Weekly Market Recap – 12/27

60 Second Market Review

What happened?

  • Happy New Year from us at Freeman Capital
  • If you have a student loan, some good news! (for once…)

Things to be aware of…

  • Self-employed & saving for retirement?
  • Want to double your wealth? Forbes says those with a plan have double the wealth than those without one. Meet with us today.

The Details

What happened? 

Happy New Year from us at Freeman Capital. 

 

Actionable Items for You:

  • 2021 was full of surprises. Let’s reflect, be grateful, and be full of hope for 2022.
  • The holidays are a great time to reflect and give back or to spend some time concentrating on yourself.

Where to begin. 2021 was a year full of challenges, rewards, optimism, and pessimism. All we know for sure is that we will be entering 2022 a year wiser a week from now.

For the markets, things went extremely well overall. If you stayed consistent, you probably saw some strong gains this year, despite plenty of uncertainty and volatility. And that is a lesson in itself.

But overall, we want to focus on a couple of things at Freeman Capital: being grateful and hopeful. Grateful for what we have and what we have lost, hopeful for the years to come, and for the growth we experienced. If these past few years have taught us anything, we should expect the unexpected, and we need to roll with the punches to get ahead.

If you’re in a position to think of giving back to your community this holiday season – we can tell you it’s far more rewarding to give than to receive. And if not, that’s cool too – sometimes you have to concentrate on yourself, and the holidays are an excellent time to do that.

It’s also a great time to reflect. What goals did you accomplish this year? What do you need to work on? Remember, it’s never too late to get started, especially if you have the right mindset.

And, of course, make sure your family is covered by getting your savings in the right place for long-term success. We want to help you and build our community, and if you’re going to get started, feel free to set up a time to chat.

If you have a student loan, some good news! (for once…)

Actionable Items for You:

  • Interest and payments are postponed on your student loan until May next year, extended 90 days from February.
  • If you have one, you should take advantage regardless of your financial situation. Interest-free loans don’t come around all that often.


Student loan weighing you down? All good, you’re in the same boat with almost 45 million other Americans. And if you were worried about the coming February 1 end to the pandemic-related pause in loan payments, we have some good news for you: President Joe Biden announced that he is extending the pause until May 1 of 2022.

While this is not canceling your student debt, which everyone would like, it is at least some reprieve. If you have a student loan and are currently paying it off, I suggest you take an entire look at your finances before sending another dollar. If you have credit card debt, mortgage payments, or other types of interest-bearing debts, pay those first. In addition, while it’s not a long time, you could get started or continue your savings journey with a few extra monthly contributions instead of paying off your student loan.

The reason? Free money doesn’t come by often, so you should take advantage when it does. Make sure you have a plan in place for May when the interest starts to accrue, but be smart with your money until then.

Need some advice on where to start? We can help with that. Feel free to set up a time to chat

Things to be aware of…

Self-employed & saving for retirement?

 

Actionable Items for You:

  • Saving for retirement as a self-employed individual can seem daunting, but it is important. 
  • There’s a lot to know, but it’s less complicated than you think. And we can help.

If you are in the beginning stages of your business, saving for retirement may not be top of mind. But if your cash flow is steady, you may be ready to start implementing a retirement savings plan. 

Your retirement doesn’t need to be complex or burdensome. Adding a retirement plan can help build your savings and, depending on which plan you choose, can also help reduce your tax bill.

You will want to consider the following items when implementing a retirement plan as a small business owner:

  • Do you have any employees?
  • How much you can contribute to your retirement plan?
  • Your annual income

Once you have those at least in general terms, you can start to attack your retirement savings plan step-by-step. The four main accounts you need to be aware of when saving for retirement as a self-employed individual are:

  1. IRA
  2. Simple IRA
  3. SEP IRA
  4. Individual 401(k) and defined-benefit plans

With these, you can contribute anywhere from $6,000 per year to nearly $300,000 per year. Those numbers can add up large over time, and the earlier the better. You can learn more about those accounts here, but just know taking the first step is the most important. And if you want to simplify it, we got you. 

Do you want some help with starting your retirement savings? We’re here to help. Schedule an Intro Call Today.

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