Monon Wealth Management

??? ?????????? ???????? ???? ???????????????? ???????? ?????????? ???????????? ????????-??????! The clock is ticking, but there’s still time to take action and minimize your tax liabilities for this year. ?? Smart tax planning strategies now can help you keep more of what you’ve earned! ?? Here’s how we can help: ? Maximize contributions to tax-advantaged accounts (like 401(k)s or IRAs). ? Harvest investment losses to offset capital gains. ? Plan strategic charitable donations for extra deductions. ? Review your portfolio for tax-efficient investments. ?? ??????’?? ???????? ?????????? ????’?? ?????? ????????! Let us help you implement intelligent strategies now to save big on taxes and secure your financial future. ?? ?????????????? “?????? ????????” ???? ?????????????? ???? ???? ???????????????? ???????? ???????????????????????? ???????????? ?????? ???????? ????????! #TaxOptimization #YearEndTaxPlanning #SmartMoneyMoves #MononWealthManagement

?? **It’s Time to Take Control of Your Financial Future!** ???? Are you wondering how to make your investments work harder for you? ???? ? ????’?? ?????? ?????? ???????? ???? ?????????? ???????????.?? ? ?????? ?????? ?????????? ????????????? ?????????????????? ??????????????.?? ? ?????????? ???????????????????? ?????? ?????? ?????? ?????? ???? ?????? ?????????????? ??????????.?? From balancing ???????? ?????????????????????? to exploring ??????????? ??????????????????????????, we’ll guide you through:?? ?? How to diversify like a pro?? ?? Steps to minimize risks while maximizing returns?? ?? Simple tweaks that could make a BIG difference in your portfolio?? ?? The time to act is ??????. Your financial goals are closer than you think!?? ?? ?????????????? "????????????????" ?????????? ???? ?????? ?????????????? ???????? ?? ???????? ???????????????????????? ???? ???? ???????? ?????? ?????????????????? ??????????, “?????????? ???????????????????? ???????????????????? ?????? ?????????????????? ??????????????”! ?? ??????’?? ???????? ???????? ???????????? ???????? ?????????????????? ??????????????????????????. #SmartMoneyMoves #FinancialFreedomJourney #InvestingSuccess

Understanding the differences between Medicare and Medicaid is essential for making informed healthcare decisions. Many of our clients express interest in learning more about these programs, so we wanted to share this insightful article! Medicare, funded by the federal government, primarily serves individuals aged 65 and older and those with specific disabilities. It has four parts: Part A: Covers inpatient hospital stays, hospice care, and some home health services. Part B: Includes outpatient care, doctor visits, and preventive services. Part C (Medicare Advantage): Private plans offering Part A and B benefits, often with prescription drug coverage and extras. Part D: Helps with prescription medication costs. Conversely, Medicaid is a state and federally-funded program for individuals with limited income. It covers essential healthcare needs and services like long-term and custodial care, which Medicare doesn’t typically provide. Eligibility and benefits vary, so consulting a professional is vital to understanding which program suits your needs. Check out this article to learn more about these vital programs: youarecurrent.com.

?? “Fear makes the wolf bigger than he is” ?? This old German proverb hits the nail on the head. Fear is a mind-killer. More often than not, this emotion is the greatest obstacle that prevents us from achieving our goals, dreams, and potential. This means that our downfall or lack of success is mainly our own making and, thus, within our control. Overcoming fear is what the mythic ‘journey of the hero’ is about. When facing new experiences, the fear we often anticipate is almost always greater than the peril the actual experience brings. We often work ourselves into a panic, fearing the unknown and “what might happen.” Our imaginations create monsters under the bed and in the closet. But as adults, we know that those monsters are not there. They are self-generated. Here is a question for you:?When you begin a process of change and feel fear, what are you afraid of?

Once again, it’s almost Election Day in the US. While the outcome may be uncertain, one thing we can count on is that plenty of opinions and predictions will be floated in the days surrounding the vote. In financial circles, this will inevitably include a discussion of the potential impact on markets. But should elections influence long-term investment decisions? We would caution investors against changing a long-term plan to profit from or avoid losses from changes in the political winds. For context, thinking of markets as a powerful information-processing machine is helpful. The combined impact of millions of investors placing billions of dollars worth of trades each day results in market prices that incorporate the collective expectations of those investors. This makes consistently outguessing market prices very difficult. Furthermore, data for the stock market going back to 1926 shows that returns in months when presidential elections took place have not tended to be that different from returns in any other month.?This graph?shows the frequency of monthly returns (expressed in 1% increments) for a broad-market index of US stocks from January 1926 to December 2023. Each horizontal dash represents one month, and each vertical bar shows the cumulative number of months for which returns were within a given 1% range (e.g., the tallest bar shows all months in which returns were between 0% and 1%). The blue and red horizontal lines represent months during which a presidential election was held, with red meaning a Republican won the White House and blue representing the same for Democrats. This graphic illustrates that election month returns have been well dispersed throughout the range of outcomes, with no apparent pattern based on which party won the presidency. It’s natural for investors to look for a connection between who wins the White House and which way stocks will go. However, shareholders are investing in companies, not a political party. And companies focus on serving their customers and helping their businesses grow, regardless of who is in the White House. Stocks have rewarded disciplined investors over the long term?through Democratic and Republican presidencies. Making investment decisions based on the outcome of elections, or how investors think they might unfold, is unlikely to result in reliable excess returns. On the contrary, it may lead to costly mistakes. Accordingly, there is a strong case for investors to rely on a consistent approach to asset allocation—making a long-term plan and sticking to it. * * Past performance is not a guarantee of future results.

How can you tell when your hobby is a business? More importantly, how can you know when to report income for tax purposes? For many retirees, hobbies can bring joy and feelings of productivity. Sometimes, these hobbies can involve sales and money being made. This can be anything from trading collectibles to woodworking. The thing is, any of these activities could turn a profit. But, just because it turns a profit one year doesn’t mean it has to be reported as a business. Here are nine things the IRS says you should consider when evaluating whether you are still doing this activity as a hobby or a business. Keep in mind that all of these are more general tests, and it would be best to speak with your accountant to make an official decision. ??????: Do you run your hobby like a business? Are you keeping books and records like you would a business? ??????: Are you taking training or courses to hone your craft to produce a better outcome? Are you trying to learn to tighten up your stitching so you can enjoy the patterns more, or are you doing it so others are more likely to enjoy it? ??????????: How much time are you putting into it? Are you pulling a 9 to 5 or doing it when you feel like it? Are your hours driven by demand or your entertainment? ???????? Are you working for and expecting your activities to appreciate their value? Is that your driving force? ????????: Does your hobby have anything to do with an activity you could have been considered a professional in while doing a job or running a different business? ??????: Does the history of losses to profits make sense for a hobby? Growing profits would indicate it is a business. ??????????: Are you consistently bringing in a profit? Bringing in a consistent profit, significantly if that profit rises, would indicate that activity is being done to make money. That would mean it is now a business. ??????????: Is the income from your hobby a significant source of your income? It could be determined as a hobby if it is minor compared to the income derived from savings or investments. ????????: Ultimately, the biggest test is: What motivates you to continue this activity? Is it primarily for your recreation or the profit??

One of the biggest “Now what” questions that retirees ask is, “What is my purpose?”? People rarely think of the question in those words, of course.?It’s more of a nagging feeling that, with children grown and their careers completed, they are no longer as productive.?They are no longer playing an active role in shaping the world around them. But retirement doesn’t have to be that way.?Retirement can be the stage of life when you do the most good for the most people.?When you can be the most productive you have ever been, in a way that lasts long after you do! In our experience, one of the best ways to make retirement as productive, rewarding, and fulfilling as possible is to focus on your legacy within your immediate community.? Here are a few simple ways to build your local legacy: 1?? ???????????? ???????? ???? ????????????????: Small gestures like helping an elderly neighbor with groceries, holding the door open for someone, or waving to everyone can brighten someone's day and foster a sense of community. 2?? ?????????????????? ??????????-????: Organize a local clean-up event to keep your streets, parks, and public spaces tidy and beautiful. 3?? ?????????????????? ????????: Offer your time and skills to local charities, schools, or organizations. It's a great way to give back and connect with your community. 4?? ?????????????????? ????????????: Start or join a community garden project. It promotes sustainability and brings people together. 5?? ???????????????? ????????????: Plan community events, such as neighborhood picnics, holiday celebrations, or local fairs, to unite people and foster a sense of belonging. 6?? ?????????????????????????? ??????????????????????: Advocate for eco-friendly practices in your area, such as recycling programs, energy-saving campaigns, or tree planting. What other ways can you support your community - share your ideas below!

When we plan for retirement, we often plan for the activities we imagine we’ll spend the most time doing: travel, golf, gardening, seeing the grandkids, etc. But there’s one activity that many retirees don’t plan for and that they will find themselves doing the most: being a caregiver. A caregiver is a family member who regularly looks after a sick, elderly, or disabled person.?Millions of Americans work as unpaid caregivers in the United States.?According to the Bureau of Labor Statistics, at least 15% of those providing eldercare are 65 or older, and 21% are older than 55.?Many retirees unexpectedly find themselves thrust into the role of caregiver, either for a spouse, a sibling, a child/grandchild, or even their parents.? Most people want to ensure their loved ones are safe, happy and looked after.?But being a caregiver – especially a full-time one – can be an enormous weight on your retirement.?For one thing, it can be extremely costly, especially if the person you are caring for has significant health issues or medical needs.?That can drain much-needed retirement savings that were probably earmarked for other things.? It can also be an enormous demand on your time.?Some retirees, expecting to finally take that trip to Europe or focus on volunteering, find themselves unable to be away from home for any time.? It can also affect your well-being.?According to one study, 23% of caregivers “say that providing care has worsened their health.” None of this discourages you from being a caregiver if that’s what your situation requires. Being a caregiver is a noble calling and can also be gratifying!?But it does require extensive planning to ensure that it doesn’t derail your retirement dreams or drain your retirement savings.?Specifically, potential caregivers should take time to: ·??????Calculate expenses.?As part of your retirement plan, factor in the potential costs of caregiving and make sure those costs can be covered. ·??????Inventory your resources.?Your retirement plan should factor in any funds you have that can be allocated toward caregiving without interrupting your retirement goals.?This also involves researching whether there are any state or federal resources you can tap into.?Take time to review your non-financial resources, like determining if other family members can assist you with caregiving.??? ·??????Review your family’s insurance needs other than Medicare.?Disability, critical illness, and even long-term care insurance can be valuable for caregivers.? ·??????Develop a budget. This can help keep caregiving costs from spiraling.??? Being a caregiver may never be an issue for you, or at least not for a long time.?But suppose you do need to function as a caregiver in retirement. In that case, it’s essential to factor that possibility into your plan so that you can still live the lifestyle you want while doing the most important thing anyone can do: Care for the people you love.? Please let us know if we can assist with this.?

?? ?????? ???????? ???? ?????? ?????? ?????? ???? ???? ???????? ??????????????????, ???????????????? ??????, ?????? ?????????????? ???????? ???????? ???? ???????????? ???????? ????????. What is tail risk? Please take a look at the graphic we’ve included. The red line is called a bell curve. When looking at all possible scenarios to plan for them, you can put them on a bell curve chart. That chart will always have the most common scenarios plotted out in the middle or high peak. The average market is in the middle of the stock market chart. You will notice that it is smaller out at the ends of the chart. That’s because the situations where the market ends up being up over 50% in the year are few. On the other end of the chart, the scenarios where the market is down by over 50% for the year are also few. These extreme ends are called the tails. The risk that returns will fall into the tails is what we want to be ready for, right? But that’s one of the many tail risks we help clients manage. While we used the stock market as an example, it isn’t even the most significant “tail risk” we worry about. Our bigger concern is the cost of health care. You see, our highest priority is making sure your finances can last. When spending increases significantly due to health care costs, that can really hurt that goal. Many studies show that the average (think center of that bell-shaped curve) retiree will spend around $300,000 on health-related costs in retirement. However, if long-term care needs arise, that can go up by as much as $100,000 per year. That’s the tail risk. If we were to “budget” $300,000 in your financial plan to cover health care costs and a tail-like situation arose, how would your plan handle that expense? That’s the question we help our clients answer by putting appropriate strategies in place within their plan. Let's talk if you feel your health care tail risk isn’t fully planned for or covered.

We are weeks away from Election Day, so we thought we would take the opportunity to address a few common questions we get every four years leading up to this event. Our favorite and most common question is, "How will the election affect the markets?" Our answer: "Not much." Since 1944, the S&P 500 has gained an average of roughly 10.7% every presidential election year. Of course, there can be some massive exceptions. For example, in 1980, the S&P rose over 25%. In 2008, it fell over 38%. But there’s a danger in using averages to predict what will happen. Take the "Presidential Election Cycle Theory," for instance. Once upon a time, many people believed that U.S. stock markets were always the weakest in the year following a presidential election. This was the case for Franklin Roosevelt, and it also held true for Truman and Eisenhower. But in George H.W. Bush's first year, the S&P 500 rose 27%. In Bill Clinton's first year, it rose 7%. Barack Obama's first year saw the markets climb 23%. In Donald Trump's first year in office, the S&P rose 19%. Most recently, in 2021, the S&P 500 jumped nearly 27% after Joe Biden was elected. The “Presidential Election Cycle Theory” clearly doesn’t hold water. And that’s true for actual election years as well. An average merely shows you what has already happened, not what will happen. (Side note: this is why you often see the financial industry emphasize that “Past performance does not guarantee future results.” Because it’s true!) Please comment below and let us know how you feel! Are you still unsure about the upcoming election and how the market may perform? Call our office and schedule your appointment today. Make sure to mention your concerns about the forthcoming election. https://lnkd.in/gkETBjUw