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FJY News to Know #18

Growing GDP Bolsters Markets as Earnings Soar

Things are looking up for investors as Q1 GDP rose at an annual rate of 3.2%. The data comes in the midst of the U.S.-China trade wars — and the slowing growth in Asia and Europe. The stronger-than-expected income has helped boost earnings and shares. Find out which companies have benefited from the recent economic developments —and which ones haven’t.

Bad Credit Card Debt Jumps to The Highest Level

Credit card debts have soared to extremes—the highest in almost seven years. This has led card-issuer companies to close many inactive accounts.  They have also slowed down the size and number of credit-line increases for existing and new customers. Why are credit card firms growing wary about the rise in bad debts? Keep reading to find out.

It’s Way Easier to Become a 401(k) Millionaire Than You Might Imagine

Always wanted to join the ranks of retired millionaires? The good news: It’s not impossible! The key is to start saving when you’re still young — while saving the annual maximum $19,000 permitted in 401(k) contributions. Even if you start saving in your late 40s and early 50s, you can still become a millionaire. Read on to learn exactly what you need to do so you can join their ranks.

Understanding How the Tax Advantages of a Roth 401k Works

Diversifying your retirement portfolio as an investor is crucial for your long-term success. One way to achieve that is by tax diversification, such as contributing to a Roth 401(k) — which won’t lower the taxable income but has other benefits. You can only contribute $6,000 to a Roth IRA for the tax year 2019 but over 3x more to a Roth 401(k) – higher if over 50 years old! And when you finally take your money out, it will be absolutely tax-free. Discover other advantages of a Roth 401(k) here.

How Can You Make Your Financial Advisor’s Life Easier? 

Your financial advisor ideally provides you with informed, timely, and ethical money-management insights. However, to make that possible, your advisor needs you to respond promptly to calls and messages. It’s important to inform them before making significant life changes, and also bring your better half to the meetings. Have a productive partnership with your financial advisor with these simple strategies. Check out the rest here.

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!