Odyssey Capital

02/12/2025

Are you prepared for retirement? It's important to have a plan in place to ensure your financial future is secure. Have you thought about your short term needs, essential income, and long-term growth and legacy? Take our 3-Bucket Retirement Assessment quiz to see where you stand and get personalized recommendations. Click the link below to get started now!

Take the quiz now at https://alex-foj7vjnn.scoreapp.com

12/06/2024

Stocks notched solid gains in November as post-election enthusiasm and holiday-shopping fueled the advance.

The Dow Jones Industrial Average led, gaining 7.54 percent. The Standard & Poor’s 500 Index picked up 5.73 percent, while the Nasdaq Composite added 6.21 percent.1

11/30/2024

What cities in the U.S. have the most millionaires?

According to a report from Henley & Partners based on data through 2023, here are your top 5 cities!

1️⃣ New York City: 349,500 millionaires, 60 billionaires! 🍎
2️⃣ Bay Area: 305,700 millionaires, 68 billionaires! 🌉
3️⃣ Los Angeles: 212,100 millionaires, 43 billionaires! 🎬
4️⃣ Chicago: 120,500 millionaires, 24 billionaires! 🌬️
5️⃣ Houston: 90,900 millionaires, 18 billionaires! 🚀

But here's the kicker: We're seeing a "millionaire remix." 🎵

These areas saw explosive growth in the millionaire population from 2013 to 2023:
🔥 Austin: 110% increase
🔥 Miami: 78% increase
🔥 Dallas & Washington D.C.: Both saw a 75% increase

Why should you care?
1️⃣ Shifting wealth patterns can impact local economies and real estate markets
2️⃣ Opportunities might be emerging in unexpected places (Hello, Austin!)

11/28/2024

Today we gather with loved ones and reflect on the things we’re most grateful for.

From the health of our loved ones to the support of our families, friends, and colleagues, there’s so much to be thankful for.

As we look back on the year, we’re grateful to our clients for letting us be part of their financial journeys.

Here’s to a future filled with hope and prosperity for all. From our families to yours, we wish you a very Happy Thanksgiving.

11/26/2024

Did you know that for every $100 spent at a locally owned business, $68 recirculates and remains in the local economy, according to a 2024 report by Sustainable Connections?

By contrast, the study found that only $43 stays local when spent at a national chain.

As we gear up for the holiday shopping season, remember that Black Friday is just around the corner on November 29, followed by Small Business Saturday on November 30! This weekend presents an opportunity to support our local economy.

Why not kick off your holiday shopping by grabbing a coffee from that local café, picking up a unique gift from the boutique down the street, or trying out that restaurant you’ve been meaning to visit?

What’s your favorite local small business? Give them a shout-out in the comments!

11/24/2024

As Thanksgiving approaches, families gather to celebrate gratitude. But it's also an opportune moment for a crucial conversation: discussing finances with aging parents.

As financial professionals, we've seen too many families postpone this "Money Talk."

Sound familiar?

Don't wait. Your parents will appreciate your concern, and addressing this now can benefit everyone in the long run.

Here's our guidance to navigate this important discussion:

1️⃣ Timing is Key: It's easier to discuss personal finances when there's no immediate pressure.

2️⃣ Set the Right Tone: Frame the conversation around helping them maintain independence, not taking control.

3️⃣ Come Prepared: Familiarize yourself with their potential concerns–healthcare costs and living arrangements.

4️⃣ Use 'I' Statements: "I want to make sure I understand your wishes." To some, that sounds better than, "You need to tell me about your finances."

5️⃣ Start Broad: Begin with general questions before diving into specifics.

6️⃣ Be Patient: This may not be a one-and-done conversation. It may take several talks to build an understanding.

7️⃣ Recognize Their Experience: Acknowledge the wisdom they've accumulated over the years.

8️⃣ Suggest a Family Finance Day: Propose a day where the family openly discusses financial matters, making it a normal topic.

Remember, the goal is to help your parents feel supported, not scrutinized. Every family's situation is unique, and there's no one-size-fits-all approach.

For personalized strategies, our team can help guide these sensitive conversations.

11/23/2024

Relationships > Ego

Sometimes, saying 'I'm sorry' isn't about right or wrong. It's about choosing to prioritize the well-being of your relationships over the need to be right and defend your pride.

11/21/2024

As financial professionals, we're used to crunching numbers. But what if I told you the most valuable review doesn't involve a single spreadsheet? 🤔

This year, I'm challenging myself (and you!) to conduct a personal year-end review that goes beyond finances. Here's a sneak peek at my top three reflection points:

🏆 Celebrating wins (big and small)
🧠 Skill evolution
🙏 Gratitude check

Why? Because true financial well-being is intrinsically linked to overall life satisfaction and personal growth.

Want to join me in giving yourself a year-end review? Reach out to our office!

11/18/2024

As December 31 approaches, don't forget to check your pre-tax health accounts:

1️⃣ FSA (Flexible Spending Account):
• Review your balance
• Consider using the remaining funds for eligible expenses
• Remember: many FSAs have a "use it or lose it" policy

2️⃣ HSA (Health Savings Account):
• Check your year-to-date contributions
• Consider adjusting your contribution amount in 2025 if appropriate
• Remember: 1) HSAs roll over, and 2) contribution limits reset annually

Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty. This penalty is void after age 65; however, withdrawals would still become taxable income. Remember, once you start Medicare, you can no longer contribute pre-tax dollars to your health savings account (HSA).

3️⃣ DCFSA (Dependent Care FSA):
• Verify your balance
• Don’t forget to submit receipts for eligible expenses (you have until April 30, 2025, but it's best to stay on top of these things)

Take a few moments to check up on any FSA accounts and HSA before the year ends.

11/15/2024

💡 4 things you may not know about Social Security

1️⃣ In February 2024, the average Social Security retirement benefit was around $1,862 per month or $22,344 per year, according to a May update from the Center on Budget and Policy Priorities.

2️⃣ Depending on your circumstances, you may be eligible for Social Security benefits at any age. For example, if you are the spouse, child, or dependent parent of a deceased worker.

3️⃣ Benefits can increase with age. You can increase your Social Security benefits by delaying benefits until age 70.

4️⃣ It can get complicated: Understanding Social Security can be tricky due to factors like earnings limits, spousal benefits, and survivor benefits.

Don’t take Social Security for granted. Understand the details and create a personalized strategy that works for you. A financial professional can help.

11/13/2024

As a society, we often focus on the rewards of material wealth.

However, perhaps a larger return on investment comes from performing acts of kindness–thinking of others and not ourselves.

Today is World Kindness Day! 💖 A good time to be intentional about shifting our focus to the rewards of generosity.

Some ideas for random acts of kindness our team came up with:
👉 Buy a coffee for the person behind you in line
👉 Hold the door open a little longer
👉 Assist someone who needs it, like carrying groceries or helping an elderly neighbor
👉 Write a thank-you note to someone who has helped you or means something special to you
👉 Donate your time to a local charity or organization

Share your acts of kindness using the hashtag
and inspire others to spread positivity.