Upticks: Financial Nudists, Unveiling Scammers’ Shadows, Trump vs Biden Economy
By Jake Falcon on February 29, 2024
This week on Upticks, Jake and Cory discuss a multitude of topics, ranging from financial nudists to comparing the economies under Trump and Biden.
If that sounds far-fetched, don’t worry. Jake and Cory also delve into high-yield savings accounts, the considerations of upsizing or downsizing your home in retirement, and a couple of charts from Cory!
Thank you for joining us this week! If you have an article suggestion, please send it to service@falconwealthadvisors.com. Jake and Cory would love to discuss (or debate) articles sent their way.
Read a summary of the conversation below:
Introduction
Welcome back to Upticks with Jake and Cory! In this episode, Jake shares his recent golf trip adventures while Cory welcomes him back to the show. The duo discusses various financial topics and headlines, providing insights to enhance financial literacy.
When High-Yield Savings Accounts Come With an Asterisk
Our first headline delves into the deceptive allure of high-yield savings accounts. Despite enticing interest rates, a catch exists – these rates often apply exclusively to new accounts. Jake emphasizes the need for vigilance, urging viewers to investigate and ensure that their hard-earned cash is indeed earning the best interest possible.
Making Money on I Bonds Was Easy. The Tax Paperwork Isn’t.
The second headline sheds light on the tax implications of investing in I Bonds. Jake and Cory stress the importance of actively retrieving 1099 forms for tax reporting, as Treasury Direct does not mail them. Viewers who have redeemed I Bonds recently are advised to take proactive steps in obtaining the required tax documents.
What it Means to be a Financial Nudist
Our third headline introduces the concept of being a “financial nudist,” championed by financial writer Jack Hough. Hough advocates for simplicity in investment strategies, steering clear of complex financial products like cryptocurrencies and hedge funds. Jake and Cory echo this sentiment, endorsing transparency in investment portfolios, minimizing fees, and focusing on traditional assets like stocks and bonds.
The Trump vs. Biden Economy: A Comparison in 10 Charts
In a recent discussion, Cory and Jake dissected the economic performance under both the Trump and Biden administrations. Despite political differences, key takeaways highlighted positive GDP growth, stock market returns, and low unemployment during both presidencies. The duo emphasizes that election outcomes shouldn’t dictate investment strategies, underscoring the importance of maintaining a diversified portfolio.
Upsize or Downsize? How to Choose a Forever Home That Actually Fits You
Retirement often prompts thoughts of downsizing, but Jake and Cory explored the idea of retirees opting for larger homes. With considerations ranging from home offices to lifestyle choices, the discussion challenged traditional notions of retirement living. The takeaway? Retirement paths are diverse, and financial planning should accommodate individual preferences and needs.
Strategas Frequently Requested Chart
A deep dive into strategic research provides insights into the Common Man CPI, focusing on essential expenses. Jake and Cory discuss the implications of inflation on personal finances, emphasizing the importance of understanding individual inflation rates and effective budgeting.
Tips to Avoid Falling Prey to Online Scammers
In an era of digital transactions, safeguarding against online scams is paramount. Jake shares valuable tips, including maintaining vigilance, avoiding investment scams, and promptly reporting any fraudulent activity. Staying informed and proactive allows individuals to protect their financial well-being in the digital age.
Chart Challenge from Last Week! Why are more retirees returning to work?
Exploring reasons for retirees reentering the workforce, Jake and Cory examine survey data indicating inflation as a significant factor. They caution against drawing sweeping conclusions from limited survey samples, highlighting the complexity of retirement decisions and the pivotal role of personal financial planning.
Thank you for tuning in, we hope you have a great week!
