Recipes for Financial Success, 2023

How to nurture your nest egg to meet your financial goals, creating recipes for financial success in 2023.

Mia Kovacs, CFP® Vice President
Bill Few Associates, Inc.

How do you navigate the ever-evolving world of financial scams?
As technology evolves, so do the tactics of those seeking to defraud others. From phishing emails to socially-engineered attacks, scammers have a myriad of ways to line their pockets with your money. These scams work due to various psychological factors coupled with the reach of technology. In very sophisticated ways, scammers will try to con you through email, phone, text, or social media platforms. Check on the credentials of people or individuals soliciting you. Look out for the following red flags: high- pressure sales tactics, urgent deadlines, inconsistent information, or requests for payment through unconventional methods. Seek out advice from your friends, family, or financial advisor if you feel unsure. Report any incidents. Too often those targeted and those tricked feel embarrassed at their vulnerability. Don’t be embarrassed. With the ever-evolving world of financial scams, even the savviest of us can fall victim.

“CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the US.

Lesley Mann
CMO GBU Life

How can I ensure that I get the most value out of my life insurance policy?
A life insurance policy can contain add-on features called “riders” that can add value to the policy, from being able to add your spouse and children to your policy, to growing the value of your policy over time. A guaranteed purchase option rider allows you to purchase additional life insurance during set times throughout your life without further proof of insurability. This means even if you can only afford a small policy now, you can grow your policy as you have more funds available, even if you develop a condition that would otherwise prevent you from getting coverage in the future. Some policies even include riders that allow you to use part of your life insurance benefit to pay for medical expenses in certain situations such as a critical or terminal illness. When you talk to your agent about life insurance, be sure to review all riders available for your policy so that your policy can meet your needs right now and in the future.

Beth Genter
Schenley Capital

How does market volatility, inflation, and rising interest rates affect your financial outlook?
When the markets are turbulent and volatile for an extended time period, it is difficult to stay the course, although that is exactly the action we are advising our clients. Investors can no longer buy the four popular growth stocks and expect their portfolios to increase each day. We have invested our clients’ money in a diverse group of very high-quality stocks with sizable dividends. These companies maintain a high cash flow, have steady revenues, are usually leaders in the global marketplace, and distribute a large quarterly dividend to their stockholders. These companies increase in value over a long period of time, which is why we hold these stocks in our portfolios.

As we heard from Jerome Powell, chair of the Federal Reserve Board, the Federal Reserve increased rates by .25 basis points. By doing so the Feed is attempting slow-down economic growth which will lead to slightly higher inflation. The intention of the Fed is to stablize the economy, which in turn negatively impacts the stock market. We believe that the economy has slowed down to an appropriate level and that the Fed has accomplished their goal.

YTS Wealth Management

Why should I seek advice from a financial advisor when it comes to planning my retirement?
Tax implications
Financial advisors play a crucial role in helping individuals understand the tax implications of their investment decisions. At YTS Wealth Management, we work closely with our clients while staying up-to-date on the latest tax laws and regulations to provide valuable insights and guidance on how to minimize tax liabilities and maximize after-tax returns.

Long-term wealth building
Investing can be a powerful tool for building long-term wealth, especially when combined with disciplined saving and a well-diversified portfolio.

Inflation protection
We provide assistance in generating returns that outpace inflation by analyzing market trends and making personalized adjustments for each client.

Potential for growth
Investing provides the potential for growth and higher returns than simply keeping money in a savings account. Investments may even provide a regular income stream for investors.

Diversification
Our wealth managers make sure you have a diversified portfolio of assets to help minimize risk and potentially reduce the impact of market fluctuations.

Setting financial goals
We help our clients work towards their goals, whether that be planning for retirement, preparing for college expenses, or pursuing true financial independence.

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