These questions are answered in today\u2019s discussion:<\/strong><\/h3>\n\n\n\n\n- The Economy May Worsen Before the Year is Over<\/li>\n\n\n\n
- Yes: Million-Dollar Choices are Still Possible!<\/li>\n\n\n\n
- Taxes, Philanthropy, & Building your Legacy<\/li>\n\n\n\n
- Wealth Financial Planning Can Make it Easier<\/li>\n<\/ul>\n\n\n\n
The Economy May Worsen Before the Year is Over<\/strong><\/h2>\n\n\n\nThe further we go into 2023, the more uncomfortably clear it becomes that the U.S. economy is facing significant challenges. Inflation and market instability continue to create an uncertain environment. That, in turn, is spurring experts to warn that the situation may worsen before it improves<\/a><\/strong>.<\/p>\n\n\n\nIf we don’t see a recession by the fourth quarter of 2023, it’s likely that we will in the first quarter of 2024. Whenever it happens, businesses may be forced to lay off workers, leading to an increase in unemployment and further economic instability. Hopefully, it won\u2019t become an extended period, but full recovery may take months or even years. <\/p>\n\n\n\n
Despite these challenges, believe it or not,<\/em> it’s still possible to build a generational legacy by being proactive. You have to begin by taking a long-term view of your savings and investments, focusing on sustainability, and being prepared to weather economic storms. <\/p>\n\n\n\nYes: Million-Dollar Choices Are Still Possible!<\/strong><\/h2>\n\n\n\nThe idea of becoming a millionaire can seem like a far-fetched fantasy today. It can be easy, at times, to suspect that this level of financial success is unattainable. However, although we can’t control the economic circumstances, we can<\/em> control our individual financial decisions. Even very small money-saving steps taken now can still have a positive impact on building an incredible financial future for yourself and your descendants.<\/p>\n\n\n\nEconomic downturns aren\u2019t the historical norm, but unfortunately, they do happen. Wall Street is like a weather system, having fair days, foul ones, and all in between. The stock market crashes, housing prices plummet, and companies go bankrupt from time to time. Nevertheless, rather than focusing on what we can’t control, it’s important to zero in on what we can.<\/p>\n\n\n\n
For example, we can control our individual financial decisions by making a budget and sticking to it. Save for retirement, even if it’s just a small amount each month. Look for ways to reduce your expenses, such as cooking at home instead of eating out or finding cheaper alternatives for your monthly bills. These small steps can add up over time and make a significant impact on your financial future.<\/p>\n\n\n\n
Becoming a millionaire doesn\u2019t necessarily require large amounts of seed money or complex investment strategies. Even during a recession, the truth is that every dollar counts.<\/em> By starting small and consistently saving, you can slowly but surely build up your investments. <\/p>\n\n\n\nIf, for instance, you save just $50 a week, that adds up to $2,600 a year. Over 30 years that can turn into over $120,000 (assuming an average annual return of 7%). That’s a significant amount of money that can make a real difference in your retirement savings.<\/p>\n\n\n\n
This is what we like to call \u201cMillion-Dollar Choices.\u201d However, there is a catch: To truly qualify, a decision has to end with reinvesting some of your profits and interest, not just generating them. When you invest in the stock market or other assets, it’s important to reinvest any profits or interest you earn. This allows your money to compound over time, increasing your overall returns. <\/p>\n\n\n\n
Not Sure What to Expect from Working With a Financial Advisor? We Explain the Benefits<\/em><\/strong><\/a><\/h3>\n\n\n\nTaxes, Philanthropy, & Building Your Legacy<\/strong><\/h2>\n\n\n\nTax mitigation strategies involve reducing your taxable income, which can allow you to save more money and invest it toward your long-term goals. One such strategy is contributing to tax-advantaged retirement accounts such as 401(k)s or IRAs<\/a><\/strong>. By contributing pre-tax dollars, you can lower your taxable income for the year.<\/p>\n\n\n\nUtilizing tax benefits could potentially grow your savings faster than if you had invested the same amount in a taxable account, as well. Not everyone knows that a solid tax mitigation strategy can also encompass charitable giving (and possibly perpetuate it beyond your lifespan by leveraging a private foundation or donor-advised fund).<\/p>\n\n\n\n
If you\u2019re inclined to donate, philanthropy toward the causes you care about can be rewarding both emotionally and<\/em> financially: The IRS allows income tax deductions for donations made to qualified charitable organizations<\/a><\/strong>, which can reduce your taxable income.\u00a0<\/p>\n\n\n\nBy donating appreciated assets such as stocks or real estate, for example, you can avoid or limit capital gains taxes\u2019 impact on returns from other investments that year. At the same time, it can also put more money into the hands of your favorite charity than if you had sold the assets and donated the cash.<\/p>\n\n\n\n
While tax mitigation strategies and philanthropy can play a significant role in building your legacy, the greatest secret to building wealth that lasts may be a consistent, disciplined approach. Regardless of the economic weather, staying focused on your long-term goals while maintaining a diversified portfolio can help you build a strong financial foundation. That\u2019s how you start building generational wealth for future family members.<\/p>\n\n\n\n
Wealth Financial Planning Can Make It Easier<\/strong><\/h2>\n\n\n\n![\"benefits](\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/05\/certified-financial-planner-Utah-scottmarsh.com_.jpg\")
<\/figure><\/div>\n\n\nDespite the economic challenges that may lie ahead, taking action now can help you secure a brighter financial future. One of the best ways to do this is through the guidance of a fiduciary<\/a><\/strong> wealth manager, a financial advisor who is legally obligated to act in their client’s best interests.\u00a0<\/p>\n\n\n\nThis means that they must put their client’s interests ahead of their own and make recommendations that are suitable for their client’s unique financial situations. Unlike other financial advisors, fiduciary wealth managers must disclose any conflicts of interest, as well\u2014and always act in good faith.<\/p>\n\n\n\n
At Scott Marsh Financial<\/a><\/strong>, we specialize in providing professional wealth management services to help our clients build a lasting financial legacy for their families. Our team of experienced fiduciary wealth managers knows the benefits of generational wealth. That\u2019s why we\u2019re ready to help you retire.
Contact us<\/a><\/strong> to learn about our estate planning, retirement planning, and more.<\/p>\n\n\n
The Economy May Worsen Before the Year is Over<\/strong><\/h2>\n\n\n\nThe further we go into 2023, the more uncomfortably clear it becomes that the U.S. economy is facing significant challenges. Inflation and market instability continue to create an uncertain environment. That, in turn, is spurring experts to warn that the situation may worsen before it improves<\/a><\/strong>.<\/p>\n\n\n\nIf we don’t see a recession by the fourth quarter of 2023, it’s likely that we will in the first quarter of 2024. Whenever it happens, businesses may be forced to lay off workers, leading to an increase in unemployment and further economic instability. Hopefully, it won\u2019t become an extended period, but full recovery may take months or even years. <\/p>\n\n\n\n
Despite these challenges, believe it or not,<\/em> it’s still possible to build a generational legacy by being proactive. You have to begin by taking a long-term view of your savings and investments, focusing on sustainability, and being prepared to weather economic storms. <\/p>\n\n\n\nYes: Million-Dollar Choices Are Still Possible!<\/strong><\/h2>\n\n\n\nThe idea of becoming a millionaire can seem like a far-fetched fantasy today. It can be easy, at times, to suspect that this level of financial success is unattainable. However, although we can’t control the economic circumstances, we can<\/em> control our individual financial decisions. Even very small money-saving steps taken now can still have a positive impact on building an incredible financial future for yourself and your descendants.<\/p>\n\n\n\nEconomic downturns aren\u2019t the historical norm, but unfortunately, they do happen. Wall Street is like a weather system, having fair days, foul ones, and all in between. The stock market crashes, housing prices plummet, and companies go bankrupt from time to time. Nevertheless, rather than focusing on what we can’t control, it’s important to zero in on what we can.<\/p>\n\n\n\n
For example, we can control our individual financial decisions by making a budget and sticking to it. Save for retirement, even if it’s just a small amount each month. Look for ways to reduce your expenses, such as cooking at home instead of eating out or finding cheaper alternatives for your monthly bills. These small steps can add up over time and make a significant impact on your financial future.<\/p>\n\n\n\n
Becoming a millionaire doesn\u2019t necessarily require large amounts of seed money or complex investment strategies. Even during a recession, the truth is that every dollar counts.<\/em> By starting small and consistently saving, you can slowly but surely build up your investments. <\/p>\n\n\n\nIf, for instance, you save just $50 a week, that adds up to $2,600 a year. Over 30 years that can turn into over $120,000 (assuming an average annual return of 7%). That’s a significant amount of money that can make a real difference in your retirement savings.<\/p>\n\n\n\n
This is what we like to call \u201cMillion-Dollar Choices.\u201d However, there is a catch: To truly qualify, a decision has to end with reinvesting some of your profits and interest, not just generating them. When you invest in the stock market or other assets, it’s important to reinvest any profits or interest you earn. This allows your money to compound over time, increasing your overall returns. <\/p>\n\n\n\n
Not Sure What to Expect from Working With a Financial Advisor? We Explain the Benefits<\/em><\/strong><\/a><\/h3>\n\n\n\nTaxes, Philanthropy, & Building Your Legacy<\/strong><\/h2>\n\n\n\nTax mitigation strategies involve reducing your taxable income, which can allow you to save more money and invest it toward your long-term goals. One such strategy is contributing to tax-advantaged retirement accounts such as 401(k)s or IRAs<\/a><\/strong>. By contributing pre-tax dollars, you can lower your taxable income for the year.<\/p>\n\n\n\nUtilizing tax benefits could potentially grow your savings faster than if you had invested the same amount in a taxable account, as well. Not everyone knows that a solid tax mitigation strategy can also encompass charitable giving (and possibly perpetuate it beyond your lifespan by leveraging a private foundation or donor-advised fund).<\/p>\n\n\n\n
If you\u2019re inclined to donate, philanthropy toward the causes you care about can be rewarding both emotionally and<\/em> financially: The IRS allows income tax deductions for donations made to qualified charitable organizations<\/a><\/strong>, which can reduce your taxable income.\u00a0<\/p>\n\n\n\nBy donating appreciated assets such as stocks or real estate, for example, you can avoid or limit capital gains taxes\u2019 impact on returns from other investments that year. At the same time, it can also put more money into the hands of your favorite charity than if you had sold the assets and donated the cash.<\/p>\n\n\n\n
While tax mitigation strategies and philanthropy can play a significant role in building your legacy, the greatest secret to building wealth that lasts may be a consistent, disciplined approach. Regardless of the economic weather, staying focused on your long-term goals while maintaining a diversified portfolio can help you build a strong financial foundation. That\u2019s how you start building generational wealth for future family members.<\/p>\n\n\n\n
Wealth Financial Planning Can Make It Easier<\/strong><\/h2>\n\n\n\n<\/figure><\/div>\n\n\nDespite the economic challenges that may lie ahead, taking action now can help you secure a brighter financial future. One of the best ways to do this is through the guidance of a fiduciary<\/a><\/strong> wealth manager, a financial advisor who is legally obligated to act in their client’s best interests.\u00a0<\/p>\n\n\n\nThis means that they must put their client’s interests ahead of their own and make recommendations that are suitable for their client’s unique financial situations. Unlike other financial advisors, fiduciary wealth managers must disclose any conflicts of interest, as well\u2014and always act in good faith.<\/p>\n\n\n\n
At Scott Marsh Financial<\/a><\/strong>, we specialize in providing professional wealth management services to help our clients build a lasting financial legacy for their families. Our team of experienced fiduciary wealth managers knows the benefits of generational wealth. That\u2019s why we\u2019re ready to help you retire.
Contact us<\/a><\/strong> to learn about our estate planning, retirement planning, and more.<\/p>\n\n\n
If we don’t see a recession by the fourth quarter of 2023, it’s likely that we will in the first quarter of 2024. Whenever it happens, businesses may be forced to lay off workers, leading to an increase in unemployment and further economic instability. Hopefully, it won\u2019t become an extended period, but full recovery may take months or even years. <\/p>\n\n\n\n
Despite these challenges, believe it or not,<\/em> it’s still possible to build a generational legacy by being proactive. You have to begin by taking a long-term view of your savings and investments, focusing on sustainability, and being prepared to weather economic storms. <\/p>\n\n\n\n The idea of becoming a millionaire can seem like a far-fetched fantasy today. It can be easy, at times, to suspect that this level of financial success is unattainable. However, although we can’t control the economic circumstances, we can<\/em> control our individual financial decisions. Even very small money-saving steps taken now can still have a positive impact on building an incredible financial future for yourself and your descendants.<\/p>\n\n\n\n Economic downturns aren\u2019t the historical norm, but unfortunately, they do happen. Wall Street is like a weather system, having fair days, foul ones, and all in between. The stock market crashes, housing prices plummet, and companies go bankrupt from time to time. Nevertheless, rather than focusing on what we can’t control, it’s important to zero in on what we can.<\/p>\n\n\n\n For example, we can control our individual financial decisions by making a budget and sticking to it. Save for retirement, even if it’s just a small amount each month. Look for ways to reduce your expenses, such as cooking at home instead of eating out or finding cheaper alternatives for your monthly bills. These small steps can add up over time and make a significant impact on your financial future.<\/p>\n\n\n\n Becoming a millionaire doesn\u2019t necessarily require large amounts of seed money or complex investment strategies. Even during a recession, the truth is that every dollar counts.<\/em> By starting small and consistently saving, you can slowly but surely build up your investments. <\/p>\n\n\n\n If, for instance, you save just $50 a week, that adds up to $2,600 a year. Over 30 years that can turn into over $120,000 (assuming an average annual return of 7%). That’s a significant amount of money that can make a real difference in your retirement savings.<\/p>\n\n\n\n This is what we like to call \u201cMillion-Dollar Choices.\u201d However, there is a catch: To truly qualify, a decision has to end with reinvesting some of your profits and interest, not just generating them. When you invest in the stock market or other assets, it’s important to reinvest any profits or interest you earn. This allows your money to compound over time, increasing your overall returns. <\/p>\n\n\n\n Tax mitigation strategies involve reducing your taxable income, which can allow you to save more money and invest it toward your long-term goals. One such strategy is contributing to tax-advantaged retirement accounts such as 401(k)s or IRAs<\/a><\/strong>. By contributing pre-tax dollars, you can lower your taxable income for the year.<\/p>\n\n\n\n Utilizing tax benefits could potentially grow your savings faster than if you had invested the same amount in a taxable account, as well. Not everyone knows that a solid tax mitigation strategy can also encompass charitable giving (and possibly perpetuate it beyond your lifespan by leveraging a private foundation or donor-advised fund).<\/p>\n\n\n\n If you\u2019re inclined to donate, philanthropy toward the causes you care about can be rewarding both emotionally and<\/em> financially: The IRS allows income tax deductions for donations made to qualified charitable organizations<\/a><\/strong>, which can reduce your taxable income.\u00a0<\/p>\n\n\n\n By donating appreciated assets such as stocks or real estate, for example, you can avoid or limit capital gains taxes\u2019 impact on returns from other investments that year. At the same time, it can also put more money into the hands of your favorite charity than if you had sold the assets and donated the cash.<\/p>\n\n\n\n While tax mitigation strategies and philanthropy can play a significant role in building your legacy, the greatest secret to building wealth that lasts may be a consistent, disciplined approach. Regardless of the economic weather, staying focused on your long-term goals while maintaining a diversified portfolio can help you build a strong financial foundation. That\u2019s how you start building generational wealth for future family members.<\/p>\n\n\n\n Despite the economic challenges that may lie ahead, taking action now can help you secure a brighter financial future. One of the best ways to do this is through the guidance of a fiduciary<\/a><\/strong> wealth manager, a financial advisor who is legally obligated to act in their client’s best interests.\u00a0<\/p>\n\n\n\n This means that they must put their client’s interests ahead of their own and make recommendations that are suitable for their client’s unique financial situations. Unlike other financial advisors, fiduciary wealth managers must disclose any conflicts of interest, as well\u2014and always act in good faith.<\/p>\n\n\n\n At Scott Marsh Financial<\/a><\/strong>, we specialize in providing professional wealth management services to help our clients build a lasting financial legacy for their families. Our team of experienced fiduciary wealth managers knows the benefits of generational wealth. That\u2019s why we\u2019re ready to help you retire.Yes: Million-Dollar Choices Are Still Possible!<\/strong><\/h2>\n\n\n\n
Not Sure What to Expect from Working With a Financial Advisor? We Explain the Benefits<\/em><\/strong><\/a><\/h3>\n\n\n\n
Taxes, Philanthropy, & Building Your Legacy<\/strong><\/h2>\n\n\n\n
Wealth Financial Planning Can Make It Easier<\/strong><\/h2>\n\n\n
<\/figure><\/div>\n\n\n
Contact us<\/a><\/strong> to learn about our estate planning, retirement planning, and more.<\/p>\n\n\n
![\"Donor](\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2022\/10\/SM-CTAs-02-1400x600.jpg\")
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