What You Need to Know about 529 Plan Tax Benefits

Possessing extensive experience in the financial sector, Ricky Mantei serves as the branch manager of Centaurus Financial, Inc., in Lexington, South Carolina. Ricky Mantei oversees four offices of 14 representatives who help clients with a range of financial initiatives, such as saving for education expenses with a 529 plan.

A 529 plan allows individuals to save for college or other education-related expenses. Contributions to a 529 are not tax deductible, but the money placed in the account is allowed to grow without any federal tax implications. Also, as long as money withdrawn from the account is used for qualified education expenses, the withdrawal is not taxed. Other vehicles for college savings, such as mutual funds, involve annual income tax and a capital gains tax at withdrawal, which makes a 529 plan a great deal.

In addition to the federal tax break, more than 30 states provide full or partial tax benefits for 529 plans. States that allow tax deductions or credits for 529 contributions have an annual benefit, so it pays to continue contributions up until the final tuition bill. Furthermore, it’s possible to invest in a 529 from any state, so if a home state does not have resident benefits, another state’s plan may be a better choice.

Securities and advisory services offered through Centaurus Financial, Inc. Member FINRA and SIPC, a Registered Investment Advisor. Centaurus Financial, Inc. and Cola Wealth Advisors are not affiliated companies. Please visit Cola’s website for more information: https://www.colawealthadvisors.com/.

 

What Are the Two Primary Types of American Depositary Receipts?

A veteran of the United States Air Force, Ricky Mantei now serves as the branch manager of Centaurus Financial, Inc., in Lexington, South Carolina. Ricky Mantei works closely with a large team of representatives to connect clients to their ideal financial products, such as American depositary receipts (ADRs).

American depository banks issue ADRs, which are negotiable certificates that represent a specific number of shares of a foreign company’s stock. ADRs trade on stock markets like domestic shares and are a way for American investors to purchase overseas stock. Generally, ADRs are categorized as either sponsored or unsponsored.

Banks can issue a sponsored ADR on behalf of a foreign company. A sponsored ADR represents a legal arrangement between the bank and the company. Often, the company pays the cost of listing the ADR and retains control of it while the bank manages investor transactions.

Banks can also issue unsponsored ADRs, which do not require partnership or even permission from the foreign company. With sponsored ADRs, there is only one investment opportunity, but various banks may all offer unsponsored ADRs for the same company.

Securities and advisory services offered through Centaurus Financial, Inc. Member FINRA and SIPC, a Registered Investment Advisor. Centaurus Financial, Inc. and Cola Wealth Advisors are not affiliated companies. Please visit Cola’s website for more information: https://www.colawealthadvisors.com/.

 

Air Force Veteran Discusses Life Experience with Junior High Students

Ricky Mantei, a Centaurus Financial’s branch manager and broker in Lexington, South Carolina, has been working in the finance sector since leaving active duty as a U.S. Air Force Pilot. To share his story with others, Ricky Mantei took the opportunity to speak with around 60 junior high students looking at flight-related career paths.

In July 2019, Mr. Mantei was attending a client appreciation event in Georgia when he spotted fellow military pilot and Organization of Black Aerospace Professionals (OBAP) member Manny Burke talking to kids about careers in the field. He asked if he could speak to the group directly to share his personal experience starting from his time with the Air Force to his current work at Centaurus Financial.

While speaking to the group of students, he stressed the importance of having ambitious goals and being willing to put in the hard work necessary for reaching those goals. According to him, every student had opportunities that were available to them, but they would have to put in the effort to take advantage of those opportunities. He encouraged them to work with a purpose and to pursue their goals in a way that is different than the norm in today’s world.

Securities and advisory services offered through Centaurus Financial, Inc. Member FINRA and SIPC, a Registered Investment Advisor. Centaurus Financial, Inc. and Cola Wealth Advisors are not affiliated companies. Please visit Cola’s website for more information: https://www.colawealthadvisors.com/.

Volunteering with Harvest Hope Food Bank in South Carolina

Centaurus Financial branch manager and broker Ricky Mantei works out of the company’s branch in Lexington, South Carolina. Dedicated to giving back to his community, Ricky Mantei volunteers with Harvest Hope Food Bank regularly.

The largest food bank in South Carolina, Harvest Hope works toward eliminating food insecurity and hunger throughout the state. Serving seniors, children, and rural residents across Pee Dee, Upstate, and the Midlands, the food bank provides more than 50,000 meals to people a week.

To continue its operations, Harvest Hope relies heavily on support from volunteers. Every year, it has close to 11,000 volunteers assist with its various operations, saving the food bank more than $1.3 million in staffing costs.

Volunteers are welcomed at the food bank as either individuals or part of a group. Both groups and individuals must fill out a volunteer application for Harvest Hope and be over the age of 18. Those who are under the age of 18 need a parent or guardian to sign their waiver and application, in addition to watching the volunteer orientation video that is sent following a group inquiry.

Individual volunteers are also asked to create a profile with Harvest Hope online. They can fill out their waiver and application through this profile. Coordinators at each of the food bank’s locations in Upstate, Pee Dee, and Midlands will reach out to suitable individual volunteers and groups to find a volunteer opportunity that best suits them.

Securities and advisory services offered through Centaurus Financial, Inc. Member FINRA and SIPC, a Registered Investment Advisor. Centaurus Financial, Inc. and Cola Wealth Advisors are not affiliated companies. Please visit Cola’s website for more information: https://www.colawealthadvisors.com/.

Who Receives The Distinguished Flying Cross Award?

With more than 30 years of experience working in the financial services industry, Ricky Mantei serves as a branch manager at Centaurus Financial's Lexington, South Carolina, branch. A U.S. Air Force veteran, Ricky Mantei was awarded the Distinguished Flying Cross in recognition of his service.

Authorized by an Act of Congress of July 2, 1926, and amended in 1938, The Distinguished Flying Cross is an award given to officers or enlisted members of the U.S armed forces in recognition of distinctive heroism or extraordinary achievement while participating in aerial flight. A bronze cross pattee with rays and propeller blades in the design, the esteemed honor is given only for operations that are not routine, and it is not awarded for sustained operational activities and flights.

The first Distinguished Flying Cross was given to Captain Charles A. Lindbergh, a member of the U.S. Army Corps Reserve, for a solo trans-Atlantic flight in 1927, which captivated the world and made Lindbergh an American icon.

Headquartered in Anaheim, California, Centaurus Financial, Inc. is a national independent broker/dealer registered and licensed to offer securities, investment advisory services, and insurance products. Centaurus Financial is a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Centaurus Financial is also registered as a broker/dealer and a Registered Investment Adviser with the Securities & Exchange Commission (SEC). For more information about Centaurus Financial, please visit www.centaurusfinancial.com.