At the beginning of 2023, I decided to really look at how I spent my money in 2022, according to my primary credit card. It was an eye opener, especially since I didn’t see myself as someone who eats out much, but dining out was one of my top spending categories. I guess all of those impromptu trips to get a latte and pastry really add up! That got me thinking about the days when paying more than $10 for a fancy coffee and croissant was simply not an option.
During the depths of the pandemic, work from home businesses were, undoubtedly, huge beneficiaries of consumer demand for their services and products. First-order thinking was rewarded during this period, as investments into these stocks appreciated handsomely. While we experienced some uprooting of our lives and the impact of rapid change, West Financial was also brainstorming ways to intelligently invest in long-term COVID-winners.
This has been a difficult year for stock and bond investors. After several years of above average performance, the broad based market index returns have been negative this year, reducing portfolio values relative to where they started the year.
In our first article (see Understanding Your Credit Score - Part I), we discussed credit reporting and what activities impact your credit score. We pick up from there with more information on how to potentially improve your credit score, the importance of reviewing your credit report, and how (and why) to freeze your credit.
As summer winds down and back to school ads ramp up, things are a little different at our house. Our daughter is off to college. Once she made her school choice official, her gleeful plans for dorm décor and collegiate life began, while I agonized over other matters. Was there enough in the 529 plan? How do we go from contribution to distribution mode?
When you hear the word, “millennial,” what first comes to mind for many is a generation of entitled, social media addicted, avocado toast lovers who worship at the shrine of Starbucks. But, in truth like prior generations, millennials have a great capacity to learn from others and put structure to their wants and needs.
Financial advisors are known to wear many hats. In years like 2022, I find myself practicing psychology as much as financial and investment planning. Money is emotional, and when stocks and bonds are falling in price it invokes a lot of stress and anxiety.
What, exactly does your credit score mean? Briefly, a credit score is a number used to predict how likely you are to pay your bills, or make loan payments on time. It is a three digit number, typically between 300 and 850, with the higher score associated with better credit terms.
I came to work at West Financial Services just over 24 years ago. Joining a small, financial planning and investment management firm with less than 10 employees and approximately $250 million of assets under management was a definite mid-life, career change event for me.
That is the question. And in order to answer the question effectively, one must assess both current and future potential tax situations. Taxes are one of very few certainties in life, and they are top of mind this time of year. Usually, we try to delay paying taxes as long as possible. But that’s not necessarily the best move if your income tax rate is lower now than it is likely to be in the future. In this situation, funding Roth retirement accounts might be a good strategy.
