In our final newsletter of the year, we want to bring you content to keep your financial well-being top of mind. Everyone here at Black Diamond Financial Solutions wishes you and your family a peaceful holiday season!
Upcoming Market and Office Closures
Christmas Day - Monday 12/25
New Years Day - Monday 1/1
Martin Luther King Jr. Day - Monday 1/15
President's Day - Monday 2/19
Good Friday - Friday 3/29
Making Cents of Dollars with Jeff
As you head into the last months of 2023, I’d like to share with you the advice we are giving our clients to set themselves up for a successful 2024 and beyond.
Lower the risk for losses in your investment accounts
The enormous government stimulus that has flooded the US economy and driven money out of safe havens and into the stock and real estate markets has been exhausted and the Federal Reserve must remove this excess money to bring inflation back to its long term goal of 2%. This will inevitably lead to rates rising and money flowing out of risk assets and back into safer alternatives.
Professional Help for 401(k) accounts
Qualified retirement plan participants, while having long term goals, are not immune to large short-term fluctuations and too often make decisions after markets have moved. Black Diamond now offers advice services to monitor and allocate retirement plan participants accounts on a timely basis.
The cost to service the $33 trillion in US debt has grown from $341.61 billion in 2020 to $675.8 billion year to date in 2023. According to the U.S. Treasury, by 2027 this annual amount is expected to reach $3.05 trillion. With current tax breaks sunsetting after 2025, it is likely tax rates will need to adjust higher to compensate for the massive deficit and debt financing costs. Also, the tax consequences for inheriting IRA assets have changed drastically due to the passing of the Secure Act of 2019.
Financial & Estate Planning
According to a recent study by Caring.com2, only 46% of Americans over the age of 55 have a will in place. Meeting with one of Black Diamond’s Certified Financial Planners® can help you gain peace of mind and control of your assets. We recommend you take note of your financial life and understand the pitfalls that lie ahead in order to organize the proper documents needed before it is too late.
Jeffrey T. Puglia, CFP ®, ChSNC®, AIF®
President and Financial Advisor
1 U.S. National Debt Clock : Real Time, https://usdebtclock.org. Accessed 14 November 2023
2 Lustbader, Rachel, and Staff Editor. “2023 Wills and Estate Planning Study.” Caring.com, https://www.caring.com/caregivers/estate-planning/wills-survey/. Accessed 14 November 2023.
Black Diamond Family Updates
Samantha and her husband Bill attend the 8th annual Buddy Walk!
Team Satchell is expanding quickly with 5 new chicks in the household!
Team Fitzgerald embraces their inner Spidey this past Halloween!
Ken Reese celebrated 9 years at Black Diamond on November 14th!
Samantha Nichols celebrated 1 year at Black Diamond on October 21st!
The BDFS family welcomes their newest advisor, Derrick Diksa!
Propagation Station has Arrived!
Black Diamond Financial is proud to present the "Propagation Station," a unique initiative where our community can exchange and share plant cuttings. We believe in fostering growth, both in nature and in financial well-being.
Trends in Focus:
- Current inflation rate as of December 2023 | 3.2%
During tech bubble of 2001 | 2.83%
- During housing crisis of 2008 | 3.84%
- During 2022 | 6.5%
Percentage of investors of all ages actively trading stocks in 2023 | 52%
- Of investors aged 27-42 | 68%
- Of investors aged 18-26 | 87%
Percent of decision to buy, hold, or sell a position contributed to emotion | 90%
- To logic | 10%
- Return rate for S&P investors who missed the market’s best 10 days per decade between 1930 – 2020 | 28%
- For those who did not jump in and out of market during that period | 17,715%
"During my husband’s final days, we agreed that I should find a financial advisor to help me with my retirement finances and ongoing investment plans. We also knew this was a process and required a trustworthy, well-educated, investment-savvy person. Ideally, he would be younger than me, so I didn’t outlive him, and he would have more insight than I concerning related matters of insurance, inheritance, taxes, and risk.
Ken Reese has been my financial advisor since he was referred to me by a trusted attorney and since our initial two meetings, he has demonstrated the qualities above. I have come to trust him for advice because he knows me and my risk comfort level. He took the time initially to learn my goals and my anxieties about investments.
He listened to my ideas and gave me a sounding board for my financial plans. Within the scope of the plan he developed for me, we have regularly made adjustments as conditions require.
Ken referred me to excellent tax specialist and other experts, as needed. And I have now referred several extended family members to receive Ken’s guidance.
I’m counting on Ken, and consider him a friend."
All testimonials are provided by current clients of BDFS Capital LLC and reflect their direct experience with their Financial Advisor. The testimonial was not edited by BDFS Capital LLC and is provided in its entirety. The client did not receive any cash or non-cash compensation for the testimonial
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19409 Plantation Rd Building 2 Unit 1 | Rehoboth Beach, DE 19971 US
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