Nicholas Abbott- Financial Advisor

04/28/2023

We all know there are various tactics for building long-term wealth. Paying off your mortgage early may be an option for some. However, focusing on investing money or paying off other debts first could be more beneficial than early repayment of a mortgage. Ultimately, what’s right for you depends on your personal finances and unique situation. In case you decide that early repayment could be beneficial for you, here are a few possible strategies for paying off your mortgage early:

🔹Commit to making one extra payment a year. A single extra payment a year
can help you pay off your mortgage up to 4 years early.

🔹Make lump-sum payments when you can. Lump-sum payments are typically made possible when you get an influx of cash. Remember to check with your loan servicer on how this is done.

🔹Debt Acceleration Strategies: Converting a portion or all of your debt to a line of credit might help you save interest and pay down your balance more quickly through cash flow strategies known as “Sweep Strategies” or “Velocity Banking”.

04/01/2023

The issues of inflation and recession continue to dominate news headlines, which prompted the Federal Reserve chairman, Jerome Powell, to announce an interest rate increase last week. Given the profound impact of the Fed's every move on our economy, bank accounts, and inflation, we put together some key bullet points below for your review based on the recent Fed announcement.

◾The Federal Reserve raised short-term interest rates by a quarter point.
◾Inflation has remained high despite the return of normal shipping and inventory levels.
◾Reading between the lines, The Fed is forecasting a recession starting later this year.
◾ The Fed is not paying attention to the money supply (i.e. printing money), which has surged
dramatically during COVID.

As investors, we will remain cautious about the future of the markets and economy. We continue to encourage families to keep an emergency reserve bank account and minimize debt as much as possible.

03/22/2023

We understand the importance of staying up-to-date with any changes in laws that may impact your finances. That's why we want to bring to your attention some important updates regarding the Secure Act 2.0 that was recently passed by Congress.

This legislation has significant implications for retirement accounts, taxes, and retirement plans. Our goal is to ensure that you have a clear understanding of the new laws and how they may impact you. To that end, we prepared a brief summary of the key changes and a video explanation of additional details. Let us know if you have any questions.

Key Changes:
-RMD age Increased to 73 - 75
-RMD penalties reduced
-Roth contribution changes for employer contributions
-Emergency withdrawal enhancements

Services offered through Mission Financial Group, LLC, a Registered Investment Adviser.Registered Representatives offering securities through Cetera Advisors...

03/01/2023

In case you hadn't heard: Currently there are several options that offer rates above +4% for your safe and liquid funds (rates can change daily).

02/03/2023

January 30 to February 3, 2023, is Identity Theft Awareness Week. Below are a few best practices for tightening up your identify security:

• Change your passwords regularly: Every few months is a great habit to get into.

• Check your credit report: You may have been the target of identity theft or fraud and not even realize it until it shows up on your credit reports.

• Tax time is prime time for identity thieves: They would love to get their hands on your 1040 form, and they would also love to claim a phony refund using your personal information. Be careful when sharing information online.

• The I.R.S. doesn’t use unsolicited emails to request information from taxpayers: If you get an email claiming to be from the IRS asking for your personal or financial information, report it to your email provider as spam.

• Avoid “coffee housing” your personal information: Never risk disclosing financial information over a public Wi-Fi network. (Broadband is susceptible, too.) It takes little sophistication to do this—just a little freeware.

• Look for the “https” & the padlock icon when you visit a website: Not just http, but https. When you see that added “s” at the start of the website address, you are looking at a website with active SSL encryption, and you want that. A padlock icon in the address bar confirms an active SSL connection. For solid security when you browse, you could opt for a VPN (virtual private network) service that encrypts 100% of your browsing traffic.

01/26/2023

The sooner you begin investing, the longer your money has the opportunity to work for you. We've included a short video to help illustrate just how costly procrastination can be.
Run Time: 1 min 4 sec.

Procrastination can be costly. When you get a late start, it may be difficult to make up for lost time.

01/13/2023

As we embark on a new year, we wanted to provide some recent legislative information we hope you find useful regarding retirement savings. Let us know if you have any questions and we'll be happy to help: https://bit.ly/retirewise-jan23

12/23/2022

Wishing you and yours a very Merry Christmas!

11/18/2022

Do you have charities that you plan to donate to this year? We've included a short video sharing three tips for giving smart from the heart and we hope you find it helpful.

Do you have causes that you want to support with donations?

11/08/2022

Do you know the ins and outs of charitable giving? It's more complicated than you may think. We've included an informative article to help you maximize the benefits of your donations.

This article may help you maximize the benefits of your donation for your chosen charity.

11/04/2022

The Mission Financial Group team had fun with family and friends for our annual Halloween Party!