In today’s episode of Matt’s Minutes, we dive into the topic of prevention versus cure when it comes to retirement planning. As the saying goes, an ounce of prevention is better than a pound of cure. Our goal is to help you take the necessary steps now to avoid potential financial pitfalls later and ensure your financial security in retirement. Just as in healthcare, where prevention is better than cure, the same principle applies to your financial well-being. Click on the video above to watch the full video.
Timely Topics
Struggle Creates Strength
In today’s video, Matt is diving into the concept of transformation through struggle and how it builds strength, drawing inspiration from the remarkable process of metamorphosis. Think about the journey of a caterpillar as it transforms into a butterfly. Similarly, in our own lives, we encounter moments of struggle and challenge. Now, let’s apply this to our finances and investing, such as during a recession or the financial crisis. It’s important to recognize that these struggles are not setbacks; they’re opportunities for growth and transformation. Click above to watch the full video.
The Danger Lies In The Trek Down The Mountain
In this video Matt is standing on the top of a mountain in Lake Chelan. He’s discussing how hiking a mountain parallels the risks people face once they retire. It’s often been said that people are more likely to be injured or killed descending a mountain than climbing up it. Retirement is no different. Making a mistake with your investments while still working (climbing the mountain), will more than likely not end in calamity. However, making a mistake in retirement (descending the mountain) may not be something that can be recovered from. As a point of reference, Matt isn’t trying to impose fear on those of you that are retired regarding a market downturn. He’s referring to being overly risky when you don’t need to, taking speculative bets with investments that you may not fully understand, panicking and getting out of the market until you feel more comfortable. These are instances that you have control over and avoided with sound guidance.
Here at Ross Financial we specialize in helping people navigate the complexities of retirement. If you know people who are retired or thinking about retiring within the next 5 years, we would love to offer our expertise to them. Feel free to share this video with them.
Let’s talk politics
In this week’s Matt’s Minutes we touch on that timely topic that gets brought up to us every 4 years. There is always going to be different thoughts and opinions on how each presidency could affect the market differently but as we discuss in this video. Many common misconceptions for the past two presidents have proven to be opposite of the actual case. For example, the Biden administration campaigned on scaling back fossil fuels and galvanizing renewables. One would have expected traditional energy stocks would be punished, while renewables would be catapulted. Instead, the exact opposite has happened. On the other hand, President Trump campaigned vigorously to support the traditional energy industry and approve leases for drilling during his presidency. However, during his presidency the S&P 500 Energy index was down, while the S&P 500 Global Clean Energy index was up significantly. This is a perfect example of why we here at Ross Financial strive to keep our clients in diversified portfolios and try to steer clear of attempting to time the market or use speculation.
The article below outlines the source for the statistics mentioned.
Tax Deadline Reminder & Contribution Limits Updated
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
In this video we cover timely tax reminders for all! The tax filing deadline is April 15th, this also is the deadline for contributing to your Roth or Traditional IRA’s for 2023. Watch this week’s video to see Dylan breakdown contribution limits and other tax related topics to consider.
We have a service that works like a GPS
Today Matt is sharing a service you may not know that we offer and have always offered. It works similar to a GPS, but instead of guiding you to your destination, it helps you navigate through your financial life. We offer comprehensive financial planning to all our clients at no additional cost. Comprehensive financial planning takes into account your current financial situation, goals, and risk tolerance to create a personalized roadmap for your financial success. If you’re contemplating a big transition such as retirement, or you’re in retirement and want to make sure your money will last you for years to come this may be a great solution to give you peace of mind and help guide you. Our team is here to provide guidance and support every step of the way. If you haven’t taken advantage of this service, email us and our team will explain the steps to get started and schedule a meeting.