Welcome to our monthly Economic, Capital Market, and “hot off the presses” Financial Planning tip of the month. Once again a special thanks to all of YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.
For those new to our writings, we touch on the most pertinent Economic and Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.
Let’s get going !
PSSST …. Hope you like our neat new intro to the video too!
Itemize special items on Your Homeowners Insurance
Jewelry
Paintings/Art
Rugs
Any special/unusual valuable items
If you have anything out of the ordinary, check with your homeowners carrier to see if it needs to be itemized. Not to worry, in most cases the premium will not rise much if any, BUT if you forget to itemize and theft, destruction or a loss in incurred, you will be sorry.
Most carriers only ask you let them know you have something that needs itemized … if they do not know, they will most likely only pay a more normal relative fair market value of the item, possible far below the true value.
Ok, so you didn’t see our writings before the loss. It’s not all bad news, would you believe, you can deduct personal losses from your taxes ? Yep
Here is the IRS ruling, just be aware, there are certain hurdles you must jump … all worth jumping to help offset the pain of our loss with a tax deduction!
Too Strong US Dollar … huh ?
Don’t look now, but those claiming the end of the US Dollar as the world reserve currency have to think twice.
Why the strength?
Russia/Ukraine conflict
Broad weakness across the world EX USA
More other countries currency falling than US strength
Chart of the US Dollar against a broad basket of world currencies
Positives:
Oil: denominated in US $, downward pressure on price
Imports less expensive
Good time to travel abroad
Negatives
VERY tough on exports(ers), less price competitive
Headwind for all non US countries
Tough for foreigners to buy, travel or spend here in US
It is not the TOTAL appreciation of the US currency, but the speed at which it happened … J.K. Financial, Inc.
Average Hourly Earnings
Today’s Top Economic Indicator
I am beginning to think this is one of the Holy Grail charts of our slow recovery. This recovery has been so slow to feel any pressure on wages, consumers are beginning to feel tapped out.
Consumer Confidence Drops Unexpectedly
Because wages have not increased with inflation pressures, consumers are taking a pay cut. Consumer confidence is a driver of our economy.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, please consult your financial advisor prior to investing!
Background
The is the vocal portion of J.K. Financial, Inc. a Dallas Texas Based Fee Only Total Wealth Financial Planning Firm. Founded by John Kvale, a Dallas Texas Fee only Financial Planner and Total Wealth Manager.
September 2014 Review: Monthly Financial Planning Tip, Capital Market and Economic Overview
Welcome to our monthly Economic, Capital Market, and “hot off the presses” Financial Planning tip of the month. Once again a special thanks to all of YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.
For those new to our writings, we touch on the most pertinent Economic and Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.
Let’s get going !
PSSST …. Hope you like our neat new intro to the video too!
VIDEO
You Tube Direct Link or Vimeo Direct Link
Itemize special items on Your Homeowners Insurance
If you have anything out of the ordinary, check with your homeowners carrier to see if it needs to be itemized. Not to worry, in most cases the premium will not rise much if any, BUT if you forget to itemize and theft, destruction or a loss in incurred, you will be sorry.
Most carriers only ask you let them know you have something that needs itemized … if they do not know, they will most likely only pay a more normal relative fair market value of the item, possible far below the true value.
Ok, so you didn’t see our writings before the loss. It’s not all bad news, would you believe, you can deduct personal losses from your taxes ? Yep
Here is the IRS ruling, just be aware, there are certain hurdles you must jump … all worth jumping to help offset the pain of our loss with a tax deduction!
Too Strong US Dollar … huh ?
Don’t look now, but those claiming the end of the US Dollar as the world reserve currency have to think twice.
Why the strength?
Chart of the US Dollar against a broad basket of world currencies
Positives:
Negatives
Average Hourly Earnings
Today’s Top Economic Indicator
I am beginning to think this is one of the Holy Grail charts of our slow recovery. This recovery has been so slow to feel any pressure on wages, consumers are beginning to feel tapped out.
Consumer Confidence Drops Unexpectedly
Because wages have not increased with inflation pressures, consumers are taking a pay cut. Consumer confidence is a driver of our economy.
Higher Consumer Confidence = Higher Spending (GDP 70% consumer) = Higher GDP
Keeping careful watch!
Have a Great Day!
John A. Kvale CFA, CFP www.jkfinancialinc.com www.street-cents.com 8222 Douglas Ave # 590 Dallas, TX 75225Share this:
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