Wealth and Wisdom: Week of August 9, 2021
I’m going to be away for the next couple of weeks, so this will likely be the last Wealth and Wisdom for the month of August. But just in case you miss me, I’ve posted two new blogs to help tide you over.
For those of you just getting started on your journey to financial success, here are some Lessons to Learn While You’re Young.
And if you are a little older and considering a move to a smaller home, Time to Downsize should give you some things to think about.
Enjoy the rest of your summer, and I look forward to us getting back together very soon!
Will Congress limit the size of your IRA?
Lawmakers want to tighten a loophole that allows the ultra-wealthy to supercharge their retirement accounts. (Reading time: 3 minutes)
New investment fraud alert
The SEC warns that crooks are now masquerading as brokers or investment advisors. Here’s how to spot them. (Reading time: 4 minutes)
The new thing: ‘Buy now, pay later’
BNPL plans allow you to make purchases and pay for them over time, interest-free. What could go wrong? (Reading time: 4 minutes)
3 risks of investing in stocks
Every investment carries some form of risk – and at least one good way to handle it. (Reading time: 10 minutes)
Tapping your retirement nest egg
The way you withdraw from your retirement savings can make a huge difference in helping you make the money last. (Reading time: 5 minutes)
And don’t forget about taxes
You might even want to make IRA withdrawals before you’re required to in order to smooth out the tax hit. (Reading time: 6 minutes)
Rising healthcare costs can make you sick
Make a plan to cover healthcare expenses – well before you leave your job. (Reading time: 5 minutes)
7 templates to help you control your spending
Use these tech tools to create a budget and stay organized. (Reading time: 6 minutes)
Spending less, by category
If you really want to stretch your income, work on the biggest spending categories first. (Reading time: 8 minutes)
Mike’s Pro Tip of the Week
Switch to a cash-back credit card – especially if you have trouble saving money. Cash-back cards give you an immediate refund on what you spend, typically 1% to 2% but sometimes as much as 5% on qualifying purchases. What to do: use the refund to boost your emergency reserves, or add it to your investment program. What not to do: don’t make this an excuse for spending more, or carrying a credit balance over month-to-month. Pay your balances in full to make this strategy work.
WORDS TO THE WISE
“Money in the bank is like toothpaste in the tube – easy to take out, hard to put back.”
EARL WILSON
Neither Mike Brown Financial Group nor its employees provide tax and legal advice. Please consult your tax and legal advisors regarding your personal circumstances.
Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Mike Brown Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.