Ideas to Think About and NYSE Photos...
Dear Clients and Friends,
We hope all is well with you, your families and that 2023 is off to a smooth start. Listed below are valuable ideas to think about throughout the year. As you know, we are here to answer, help and guide you through your journey and into the next generation. We also wanted to share a recent highlight of a few of the WealthScorz Financial Group team members ringing the New York Stock Exchange (NYSE) closing bell. Looking forward to seeing you throughout the year. Thank you for your trust and confidence to help you reach your goals.
Ideas to think about, discuss, review...
- Review and update your cash need: Take a look at your cash need from the previous year and make any necessary adjustments for the new year. Also, think about larger expenses... Looking back, a good way to review is to see where your money went by looking backwards the last 12 months. Look to reduce costs by cutting subscriptions as well.
- Contribute to your retirement account: Make sure you are taking advantage of any employer matching contributions and consider increasing your contributions for the year. With the markets being still off of their highs, it is an attractive time to consider contributing/increasing contributions.
- Consider a Roth IRA conversion: We can help you run numbers and look at funding traditional IRAs as well as converting to a Roth.
- Review various insurance coverages: Make sure beneficiaries are in place and you have the right amount of coverage for your needs, such as health, life, and disability insurance.
- Review your investments: With the WealthScorz team evaluate your financial goals and investment allocations, discuss any life events/changes as well.
- Communicate with your CPA (we can do this with you): We recently sent out tax notices, if you need us to send that to you again, let us know.
- Also, reminder that our Orion portal is up and running. The Orion portal links all your accounts and tracks performance, holdings, etc. If you have any questions on this, please reach out.
We will be looking for opportunities in the market and have been rebalancing accounts the last few weeks as well as last year, increasing interest and dividends in the majority of portfolios. Here is insight on the economic front....
Given the ongoing instability in the market throughout 2022, which has resulted in a difficult period for both stock and bond prices, there is a widespread desire for a fresh start. Fortunately, history provides grounds for optimism following a trying year. While each new year brings its own unique set of circumstances, it is not uncommon for poor market years to be followed by good ones, particularly in the wake of a midterm election year.
Furthermore, if we consider all calendar years following negative outcomes for the S&P 500 Index, the Index has had back-to-back negative years in only four instances since 1930. These occurrences took place during the Great Depression, World War II, the 1970s, and the dot-com bubble years (early 2000s) - periods that were arguably more economically dire than the current situation. While we cannot rely on history to repeat itself, it does offer us hope.
The tumultuous market of 2022 has reduced stock valuations in relation to their earnings, suggesting that many of the aforementioned concerns may have already been factored in. This leads us to believe that 2023 is unlikely to resemble 2022; history suggests that the markets may be more favorable this year.
Should you have any questions, please do not hesitate to contact us.
Best Regards,
The WealthScorz Financial Group Team
Please ensure the following disclosure appears with this article: This article is historical and based on information that was current at the time of initial print. It contains information that has changed. Staff and business names may have changed. We now offer investment advice through WealthCare Advisory Partners, LLC, A Registered Investment Advisor and separate entity from LPL Financial.