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Slick TV ads often make financial planning and wealth management sound simple, but it’s usually not. Managing wealth requires knowing a lot about highly technical topics, like taxes, government regulations, and finance as well as history, psychology and how to communicate with loved ones about sensitive issues. This article highlights some of the knowledge needed to manage wealth and why it’s often so daunting without the help of an independent personal financial advisor who is familiar with your situation.
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Understanding The Federal Reserve Mandate To End Inflation
The Federal Reserve System, the nation’s central bank, has a dual mandate to pursue maximum employment and maintain price stability. These two priorities are currently treated equally, but that was not always the case. In fact, the Fed’s bias toward maximizing employment was a critical driver of the stagflation that plagued the U.S. in the late 1960s and 1970s. Recognizing the need to balance price stability and maximum employment, in 1977, Congress revised the Federal Reserve Act.
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Fed Governor Kugler Details Inflation And Economic Outlook
The 12-month inflation rate, as measured by the personal consumption expenditures (PCE) index, was 2.6% in December, down from its peak of 7.1% in June 2022, and the six-month rate for PCE inflation was even lower, at 2%, which is the target rate set by the Federal Reserve.
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Why Rates May Not Be Cut Until June
The cost of a loan to buy a home, car, college education, and achieve the American Dream is staying the same for now. As expected, Federal Reserve Chairman Jerome Powell said the central bank did not lower loan rates following the Fed’s Wednesday, Jan. 31, 2024, policy meeting.
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Practical Suggestions For Achieving Your 2024 Resolutions
New Year’s resolutions usually fail because they‘re often too hard to achieve. After six months, only 10% of people who make resolutions achieve them or remain committed to them, , according to a study by Dr. Mark Griffiths, a Chartered Psychologist and Distinguished Professor of Behavioral Addiction at the Nottingham Trent University. What can you do to make financial, medical, or other personal resolutions more likely to be achieved?
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A Sign Of Progress In Solving U.S. Economic Problems
The Federal Reserve appears to be pulling off a feat most experts did not believe it could: ending its aggressive inflation-fighting campaign of 11 interest rate hikes without tipping the U.S. economy into a recession.
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Fed Keeps Rates Unchanged; Expects Easing In 2024
To promote transparency and free markets, the Federal Reserve System began publishing the opinions of the 19 U.S. central bankers that decide interest rate policy.
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Have You Logged Into Your Social Security Account?
Have you logged in to your Social Security account? Creating an online account at SSA.gov is an important first step in understanding your retirement income situation. However, only about 60 million of the 160 million individuals in the U.S. labor force who have Social Security accounts have created a way to access the Social Security Administration’s website.
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The Great Fake Out Of 2023 Is Poised To Extend Into 2024
All year long, the economy and stock prices have fooled experts and consumers, outperforming expectations month after month.
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Test Your Financial Planning IQ
The five questions below are a challenge meant to allow you to assess your knowledge of investing, tax and financial planning. If you have been following our news stream, this quiz draws on familiar ground. The answers are below.
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Planning Briefs
How To Be A Good Grandparent
Published Thursday, May 11, 2023 at: 5:52 AM EDT
Grandparenting is more important than ever. It’s also much harder to do than a generation ago. This is the first in a series about grandparenting.
The internet puts information instantly at our fingertips, but separating sales pitches from real knowledge takes time. Google advertisements and sales content make it hard to find knowledge not designed to sell products or services, or to steal your personal identity. As a trusted advisor on personal financial issues, we help clients achieve their goals in life and that includes non-financial goals like helping your children raise their children.
In two-thirds of American households, two spouses work full-time, often thrusting grandparents into a central role in raising a child. With this in mind, we recommend signing up for a free account at Coursera.com and subscribing to a course entitled, “Everyday Parenting,” which is taught by Yale University Professor Alan E. Kazdin, Ph.D., ABPP. Coursera enables you to schedule to schedule spending 10 or 20 minutes daily to complete the 21-hour course. Or you can just skim the course.
Dr. Kazdin’s course teaches grandparents behavior-change techniques, with step-by-step instructions and demonstrates ways to teach a child the behaviors you want to encourage. Simple changes in the tone of voice and phrasing are explained, as well as common parenting misconceptions and ineffective techniques. Moreover, the course provides a common language for parents and grandparents to discuss parenting skills and methods, making it easier to collaborate.
Educational resources about parenting skills didn’t change much in the 1950s, ‘60s, ‘70s, ‘80s, and 90s. However, in the past 25 years, resources for learning about the requisite strategies and skills to raise a child were transformed by technology.
Before the internet, parents typically acquired knowledge about raising a child by buying a book. For decades, the most well-known book was “Dr. Spock's Baby and Child Care.” Now in its tenth edition, this classic on parenting is updated with information about immunizations, screen-time, childhood obesity, and modern problems not present when it was first published in 1946, and it’s sold by Amazon in audiobook, paperback, and Kindle digital-reader formats.
Education about parenting keeps improving as technology enables access to more experts and resources. We plan to update this series at least quarterly with new resources for grandparents about caring for a newborn, teaching toddlers, and getting through to adolescents. Please send suggestions and questions.
Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances. The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.
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