Your finances don’t necessarily follow the calendar, but some parts of the year are better for financial housekeeping than others. With tax season around the corner, the end of the year is a great time to review your finances and plan for the new year ahead.
“Inflation is caused by too much money chasing too few goods.” -Milton Friedman
Yes, you read the title right. Too much cash. Some of you may be thinking: how can anyone have too much cash? To put it one way, cash is a financial asset, but it’s not always an asset to your finances.
“New beginnings are often disguised as painful endings,” is a famous and appropriate quote relevant to today’s economic and social environment. Although we desperately try to move on from the pandemic, we are constantly reminded of its grip on our lives.
We are happy to recognize four Advance Capital Management financial advisors – Ryan Sheffer, Michael Hohf, Daniel McHugh and Terra Hohf – have been named to Forbes magazine’s 2021 Top Next-Gen Wealth Advisors list.
As a nation, we must start to move past the devastating fallout from the pandemic toward a return to a more “normal” life. Whatever that may look like. As in past generations, living through these surreal and historic events will forever change our collective psyche and perhaps bring a newfound appreciation for our freedoms and the simple things in life.
Generally, one of the biggest retirement mistakes you can make is to leave an old 401(k) behind at a previous employer. Yet, people often make this mistake when switching jobs or retiring.
When saving for retirement, one of the first steps is determining where to put your money. Look up retirement plans and you’ll find a peculiar medley of letters and numbers, such as 401(k), IRA and Roth IRA, 457, SEP IRA and 403(b). What may sound like a list of secret societies or highway interstates is essentially government code for retirement accounts and plans available to American workers and savers.
At the most basic level, college commencement speeches are intended to inspire and motivate graduates about to enter the “real world.” But these speeches often convey timeless pieces of wisdom that are relevant to anyone – including those 10, 20, 30 or even 40 years out of college.
Advance Capital Management’s president and chief investment officer, Christopher Kostiz, provides his key economic and market insights from the most recent quarter.
