CIC Wealth

Can you believe it? There are only 100 days left in 2024! ?? As we count down to the end of the year, let's make every day count. If you're looking to achieve any goals before we bid this year goodbye, remember, we're here to help. Reach out if you need support or guidance to cross that finish line strong.

Today marks an important day to reflect on our financial health and education. With that in mind, we’re sharing three eye-opening stats about the state of finances in America: Emergency Savings: Only 48% of Americans have enough emergency savings to cover at least three months' worth of expenses, as of May 2023. Alarmingly, 22% have no emergency savings at all. This underscores the crucial need for improved financial planning. Debt vs. Savings: A concerning trend shows that 36% of U.S. adults have more credit card debt than emergency savings in 2024 — the highest percentage since 2011. Managing debt is a continuing challenge for many. Financial Anxiety: A staggering 77% of Americans report feeling anxious about their financial situation, according to a recent Mind over Money survey by Capital One and The Decision Lab. Financial concerns range widely from savings and retirement plans to affording housing or education. Do you relate to any of these financial realities? Our team is always happy to discuss your current financial situation and your plans for your future financial success. Reach out anytime.

Stock market indexes are essential indicators of the stock market’s current status. The major indexes, such as the Dow Jones, S&P 500, and Nasdaq 100, each track different segments of the market. Swipe through to learn more about these major indexes and what they represent. As always, if you have any questions about these indexes or your investment portfolio, reach out to our team. We are here to help!

?? Important hurricane season reminder: Just like you annually prep your home and belongings, it’s important to financially prepare in case of a hurricane ?? Here are three ways to do just that: 1?? Pad your emergency fund. The U.S. Congressional Budget Office estimates American households face a total of $34 billion in annual losses from hurricane winds, storm surges, and rainfall. Prepare by putting away some extra funds if possible. 2?? Review your insurance. Remember, there’s no such thing as “hurricane insurance.” Look for wind coverage instead. Additionally, even if your policy covers wind, you may have to pay a separate hurricane deductible (another reason an emergency fund is critical). Flood insurance is another coverage option to consider. 3?? Document your valuables. Keep photo and written records of your personal property, and ensure you have copies of essential documents, such as birth certificates and wills, stored in a safe, waterproof location. That said, know that we’re here to help you weather whatever the future holds. Stay safe, and share this post to spread the knowledge ??

Today, we’re offering a big shoutout to all the businesses investing in their teams with a 401(k) plan! ?? You're not just offering a benefit; you're investing in your team's future and setting your company up for success in recruitment and retention. But did you know that only 56% of workers participate in their workplace retirement plans? It's crucial that employees understand the value of their 401(k) to make the most of it. With that in mind, we’re sharing three ways employers can expand employee 401(k) knowledge. Interested in learning more about 401(k) options and resources for employers? Reach out to us today. We are here to help!

Happy Independence Day! As financial advisors, we think there’s no better way to celebrate this day than by sharing an overview of the numbers that shape our celebratory experiences: ??$9.5 billion - The estimated amount Americans spent on 4th of July food in 2023 — about $93.34 per person. ?? 150 million - The number of hot dogs consumed each 4th of July — enough to stretch from D.C. to L.A. more than five times. It’s also the number of American flags sold in the U.S. each. ??2 million - The number of people who tuned in to watch 2023 Nathan’s Famous International Hot Dog Eating Contest champs Miki Sudo and Joey Chestnut consume 102 hot dogs combined. ??$3 billion - The estimated amount of dollars Americans spent on beer and wine for the Fourth of July in 2023. If you partake, just remember to enjoy responsibly! ??$2.3 billion - The total U.S. consumers spent on fireworks in 2023. ??50.7 million - The number of people who traveled 50+ miles from home for the 4th of July, up 4% from 2022. Whether your day includes travel, hot dogs and hamburgers, fireworks — or something else entirely — we’re wishing you a day filled with fun and relaxation!

?? Important news regarding estate planning! The estate tax exemption is set to change in 2026 because of the sunsetting provisions in the Tax Cuts and Jobs Act (TCJA). Though 2026 might feel like it's in the distant future, it's crucial to start planning now. These changes are significant, and even if Congress ultimately steps in to tweak or extend the current rules, preparing now is key. Swipe through for the details on how this could affect you ?? Have questions? Feel free to reach out to our office. That’s what we’re here for.

Life insurance isn’t just a smart choice. It’s a crucial step in securing your family’s financial stability and peace of mind. Unfortunately, 52% of Americans avoid life insurance because they think it's too expensive. What’s more, 82% significantly overestimate its cost, often guessing three times higher than the actual figures. Let’s look at the real numbers: As of April 2024, the average cost for a healthy 40-year-old purchasing a 20-year, $500,000 term life insurance policy is about $26 per month ($312 per year). However, a 30-year-old woman might pay approximately $205 per year for the same policy, while a 30-year-old man might pay around $352 per year. Understanding these variations underscores the importance of getting a personalized quote that fits your unique needs and budget. Don’t let myths deter you from this vital protection. Contact our team today for an accurate, personalized life insurance quote. We’re here to help you find an affordable plan that delivers the security your family deserves.

Each May, we are given the opportunity to express our heartfelt thanks to all the mother figures in our lives. These remarkable women provide us with unconditional support and play a pivotal role in shaping who we are. ?? Whether you're planning an elaborate celebration or sharing a simple gesture of love from afar, we wish you and your loved ones a truly memorable day.

This week, we take a moment to extend our heartfelt gratitude to all the teachers who have dedicated their lives to educating and inspiring future generations. Teachers are not just educators; they are mentors, guides, and the architects of tomorrow's leaders. To every teacher out there, from us to you: thank you for your endless hours of hard work, for the early mornings and late nights, for the personalized attention, and for every "aha" moment you've helped create. You are truly the unsung heroes of our society, and this week, we celebrate YOU! ??