Here’s what I’ve been reading this week:
This statement sounds ridiculous. Another painful year in the markets? No thank you! But for those of us who are “Savers” or “Preservers” as defined by this article, the statement is very true. While it’s almost physically painful to look at your investment statements during down markets, staying invested and investing more in markets like 2022 can help build our wealth over the long term.
For DYI’ers who made the resolution to get their financial house in order this year, this financial to-do list from Christina Benz at Morningstar has you covered.
When we plan for retirement, we tend to focus on how much money we need to have. We can get so busy and caught up in our family and careers, that we forget investing time in our friendships and hobbies are just as important, if not more important, for our future selves.
Personally, I’ve done a better (not great) job with carving out more friend time, but have been terrible with finding a hobby or pursuit that isn’t work related. That is one of my “resolutions” this year – to try new activities with no practical purpose other than enjoyment in hopes of finding something that turns into a passion. Or at least, have fun trying! Any ideas?
CPAs and financial advisors like me have spent the last few weeks reviewing the over 100 changes in the Secure Act 2.0 to help our clients. While Act 2.0 is not as earth shaking as the “Death of the Stretch” in the first Secure Act, there are significant changes to be aware of. One important change is the Required Minimum Distribution (RMD) age is 73 years old from 72 years old for 2023. The RMD age will gradually move to age 75 by 2033. This article gives you a few more highlights of Secure 2.0.
As the saying goes “tax laws are written in pencil” so you can expect the government to continue to change the rules on us. I encourage you to find a trusted CPA and/or financial advisor who integrates tax planning into their services to help you navigate this increasingly complex landscape.
Ryan Holliday is so focused and disciplined. If I absorbed 5% of what he recommends, I’d be a whole new person! ? Fun fact I learned from this article: First thing in the morning Hugh Jackson and his wife read to each other for 30 minutes… I will not be adding that habit to my list.
The Lunar New Year starts this Sunday, January 22. It’s the year of the Rabbit. Individuals born in the year of the Rabbit are courteous and courageous.
This is fun, interesting, and surprisingly practical!
Happy Lunar New Year!
Disclosures: BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. This communication is for informational purposes only and should not be construed as legal, accounting and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax and/or accounting adviser.