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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
Are You A Risk To Your Financial Health?
Published Tuesday, March 30, 2021 at: 6:44 PM EDT
If you can answer seven out of the 10 true or false questions, bravo! But if you don’t know the answers to seven of these 10 questions -- without guessing -- you either need professional help or can be happy you became a client. (Guessing doesn’t count because you could get lucky.)
Let us know if you want to talk about getting all this right.
1. The April 15, 2021 federal income-tax filing deadline was postponed to May 17:
True
False
2. A new tax proposal targets billionaires.
True
False
3. A new tax proposal by President Biden is not expected until the end of 2021.
True
False
4. The new chairman of the Federal Reserve is Janet Yellen.
True
False
5. A 10-year U.S. Treasury Bond yields about 1.7%.
True
False
6. The interest on the national debt relative to the size of the economy skyrocketed due to Covid stimulus legislation.
True
False
7. The consensus forecast of economists is for the economy to fully recover by the end of June 2022.
True
False
8. When interest rates rise, the price of bonds rise.
True
False
9. Stock price-to-earnings ratios are low compared the historical average.
True
False
10. The Federal Reserve chair recently vowed to raise rates as soon as inflation shows up in the personal consumer expenditure deflation index.
True
False
Answers: 1. True 2. True 3. False 4.False 5. True 6. False 7. True 8. False 9. False 10. False
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