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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
Computers For Grandparents: 10 Tips
Published Monday, July 1, 2013 at: 7:00 AM EDT
Older brains stay younger with stimulation, and social media and photo-sharing allows you to stay in touch with your family. But which computer is best for grandparents? Here’s some help.
- Old Computers. If your children offer you a computer, only consider it if it’s less than three years old. Prices have dropped on computers and you can probably find one for $1,000 or less.
- What’s It For? If texting, email, web-surfing, and video-chat are all you need, consider a tablet that has the advantage of portability.
- Mac Or PC? An iPad will be easiest for a novice. But if you’re a veteran PC-user, you may prefer a Windows tablet. If you already own an iPhone, stick with an iPad or Mac computer because you already know how to operate it.
- Screen Size. New tablets and “ultraportable” computers now come in small sizes. Before buying a screen less than 11-inches in diameter, be sure you can read all the text in emails and on the Internet.
- Set Up. If you’re a novice, salespeople at the computer store will help you learn how to set up your new machine. Apple and Microsoft stores often offer classes. Or maybe you can persuade a child or grandchild to help you.
- App Store. Whether you’re seven or 75, the app store has something for you. No matter what your age, make sure you know how to use the app store.
- FaceTime Or Skype. Be sure to set up a video calling service. Apple FaceTime and Skype are free and easy to use once they’re set up, and they allow video calls across the country or across the world for free.
- Sharing Photos. Ask family members whether they use any photo-sharing or social websites already, such as Facebook, Twitter, or Flickr. They can send you an invitation to see all their photos. With Flickr, which allows you to store and share photos for free, you can set up an account that only family members can see.
- Passwords. A password-management program would be wise. LastPass.com is free, easy, and secure, but there are many other options.
- Financial Data. Accessing your financial accounts online can make life simpler, but security is paramount.
If you’re not a veteran Web surfer, before posting sensitive information or accessing your accounts, please call our office. We’d be happy to help you get the basics set up so you can access your information securely 24/7 from anywhere.
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