Discover 5 IMMEDIATE Opportunities [BEFORE Dec 31, 2023]
The fears that dragged on the stock market since August evaporated in November as fresh inflation data reaffirmed continuing progress in the fight against rising prices.
The Dow Jones Industrial Average gained 8.77 percent, while the Standard & Poor’s 500 Index advanced 8.92 percent. The Nasdaq Composite, which has led all year, picked up 10.70 percent.1
These 6 things might make your next return a prime target for an IRS audit.
Here are six flags that may make your tax return prime for an IRS audit.
Do you know what Millennial investors prefer?
$100 is on the table, and you have a choice. You can choose to receive $50 or flip a coin. If you choose the coin toss and get heads, you get $100. If it’s tails, you get nothing. What do you do? If you’re like most folks,...
Don't wait for the new year to set your financial goals! Here are just a few ideas:
⬇️Pay down/off high interest debt
📆Switch to paying your mortgage payments from monthly to biweekly (saves money on interest)
💥Increase your monthly savings amount, every little bit helps
💪Max out our Roth account (2023 limit $6,500)
👍Talk to your employer to ask for a raise in 2024 (make sure to do the work)
🌮If you eat out a lot, invest the same amount into your brokerage or retirement account
👶Start saving for your kids (529, UTMA, Guardian Roth)
With the holidays around the corner many are cutting back their spending compared to 2023. It seems that Gen Z and Millennials have less discretionary income for presents this holiday season. 🎁
The IRS indexed dollar limits to qualified retirement plans for 2024. Click the link below to see the new numbers.
🏡 Mortgage demand slowed as interest rates continue to rise, reaching the slowest pace since 1995. But there's a new trend emerging—adjustable-rate mortgages (ARMs) are seeing increased demand.
▪️ Total application volume dropped 1% last week compared to the previous week.
▪️ ARMs, which offer slightly lower rates, now account for 9.5% of total demand, the highest level in nearly a year.
▪️ The average contract interest rate for 30-year fixed-rate mortgages increased to 7.90%.
▪️ The average contract interest rate for 5/1 ARMs increased to 6.99%.
▪️ Applications to refinance a home loan increased by 2%.
▪️ Applications for a mortgage to purchase a home fell by 2% and were 22% lower than the same week last year.
▪️ Buyers are facing higher mortgage rates and limited housing supply, making the market for existing homes even more competitive.
Mortgage demand has essentially stalled at the slowest pace since 1995, as mortgage interest rates continue to rise.
The IRS announced he new contribution limits for 2024:
Tax deferral—the secret weapon for savvy investors. How can this powerful tool work for you?
Use this calculator to compare the future value of investments with different tax consequences.
Hey there! Guess what? The IRS shared some exciting news last Thursday about changes to the federal income tax brackets and standard deductions for the 2024 tax year. These tweaks, which will apply not only to the 2024 tax year but also to returns filed in 2025, include making some adjustments to the income thresholds for each tax bracket.
But wait, there's more good news! The standard deduction for 2024 is getting a boost. If you're part of a married couple filing jointly, get ready for a standard deduction increase to $29,200, up from $27,700 in 2023. And for all you awesome single filers out there, your standard deduction is going up to $14,600 from $13,850 in 2023. These changes are all about rolling with the economic shifts and making it easier for you to handle your tax responsibilities. Cheers to that! 🎉
How do you prioritize and pay down debt? Highest rate first? Lowest balance? Avalanche or snowball? Method #1: The avalanche method prioritizes paying off your highest-interest debt first. Under this strategy, you organize your debt by...
Learn about Medicare’s popular program, offering retirees free gym membership and health education.
Medicare’s popular program, offering free gym membership and health education.
Violet is loving all the Christmas decorations! She couldn’t get enough of the tree when it was put up 🎄
Chart from the NY Fed- Newly delinquent credit card users are returning to pre-COVID levels.
Stocks and bonds both rallied last week as signs that the economy has started to slow after a summer reacceleration led investors to believe that the Fed is done raising interest rates. The S&P 500 rose 2.31% on the week and extended its weekly winning streak to three consecutive weeks...click to watch IFGs MTM
This is "Metrics that Matter: 11/21/2023" by IFG on Vimeo, the home for high quality videos and the people who love them.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed an...
Marginal tax bracket and holding period affect capital gains taxes. Learn more.
Use this calculator to estimate your capital gains tax.
Looking to cut holiday costs this year? Think about avoiding social media during the holiday season. Americans spent $71 billion on impulse purchases of products they saw on a social media platform in the past year. 68% of those who have done so regretted at least one of their purchases made in that time. Click below to read the article https://www.bankrate.com/f/102997/x/b8786c3717/2023-social-media-survey-press-release.pdf
The weekend went by way too fast for us. We had a great time exploring NYC on Saturday and Sunday. The kids LOVED all the Christmas decorations and the Christmas Spectacular at Radio City. I think we found a new family tradition during the holidays🗽🎄
Stuck trying to prioritize financial goals? This list can help provide clarity on your objectives.
Discover how a list could help you level up your goals.
It’s hard to think about, but long-term care is an important need for which you should prepare. How much care might you need? On average, women will need 3.7 years of care, and men will need an average of 2.2 years. Approximately...
As Americans continue to live longer, their retirement plans are becoming more and more unique. Are you ready to be inspired?
When you retire, how will you treat your next chapter?
Brace yourself for this shocking revelation: purchasing a home is now a whopping 52% pricier than renting one. Let that sink in. Rewind to 2012, and owning a home was a jaw-dropping 24% cheaper than renting. Can you believe the flip in the financial landscape?
Taking a moment to process this mind-boggling information, it's evident that the surging costs of housing are placing an immense hurdle in the path of Americans striving for the dream of homeownership. A shortage of housing options coupled with a surge in demand has sent prices into the stratosphere. And just when you thought it couldn't get more intense, factor in the rising interest rates and stricter mortgage requirements. Suddenly, the affordability of homeownership is slipping through our fingers, reshaping the American dream in unexpected ways. 🏡
In recent developments that may impact car buyers, there's some news about a rise in auto loan delinquencies reaching record highs, potentially leading to a significant drop in used car prices. According to a recent report from Fitch Ratings, a concerning 6.11% of subprime borrowers find themselves at least 60 days behind on their car payments, a level not seen since 1994.
This unfortunate situation suggests that more individuals are facing challenges in meeting their car loan obligations, contributing to a surplus of used cars in the market. Consequently, this surplus is expected to bring down used car prices, offering potential opportunities for buyers.
The factors behind this trend are varied and include the impact of rising interest rates and the uncertainty prevailing in the job market. As interest rates climb and job stability becomes more precarious, many Americans are finding it increasingly difficult to manage their car payments. For some, these difficulties have unfortunately resulted in defaults on their loans. Our thoughts are with those navigating these challenging financial waters.
The S&P 500 extended its gains from the prior week, with the index posting a 1.35% gain on the week. The index is now up over 7% since October 29th, rebounding from hitting correction territory earlier in October...click to watch IFG's MTM
This is "Metrics that Matter: 11/14/2023" by IFG on Vimeo, the home for high quality videos and the people who love them.
Valuation is important for business succession, estate taxes and even qualifying for a loan.
Ascertaining the value of your business is important for a variety of reasons.
Setting strong financial goals starts with understanding your options. Check out this list to re-evaluate your priorities
Why smarter goals & more success start with a list.
During November and December, I want to help you spot time-sensitive planning opportunities. Perhaps you… Are considering making year-end gifts to charitable organizations or family members and need to determine your optimal...
What's better—a 30-year or 15-year fixed-rate home mortgage? The answer may surprise you.
Estimate the total cost in today's dollars of various mortgage alternatives.
I can't believe Jace is now 5. We celebrated his big boy birthday on Friday with a Hot Wheels cake.
Review Your Retirement Contributions BEFORE December 31!
1.Evaluate Your Current Status: Examine your retirement accounts, whether they are provided by your employer, individual retirement accounts (IRAs), health savings accounts (HSAs), or self-employed retirement plans. Ask yourself these questions: Should I increase my contributions? Am I on target to maximize my contributions? Have I already reached the maximum limit, and if so, should I consider investing in a taxable brokerage account?
2. Deadlines: You have until December 31st to make any adjustments to your 401(k) or employer-provided plans for 2023 contributions. For 2023 contributions to your IRA, the deadline is April 15th, 2024.
3. Self-Employed Individuals or Side Gig Workers: Consult with your certified public accountant (CPA) to determine the optimal contribution amount for your self-employed retirement plans, based on your business income
Having an estate strategy means that decisions about your family, assets, and your health care remain in your hands. Learn about 4 elements that may help you. Watch here:
Learn about the importance of having an estate strategy in this helpful and informative video.
Investors faced challenges as stocks moved lower due to multiple headwinds, including rising bond yields and geopolitical tensions. However, many remain confident as they look for initial indications of consumer strength by gauging early holiday shopping levels.
Rising bond yields, geopolitical tensions, sticky inflation, and mixed earnings reports combined to push stocks lower last month.
Looking to reconsider your financial goals? Review this simple list to gain clarity and perspective.
Find out how to set better goals using a basic list.
Just a quick note to offer some perspective on the (many) headlines floating around. There are plenty of things to be worried about right now, so I'd like to pause for a second to remember the abundance in our lives. Especially when...
Currency has been around for a long time. Here’s a quick lesson.
Currency has been around for a long time. Here’s a quick history lesson.
As the holiday season draws near, autumn presents a great opportunity to revise your budget in preparation for potential holiday costs. Failing to strategize and allocate funds for holiday expenditures may lead to overspending. Begin setting aside a portion of your cash flow deliberately to cover the upcoming holiday expenses that are sure to come your way. Such proactive planning can alleviate stress and enable you to be more purposeful in your holiday spending.
At BDA Financial, we believe that a plan is a powerful tool. Reaching your long-term financial objectives hinges on having the right plan -- one that fits your unique circumstances and grows with you. Planning your financial future can be a daunting task. That's where we come in. We're trained, licensed professionals, and we can draw on years of financial planning experience when creating a long-term strategy. Whether your concern is paying too much in taxes or not having enough money to last throughout your retirement, we can help you.
Our firm is completely independent, so our loyalty belongs exclusively to our clients -- not to a parent company. Our independence enables us to establish working relationships with a number of industry-leading financial services firms whose products we leverage to create customized client portfolios. We recommend only those products and services that can be tailored to suit our clients' unique needs while acting in their best interest.
Please call today if you think your plan is out-of-date. Most people need to update their financial plan each year to help ensure that it is in step with their life. If it's been a while, act today.
Securities and advisory services offered through, Royal Alliance Advisors (RAA), Inc. a registered broker/dealer and registered investment advisor, member FINRA/SIPC. This is not an offer to sell securities, which may be done only after proper delivery of a prospectus and client suitability is review and determined. Neither RAA, nor its representatives,offer tax or legal advice. Information relating to securities is intended for use by individuals residing in: CA, CT, DC, FL, GA, IN, MD, NC, NJ, NV, NY, PA, SC, TN, TX, VA, & WV. Insurance services offered through BDA Financial, LLC, which is not affiliated with Royal Alliance Associates, Inc.