Andrea Nameche, Financial Advisor

Happy Independence Day!

Hoping you and your family and friends have a wonderful long weekend!

And while you’re celebrating, don’t forget to think about our freedom, what freedom means to us, and how we can work together to uphold those ideals in our own communities.

Whether you're hosting a backyard barbecue, watching a parade, or simply enjoying the day with loved ones, remember the courage and determination of those who fought for our independence.

Here’s to the land of the free and the home of the brave! 🎇

With the uptick in do-it-yourself (DIY) investing, more people than ever are trying their hand at managing a portfolio. This can be risky, and individual investors find themselves attempting to manage several potential missteps.

Here are the 4 biggest missteps DIY investors often make:

1. Letting Their Ego Interfere: Ego can lead traders to overvalue their own ideas, abilities, and knowledge about the financial market. Ego can lead to poor decision-making, especially in pressure-filled situations.

2. Making Emotion-Based Decisions: Managing your emotions is one of the most challenging aspects of investing. DIY investors often look for a person to ask, “What do you think?”

3. Portfolio Concentration: DIY investors inadvertently find their portfolios concentrated in a few assets, which may not align with their goals, time horizon, and risk tolerance.

4. Failing to Use Portfolio Management Tools. Modern portfolio management tools can help guide the process of managing money. However, some DIY investors don't understand them or how to use them properly.

DIY investing works for some, but it can be challenging, and individuals may find themselves in complicated situations and searching for answers. A financial professional may be able to offer a second opinion.

June 28th marks National Insurance Awareness Day.

Here are a few tips to keep in mind:

1️⃣ Periodically review your life insurance. As your wealth grows, it may put more demands on your life insurance coverage. Does your policy adequately reflect your current net worth? Would it support your family's lifestyle in the event of the unexpected?

Remember, several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

2️⃣ Check your umbrella liability insurance. These policies extend over your existing limits and coverage provided by other policies, such as your car and homeowner's insurance.

Much like life insurance, the cost and availability of an umbrella policy will depend on a variety of factors. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

3️⃣ Don't overlook disability insurance. One of your greatest assets is your ability to earn an income. Disability insurance can replace a portion of your income if you become unable to work due to covered illness or injury.

A financial professional may be able to help you compare different policies because not all policy types and product features are available in all states. Remember, any disability obligations are dependent on the ability of the issuing company to make claim payments.

4️⃣ Consider insuring your valuables. You may have unique valuables, from fine art to jewelry, that require specialized insurance coverage.

📱Ever read a text from someone and realized days later you forgot to reply?

💡 Just learned…. After you read it, swipe right on the text, and it will be marked again as unread, making it easier to remember to respond later.

Some other "Did You Know" iPhone tips that might be helpful:

➡️ Most social media sites strip out metadata revealing when, where, and how a picture was taken, but not when you text it. So, to remove this when you text, hit "options" at the top of the image you are sharing and then click to turn the location off.

➡️ Go to the Health App and set up your Medical ID and Emergency Contacts so first responders can access critical medical and contact info from your phone even when it's locked.

Were any of these new for you? Any other tips you have are welcome! 👇📱

Warren Buffett's hiring advice is a powerful reminder.

His wisdom extends beyond hiring an employee—it can be especially crucial when choosing a financial professional. Integrity is a key part of the foundation of a relationship that focuses on personal finances.

Buffett's words serve as a guiding light: Surrounding yourself with people who embody integrity is one key to success. 💡

🐶 Introducing one of our favorite team members on

Dogs truly are the best coworkers—their unconditional love never fails to boost morale.🐾

Thanks for keeping us all smiling!

💡 During your financial journey, attempting to avoid common IRA mistakes can help as you pursue your goals. Let's dive in:

1️⃣ Not keeping up with new RMD rules
Required minimum distributions are how the IRS collects taxes from tax-deferred retirement plans. Before 2019, RMDs began in the year you turned 70½. In 2019, the SECURE Act raised the RMD age to 72, and SECURE Act 2.0 raised the RMD age to 73, and by 2033, age 75. Remember, withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

2️⃣ Not seeking guidance on new Inherited IRA rules
Another provision of the SECURE Act includes a new 10-year distribution period, effectively eliminating the "stretch IRA" strategy, which allows beneficiaries to take distributions over their lifetime. There are some exceptions, but the new rule has prompted some to review their estate strategy.

3️⃣ Maintaining multiple Traditional IRAs and rollover accounts
If you have multiple IRAs, the IRS treats them as a single IRA under the "aggregation rule." When computations for taxes or distributions are made, the combined value of all your Traditional IRA accounts has to be considered. Keeping track of them is critical.

We're on this journey together. If you would like to review your retirement strategy, do not hesitate to contact us. 💪

Summer's here at last! 🌞☀️

Who can resist the long sunny days, cozy nights, breathtaking sunsets, and the laid-back feel of summer?

Maybe you're sparking up the barbecue, planning a beach day, or simply enjoying a drive with the top down, all while making lasting memories.

If a getaway is on your to-do list, consider the charm of mid-week travels. Take advantage of the local offerings, such as private guided hikes, exclusive park tours, and special community events. These can add a touch of luxury to your itinerary without the crowds.

Make the most of this awesome season!

Today, we commemorate Juneteenth, a pivotal moment in our nation's history in the battle against slavery.

It's a day of reflection, education, and celebration of the progress made while acknowledging the work still to be done.

It symbolizes freedom, which extends beyond the political and social realms.

As we celebrate Juneteenth, let's also strive to empower ourselves and our communities with the tools and knowledge necessary to continue the fight for equality on all fronts.

Can you believe we're already halfway through the year? Now's the perfect time to review and reassess your finances to ensure you're on track to pursue your goals! 🎯

There’s certainly a lot to take into consideration…

What are your top concerns? 👇👇Rank your top 3 in the comments 💬

1️⃣ Having enough saved for the retirement you envision
2️⃣ Caring for aging parents
3️⃣ Considering all factors when positioning your investments
4️⃣ Managing healthcare costs
5️⃣ Legacy and estate strategies
6️⃣ Career goals or possible career transition

A mid-year financial review is an excellent opportunity to:

✅ Assess your progress toward your goals
✅ Stress test your investment strategy
✅ Check in on your insurance coverage
✅ Review your estate and revisit your beneficiaries
✅ Update your approach to reflect any new goals you now have

Take the time to review, reflect, and realign your strategy.

Happy Father's Day to all the dads out there!

Fathers wear many hats—they're our role models, protectors, biggest cheerleaders, and teachers. They've guided us through life's challenges with wisdom and experience and helped shape us into the individuals we are today.

From teaching us the value of hard work to instilling the principle of living within our means, our dads laid the foundation for our financial futures.

And most importantly, they've taught us that money, while important, isn't everything. The richness of life lies in relationships, experiences, and continuous learning.

To all the fantastic dads out there, Happy Father's Day! Your love, guidance, and unwavering support mean the world to us. Thank you for being our rock and our guiding light.

Happy Flag Day!

Our flag unites us as Americans and embodies our ideals—liberty, justice, and the pursuit of happiness for all.

On June 14, 1777, the Second Continental Congress adopted the design of our striking red, white, and blue flag. Over two centuries later, it remains an enduring symbol of the battles waged, sacrifices made, and freedoms secured in defending our nation.

As we celebrate Flag Day, reflect on the principles this banner represents. The colors were chosen to represent our nation's values: white for purity and innocence, red for hardiness and valor, and blue, which signifies vigilance, perseverance, and justice.

Whether displayed year-round or raised high today, Old Glory is a powerful reminder of the great nation we call home.

💍 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! 👇

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. 💙

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.

Stocks rallied in May as investors welcomed upbeat Q1 corporate reports and signs of a Goldilocks economy - not too hot, not too cold. The Dow crossed 40,000 for the first time after cooler inflation data raised hopes for a potential rate adjustment.

Monthly Market Insights | June 2024 We focus on long-term goals and building long-term relationships with our clients.

Really liked this messaging from Guardian for client's of Guardian. They don't normally do advertising - so I'm promoting it for them. :-)

Financial Strength

🎓🎉 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!

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.

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 59½ 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 59½. 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! 💬

🎓📆 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!

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.

June is Pride Month, a time to celebrate diversity, promote equality, and affirm the dignity of all individuals.

Let's unite to celebrate love and acceptance and stand in solidarity to reaffirm our commitment to promoting inclusion in all aspects of life.

Last week, I had the chance to speak at the Women Advisor Summit in Chicago. At the event, I had the pleasure of seeing keynote speaker Cheryl Pounder, a two-time gold medalist for women's ice hockey in Canada.

I highly recommend her as a speaker for any event if you want your team to be inspired to aim for the gold.

The summit provided a great opportunity to connect with other female financial professionals and collaborate on best practices for our clients.

https://chicago.womenadvisorsummit.com/?utm_source=website&utm_medium=event_listing&utm_campaign=wasc2024&utm_content=register&utm_term=asset01

AI-powered cancer screening is revolutionizing early detection, but most of these services aren't covered by insurance yet.

Important points to consider:

🤖 AI technology is making significant strides in improving cancer screening accuracy and early detection.

Despite its potential, many AI cancer screening methods are not yet covered by insurance, posing financial challenges for patients.

🏥 The healthcare industry is at a crossroads, balancing innovation with accessibility and affordability.

Staying informed about these developments can help you advocate for better healthcare solutions.

What are your thoughts on the future of AI in cancer screening and its accessibility? Share your insights!

www.cnbc.com

The housing market saw an uptick in activity last week as mortgage rates fell to a 7-week low. Here are the key points investors should note:
⬇️ The average 30-year fixed mortgage rate decreased to 7.01% from 7.08% the previous week.
🔄 This rate dip revived refinance demand, with applications up 7% week-over-week and 21% higher than a year ago.
🏡 However, purchase applications for new homes fell 1% as buyers continue grappling with low inventory and affordability issues.

While most existing homeowners still have lower rates locked in, even modest decreases can motivate some to refinance and take advantage of savings.

This temporary refinance revival could indicate a turning point for real estate investors if rates continue trending down and ease homebuyer gridlock.

What's your take on this mortgage refinance revival? Do you see it as a potential leading indicator of broader housing market shifts?

www.cnbc.com

Disability happens to more people, more often than you may think, and it lasts longer, too. Protect your income today with disability insurance.

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 , 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.❤️🤍💙

👥

💼 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. 🤝💼

Who would pay you if disability were to strike? With disability insurance you won't need to ask. Learn more about the importance of protecting your income.

Who Would Pay You?