Golden Gift Wealth Management

?? It's wedding season! Can you guess what the average wedding costs? According to The Knot Real Weddings Study of nearly 10,000 couples across the country, in 2023, the average cost of a wedding ceremony and reception was $35,000, an increase of $5,000 over 2022. With inflation driving costs up across the board, paying for a child's or grandchild's wedding has never been more expensive. It's never too early to start preparing and saving! Some tips to save a bit: ? Hire a wedding planner ? Choose an off-season date ? Tap friends with relevant expertise (calligraphy, photography, table design, etc.) ? Destination weddings can also offer benefits due to the typically smaller guest list And if you're attending a wedding this season, here are some common questions and answers according to wedding professionals at Vogue magazine: ? How much should you spend on a gift? Spend $50–$75 for coworkers or distant relatives, $75–$100 for friends or relatives, and $100–$150+ for close friends, family, or wedding party members. ? Should I send a gift if I am not attending? Send a gift if invited to the ceremony, even if you can't attend. ? Do I need to give a gift for a destination wedding? Your presence is a gift, but an additional gift is still appreciated. Bottom line is that weddings can be a large expense, and it's always best to prepare, create a budget, and stay disciplined. ???? What are your top tips for saving on wedding costs? Comment below! ?? #WeddingSeason #Budgeting #FinancialPreparation #SayIDo

June is Men's Health Month, a time dedicated to raising awareness about men's unique health challenges and the importance of regular check-ups and a healthy lifestyle. ?? Too often, men neglect their health, whether due to a busy schedule or the cultural narrative that "real men" don't need help. This couldn't be further from the truth. One of the bravest things anyone can do is to work to better themselves in all aspects of their lives. It’s not a secret—regular exercise, balanced nutrition, routine check-ups, and mental health care are crucial. So, leverage this observance to encourage the men in your life—fathers, brothers, sons, and friends—to prioritize their health. ?? #MensHealthWeek #HealthAwareness #WellBeing #StrongerTomorrow

June is National Cancer Survivors Month, and our hearts are with all who have dealt with the battle against cancer. Cancer is one of life's cruelest trials, but survivors emerge as beacons of resilience. To the survivors, your perseverance is heroic beyond measure. To caregivers, families, and friends, you deserve recognition for shouldering heartbreak yet carrying your loved ones through with endless love and devotion. Cancer creates an unbreakable bond of compassion between all who understand its harsh realities. We all know too many people who have been victims of this awful disease. Let's celebrate survival while honoring every brave story. We also reaffirm our commitment to supporting medical pioneers and organizations working tirelessly to research treatments and find cures to eliminate this awful disease. #NationalCancerSurvivorsDay #CancerJourney #StandTogether

???? Attention anyone with college-bound students! The FAFSA deadline is approaching, and you don't want to miss out on your chance to apply for financial aid for the upcoming academic year. Here are some tips to keep in mind: ?? The deadline is June 30, 2024, but many states and colleges have earlier deadlines. Check with your state and the schools you're interested in. ? ?? Before starting, collect all the necessary information, such as your most recent bank statements. This may help make the process smoother. ?? ?? Some financial aid is awarded on a first-come, first-served basis, so submitting your FAFSA as soon as possible can increase your chances. ??♂? ?? You might qualify! If you think your family's income is too high, fill out the FAFSA anyway. You may be surprised to find out you're eligible for some form of financial aid. ?? If you have questions or need assistance completing your FAFSA, contact your school's financial aid office, attend a FAFSA workshop, or visit the official FAFSA website for resources and support. And feel free to reach out to us if you have any other general questions about college funding! #FAFSA #FinancialAid #CollegeBound #HigherEducation

Anyone have a daughter or son who is starting a summer job? ?? Idea – Have you opened a Roth IRA for them? As many know, Roth IRA contributions are made with after-tax dollars, so your child will only pay taxes (and perhaps penalties) once they make withdrawals. What you may not realize is how flexible they are: ? Your child can withdraw up to the amount of their total contributions at any time, for any reason, without paying taxes or penalties. However, you may have to pay taxes and penalties on any earnings. ? They can also withdraw contributions before 59? and before the account is five years old for the following (keep in mind that you may be able to avoid penalties but not taxes): - Funds can be used for qualified higher education expenses. ?? - First-time home purchase (up to a $10,000 lifetime limit.) - If your child becomes disabled. ? - For certain emergency expenses. ?? - If your child is unemployed, they can use a withdrawal to help pay for health insurance premiums. ?? ? Things to know: - Your child must have earned income to contribute to a Roth IRA. - You can open a Roth IRA for your child and manage it until they reach the age of majority in your state. - The maximum contribution for 2024 is $7,000 or the total of their earned income, whichever is less. Opening a Roth IRA for your child's summer earnings is a powerful way to teach them about saving, investing, and building long-term wealth. It's never too early to start! ?? ?? Oh, and don't forget, they may need help filling out their Form W-4 If your child earns less than $14,600 in 2024, they may want to claim an exemption from withholding on their Form W-4 by writing "Exempt" on line 4(c) of the form. With a Roth IRA, remember that to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59?. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the examples in the post. The original Roth IRA owner is not required to take minimum annual withdrawals. This post is for informational purposes only and is not a replacement for real-life advice. Consider consulting your tax, legal, and accounting professionals if you have questions about completing the Form W-4. Hope these summer financial tips are helpful! Let us know if you have any questions! ?? #RothIRA #SummerJobs #FinancialLiteracy #InvestInYourFuture

???? June is the month of graduations! Whether it's from kindergarten, middle school, high school, college, or grad school, we celebrate the accomplishments of these students and wish them well in their next chapters! Now is the perfect time to establish healthy financial habits for those heading off to college or stepping into their first job. Here are a few tips to share with the graduates in your life: 1) Create a budget and stick to it. Track your income and expenses to understand where your money is going. 2) Look into starting an emergency fund. Aim to save at least 3–6 months' worth of living expenses. 3) Consider opening a retirement account, even if it's a small amount. The power of compound interest can work wonders over time. 4) Learn about investing, consult with professionals, and consider starting early. Congratulations to all the graduates! ???? Here's to your future and your success! #Graduation #FinancialLiteracy #MoneyMatters #InvestInYourFuture

As you can see from this chart (courtesy of YCharts), the correlation between the Standard & Poor’s 500 stock index and the Bloomberg US Aggregate 1-year total return is quite high. In other words, stocks and bonds are moving in the same direction. The traditional diversification benefit of these asset classes moving in opposite directions has been more limited in recent years. But there's more to diversification than just correlation. Remember, diversification is an approach to help manage, but not eliminate, investment risk. As markets shift, our diversification approaches must also evolve. Exploring asset class differentiation strategies alongside active management may be key. In today’s environment, looking beyond broad asset classes to differentiated segments might enhance diversification. Financial professionals who understand the nuances of modern diversification strategies are invaluable guides in crafting a well-diversified portfolio that aligns with your unique goals and risk tolerance. The S&P 500 is an unmanaged index considered to represent the U.S. stock market. The Bloomberg US Aggregate 1-year total return is also an unmanaged index. Individuals cannot invest directly in an index.

Happy Global Day of Parents! Being a parent isn't always easy… It brings unending joy but, along with it, worry, empathetic heartbreak when your child suffers, big and small challenges, and lots of sleepless nights. But being a parent is one of the best parts of our lives. Today is a friendly reminder to thank our parents for all they have done for us. The list would be too long to write out, but the bottom line is that they gave us the foundation to be where we are today. #GlobalDayOfParents #Family #Gratitude #ParentalLove

Memorial Day isn't just a long weekend or the unofficial start of summer. It's a day of remembrance—a day to honor the courage and selflessness of the men and women who stepped forward when their country called. On this #MemorialDay, let us never forget the sacrifices made by our fallen heroes. May their memories live on forever. Let's hold them in our hearts today and always—for their sacrifice has granted us the freedoms we enjoy.?????? #MemorialDay #HonorOurHeroes #Gratitude #Service ??

?? A few years ago, there were ads from financial services companies asking, "What's your number?" #?? The "number" represents the amount of money you need to retire comfortably. While this question may have been an effective way to spark conversations about retirement, we believe that it doesn't paint the complete picture. One of the most important parts of orchestrating your retirement income strategy is determining which assets to take and in which order. There is no one formula; every situation is unique, but there are some general guidelines that can help when creating a withdrawal strategy. For example, one approach to consider is withdrawing money from taxable accounts first, then tax-deferred, then tax-exempt. By using taxable money first, you can avoid paying taxes as long as possible with tax-deferred investments—and your tax-exempt accounts remain tax-exempt for a longer period. Ultimately, your decision will be influenced by a wide range of other considerations, including withdrawal fees, surrender charges, and other costs that may be associated with each specific account. However, when possible, consider using the power of tax deferral and tax exemption to your advantage. There's a lot to consider, but you don't need to figure this out on your own. With this post, we are pointing out some high-level concepts. It's not a replacement for real-life advice. Your tax, legal, and accounting professionals may also have some additional insights into the tax implications of certain withdrawal decisions. If you would like to review your current plans to make sure you’re on track, please send us a message. ???? #RetirementStrategy #FinancialPreparation #RetirementIncome