As we live in a free country, sometimes, Uncle Sam gives us a choice. When it comes to the taxation of retirement accounts, he takes the stance – “Pay Me Now or Pay Me Later”. Back in 1972, Fram Oil Filters used this slogan in a commercial. They claimed someone could pay the premium price for a Fram Oil Filter now, or, pay a mechanic later to fix all the problems caused by using a different oil filter. They eluded that you were going to pay the price either way. [...]
So, we just saw the first rate cut since the Fed took an aggressive approach to taming inflation in the spring of 2022. What was it that the Federal Reserve saw that gave them confidence in shifting their approach? Well, if we look where inflation has come down from in the last few years via truflation.com, we have come a long way. The US inflation index now sits at 1.52%, down from 11.5% at the peak of the recent crisis. The Federal Reserve has two key mandates – maximum [...]
We have none. Ah yes, another election year full of divisive, negative, and persuasive rhetoric from folks on both sides of the aisle. We all recognize the importance of such a year and the ability to have a vote in electing our leaders, but we cannot help feeling some level of dread and outright exhaustion as the process plays itself out. I (Ian) am sorry to disappoint you if you were hoping to discover Jim’s, Scott’s, Curt’s, or any of the rest of the team’s political opinions in this article. [...]
The title of this newsletter refers to a comedy show which appeared on HBO, Cinemax, or Comedy Central (which are the only venues it could have reached me (Jim) as I’m too cheap to pay for premium TV content not related to sports or home improvement shows!) from 1989 to 1994. For a while, it featured comedian Jon Stewart as host and the show consisted of brief clips from comics and (go figure!) upcoming HBO and Cinemax specials. Admittedly, the title of the show stuck with me far longer than [...]
Scary tweet, right? This particular tweet from *checks notes* TicTocTick made news on May 7, 2024, caught over 82,000 views, received 526 likes, and was reposted 117 times. What’s really scary about this tweet is it’s not true. From the fact that yield curve didn’t exist in 1929 (not really, anyways) to the false implication that inversion length translates 1:1 to recession strength, this tweet packed in a lot of falsehoods in just a couple sentences. But it is believable enough to scare a lot of people into retweeting, making [...]
As the excitement builds for National 529 Day later this month on 5/29 [clever, eh?], it seems only appropriate to help our clients and readers to gain a better understanding of this type of college savings account. First, and foremost, you should know it’s generally unwise to fund your child/ren’s college with a 529 – as the sole account to meet college expenses. Depending upon a family’s situation, there are other types of college savings accounts that can meet your objectives or work in concert with a 529 account to [...]
Last year, we published a newsletter discussing Long-Term Care insurance and some food for thought around the common question “Should I consider Long-Term Care insurance?” In keeping with this theme, I (Russell) would like to similarly address another common insurance question, “How much life insurance should I have?” Although the short answer to a question like this is “it depends”, I think it is important to understand some fundamental guidelines. However, before we can begin to look into this problem, just like addressing Long-Term Care, we must first understand the [...]
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is [...]
In the world of sports and personal finance, success is not arbitrary; it's the result of strategic planning, disciplined execution, and a commitment to long-term goals. Drawing parallels between successful football teams and financial triumphs can offer valuable insights into managing our money effectively. Join us as we explore the playbook for financial success inspired by the victories of football powerhouses. Establishing a Solid Foundation: Strong Defense Wins Championships - In football, a strong defense is often the backbone of a successful team. Similarly, in personal finance, establishing a [...]
As the calendar turns to a new year, many of us reflect on the past and set goals for the future. One area that deserves careful consideration is our financial well-being. Whether you're looking to save more, invest wisely, or pay down debt, the beginning of the year is an excellent time to set the stage for a financially successful year ahead. In this blog, we'll explore practical steps to help you start off the new year on the right foot financially. Reflect on the Past Year: Before setting new [...]