Wealth and Wisdom: Week of January 30, 2023

Market volatility is picking up as investors cast their votes on what the economy will do next. Most economists believe a recession is in the cards before the end of the year, but not necessarily a severe one. Small solace to the tens of thousands of employees getting pink slips in the last 30 days – mostly in the tech sector, which ramped up hiring during the pandemic.

I shared our thoughts on the year ahead during our first client briefing last week. We will post a recording of the webinar on our website for the general public in a couple of weeks and include a link here when it becomes available.

Note: I’ll be away for a few days this week. Wealth and Wisdom will resume the week of February 13.

Storm clouds gathering

This economic gauge has an impressive track record predicting recessions – and it’s flashing yellow now. (Reading time: 2 minutes)

5 lessons from 2022

The past year was one many investors would rather forget – but it reminded us of many truths that could make us more successful in the future. (Reading time: 4 minutes)

The price of financial illiteracy

They say what you don’t know can’t hurt you – but when it comes to money, it’s costing Americans tens of thousands of dollars every year. (Reading time: 3 minutes)

5 potential quick wins for 2023

Here’s a list of easy-to-implement ideas that can free up that extra cash you need this year. (Reading time: 4 minutes)

Could Social Security’s COLA increase your taxes?

Retirees are getting a nice raise this year – but for some it might mean a higher income tax bill in the future. (Reading time: 4 minutes)

Differing definitions for ‘income’

This is the time of year we’re reminded that how much money we’re earning depends on who wants to tax it. (Reading time: 4 minutes)

Are you too old for a Roth IRA?

Sure, we all wish we could’ve opened a Roth IRA with our first paychecks – but don’t dismiss the potential benefits even late in your career. (Reading time: 5 minutes)

Is travel insurance worth it?

Airfares are higher than last year, and flight cancellations are growing as well. Travel insurance can help you hedge your bets. (Reading time: 8 minutes)

Understanding term life insurance

These 6 pointers explain the basics of maximizing what you can afford when it comes to life insurance. (Reading time: 2 minutes)

529 plans as estate planning tool

They’re a popular way to pay for education – but these tax-advantaged accounts can also lower the size of your taxable estate. (Reading time: 3 minutes)

Words to the Wise

“The only thing worse than having to pay taxes is not having to pay them.”
Larry Swedroe

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The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brown Family Wealth Advisors and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Expressions of opinion are as of this date and are subject to change without notice. Past performance does not guarantee future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.