FINANCIaL
FIELd NOTES
A Special 2021 Tax Deduction
If you give to charity but take the standard deduction, you typically do not get a tax benefit for your charitable giving. Because of this, many individuals stopped recording their charitable gifts on their tax return because it was simply a waste of time. However, your 2020 taxes are a bit different. Congressed authorized a special charitable giving deduction last year to help increase donations, as many charities suffered through the pandemic.
The Real Magic Behind Warren Buffett’s Success
Many investors, including myself, admire Warren Buffet for his calm demeanor, timeless wisdom, and incredible investment success. However, the secret ingredient to his enormous net worth, which is north of $80 billion, is not his ability to time the market or pick winners – it’s simply time IN the market. Warren Buffet started investing as a young boy at the age of 11…
Fiduciary vs. Suitability and Why it Matters
In 2016, the DOL released the Fiduciary Rule, which for the first time brought to light two different types of financial advisors; Fiduciaries and Non-Fiduciaries. Before this, investors had very little knowledge of the differences. Studies have shown that nearly 50% of Americans believe ALL financial advisors are required to act in the best interest of their clients. However, this is sadly not true.
The REAL Cost of Poorly Timing the Market
I hate the term “learning experience” when it comes to investing mistakes. The cost is too high. This term was thrown around a lot this past summer and fall as the market rebounded from the March lows and started to make all-time highs again.
The Worst Market Timer
With the market near all-time highs, investors are often weary of investing, wanting to wait until there is a sell-off. It is a very rational thought, especially when the economy is hurting like it is now. When it comes to investing cash, the question you should ask is “When will I need it?” not “Is this a good time?”
Three Fascinating Books I Read This Year
Toilet paper, hand sanitizer, and Clorox wipes were all in short supply this year. One thing that was not – time. And with that time, I was able to read quite a bit more than I normally do. I wanted to share a three books that I found particularly interesting.