Financial wellness, like physical wellness, isn’t something you should ignore. Instead, it’s a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers.
Brexit, the United Kingdom’s (UK) withdrawal from the European Union (EU), is making news again as it stumbles toward its apparent conclusion on December 31, 2020. The major sticking point now: fish.
Stocks continue to surprise to the upside, with the Russell 2000 Index (small caps) and the Nasdaq making new all-time highs on Tuesday. The S&P 500 Index, a chip shot from new highs, already has made 30 new highs so far this year. “One thing that surprises many investors is new highs happen in clusters that can last a decade or more,” explained LPL Financial Chief Market Strategist Ryan Detrick. “Given that this cluster of new highs is only seven years old, history would suggest that we don’t bet against several more years of new highs.”
Millennials often get a bad rap when it comes to hitting certain financial milestones like moving out or buying a home, but they’ve proven to be ahead of the game when it comes to savings. In fact, 25 percent of Millennials who save have amassed more than $100,000 in their accounts.1 What else should members of the Millennial generation (and others) know about boosting their savings rate?
Last year, the average American spent nearly $1,000 per person on holiday gifts, up from about $885 per person in 2018.1 Though the COVID-19 pandemic continues to weigh on the retail sector (and many Americans’ bank accounts), some analysts have cited reduced spending on travel, restaurants, and entertainment in predicting a slight uptick in holiday retail sales for 2020.2 But these aren’t the only extra expense associated with the winter solstice. Read on to learn more about how December’s short days and long nights could impact your budget.
I hope this finds you and your family healthy and well! First, we would like to extend our thoughts and prayers to anyone and their family that has been directly affected by COVID-19. Several members of the Eastwood Wealth family have battled the virus and thankfully everyone has recovered as far as we know. Please continue to stay vigilant. In the most abnormal of years, the spirit of our Annual Letter has again tried to capture three of the most important aspects of life: where we have been, where we are at and where we are going. Please enjoy!
Stocks Are Sparked for Gains in 2021
By Holly Konrady, M.Ed., E-RYT 500
As the end of the year approaches, it’s time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. This is particularly true for year-end planning. You can’t know where to go next if you don’t know where you are now.
What a month November was! Here are some of the highlights: