Entries for ' Kelly Brothers'

As we head into tax season, many people are in for a rude awakening as they compare their 2013 tax burden to last year. Plenty of new tax laws have appeared on the books over the past 12 months and the cumulative effect will wreak havoc on people’s budgets and psyche. The federal income tax and capital gains rate went up to 39.6 percent and 20 percent for top earners, respectively. The state income tax has also risen to 13.3 percent for top earners, and the payroll tax holiday has ended returning to the tax to the full 6.2 percent. On top of all these increases, the Affordable Care Act tacks on another 3.8 percent for top earners. You add it all up and the combined effect is one huge tax increase. So, how did we get here? read more

There is a trend developing which does not bode well for a balanced California economy: companies are leaving California and taking many blue-collar jobs with them. To understand this trend we must take a look not just at the companies that have left, but the types of jobs these companies were offering.

AT&T has been systematically moving jobs out of the state for years. Many of these jobs paid $40,000 to $60,000+ to workers, many of whom had never spent a day in college. 

Campbell Soup closed its Sacramento plant earlier this year laying off 700 workers. Some of these workers were earning $20-$25 per hour, often with a high school diploma being the extent of their education.

At Hostess, the union representing the bakers pushed too far and the company shut its doors, putting 18,000 people out of work nationwide. read more

Marie was a client who had difficulty saving money.  She was doing a great job on her retirement savings, contributions were taken out of her paycheck before she ever saw the money, but she needed to save some money for a “rainy day fund” outside her retirement accounts.  Knowing that she enjoyed daily trips to Starbucks, I proposed to her the “Starbucks Savings Plan.”  Under this plan, Marie would “match” her spending at Starbucks with a similar contribution to her savings account.  

The exercise was a real eye-opener for Marie.  She was shocked to learn she was spending nearly $50 a week on coffee!  A $4 per drink every morning, plus she often bought for others and would occasionally get an iced coffee in the afternoon, it was really adding up. She agreed to match her weekly coffee expenditures with an equal deposit into her savings account. read more

You asked and we listened. Our customers have been asking us to offer wealth management and retirement services that are commensurate with the level of excellence they are accustomed to receiving from River City Bank. 

I am excited to announce that River City Bank has entered into a strategic partnership with the reputable Sacramento-area financial planning firm Genovese Burford & Brothers (GBB) by securing a minority ownership stake in the company. This strategic partnership will broaden the suite of services the Bank provides and will provide our customers with access to highly-skilled professionals who offer wealth management and institutional retirement planning. We believe it is an ideal complement to our own services and brand. read more

Have you read the book “Boomerang: Travels in the NEW Third World” by Michael Lewis?  It’s a collection of anecdotes that illustrate the dysfunction of state-run finances in places like Iceland, Greece, Ireland…and California.  Not only does the book include California, but it saves the Golden State for last, making our state and municipal finances look even more dysfunctional than Greece!

Well … just maybe…we are turning a corner.  Perhaps when we look back at the sad disintegration of our fiscal finance, we will view June 1, 2012 as the nadir of the crisis.  Last week we witnessed the embarrassing revelation that the building purchased by Stockton to be its City Hall had been taken back by the bank.  CITY HALL - REPOSSESSED!  That is low. read more