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Weekly Market Review

Weekly Market Review

Good afternoon,

 We got some constructive criticism over the weekend that perhaps the WMRs have lately become too long. “It’s more like a blog than a WMR.”

Hmmm, that’s kind of what it’s always been. A forum for us to comment upon business events, market events, current events and occasionally personal events. We don’t have a certain length requirement or even a certain length in mind each week, we just write until we’ve covered what we wanted to cover. When we’re done, we save new items for the next week. Of course, we never intend to waste anyone’s time, we know that your inboxes are overflowing already, so we’ll try to keep things succinct, relevant and concise.

 Let’s talk about something fun for a change. Since tax season is fully upon us, let’s talk taxes. Wait, who says taxes aren’t fun? Ok, maybe they’re not, but they are required so let’s do the best we can in dealing with them. That means, of course, go see your tax preparer and file your return, or your extension, on or before April 15. There aren’t many things that you can do now to reduce your 2018 tax bill, retirement plan contributions are about the only thing that comes to mind, but you can be alert to tax savings strategies for 2019. Call me to discuss some ideas.

 We’ve gotten this question over the years and we nearly always can’t remember the answer so we have to look it up again.

“How long do I need to keep my tax documents?” Click here for the answer straight from the source.

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

 And what if I move to a lower tax state like FL or TX? What are the rules to realize the tax benefits? Well, your residence can be different from your domicile. If you are one of those snowbirds who intends to set up camp somewhere warmer, and get the tax breaks, make sure you meet the eligibility requirements. Check with your tax person.

https://www.financial-planning.com/news/how-clients-residency-domicile-affects-state-income-taxes?utm_campaign=Mar%2012%202019-tax_tuesday&utm_medium=email&utm_source=newsletter&eid=5bcb785ab3a99932ce66779dc8564a2f

 And did you know that the IRS has an official mobile app? Neither did we. So if you have some room on your home screen next to Spotify, Uber and Candy Crush, here you go.

https://www.irs.gov/newsroom/irs2goapp

Not really sure why anyone would want/need an IRS mobile app, but the WMR won’t judge if you choose to install it. They’re on Twitter and Instagram too. Wonder how many followers they have…

 And more here’s more fun stuff, social security. We got a question the other day from a client who is almost social security age. He saw this article, forwarded it to us and wondered if any SS cuts would affect him.

https://www.foxbusiness.com/economy/alan-greenspan-must-find-way-to-resolve-basic-social-security-system

First, there are no plans yet in the works to change the system, but eventually something will have to be done. When that happens, the short answer is NO, cuts won’t affect those close to SS age. We’ve delved into the social security system and how it works before so we won’t do it again here, call us if you’d like to hear it. We submit that if you’ve arrived at SS age or are getting close to it, let’s call it 50 y/o or older, your social security system will look a lot like it looks now. For our millennial kids and grandkids, they may see something different. They may see an increase in the full retirement age, or they may see the social security income limit uncapped or some other modification. The reason that those of us closer to SS age will not see any changes is because we like to VOTE. Any pol who supported or even suggested changing benefits at this stage of the game for us, would most certainly face voter resistance. Because FRA is so far away for millennials, et. al., it would be much easier to make changes to their programs. Just our opinion, of course.

 File this under who can we trust. The author of “Jesus Chris, Money Master” indicted for Ponzi scheme. Seems he ripped off his elderly Christian radio audience. That’s pretty bad.

https://www.financial-planning.com/news/money-doctor-ran-196m-ponzi-scheme-targeting-christian-investors-sec-says?utm_campaign=Mar%2015%202019-daily&utm_medium=email&utm_source=newsletter&eid=5bcb785ab3a99932ce66779dc8564a2f

 File this under cheaters never prosper. The college admissions cheating scandal where privileged rich people cheated, bribed and/or paid off counselors, coaches, admissions people to get their privileged rich kids into schools they couldn’t get into on their own merit. This is the infamous Golden Rule, whoever has the gold makes the rules. What does this say about everyone involved? And what kind of message does this send those privileged kids? What about the kids who did get in on their merit? Does this tarnish their achievement? Or the kids who didn’t get in who maybe should have. Sad commentary on elitist culture.

https://www.forbes.com/sites/zackfriedman/2019/03/18/30-facts-college-admissions-scandal/#457eb4b012a0

 File this under shameless plug for an event that the WMR is excited about. For you golfers who are local in the D, the WMR’s home course, The Detroit Golf Club is hosting the first ever PGA tour event in Detroit this coming June. The Rocket Mortgage Classic. If you’re interested in attending or volunteering, find more info here.

https://www.pgatour.com/tournaments/rocket-mortgage-classic.html

The WMR has already blocked off the last week in June and along with our son will be official walking scorers. We’ll be inside the ropes walking with the competitors. In between shifts, we’ll be spectating like everyone else so let us know if you plan to attend. Should be a lot of fun.

 LF25 – “I would prefer even to fail with honor than win by cheating.” – Sophocles.

 Have a great week.

 Michael J. Acho, MBA, CFP®

Private Wealth Advisor

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Lincoln Financial Advisors/Sagemark Consulting

1000 Town Center, 26th Floor

Southfield, MI 48075

248-948-5100 direct

248-948-5101 fax

248-933-4339 cell

Michael.Acho@LFG.com

www.LFAMichigan.com

http://www.linkedin.com/pub/michael-acho/27/913/3a8

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If you do not want to receive future emails, please call me at 248-948-5100, or email me at michael.acho@lfg.com or write me at 1000 Town Center, 26th Floor, Southfield, MI 48075.

 

Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.

 

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Michael J. Acho is a registered representative of Lincoln Financial Advisors Corp.

 

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