Wealth and Wisdom: Week of May 1, 2023

President Harry Truman once asked his top advisors for a forecast on which way the economy was headed. Their response was something like: “On one hand, this could happen, but then on the other hand, it could be something different.” To which Truman replied: “Give me a one-handed economist!”

The nation’s great economic minds seem to be at it again – convinced just a few months ago that a recession was imminent within the next 12 months, more than half of U.S. economists in a recent survey now say a recession is unlikely.

What’s a poor investor to do? My advice is to ignore short-term forecasts about the economy and financial markets – and focus instead on your goals. Own equities for long-term needs (5-10 years or more), but keep your short-term spending money out of stocks. Revisit your plan periodically, and fine-tune your portfolio when it needs it. Then find something productive and fun to do with all the time you’ll save.

Like reading Wealth and Wisdom.

The on-again-off-again recession of 2023

When it comes to which way the economy is headed, the nation’s economists seem to be firmly… undecided. (Reading time: 3 minutes)

Sadly, this might make you feel better

A large percentage of Americans who are old enough to know better say they have no money saved for retirement. (Reading time: 2 minutes)

Chasing the latest shiny object

I read this week that a lot of investors who lost a bundle on cryptocurrency now want to own gold. Good luck with that. (Reading time: 4 minutes)

State income tax not a heavy burden here

A recent ranking of how much states collect in income taxes puts Missouri well below average – and Illinois right in the middle. (Reading time: 2 minutes)

Paying less on Social Security benefits

Here are 7 ways to potentially lower the taxes you pay on your Social Security benefits. (Reading time: 6 minutes)

What happens when you keep working

A lot of good things can happen when you decide not to stop working – and higher Social Security benefits might be one of them. (Reading time: 3 minutes)

Are you planning a 401(k) rollover?

That might be a good decision – just understand not only what you’re gaining, but what you might be giving up as well. (Reading time: 5 minutes)

Ditching PMI

Once you build enough equity in your home, you might be able to get rid of private mortgage insurance and save money each month. Here’s how. (Reading time: 3 minutes)

Take advantage of FREE stuff

If you really want to save money, start by looking for valuable services you can get without paying. (Reading time: 7 minutes)

Advice for June brides – and grooms

Get on the same page with your future spouse on these 6 issues before walking down the aisle. (Reading time: 5 minutes)

Words to the Wise

“An economist’s guess is liable to be as good as anybody else’s.”

– Will Rogers

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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.

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