covering what to do first, the tax rules to know, and the common mistakes to avoid after receiving an inheritance.

Read the full guide below.

Most inheritances aren't taxable, but inherited IRAs and appreciated assets come with real rules. A step-by-step guide to handling inherited money well.

08/25/2026

Madi and I recently bought a new car.

Before we started shopping, we had to answer the big question: how much car can we actually afford?

Once we had our price range, the rest was easy.

I wanted a used, loaded model.

She wanted a new, base model.

So we compromised and bought a new, base model.

Link in comments.

08/20/2026

A friend recently asked us to review a whole life insurance policy he purchased when he was 22 years old.

He'd been contributing $150/month for nearly 10 years.

When we reviewed the policy, here's what stood out:
• Total premiums paid: Nearly $16,000
• Cash value: About $14,000

This is why we don't view life insurance as an investment.

Life insurance is designed to protect your family. Investments are designed to build wealth. They're built to accomplish different goals.

The good news is that because his total premiums exceeded the policy's cash value, he was able to surrender the policy without generating a taxable gain and use the proceeds toward a home renovation.

If you purchased a whole life insurance policy years ago, it may be worth reviewing to make sure it still aligns with your financial goals.

08/18/2026

Refinancing your student loans can save tens of thousands in interest. It can also permanently eliminate federal protections worth far more than that.

We put together a simple framework to help you decide before you do, covering loan type, forgiveness eligibility, and how refinancing fits into your broader financial plan.

Refinancing can save thousands, but federal loans lose PSLF and income-driven repayment protections for good. A simple 5-step framework to decide if it makes sense.

08/13/2026

We've reviewed a lot of investment portfolios this year, and we continue to see the same things when we look under the hood:

• 5.50%–5.75% upfront sales charges
• 0.50%–1.50% ongoing expense ratios
• Capital gain distributions in taxable accounts

And almost every time, the client or prospective client has no idea.

One of the easiest things you can do today is Google the ticker symbol of one of the funds you own. In less than a minute, you can often see the expense ratio, whether there's a sales charge, and other important details.

You deserve to know exactly what you're invested in, what it's costing you, and why.

If you'd like a second opinion on your portfolio, we'd be happy to take a look.

08/11/2026

The traditional inheritance often arrives after someone dies, when their children are already in their 50s or 60s, with careers established, mortgages mostly paid off, and retirement already in sight.

It is generous, but it is often less impactful than giving earlier.

A $50,000 gift to a 35-year-old buying their first home, paying for childcare, funding a wedding, or maxing out retirement accounts can change the trajectory of their financial life. The same dollars received decades later may simply add to an already established nest egg.

There is another benefit people rarely talk about: you get to see it.

You are there for the new house. You are at the wedding. You watch your kids and grandkids enjoy opportunities your money helped create.

Of course, this only makes sense if your own retirement is already secure.

We put together a guide covering the pros and cons of giving an inheritance early, the 2026 IRS gifting rules, and one simple strategy for helping move family wealth in a tax-efficient way. Read it here:

A smaller gift at 35 has more impact than a larger inheritance at 65. Here is how lifetime gifting works, what the 2026 gift tax rules allow, and a strategy for moving money into tax-advantaged accounts.

08/06/2026

We currently work with 70 clients across 22 states.

While many of our meetings are held virtually, we also work with several families right here in Southern Illinois.

In fact, we've met every one of our local clients in person, despite not having a traditional office.

We believe financial planning should be convenient. If you're local, we're happy to meet from the comfort of your own home, your office, or another location that's convenient for you.

If you've been wondering whether your financial plan could be better, we'd love to have a conversation.