Wealth Advisor - Brian Falls

09/19/2023

🌟 These Cars Will Be Gone After 2023! 🚗💨

📍Chevrolet Bolt EV/EUV
• Surprising discontinuation despite better sales
• Potential rise from the ashes with a new Bolt in the works
• Starting MSRP: $27,495 for Bolt EV; $28,795 for Bolt EUV

📍Mazda CX-9
• Fun driving dynamics and premium-looking interior
• Making way for the redesigned CX-90
• Starting MSRP: $40,125

📍Dodge Charger and Challenger
• Popular models being phased out for an all-electric future
• Special "Final Call" models for collectors
• Starting MSRP (V8 models): $42,400 for Challenger; $45,565 for Charger

📍Mercedes-Benz C-Class and E-Class Coupes and Convertibles
• Open-air experience and stylish looks are coming to an end.
• All-new CLE to replace all four models
• Starting MSRP: $50,700 for C-Class coupe; $58,400 for C-Class convertible; $70,900 for E-Class coupe; $78,050 for E-Class convertible

📍Audi R8
• Audi's halo car with incredible acceleration
Discontinued due to the push for electric vehicles
• Starting MSRP: $160,095
Don't miss your chance to own one of these soon-to-be classics! Act quickly and grab a great deal.
Source:

Every year, a number of new vehicles are discontinued, generally due to poor sales. However, this year there are other factors at play.

09/14/2023

Did you know that 1 in 5 Americans have inactive 401(k)s worth thousands of dollars? Don't let your hard-earned money go to waste! Here's how to reclaim yours.

How to find a lost 401(k):
1. Contact your old employer's HR department
2. Check old 401(k) statements for account details
3. Use look-up databases like the National Registry of Unclaimed Retirement Benefits or the National Association of Unclaimed Property Administrators
4. Check the Department of Labor's abandoned plan database

Once you've located your plan, you can:
🔁 Request a direct rollover to your new employer's plan
💼 Transfer the funds into an existing IRA
🤔Cash it out (but beware of taxes and penalties)


Source:

Rolling over an old 401(k) into a new plan can be a pain, but it's typically worth the hassle.

09/07/2023

🔎 Some experts suggest we may be experiencing a "richcession" rather than a broad contraction.

👩‍💻This means that job losses have disproportionately affected white-collar workers. While white-collar jobs may be on the decline, the broader economy is still doing well—the U.S. economy is experiencing positive growth and a strong labor market.

💳 However, many Americans are feeling the impact of higher prices and relying on credit cards to make ends meet. Financial well-being is deteriorating, with high credit card debt and a majority of Americans living paycheck to paycheck.



Source:

Some economists say the country is already experiencing a "richcession," rather than a broad contraction to come later.

08/25/2023

Understanding pullbacks in stock prices is critical, even if we don't like them. They are moderate drops that occur within a continuing uptrend. Looking at the chart, we've seen two pullbacks in the past ten months since stocks started trending higher in October 2022. Will this August give us the third pullback?

Pullbacks can be painful as they break trend lines and support levels, making investors second-guess their strategy. Remember, they're easier to spot in retrospect, but evaluating them during a portfolio decline can be challenging.

As we move into September and October, known for their reputations on Wall Street, it might be wise to focus less on day-to-day market gyrations and explore other projects. And if you need a quick update on Wall Street, don't hesitate to call.

08/18/2023

08/16/2023

Fitch Downgrades U.S. AAA Credit Rating to AA+

Fitch, the credit rating agency, has downgraded the U.S.'s "Long-Term Foreign-Currency Issuer Default Rating" from AAA to AA+.

Here's what you need to know:
📚 Fitch warned of a possible downgrade in May due to political "brinkmanship" over the debt ceiling. Moody's still maintains the top rating, while S&P's rating matches Fitch's at AA+.
📊 Credit ratings provide insight into a nation's economic health and the likelihood of debt repayment.
🌍 Fitch cites expected fiscal deterioration, growing debt, and erosion of governance as reasons for the downgrade.
💔 The repeated debt limit standoffs and limited progress on Social Security and Medicare costs also contributed to the rating change.
🔮Fitch predicts a recession at the end of this year and into 2024, impacting GDP growth and leaving job vacancies higher than pre-pandemic levels.
⚠️ Factors such as the Federal Reserve's tightening, Social Security depletion, higher deficits, and fiscal vulnerability to economic shocks were listed as reasons for the rating drop.

💬 Secretary of the Treasury Janet Yellen strongly disagrees with Fitch's decision, calling it "arbitrary and based on outdated data." She highlights improvements made under this administration, including bipartisan legislation and infrastructure investments.



Source:

The downgrade could lead to higher borrowing costs and an overall more burdened economy in the U.S.

08/14/2023

💼Fed raises interest rates, leaving the door open to another increase.

Fed raises policy rate to 5.25%-5.50% range. Inflation remains elevated, prompting the rate hike, with the door being left open for potential future increase.

Fed to assess additional information and its implications for monetary policy.

The economy is described as growing at a "moderate" pace, while job gains remain robust.

Future markets show small odds of a rate rise in September.

Continued moderation in price increases could make this the last rate hike.

12 of 18 officials expect at least one more rate increase this year.



Source:

The hike is the Fed's 11th in its last 12 meetings.

08/11/2023

Bette Nash will be celebrating her 65th year as a flight attendant with a new Guinness World Record for the longest-serving flight attendant ✈️ . ABCNews has the high-flying tale:

Bette Nash, 86, is the oldest and longest-serving flight attendant in the world, according to Guinness World Records

08/09/2023

A recent CNBC survey reveals that 63% of millionaires support raising Federal Deposit Insurance Corp. (FDIC) coverage limits.

The wealthiest millionaires, with $5 million or more in assets, are even more supportive, with 67% in favor of the change. The survey included 764 respondents with $1 million or more in investable assets.

🏦 Currently, the FDIC insures $250,000 per depositor for each ownership category for deposits held at an insured bank. However, it seems that millionaires are looking for more coverage given recent bank failures.

🔄 While waiting for potential reform, there are actions investors can take right now to increase their deposit coverage. Here's what you can do:

✅ Add beneficiaries: Instead of opening multiple bank accounts, consider adding beneficiaries, such as your children, to your existing accounts. Each beneficiary adds another $250,000 in coverage based on current limits.

⚖️ Account titling matters: Remember, the way your bank accounts are titled will take precedence over your will, so ensure your accounts are properly structured.

🔀 Diversify your accounts: Having various types of accounts, including savings accounts, individual retirement accounts (IRAs), or trust accounts, can amplify the amount of insured balances you have.

👀 Stay tuned for potential FDIC reform: The FDIC released three options for the future of the deposit insurance system, including limited coverage, unlimited coverage, and targeted coverage. Congressional action would be necessary for any expansion of FDIC insurance.


Source:

Several bank failures have prompted investors to want more FDIC coverage on their deposits. While reform could happen, there are ways to boost coverage now.

08/04/2023

🎁 No more free coffee on your birthday? 😮 Companies are reining in customer rewards programs, and here's why:

🥳Changes are happening to birthday rewards and redemption requirements.
☕️ Dunkin' stopped offering free drinks on birthdays, opting for loyalty points instead.
🎈 Sephora now requires a $25 minimum purchase for birthday gifts.
🍔 Red Robin added dine-in and minimum purchase requirements for free birthday burgers.

💡 Companies cite factors like program costs, inflation, and changing consumer behavior as reasons for the changes.

🎉 The future of customer loyalty programs may involve scaling back or offering better rewards to encourage spending.


Source:

Reward programs, including birthday freebies and discounts, have long been a way for brands to build loyalty and incentivize spending.