Upticks: Don’t Set and Forget, Home Buying Puzzle, Financial Health Day
By Jake Falcon on April 5, 2024
This week on Upticks, join Jake and Cory as they discuss assessing tax returns, using charitable donations to offset your income taxes, and more.
Tune in for updates on the newest home-buying puzzle, how a CD can go from a high-yield to a low-yield, where tax refunds are heading for some Americans, and why you may need a financial health day. Jake and Cory finish up by discussing changing values within America.
Thank you for joining us this week! If you have an article suggestion, please send it to luke@falconwealthadvisors.com. Jake and Cory would love to discuss (or debate) articles (or charts) sent their way!
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Read a summary of the conversation below:
Listener Suggestion:
Jake and Cory discuss a listener’s suggestion to check tax withholdings. They comment on adjusting withholdings if refunds are large or liabilities are significant. The importance of evaluating W-4 forms annually is emphasized, along with the role of Falcon Wealth Advisors in aiding tax planning.
How to Use Charitable Donations to Offset Your Income Taxes
Jake shares tips on optimizing tax benefits from charitable donations. He suggests picking eligible charities, donating appreciated assets like stocks, utilizing donor-advised funds, and bunching contributions for more significant deductions. They stress the importance of working with a fiduciary advisor for tax-effective charitable giving.
The Newest Home-Buying Puzzle: What to Pay Your Real-Estate Agent
This conversation delves into the evolving landscape of real estate agent commissions, prompted by new legislation. While traditional payment structures may be changing, the discussion emphasizes the ongoing value of real estate agents and the need for consumer education in navigating these changes.
How High-Yield CDs Turn Into 0.05% CDs While You’re Not Looking
Cory highlights a concerning trend where banks may roll mature CDs into lower-yield ones without thorough communication. The discussion covers pitfalls in high-yield savings accounts and the importance of actively managing financial assets. Falcon Wealth Advisors offers solutions to optimize cash interest for clients, emphasizing the need for vigilance in financial matters.
Where Are This Year’s Tax Refunds Going? Right Into a Debt Hole.
Highlighted is the concerning trend of using tax refunds to manage debt, particularly among younger demographics. The conversation underscores the importance of addressing debt and financial planning beyond relying solely on tax refunds.
Why You Need a Financial Health Day
The concept of a “financial health day” is introduced, advocating for scheduled time to review and manage personal finances. This approach encourages individuals to proactively engage with their financial well-being, aligning spending habits, budgeting, and financial goals.
America Pulls Back from Values That Once Defined It, WSJ-NORC Poll Finds
The discussion reflects on a Wall Street Journal-NORC poll revealing shifting priorities in American values over the past few decades. Notably, while the importance of patriotism, religion, community involvement, and having children has declined, the emphasis on money has increased. This prompts reflection on societal changes and the potential impact of technology and globalization on values and community engagement.
Thank you for tuning in, we hope you have a great week!
