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No one knows what will happen in the markets over the next few months
But I'm pretty sure in about 5 years, we're all going to say:
"You remember when the market went nuts over all that tariff stuff?"
Markets - like life - just keep rolling on
Always check your tax return before filing
I reviewed a client’s return for Roth conversion opportunities
They received a larger than expected refund which was odd
They did a large conversion last year & didn't expect that
A quick review revealed the issue
The accountant forgot to report their Social Security income
This could've been a headache later on & may have led to penalties
Fortunately, we caught it & they were able to amend the return
(and not a knock on the CPA... tax time is crazy for them)
But always a good to reminder to check before sending to the IRS
An underrated quality:
Celebrating the achievements of others
Seeing friends, family, and coworkers get a promotion or accomplish something big should be celebrated
Many people downplay their own success but they should be recognized for their hard work & dedication
The world needs more of this
@awealthofcs Most people are probably going to keep living and spending like they always do. It takes a lot for people to change their spending habits. Now, if things get worse and layoffs increase, that's a different story.
A client's biggest retirement regret:
Not saving enough $ in a taxable brokerage account
All their funds are in pre-tax IRAs
The more they withdraw, the more ordinary income tax the owe
The lesson:
Diversify your account types just like you diversify your investments
That was an amazing Masters finish
Rory gets the green jacket & career grand slam
Justin Rose is a class act & phenomenal player
Doesn’t get much better than that
It's not a reason to panic
But it does require recognizing how these events can play out
The stock market will remain one of the greatest wealth generating mechanisms in the world
But like Jamie Dimon said...
We're not in Kansas anymore
A clear reality about investing today:
The rise in leveraged strategies, hedge funds, algo automations, etc. can trigger massive selloffs instantaneously
Just look at Covid, 2022, and today's tariffs
It's another challenge for diversified, long-term investors...
For retirees, managing cash flow & expenses is key
And having an investment plan that you understand & can stick with is critical
We may continue to see these multi-year market runs followed by large pullbacks