Wealth and Wisdom: Week of April 17, 2023

Inflation is still with us – but declining nicely. The consumer price index rose just 0.1% in March – half of what was expected – and the annual rate of inflation is now at 5.0%. That’s nine straight months of lower inflation, which might allow the Fed to continue backing off from its campaign of hiking interest rates.

Rising rates are putting a squeeze on U.S. businesses, and it’s beginning to show on the bottom line. Companies have been reporting first-quarter profits for a week now – and it seems likely that earnings will decline for a second straight quarter. Investors are looking to see if Corporate America can weather the storm and avoid a full-blown recession.

And there’s growing evidence that consumers are getting more mindful of their spending. For the second quarter in a row, more people are cancelling online subscriptions than starting them according to the website Rocket Money. If you’re looking for a painless way to do some belt-tightening, cutting expenses like these is a great place to start.

IRS: How to fix a botched tax return

You beat the tax filing deadline realized you made some mistakes. Now what do you do? (Reading time: 2 minutes)

How to reduce taxes on your retirement savings

Whether you’re putting money away for retirement or spending down your nest egg, here are 10 potential ways to pay less taxes while you’re doing it. (Reading time: 5 minutes)

When you have to tap your savings early

Just as there are incentives for saving, there are penalties for withdrawing too soon. Here are some ideas for softening the blow. (Reading time: 4 minutes)

Tweaking the 4% rule

The “experts” keep modifying this simple guide for withdrawing retirement savings – but this retiree cautions against relying on it completely. (Reading time: 3 minutes)

True Wealth: making money matter

By the third generation, 90% of family money is gone. Here’s how to help your family handle a large inheritance. (Reading time: 3 minutes)

Keeping Up Appearances

Are you buying things you don’t need with money you don’t have to impress people you don’t even like? Sadly, you’re in good company. (Reading time: 2 minutes)

Using debt the right way

I’ve always believed that you can’t borrow your way to wealth – but if used responsibly, debt can help you reach some financial goals more efficiently. (Reading time: 4 minutes)

Stop living paycheck-to-paycheck

This simple, flexible strategy might just give you the discipline you need to get what you want without going deeper into debt. (Reading time: 9 minutes)

Lump sum vs. dollar-cost averaging

You won’t need to read this whole article to get the point: if you have a large chunk of money to invest, it’s best to invest it as soon as possible. (Reading time: 11 minutes)

FOMO could be the worst fear you can have

A quick read from Morgan Housel on how the fear of missing out has led so many investors astray. (Reading time: 2 minutes)

Words to the Wise

“All my life, I always wanted to be somebody. Now I see that I should have been more specific.”

– Lily Tomlin

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