It’s the only season everyone has to go through, no matter where they are in the country: Tax Time. With tax season fast approaching, those worried about under-withholding can breathe a huge sigh of relief. The IRS will be waiving penalties for 2018. Are you ready to file your taxes? The U.S. tax filing season begins January 28 and lasts until the April 15 filing deadline. Since the Tax Cut and Jobs Act made changes for 2018, it will be important to reassess if adjustments to your tax withholding need to be made for 2019. Having your financial advisory team and your tax professionals work together makes life easier for you. Connect with us to assist in streamlining your needs during this hectic time.
It’s Official: The Mini-Van is Dead.
Is the family car really on its way out? Signs are pointing to a downtick in sales for family style cars. The North American International Auto Show kicked off this past week. Take a peek to see what was showcased (SUVs and sports cars) and what is missing (the traditional family sedan). Based on traditional laws of supply and demand, this begs the question: has the car recession started? Here are some things to think about:
- Sedan models are at a record low, accounting for just 30% of US auto sales in 2018, and expected to sink to 21.5% by 2025.
- Americans are ditching their classic family cars for trucks and SUVs
- This puts carmakers in a situation where many factories are pushing out the wrong product.
Planning Note: Plans have been announced that the Auto Show will move from its traditional calendar spot of January in Detroit to June. Organizers hope this boosts the show’s profile and reduce competition with other annual events in January.
Why “Work Your Way Through School” Doesn’t Work
“Work through college,” they said. “You’ll be fine,” they said. “You’ll make enough money through work-study to help pay off your debt. Plus, your degree will earn you oodles of moolah!” they said. They sure said a lot, but the alarming truth is that the rising cost of higher education has made that reality fade away into the robust book of financial fairy tales. No longer quite possible for a student to work his or her way through school, it’s time to re-strategize the college game-plan.
This article with the 1/3 rule solution is a must read for parents and grandparents trying to set college students up for success. According to calculations, a student would have to work 48 hours/week at a minimum wage job to make this a reality. Consider having to do that on top of a full course load! Remember, financial planning for education doesn’t have to keep you up at night. Give us a call if you need the pros on your side.
Where Are You, Affordable Date Night?
Find your spatula, invade your spice cabinet, & heat up that crockpot! It might be time to crack open your cookbook, couples! If you thought your bill was higher than expected while eating out, no, you weren’t crazy. Last month, full-service restaurants raised prices by 0.5% which is the biggest monthly gain in 7 years. Limited-service restaurants also saw a price increase of 0.4%, which is the most it’s seen in almost a year.
With more options for high-quality groceries at an affordable price, the gap between the cost of eating at home versus eating out is widening. Now all those videos and blogs you’ve seen online about meal-prepping may just come in handy. And help your wallet. Time for meal prep Sundays & bringing back Supper Club, perhaps? The plus side? More personal savings. The not so great side? Because of the stark price difference, consumers could start opting to eat at home more, which would be a problem for the restaurant industry.
Basic Ways People Mess Up When Investing
Some of these money blunders may seem obvious to some, but if you don’t know, you just don’t know. They happen more often than you’d think, so we’re glad to share them with you so you can learn what NOT to do. Here are 5 reasons most people get in their own way of being successful investors. If you find that you fall victim to any on the list, maybe it’s time to meet with us.
We love writing about all things finance to help you learn more about how to achieve financial goals; both personally and with your business. Be sure to check out our blog page for an array of topics covering various aspects of finance, wealth management, and all things employer-sponsored retirement planning. FJY Financial specializes in Financial Planning, Investment Management, and Company Employee Retirement Plans, crafting the right strategy and plan for your specific needs. Contact us today to learn more!