Happy New Year! Looking back at 2023, it was a whirlwind year that began with bank failures in March, continued fighting between Russia and Ukraine, a new war between Israel and Hamas, consistent increases in interest rates, and retreating inflation.
In this episode, we recap 2023 market performance and consider the key changes and planning opportunities for 2024 that individuals should consider and implement.
If you are interested in learning what’s changing as we roll into the new year and how you can update your financial plan to be prepared for the year ahead, we think you’ll enjoy this episode. Thanks for listening!
For more details on key changes and planning opportunities for 2024, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/key-changes-for-2024-and-planning-opportunities/.
Beginning in March 2022, the Federal Reserve began raising interest rates in an attempt to mitigate high inflation. Over the course of the last two years, the Federal Reserve has raised interest rates 11 times resulting in targeted interest rates that are 5.25% higher than they were at the beginning of 2022.
In this episode, we discuss how the rapid increase in interest rates has resulted in certificates of deposit (CDs) paying over 5% to savers. With the increase in CD rates, the advertisement of CD specials has exploded with nearly every bank marketing their attractive CD rates to the public. Naturally, this has led many individuals to ask the question whether CDs are right for them.
If you are interested in learning about CDs and points to consider when determining if they are appropriate for your situation as well as alternatives that may make more sense in specific cases, we think you’ll enjoy this episode. Thanks for listening!
For more details on certificates of deposit, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/cd-rates-are-over-5-should-you-buy-them/.
As year-end approaches and individuals begin considering their charitable giving goals for 2023, it is important to consider not just the charities to support, but also the most tax-efficient way to contribute.
In this episode, we discuss how qualified charitable distributions (QCDs) directly from your IRA to charity may be the most tax efficient way for individuals who are at least age 70 ½ to fulfill their charitable goals. Since QCDs are excluded from income, individuals are able to lower their taxable income and reduce their tax obligation – even without itemizing their deductions.
If you are interested in learning how to minimize your tax burden and maximize the impact of your charitable giving, we think you’ll enjoy this episode. Thanks for listening!
For more details on qualified charitable distributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/using-your-ira-for-tax-efficient-charitable-giving/.
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
