Where did 2023 go? Here we are in October and leaves are falling and before we know it we will be in the year 2024.  What are some financial items you should be thinking about now before year-end? We are here to help you if you need a hand or a good number cruncher.

Recently, I took my children ages 8 and 11 to the Loggerhead Marinelife Center in Juno Beach.  Like many parents in the summer, I was desperate for anything that would get them off the iPads and computers for a couple of hours. This has always been a great place to take them ever since they were toddlers.  It was and remains a nice place for them to run around and look at the sea turtles and other sea life that are on display.

Saturday night we attended Toccoa’s Ida Cox Music Festival for the second time this summer. It was a beautiful night, and the weather was perfect. The band, Better Than Better Than Ezra , played 90’s hits and the town and locals supported the festival. About 100 or more people came and enjoyed the music, the downtown stores and restaurants, and camaraderie. There might have been some dancing going on too. Hopefully, no shots of your financial planner cutting the rug!

No one liked the impact of the Fed raising rates so dramatically over 2022 and how those rate increases resulted in both the stock and bond markets seeing significant declines.  But one bright lining was on the cash side. What should you do with excess cash?

With the recent bank failures, FDIC insurance has gotten nationwide coverage. For most people, a limit of $250,000 per depositor is above what they have in the bank.  But you might have more, and it is imperative that you understand the FDIC coverage rules. Per the FDIC website:The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Are we technically in a recession? The economy shrank for a second quarter in a row based on the initial reported figures. However, this data often is restated later and only in hindsight are numbers confirmed and a recession officially determined. Our economy has grown at an average rate of just over 3% since 1948. Just like in our own personal finances, can we expect our country’s GDP to grow every quarter for years?

Rates are rising, bond fund values are dropping. Why would I want any bond funds in my portfolio? This is a question often asked by clients. I explain that bond funds are the ballast to the boat to keep your portfolio from violent swings up and downs that stocks often can see.

None of us like to lose money. All of us want a guarantee.  But watch what you fall for in trying to limit losses and agree to something that your gut might be saying "Beware."  Throughout my career as a financial planner, I have seen too many clients not follow their gut instinct. We all want to trust people and often we don't trust ourselves.

Volatility is normal (and good in the long-term)The recent volatile markets have certainly caused many to worry and begin to second guess their investment choices and risk tolerances.  This is a perfectly normal reaction to the first noticeable market drops since March 2020.  The 5-10% declines in various indexes are perfectly normal for markets that have experience outpaced growth over the last several years.  Unfortunately, there is only so long that this can last.

The holidays are upon us. Halloween is around the corner and Thanksgiving and Christmas/Hanukkah/Kwanza are next. Auditions for a community play last night for a Christmas Carol, made me start thinking of what it means to be charitable. Have you made any charitable donations of time or money this year? Is it something on your financial goal list?

I just came back from a road trip from Georgia to Kansas City and back. With Covid causing travel restrictions, many are finding travel across the U.S. to be the answer. We went to visit a client and friend in Kansas City and while there were able to attend the World Series of Barbeque competition. I learned about burnt ends which are very good, and I wish I saw them on the menus at home. My doctor may not wish that though.

In his Afterword, Brennan gives you a 12-point list of what he considers are the book's most important principles.  As in all things, you can read the list but to be successful, you will need to understand it and have the discipline to put it into practice.  I feel Brennan's list is right on target and something we try to help our clients here at Family First Financial Planning.

Depending upon your age, you may be covered under employer health insurance, have a standalone policy through affordable care, or you are on Medicare. Or perhaps you are a gambler and have no insurance. It is important to review your options and make the decision which is right for you.