Overview: Check out this episode of Launch Financial as we discuss the Federal Reserve raising interest rates 75 basis points at last week’s meeting with the intention of raising rates another 75 basis points at the November meeting. Tune in for our thoughts and how the economy is digesting these rate hikes and more.
Show Notes:
For those of you who have yet to file your 2021 tax return, there is a little under one month until the October 17th tax deadline extension. If you are utilizing the tax extension this year, now is the time to prepare and make sure you have everything you need in order, which includes getting organized, communicating with your financial advisor and tax preparer, or CPA.
For those of you working with a CPA or tax professional, make sure you are promptly providing them with all the information necessary to file your return. Surprisingly, according to the IRS, an estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns. With these shockingly high numbers, think about filing your return as quickly as possible to try to avoid any complications or hiccups.
Before filing this year, make sure you are accounting for all COVID-19 reliefs, such as the stimulus checks and the child tax credits. Make sure all your deductions and withholdings are in order and that you are aware of and prepared for any tax payments due or returns. In all, when dealing with your tax return, whether you file it on time or on the extension, it’s important you are prepared and aren’t waiting til the last minute to get your documents in order.
If you have any questions about your tax return or are looking for tax advice, email us at info@shermanwealth.com and we are happy to help or refer you to a tax professional. If you would like to schedule a complimentary 30-minute intro call, schedule it here.
Overview: Tune into this week’s episode of Launch Financial as we discuss the Federal Reserve meeting which kicked off today, interest rates at record highs, housing prices rising, and more!
Show Notes:
Overview: Join us on our first Fall 2022 episode of Launch Financial as we discuss the most recent hot CPI report, interest rates and the Federal Reserve, bitcoin’s rally, fall football, and more! Email us at info@shermanwealth.com for questions or inquiries.
Show Notes:
Financial literacy and empowerment stands as a core value of Sherman Wealth. We have long been strong advocates of improving financial education in our country and within the school system to educate our youth on financial concepts throughout their development. Understanding personal finance and feeling confident enough to make your own financial decisions is crucial in the society we live in and a predecessor to financial success.
Despite thought leaders efforts to improve financial literacy in our country, it has still steadily decreased over the last 12 years. A FINRA Foundation National Financial Capability Study found that of 30,000 U.S. adults surveyed, the average respondent of the study only answered 2.6/5 financial literacy questions correctly, down from 3 of 5 questions in 2009. These findings are quite alarming and pose a warning that financial education and literacy needs to improve.
In the world we live in today, with constant change and unprecedented events such as the COVID-19 pandemic, it’s important to know the full scope of your finances, from the location of your various accounts, to your risk tolerance and asset allocation, your planning opportunities and tax consequences, your workplace benefits and more. Many individuals who lack financial knowledge are missing out on prudent opportunities in their young careers and life that could lead to long-term financial success.
If you are feeling discouraged about your financial knowledge and confidence, now is a great time to think about working with a financial advisor such as Sherman Wealth, that will not only help you create a customized financial plan, but teach you everything you need to know in the process. If you have a child or grandchild in high school or college and want them to learn more personal financial tools before they embark in the real world, email us at info@shermanwealth.com to learn more about what financial literacy courses and tools we provide. For more financial literacy content, check out our Q&A blog. To sign up for a complimentary introductory call, click here.
