INVESTMENT PRODUCTS, MAGIC RETIREMENT NUMBER, AND TAX REFUND STATUS

This week on Upticks, join me and Cory as we discuss what sets Falcon Wealth Advisors apart, a so-called ‘Magic Retirement Number’, and more.

Tune in for a discussion on time being equal to money, insights on how long it will take to get your tax refund, good problems some investors have, and how age and time horizon can affect investing.

Thank you for joining us this week! If you have an article suggestion, please send it to [email protected] . We would love to discuss (or debate) articles (or charts) sent their way!

Read a summary of the conversation below:

Explaining the Structure of Our Team: Especially the Financial Planners’ Roles:

Cory prompts Jake to discuss the structure of their team at Falcon Wealth Advisors, particularly emphasizing the role of financial planners. Jake highlights three key differentiators: we don’t use products, we operate as an ensemble, and we prioritize a next-business-day response time. They emphasize the importance of personalized service and a client-centric approach, reflecting on their growth from a small team to an ensemble practice.

The New Magic Number for Retirement Is $1.46 Million. Here’s What It Tells Us:

Jake introduces a discussion on the evolving concept of the ideal retirement savings figure, citing a recent article suggesting $1.46 million as the new benchmark. They caution against blanket recommendations and stress the importance of individualized financial planning. Cory adds that while rules of thumb exist, true planning comes from a tailored plan aligned with one’s circumstances and values. They advocate for saving more, spending on essentials, and being adaptable to life’s changes.

Time = Money:

Cory and Jake discuss the concept of time being equivalent to money. They reflect on a blog post by Carl Richards emphasizing that while money cannot buy love, time can. They discuss the importance of spending time wisely on relationships and meaningful pursuits.

How Long Does It Take to Get a Tax Refund?

Moving on, they delve into the topic of tax refunds, speculating on the time it takes to receive one. They mention the IRS claim of 21 days for e-filed returns and provide tips for expediting refunds, such as filing early and accurately.

These Retirees Have a Good Problem. They Aren’t Spending Enough:

The conversation shifts to affluent retirees who tend to underspend due to uncertainty, leading to a discussion on financial planning and enjoying the fruits of one’s labor. They explore the implications of underspending and strategies to align spending with personal goals.

How Age and Time Horizon Impact Investor Decisions:

Finally, they discuss a study on how age and time horizon influence investor behavior. Jake shares insights on investors with shorter time horizons being more prone to making impulsive decisions during market downturns, emphasizing the importance of a well-thought-out financial plan and a disciplined investing approach.

Thank you for tuning in, we hope you have a great week!

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