How to Approach Your Finances in 2024
Each year, we often take a holistic look at our finances. Today, Alex Cabot and Ed Lambert of Birch Run financial break down what you should be looking at specifically, as we begin 2024.
Alex gives us six ponts to consider:
- If you have an advisor, review your plan and prepare for the upcoming year.
- Make sure your asset allocation is balanced for your goals., timeframe, and risk tolerance.
- Ensure your cash is working for you - there is yield to be found!
- Pay down your high interest rate debt, especially unsecured debt.
- Consider adding to your principal mortgage/debt payments - or consider paying down certain debts slower!
- Don't pay ANY attention to market predictions for the year - a good allocation can buffer against market volatility.
Next, Ed tells us how the Birch Run team is approaching this new year. They are optimistic for the long term, but fairly neutral on 2024 specifically. They believe technology will continue to drive growth over the next decades (as it has in the last 40 years).
Also, over the past 50 years, the S&P 500 has had a positive return in 78% of those years. If this trend holds, you've got roughly a 3 in 4 change of gaining money this year, and a 1 in 4 chance of losing money. The most important thing is to maintain an even-keeled approach in all types of market fluctuations. And the benefit of working with a financial advisory team is they can help keep you honest and take the emotion out of your money.
You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.
Or visit them on the web at https://www.birchrunfinancial.com/
Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536
Any opinions are those of Ed Lambert and Alex Cabot and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190.
Any rating is not intended to be an endorsement, or any way indicative of the advisors abilities to provide investment advice or management. This podcast is intended for informational purposes only.
