TPW Trending Today

“I’ve got a will, I’m in good shape.”

“I know why estate planning is important – I’ll get around to it soon.”

Have you been putting off your estate planning? Why not make 2023 the year you get your estate in order?

The thought of planning around your incapacity or death can oftentimes feel like too much to contemplate, and thinking about the meaning of intimidating legal jargon can quickly lead to distraction and procrastination. However, while rarely at the top of a “to-do” list, most investors recognize the importance of proper estate planning, even if deferring or flat-out avoiding the creation of a thoughtful and customized estate plan is a huge error we see made time and time again.

Having an estate plan is not just for those who are wealthy or who are in their later years, as there is an abundance of reasons why estate planning is important. And as you will see below, estate planning is more than just having a collection of documents that specify how you want your assets distributed upon incapacity or death.

It is important to have a foundational understanding and working knowledge about fundamental estate planning documents. Want to bone up? The 411 on Estate Planning read our financial guide.

If you have any assets to leave behind, and people important to you, then read on – here are six reasons why estate planning is important!

1. To protect your children.

If you die, or become incapacitated, would you prefer to have a probate court appoint a legal guardian for your children and other dependents, or would you prefer to dictate who takes care of them? Clearly a rhetorical question.

Without an estate plan, the court will be making these decisions. And if a minor child has no surviving family members, and a third party such as a family friend does not step up, the child could end up in foster care.

2. To protect YOU.

What happens if you are incapable or unable to manage your own legal or financial affairs? Unless you have a durable power of attorney (one component of a well-assembled estate plan) the probate courts will get involved. This is time consuming, expensive, and tedious. Can you be certain about the court’s capacity to truly act in your best interests?

Additionally, having a healthcare proxy grants someone permission to make healthcare decisions for you if you are incapable of making them for yourself. Don’t have one? Fingers crossed that someone the probate court appoints, or a random hospital staffer who is unfamiliar with you and your wishes, may be in charge of you and your health. Also known as a living will, it is extremely important to have an updated one in place. 

3. To protect against overpaying taxes.

While estate planning is oftentimes associated with the wealthy because of federal estate taxes, there is a much lower economic bar to being subject to state estate and inheritance taxes, depending on the state you live in.

The current federal estate tax exemption for 2023 is $12.92 million per individual. This is the amount you can pass on at your death and be exempt from federal estate and gift taxes. If you are a married couple, you can pass almost $26 million in assets tax free.

However, this exemption will revert back to $5 million (adjusted for inflation) per individual in 2026, and more people will be subject to it.

Additionally, while California surprisingly does not, 12 states (and the District of Columbia) do impose a state estate tax, and six states impose an inheritance tax, usually with much lower financial thresholds than the federal levels mentioned above. Massachusetts and Oregon tax estates valued at more than $1 million, and in Nebraska, heirs may pay inheritance tax on anything over $10,000 (depending on their relationship to the decedent).

4. To avoid probate and protect against wasting time and money.

Probate is the court-supervised legal process of authenticating, validating, and administrating your will (if there is one), assessing the value of your assets, paying off debts, and then distributing the remainder to whom the probate court deems to be your rightful heirs.

Sound complicated and tedious? Probate usually is, costing your family and loved ones time, stress, and money. However, the good news is that it is avoidable! Simply create a revocable trust and retitle your assets into its name during your lifetime, and any asset titled in the trust is a “probate-free” asset.

Click the image below to watch our educational video

5. To restrict your assets from and protect against the bad decisions of other family members.

Owning and holding assets in the name of your revocable trust is a good safety measure for not only you, but for your family as well. Establishing clauses on when and at what age beneficiaries may receive your assets is a powerful tool, as is dictating who will act as the trustee.

Additionally, with a well-assembled estate plan, you have the ability to ensure that your assets go to your children or grandchildren rather than to a spouse’s new partner or other family members, cutting out unwanted inheritors.

6. To protect your privacy.

Probate is public, and if your will goes to it, it becomes public record. Unless you don’t mind everyone knowing about your financial position, information, beneficiaries, and intent, you want to do everything to avoid it!

These six reasons for ensuring that you have a comprehensive and documented estate plan and strategy should eliminate any question of why estate planning is important. People always think they have enough time left for planning like this, until they don’t.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients save and invest for retirement while minimizing taxes.

We wrote about the many wealth-building opportunities and retirement planning considerations created with the passage of the brand-new Secure Act 2.0 in our December 23, 2022 Trending Today newsletter, which was very well-received by our clients, colleagues, and friends.

Understanding this interest and demand, we created a CliffsNotes version of what we feel to be the major and most important provisions of Secure Act 2.0.

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

Tax season is right around the corner. And with it will come the inevitable onslaught of forms, schedules, and statements. The centerpiece in this tax paperwork deluge are your 1099s.

What exactly is a Form 1099, why can they be so frustrating to process, and importantly, how do you manage the problem of receiving a late, amended one? Click below to read our white paper and find out!

Click below to begin a dialogue with Steve Pitchford, Director of Tax and Financial Planning.

Useful and interesting content we’ve read over the past two weeks:

Your Stuff is Actually Worse Now

Vox – 1.4.2023

Consumer goods have faced a dip in comparative quality. All manner of things we wear, plus kitchen appliances, personal tech devices, and construction tools, are among the objects that have been stunted by a concerted effort to simultaneously expedite the rate of production while making it more difficult to easily repair what we already own, experts say.

How an Alaskan ‘Puppy Bus’ Went Viral

NPR – 1.24.2023

Mo Thompson never planned to be a dog walker — and she definitely didn’t plan to go viral on TikTok. But recently, her videos of the pups she walks have racked up millions of views, especially the ones showcasing how she picks them up: the puppy bus.

“They’re getting on the bus and they get in their seat, and the Internet just lost it,” she said. “50 million views. That was wild.”

The Fiscal Arsonists

Noahpinion – 1.22.2023

I regret to inform you that once again, people are playing weird political games with the U.S. fiscal system.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

Understanding that 2022 was the worst year ever for bonds, BlackRock’s chart below gives us optimism that 2023 will be better.

At Towerpoint Wealth, we help you remove the hassle of properly coordinating all of your financial affairs, so you can live a happier life and enjoy retirement. If you are worried about how the 2024 election could affect your financial future, we welcome talking further with you about your personal situation.

Worried about whether you have enough set aside to retire? Check out our “Retiring with 2 Million Dollars” guide to learn five specific steps you can take immediately to work to grow your net worth!

Joseph Eschleman
Certified Investment Management Analyst, CIMA^®

Jonathan W. LaTurner
Wealth Advisor

Steve Pitchford
CPA, Certified Financial Planner^®

Lori A. Heppner
Director of Operations

Nathan P. Billigmeier
Director of Research and Analytics

Michelle Venezia
Client Service Specialist

Luis Barrera
Marketing Specialist

 Megan M. Miller, EA
Associate Wealth Advisor

 Connect with Towerpoint Wealth, your Sacramento Financial Advisor, on any of these platforms, and send us a message to share your preferred charity.

We will happily donate $10 to it!

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As our clocks struck midnight this past Saturday, advancing from 2022 into 2023, many investors were eager to turn the page on what was a grinding, unsettled, and very difficult year in the financial markets. The only good news that can be taken from the 2022 investor experience? Fortunately, past performance is no guarantee of future results!

• Stocks, as represented by the S&P 500, finished 2022 down just shy of -20%:

• Bonds, typically the “Steady Eddies” of a properly diversified portfolio, did not fare much better, with 2022 being one of the worst years for bond returns in h The US Federal Reserve raised (“tightened”) its target short-term interest rate seven times to fight inflation, from 0.25% to 4.50%, representing an unprecedented pace of increases in such a short period of time for the 109-year-old central bank. 
  
  This interest rate tightening led to historically poor returns for bonds in 2022. Long-term US Treasuries were down -31.2%, and the Bloomberg US Aggregate Bond Index (the Agg), a broad measure of the overall bond market, had its worst year on record, down -13%.

Except for those holding cash, or commodities or energy stocks, 2022 was an awful year for the capital markets, one that virtually all of us would like to forget. This has caused many investors to ask – with 2022 as bad as it was, will 2023 be similar?

Below we will explore how recency bias can lead to poor and irrational financial and investment decision-making, oftentimes because investors FORGET that past performance is no guarantee of future results!

As we exit 2022, what were the major headlines for the year that drove this volatility?

Here at Towerpoint Wealth (TPW), we believe what’s past is prologue, and in light of the difficult year that investors had to endure in 2022, we are certain that many will exhibit recency bias when thinking about the future of their investments, portfolio, and overall status of their personal net worth. 

We also believe that doing so is a mistake.

Is it reasonable to believe that 2022’s poor market performance repeats itself in 2023? We believe no. Does having recency bias oftentimes lead to short-sighted and poor financial planning and investment decision making? We believe yes. And while historical patterns are important, and will always shape how investors feel about the future of their portfolios and investments, our core TPW wealth management philosophy leads us to counsel and work with our clients to be disciplined, to remain level-headed, to have a plan, and to objectively execute on it. 

The common investment disclaimer rings particularly true to us here at Towerpoint Wealth as we move into 2023: Past performance is no guarantee of future results.

Put more succinctly: We strongly encourage you to not fall prey to recency bias!

Lastly, there will always be the temptation to deviate from your plan, to not be disciplined, and to capitulate and sell to “stop the bleeding.” Much more often than not, these choices are strongly influenced by recency bias, and considered at the worst possible time – when prices are temporarily low. If you notice yourself feeling this way right now, we encourage you to reach out to us, and/or click the report found below.

Here’s to a productive and hopefully profitable 2023. We can’t wait to see what the new year has in store for all of us!

Have questions or concerns? Message us to share them,
and let us know you’re interested in learning more.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients save and invest for retirement while minimizing taxes.

Our TPW family continues to grow as we prepare for an exciting new year in 2023!

Just three short weeks ago, we happily welcomed our new Associate Wealth Advisor, Megan M. Miller, EA, to the firm.

We feel extremely fortunate to have this experienced, caring, talented, highly ethical, engaged, and organized professional joining the Towerpoint Wealth team, and encourage you to click the image below (and also hit that thumbs up button on YouTube!) to find out more about Megan. Hint – she’s awesome!

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

He is one of the most successful investors in the world for a reason – Warren Buffett is the epitome of value and disciplined investing!

Click the image above to watch an excellent video reel of Warren, riffing on his optimism about America, the importance of buying low (and also when people are scared), and why trying to predict the future is futile. A few excerpts:

“I bought stocks after 9/11.”  |  “I bought stocks in 1987 after the big crash and the fall.”  |  “The country’s not going to go away.”  |  “The country will grow in value over time.”  |  “Now… who gets it is another question!”  |  “It’s a terrible mistake to buy or sell stocks based on what you think business are going to do next month, even next year.”

Are you self-employed? Looking for opportunities to lower your taxable income while building personal net worth?

Traditional employees with W-2 income usually have an omnipresent income tax deduction available to them: Making traditional, pre-tax 401(k), 457, or 403(b) contributions.

Conversely, if you are self-employed, you are not an employee, and will not have a company-sponsored retirement plan to contribute to. However, all is certainly not lost if you are a sole proprietor, as there are a number of powerful self-employed retirement plan options available to you to reduce your taxable income while growing your portfolio and nest egg, arguably better than the traditional retirement plans offered to W-2 employees!

Click the image below to better understand the differences, advantages, and disadvantages of “crawling” via a

1.) SIMPLE-IRA, “walking” via a

2.) SEP-IRA, “running” via a

3.) OnePersonK or Solo 401(k), and “flying” via a

4.) personal defined benefit plan (DBP), as each type of account offers self-employed individuals a tremendous opportunity to save money on taxes and build wealth.

Are you self-employed, and would like to learn more about strategies still available to you to REDUCE your 2022 income taxes? Click below to begin a dialogue with Steve Pitchford, Director of Tax and Financial Planning.

Have more questions? Contact us or click below to message our Director of Tax and Financial Planning, Steve Pitchford, to request a complimentary analysis.

1. How SpaceX’s Starlink terminals first arrived in Ukraine

Quartz – 12.22.2022

Weeks before Russia invaded Ukraine, the US began scrambling to find satellite communications equipment that could keep the Ukrainian government connected to the rest of the world, new documents reveal.

Those efforts resulted in thousands of satellite-antenna terminals that connect to SpaceX’s Starlink broadband internet network being sent to Ukraine. They have proven vital to Ukraine’s war effort, but became a source of controversy for both SpaceX and the US over the service’s cost, and who is paying for it.

2. Lawmakers Say McCarthy Speaker Fight Portends Debt Ceiling Crisis

The Hill – 1.6.2023

The messy, drawn-out battle over electing the next Speaker is raising the danger of a debt limit crisis later this year, lawmakers in both parties warn.

Conservative rebels in the House are demanding that the next Speaker, whether it’s Rep. Kevin McCarthy (R-Calif.) or someone else, make a stand against passing a clean debt limit increase, which would set up a major fight with Senate Democrats and President Biden.

3. Freudenschaude (Freudenfreude)

Barry Ritholz, The Big Picture – 1.2.2023

As the new year begins, perhaps we would all be better off if we engaged in less Schadenfreude and more Freudenfreude. Let’s stop taking delight in other people’s misfortunes, and recognize that there but for the grace of God go I. Let’s recognize how rare and fragile success is, and revel in it – even if that means there is no increase in our bank accounts, our follower numbers, or our status among the neighbors.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

For this edition of Trending Today, it’s not a chart, but a graphic.

“For success, attitude is equally important as ability.”

– Walter Scott

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

At Towerpoint Wealth, we help you remove the hassle of properly coordinating all of your financial affairs, so you can live a happier life and enjoy retirement. If you are worried about how the 2024 election could affect your financial future, we welcome talking further with you about your personal situation.

Worried about whether you have enough set aside to retire? Check out our “Retiring with 2 Million Dollars” guide to learn five specific steps you can take immediately to work to grow your net worth!

Joseph Eschleman
Certified Investment Management Analyst, CIMA^®

Jonathan W. LaTurner
Wealth Advisor

Steve Pitchford
CPA, Certified Financial Planner^®

Lori A. Heppner
Director of Operations

Nathan P. Billigmeier
Director of Research and Analytics

Michelle Venezia
Client Service Specialist

Luis Barrera
Marketing Specialist

 Megan M. Miller, EA
Associate Wealth Advisor

 Connect with Towerpoint Wealth, your Sacramento Financial Advisor, on any of these platforms, and send us a message to share your preferred charity.

We will happily donate $10 to it!

Follow TPW on LinkedIn
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Follow TPW on X

Please click below for a special one minute holiday message from all of us at Towerpoint Wealth!

While we’re wishing for peace, and working to help you coordinate all of your financial affairs during this holiday season, US lawmakers are currently considering major tax reform—again. Put differently, we can’t help wondering about the Secure Act 2.0 status.

The massive $1.7 trillion year-end omnibus spending bill could be voted on in the coming days, funding our government through September of 2023. Putting the sheer size of this legislation in physical perspective (and love him or hate him), here is a Tweet from Senator Rand Paul (R-KY) standing next to a photo of the 4,155 page bill:

Putting aside the very real possibility that the legislation could add another $500 billion to the $31 trillion US national debt, what is of particular interest to our clients, and therefore to us, is the Secure Act 2.0 status, a major component of this omnibus spending bill.

Secure 2.0 is bipartisan retirement savings legislation that is part of the sweeping $1.7 trillion omnibus spending bill, and is a package of proposed tax reforms and changes to help Americans save and invest more for retirement.

Why do we care at Towerpoint Wealth about the Secure Act 2.0 status? Put simply, we believe that any changes in law that help Americans save and invest for retirement are positive changes!

While there are more than 100 provisions in the Secure 2.0, here are six important highlights regarding how the Secure Act 2.0 may help and benefit YOU, if passed:

1.  Increased age for retirement plan required minimum distributions (RMDs)

Currently, you must begin taking RMDs from your retirement accounts at age 72. Secure 2.0 would increase this RMD age to 73 as of January 1 of 2023, and to 75 over the next ten years.

2.  Bigger “catch up” contribution limits for people ages 60 to 63

Currently, you can put an extra $6,500 annually into your 401(k) once you hit age 50. Secure 2.0 would increase that limit to $10,000 (or 50% more than the regular catch up amount) starting in 2025 for retirement plan savers ages 60 to 63.

3.  Emergency savings accounts

One provision of Secure 2.0 would let employees withdraw up to $1,000/year from retirement accounts for emergency expenses without having to pay the typical 10% federal tax penalty for pre age-59 ½ withdrawals.

Companies could also let workers set up an emergency savings account through automatic payroll deductions, up to $2,500/year.

Contributions to this account would be treated like a Roth account – they’d be after-tax contributions and their growth would be tax free. This could create a Roth-type account for employees to save in their retirement accounts to meet emergency expenses in the future. Leftover money would stay in the account year-to-year and could be rolled over to a Roth IRA in the future.

4.  Matching contributions for student debt payments

Beginning in 2024, student loan payments would count as retirement contributions in workplace retirement plans such as 401(k), 403(b), 457(b), and SIMPLE-IRA accounts, and would qualify student debtors for a matching company contribution into their retirement account while paying their student loans.

5.  Saver’s Match

Workers with incomes up to $71,000 will receive a matching contribution from the government when they save inside of an IRA and/or workplace retirement plan.

In its current form, the Saver’s Credit allows individuals to receive up to 50 percent of their retirement savings contribution (capped at $2,000), in the form of a nonrefundable tax credit. Put differently, they receive the money back, up to $1,000, if they owe at least that much in taxes. If they don’t owe any taxes, they don’t receive the benefit. 

However, starting in 2027, instead of the nonrefundable tax credit (paid in cash as part of a tax refund), taxpayers will receive a federal matching contribution that must be deposited into their IRA or retirement plan.

6.  Broadening uses for “unspent” tax-free 529 college savings money

Tax and penalty-free rollovers of up to $35,000 from 529 college savings accounts to Roth IRAs would be allowed, as long as the 529 has been open for at least 15 years.

Like those big holiday meals, this new legislation sure is a lot to digest.

To be clear, the $1.7 trillion omnibus spending bill is very controversial, and may or may not be passed by Congress. However, if it does pass, President Biden is expected to sign it into law, making the Secure Act 2.0 status no longer a question, but reality.

Have questions or concerns? Message us to share them, and let us know you’re interested in learning more.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients save and invest for retirement while minimizing taxes.

What do falling off a bike, the movie Elf, baking calzone, BB guns and broken windows, homemade chocolate pie, why Santa Claus doesn’t “do” Mexico, and a 110 lb. rottweiler have in common? Click the thumbnail image below to find out!

We hope you get a kick out of our video, where the one consistent theme amongst everyone at TPW was spending time with family.

Don’t forget to have a good laugh at the TPW grinch at the 2:42 mark, and most importantly, we hope that you have a peaceful, warm, and joyous holiday season.

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

We were all very fortunate to spend some quality fun time together earlier this month, connecting for our 2022 Towerpoint Wealth holiday party!

Surrounded by our close friends and family, we gave thanks for another year of blessings and good fortune as we enjoyed an evening toasting our clients and our TPW family.

A special thank you to the wonderful team at Mulvaney’s B&L for the amazing food and great service, and to Patrick Mulvaney for his cameo appearance!

As you and your family continue with your holiday festivities, we want to express our gratitude for your confidence and trust in our planning, counsel, discipline, and service, and wish everyone a prosperous 2023 as well!

As 2023 quickly approaches, it is essential that your overall financial, investment, and retirement plan and strategy is evaluated for year-end tax saving and tax minimization opportunities. Personal income tax situations constantly change, and we believe that tax law changes in 2023 are inevitable – two baseline reasons that highlight the importance of proactive tax planning prior to December 31.

The 2022 Tax Planning Checklist found below, courtesy of our friends at BNY Mellon, does an excellent job of outlining potential tax minimization strategies to consider. Get on it before the ball drops in Times Square, and be sure you have done everything you can to reduce your obligation to Uncle Sam this year!

Have more questions? Contact us or click below to message our Director of Tax and Financial Planning, Steve Pitchford, to request a complimentary analysis.

Have you proactively considered end of year strategies to REDUCE your 2022 income taxes?

Useful and interesting content we’ve read over the past two weeks:

1. The Quiet Disappearance of the Safe Deposit Box

the Hustle – 12.2.2022

Once revered as the safest way to store physical valuables, safe deposit boxes are now being phased out by major banks. The move is already starting to backfire.

2. Surging Retail Theft Could Force WalMart to Close Stores and Raise Prices, CEO Doug McMillon Warns

NY Post – 12.7.2022 

A gesture towards closing stores is part of a retail industry effort to highlight dollar increases in “shrinkage” or inventory lost to thieves, although national data suggests shrinkage has not risen as a percentage of revenue in recent years.

3. Thousands Wait at US-Mexico Border, Awaiting Ruling on Title 42 Asylum Limits

Associated Press – 12.21.2022

Migrants along the U.S. border with Mexico crowded into shelters Wednesday as they waited for the Supreme Court to rule on whether and when to lift pandemic-era restrictions that have prevented many from seeking asylum.

The limits on border crossings had been set to expire Wednesday before conservative-leaning states sought the top court’s help to keep them in place. The Biden administration asked the court to lift the restrictions, but not before Christmas.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

We all know that the US government (in this case, the US Federal Reserve) is aggressively increasing interest rates to combat the rampant inflation we have experienced throughout 2022, but this fast, and this quickly?

For borrowers, this is bad news. However, for savers and lenders (if you own bonds, or have a savings or money market account, this means you!), this is good news, as it generally means more money and interest income in your pocket.

Click here to send us a message

If you speak with someone who is concerned or
unsettled about their investments or advisor, we welcome talking with them.

Click here to introduce us

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it. 

– Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

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Click HERE to follow TPW Podcast : A Wealth of Knowledge

You’ve probably noticed, the Sacramento housing market is falling asleep!

Understanding that real estate is an important part of the net worth of virtually all of our clients, and whether you are in the market to buy, sell, or just hold real estate, a combination of metrics right now has people in Sacramento almost expecting real estate prices to drop. This is certainly a different, weaker market than what it was seven short months ago.

In our own April 22, 2022 Trending Today newsletter, Will Homeowners Frown with Housing Prices Going Down?, we wrote of legitimate reasons for housing “bulls” to say that the “pandemic housing boom” had room to run. There was:

• Virtually no inventory!
• Demand remained strong.
• Buyer urgency remained high.

We also mentioned what the housing and real estate “bears” were warning us about – a hawkish US Federal Reserve, surging interest rates on 30-year mortgages, horrible affordability, and homebuilder stocks that were completely out-of-favor.

Yes, things are different now.

Sacramento home prices are declining, and interest rates are much higher. Both sales volume and sales prices are down. Will these declining prices continue? Is there a bottom yet to come in this housing cycle, as the image below would indicate?

This weakness is not just here in Sacramento, it is occurring throughout the Western US and virtually the entire country:

Migration is one factor that is not causing real estate prices to drop here in Sacramento, as we are still much more of an inbound destination, which provides some support for the value of Sacramento housing:

While nice to see, this migration data has not mitigated a slowdown in sales here in Sacramento, as November real estate sales were the worst in two decades for the Sacramento region, down close to 50% from last year’s November sales number.

In light of much of this bearish news about Sacramento housing, let’s keep some perspective – since a combination of reasons have caused real estate prices to drop, the market is much more attractive and affordable now if you are a buyer!

If you are looking for more perspective and perhaps a forecast of what to expect for 2023, this timely Realtor.com article has a lot to say!

Have questions or concerns? Message us to share them, and let us know you’re interested in learning more.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth

Our President, Joseph Eschleman, recently conducted an extremely productive financial, investment, and retirement comprehensive review meeting with two excellent and long-time TPW clients, Dan and Sue Britts.

Dan, Sue, it was great to see and connect with both of you – LOVE your big smiles, and glad to hear how enjoyable your recent trip to Ville de Sanary-sur-Mer was!!

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

Is a recession around the corner? Quite possibly…

Are you worried your portfolio will suffer further declines? Just about everyone is…

Do you wonder: How can I better protect my investments from the pain a US recession might bring?

Have you considered: Are there ways to take advantage of a recession if and when one occurs?

Well, we have some answers for you!

Click the image below to watch our newly-published educational video, “The Top 5 Ways to Recession-Proof Your Portfolio.”

Required Minimum Distributions

Dreading a Required Minimum Distribution, or RMD, from a retirement account? No doubt, it’s because of T-A-X-E-S.

While RMDs can be an unwanted by-product of contributing to and investing in retirement accounts such as 401(k)s, IRAs, 403(b)s, etc., there are impactful and proactive tax planning strategies that can materially lessen the tax sting of an RMD.

What are RMDs, and how should an individual plan for them within the context of a tax-efficient retirement strategy? Click below to learn more about RMDs, and specifically, three actionable RMD strategies worth evaluating to better keep Uncle Sam at bay.

Have you considered how to plan around taking your 2022 RMDs? Click below to message Steve!

Useful and interesting content we’ve read over the past two weeks:

1. #NeverTesla – Elon Musks’s Twitter is Full of People Swearing off Tesla

Bloomberg – 11.29.2022

The belligerent and erratic performance in his new role as “chief Twit” has raised Elon Musk’s already stratospheric public profile to new heights. If Twitter is a global town square, Musk has transitioned overnight from one of its loudest orators to equal parts mayor and sheriff, with the potential to irritate far beyond the echo chamber of his 118 million followers. For owners and potential buyers of Tesla cars, it has become all but impossible to find neutral ground on the controversies that surround Musk.

2. Tiger Woods Concedes He’s Almost Done Playing Golf, Unloads on LIV’s Greg Norman

Yahoo Sports – 11.29.2022

Tiger Woods’ playing days are almost done. But his influence on the game will clearly continue long after he’s holed his last putt.

Woods spoke Tuesday morning in advance of the Hero World Challenge, his own tiny-field tournament in the Bahamas, and as has become the norm at this event, he was unusually open and forthright, both about his own game and the state of the sport in general.

3. Crypto Creep Claims No Fraud!

CNBC – 11.30.2022

Former FTX CEO Sam Bankman-Fried, in possibly the understatement of 2022, said Wednesday, “I’ve had a bad month.”

The former billionaire added that he “didn’t do a good job” at upholding his responsibilities to regulators, customers and investors in a hotly anticipated conversation with CNBC’s Andrew Ross Sorkin at the DealBook Summit.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

September, 2022 was one of the worst months in the stock market, as represented by the S&P 500, since 1950.

The good news? In looking back at the worst 15 individual months for the S&P 500, stocks have historically rebounded, with 1-year forward returns averaging more than +23%.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

While the global 24/7 news cycle churns, twists, and turns, here are a number of fun, local trending events of note:

• November 25 – January 1 – Enchant Sacramento – Sutter Health Park
• November 18 – January 2 – Imaginarium – Light Up the Night – Cal Expo Center
• December 4 – Chicago Bulls vs. Sacramento Kings, December 4, Golden1 Center
• December 7 – Adam Sandler, LIVE – Golden1 Center
• December 10, 11 – The Nutcracker with Live Orchestra – SAFE Credit Union Performing Arts Center
• December 11 – Kevin Hart: Reality Check Tour – Golden1 Center

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it. 

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

The markets, politics, and economy are uncontrollable and unpredictable. However, income taxes and investing costs, while unpleasant for sure, are omnipresent and forever.

As you work to build and protect your net worth, investing costs, fees, and expenses are virtually unavoidable. And owning investments inevitably means you will be subject to income tax obligations as well. The bad news? These two “necessary evils” are inevitable and unavoidable when working to grow and protect your net worth. The good news? With intelligent and proactive planning, we DO have some control over reducing and minimizing both!

Be it taxes or investment costs, it’s not what you make but what you keep. Let’s take a closer look at both necessary evils, and what can be done to reduce and minimize each of them.

Necessary Evil 1 – Taxes

Are income taxes dragging you down, ruining the “gas mileage” of your portfolio, and bringing down its real return? While financial and investment decisions should never be primarily driven by taxes, evaluating opportunities to reduce and minimize the income tax drag of your portfolio should always be top of mind.

Things to consider:

1.  The location of your investments matters: If you have a “regular” taxable account and also a tax-deferred retirement account, understanding which account to hold which of your investments in makes a huge difference. Knowing how to leverage, and what to hold, inside of IRA and 401(k) accounts can have a significant influence on your net, after-tax returns.

2.  When to buy and sell your investments matters: Tax-loss harvesting and the strategic realization of capital gains can make a huge difference when reducing the overall tax drag of your portfolio.

3.  Which accounts to trade in matters: Should you buy and sell in your tax-deferred IRA or 401(k) account, or would it be better to take advantage of the long-term capital gain and/or return of principal opportunities that a “regular” taxable account offers?

4.  The type of investments and funds you own also matters: Certain funds trade less and have lower turnover, tending to be inherently more tax efficient, as compared to funds that do a lot of active buying and selling, which can generate unwanted income and capital gain distributions.

5.  Which accounts you make withdrawals from matters: When taking money from your portfolio, being mindful of the type of account you decide to draw from matters, as does your personal income tax bracket at the time these withdrawals occur.

Necessary Evil 2 – Investment Costs

Four out of 10 investors don’t know how much they are paying in fees and investment costs, according to a study by Consumer Reports. And one of the easiest ways to bolster your returns and to better grow and protect your net worth is through expense, fee, and cost reductions.

Things to consider:

1.  Consider low-cost index funds and ETFs over actively-managed funds. While you don’t receive a bill in the mail to physically write a check to pay the internal costs and expenses of your diversified investment funds (these are paid directly out its returns), it is essential to be aware of, and work to reduce, this necessary evil.

2.  Reduce/eliminate account custodial fees and trading commissions/costs. Use a custodian or brokerage firm that doesn’t charge for these things. This is simple, and an absolute no-brainer. Towerpoint Wealth has partnered with Charles Schwab as our custodian, and our clients do not pay any account custodial fees, nor any stock/ETF trading commissions.

3.  Do not pay a “load” when investing in a mutual fund. A “load” is another word for commission. Don’t pay them, and instead seek out no-load and institutional funds, and financial advisors who recommend them.

4.  Pay attention to hidden fees within your company-sponsored retirement plan. Ask to see the summary plan description, also known as the plan document. If your menu of investment choices is a limited selection of high-expense/high-fee funds, ask your plan administrator why, and what lower-cost options are available to you.

Reducing and minimizing investment costs and income taxes is a significant responsibility of properly managing, protecting, and growing your net worth. There is no question that the drag created by these two necessary evils reduces the overall “gas mileage” of your portfolio, but fortunately, you do have direct control over the application and implementation of the above-mentioned strategies. As Warren Buffett said:

Have questions or concerns? Let’s talk.

Message us to schedule a no-strings-attached initial conversation.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth

Keeping our professional saw sharp! Click to read more

After two years of having to host the conference virtually, the 2022 Charles Schwab IMPACT conference, aka the “World Series of Investment Conferences,” was back in full effect in Denver, CO this month.

Among the more than 5,000 invite-only attendees were our Director of Research and Analytics, Nathan Billigmeier, our Director of Tax and Financial Planning, Steve Pitchford, and our Partner, Wealth Advisor, Jonathan LaTurner. 

From live keynote presentations from some of the biggest names in business, finance, wealth management, and politics, to intimate and interactive breakout sessions throughout the three-day event, the conference is a one-of-a-kind and fully-immersive experience for attendees.

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

Are you aware of your ability to align your investment portfolio with your personal values?

Watch an interesting and insightful conversation between our President, Joseph F. Eschleman, CIMA®, and Jay Lipman, co-founder at Ethic Investments, a global leader in ESG investing who helps empower wealth advisors and investors to create sustainable and socially-responsible portfolios.

Joseph and Jay specifically touch on:

• What is ESG, sustainable, and responsible investing?
• Why demand for ESG, sustainable, and responsible investing has exploded over just the past 18 months.
• Why returns and growth no longer need to be sacrificed when utilizing and implementing an ESG and sustainable investment philosophy.
• Why utilizing a customized separately managed account (SMA) is a much more effective way to develop and implement a inclusionary and exclusionary ESG-focused portfolio, as opposed to an ESG ETF or open-end mutual fund.
• How the pandemic and COVID-19 accelerated the growth and focus on ESG investing.
• What the future of ESG, sustainable, and responsible investing looks like.

Have you heard of an exchange fund? Are you aware of how an exchange fund can help you diversify your holdings and defer capital-gains taxes?

Exchange funds, also known as swap funds, pool large amounts of concentrated shareholders of different companies into a single investment pool, allowing large shareholders of a single stock to exchange this concentrated stock holding into a share in the pool’s more diversified portfolio.

Each exchange fund investor receives a share of partnership units commensurate with their contribution. The fund then employs its strategy, and usually after seven years, you have the option to redeem your units. When you do, you typically receive a pro-rata share of some or all of the stocks in a fund’s portfolio, depending on the policy of the individual fund. Or, you can continue to stay invested in the partnership on a tax-deferred basis.

Have more questions? Contact us or click below to message our Director of Tax and Financial Planning, Steve Pitchford, to request a complimentary analysis.

Have you considered specific 4Q, 2022 tax-planning and tax-reduction opportunities, before December 31 comes and goes?

Useful and interesting content we’ve read over the past two weeks:

1. Republican Infighting Roils Congress As Midterms Fallout Continues

Washington Post – 11.15.2022

Republicans in both chambers of Congress mounted challenges to their leaders Tuesday as disappointment over their lackluster performance in the midterm elections manifested in infighting and instability at the Capitol.

2. CNN, ABC News Cuts: TV News’ Belt-Tightening Era Begins

Hollywood Reporter – 11.16.2022

As CNN, ABC News, and others grapple with an advertising downturn and lower linear (non-streaming) viewership, the new mandate is to trim costs and find savings however they can while staffers weather the storm.

3. Yankees Ready to Pay Top Dollar to Keep Aaron Judge

NY Post – 11.15.2022

Hal Steinbrenner sounds prepared to do what it takes to keep Aaron Judge a Yankee – to a point. The Yankees’ managing general partner said Tuesday he told Judge he wants him to stay in the Bronx and indicated money won’t prevent that from happening.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

The below chart reflects the material range of possible outcomes, depending on whether or not a tax-smart approach was taken. Whether investing for short-term or long-term gains, a failure to follow a tax-sensitive strategy can significantly impact your financial security.

Broken record: Let us help you keep as much of your growth and returns as possible. 

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it. 

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

Click HERE to follow TPW on LinkedIn
Click HERE to follow TPW on Facebook
Click HERE to follow TPW on Twitter

Many investors are asking: “If the (insert: REPUBLICANS or DEMOCRATS) win the 2022 midterm election, should I change my investment strategy?”

Be it a bear, a bull, a donkey, or an elephant, investors tend to place a significantly greater amount of attention on political outcomes than is necessary, at least when it comes to their investment portfolios.

Given the relative stability of our economic system, US history has shown that there is not a “preferred” political party for the overall stock market. While electoral developments at the federal level may create shorter-term volatility, who ultimately sits in Congress matters less than you think. And regardless of which party wins the House and Senate next week, the historical performance of the stock market after the 2022 midterm election may end up being very good.

At Towerpoint Wealth, we believe that good, well-run, and profitable companies will almost always remain good, well-run, profitable companies, regardless of which way the political winds are blowing. Regardless of whether the White House and Congress are unified or divided, the stock market tends to march higher over time. However, what is also true is that volatility tends to elevate during midterm election years, even if temporarily.

Sound like 2022 so far? Understanding this data, we believe that 2023 can’t get here fast enough!

Putting aside the market and investment implications of the upcoming 2022 midterm election, below is what has happened historically in Congress.

Here at Towerpoint Wealth, we witness it firsthand every two years – a cross-section of clients who lean Democrat tend to become more worried, uneasy, and concerned about their investments after a Republican win, and conversely, certain Republican clients have the exact same feelings after a Democrat victory. Either way, we recognize it can be difficult to be fully rational during this period of heightened political discourse and rhetoric.

We have seen that politics can oftentimes distract an investor from focusing on and ultimately achieving longer-term financial goals. While there is no question that government policy can have an impact on economic growth, and can also affect specific stocks, bonds, and sectors, for most long-term investors, it makes more sense to focus on economic and market fundamentals rather than the upcoming midterm election poll results.

Two important reasons we have this viewpoint:

1. Investment returns over the longer-term correlate directly to the economic cycle, which has less to do with who’s in office as compared to other factors that drive growth. Many economic and technological trends are much larger than politics.
2. Economic policy is difficult to evaluate and often works with a lag. For instance, while corporate tax cuts may result in a short-term jump in the stock market, the true economic benefits occur over years and decades.

There will ALWAYS be pundits and “talking heads” on both sides of the aisle, predicting doom and gloom based on the other party’s proposals. And while there are policies that can promote long-term investment spending and job growth, the record shows that it’s incredibly difficult to accurately predict the shorter-term economic impact of any particular proposal.

It is paramount to focus on fundamentals in an uncertain environment like the one we are in today. The Towerpoint Wealth Investment Committee anticipates that the economic and market conditions that have fueled the volatility we have experienced this year will remain in place for some time after the last votes are counted, and the “noise” from the 2022 midterm elections subsides. However, we encourage you to not get too low, as the 4th quarter of 2022, and 2023 as a whole (the third year of President Biden’s term), could and probably will be quite different than what has happened so far in 2022, as evidenced by the two charts below.

Have questions or concerns? Let’s talk.

Let’s talk – message us to schedule a no-strings-attached initial conversation.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth

The Towerpoint Wealth team donated and handed out close to 100 brown bag lunches to the unhoused and other people in need at the footsteps of the Cathedral of the Blessed Sacrament in Downtown Sacramento two Tuesday’s ago.

During this Community Volunteer Day, the TPW team connected with this underserved sector of our community, directly helping unhoused people in dire need of basic necessities like food, water, clothing, and in some instances, pet food.

While the recent surge of the unhoused population in our region has split community leaders looking for solutions, we at Towerpoint Wealth were proud to do our small part in helping meet the basic needs of the most in need, at least for one day.

To find out how you can help and to learn more about this program, please visit https://www.cathedralsacramento.orgministries and refer to the Brown Bag Lunch Ministry.

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

Are you a technology director, VP, or engineer? Are you receiving restricted stock units, or RSUs, as a meaningful component of your overall compensation package?

Click below to watch our brand-new educational video, featuring our President, Joseph F. Eschleman, CIMA®, who discusses in detail how to manage RSU compensation packages for technology directors, VPs, and engineers.

Joseph specifically touches on:

• How to reduce the risk of receiving and holding your restricted stock units.
• How to structure a tax-efficient RSU “unwind” strategy.
• How to best manage the capital gains consequences of selling your RSUs.
• How to protect against becoming too “concentrated in your employer.”

If you consciously decide to hold – and not sell – shares of a mutual fund you hold in a “regular,” non-retirement account such as an individual, joint, or trust account, then you don’t have to pay capital gains taxes, right? For better or worse, sometimes the answer is WRONG!

You may be dealt an unexpected tax bill in 2022 that you may not be ready for and certainly did not ask for – a short or long-term capital gain distribution, which is a taxable event resulting from the fund’s manager selling shares or securities held within the fund.

Before it is too late (many funds make these distributions in early or mid-December), contact us or click below to message our Director of Tax and Financial Planning, Steve Pitchford, to request a complimentary analysis of your potential 2022 capital gains tax exposure.

Have you considered specific 4Q, 2022 tax-planning and tax-reduction opportunities, before December 31 comes and goes?

Useful and interesting content we’ve read over the past two weeks:

1.Recent commentary and news stories about the midterm elections (in some cases, not for the faint of heart!) RealClearPolitics – 11.3.2022 Democrats Aren’t Lauging at Dr. Oz Anymore Why Republican Attacks on Crime are so Potent How Low Can the Herschel Walker Campaign Go? Friendly Reminder: Sen. Warnock Has a Lot of Baggage The Missing Factor in the Election Story: Turnout
2. What Do Thieves Do with a Stolen iPhone? iMobie – 9.28.2022 It is quite annoying if the iPhone was stolen which could release your privacy and also cause some losses. Therefore, you have to know what to do if your iPhone was stolen in time which may help you to get back your iPhone and protect the data. For example, you may need to know how to locate a lost cell phone even when it’s turned off, how to use Find My, etc. Besides, This article will discuss what will happen to the stolen iPhone.
3.Texas Goes Permitless on Guns. Police Face Armed Public NY Times – 10.26.2022 Many sheriffs, police leaders and district attorneys in urban areas of Texas say there has been an increase in people carrying weapons and in spur-of-the-moment gunfire in the year since the state began allowing most adults 21 or over to carry a handgun without a license. At the same time, mainly in rural counties, other sheriffs said they had seen little change, and proponents of gun rights said more people lawfully carrying guns could be part of why shootings have declined in some parts of the state.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

Have we reached peak inflation?

The stock market has historically rallied after inflation peaks (as measured by the CPI).

Since 1927, the average return for the S&P 500 in the 12 months following a peak in CPI was +11.5%.

Was June’s CPI figure of +9.1% the peak inflation rate for this current inflationary cycle? Based on the chart below from Blackrock, we are hopeful the answer is yes.

Concerned about inflation? At Towerpoint Wealth, we can help you – let’s talk about it!

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

While the global 24/7 news cycle churns, twists, and turns, here are a number of fun, local trending events of note:

• The 2021-2022 NBA-champion Golden State Warriors visit the Sacramento Kings on November 13
• The Beatles Guitar Project, celebrating the 55th anniversary of the Beatles 1967, visits the Sacramento Memorial Auditorium on November 13
• The Book of Mormon continues its tour at the SAFE Credit Union Performing Arts Center, through November 13
• Betty Wine Bar and Bottle Shop set to open in November
• Comedian Whitney Cummings, live at the Punch Line from November 17-19

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it. 

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

Click HERE to follow TPW on LinkedIn
Click HERE to follow TPW on Facebook
Click HERE to follow TPW on Instagram
Click HERE to follow TPW on Twitter

“Everybody’s doing something. We’ll do nothing!”

– George Costanza, “The Pitch”, Seinfeld, Season 4, Episode 3

Holding cash in your investment portfolio, aka not investing it, is akin to “doing nothing.” Historical arguments against holding cash in an investment portfolio cite that it is boring and unproductive to do so, and an extremely defensive position to take.

However, considering the afflictions facing today’s financial markets, could holding cash be just what the doctor ordered?

Depending on your unique financial plan and investment strategy — and the current and expected state of the economy and financial markets — doing nothing could be a sound strategy or a foolish one that, in the long term, will be detrimental to the health of your nest egg.

It was only a little more than three years ago when we wrote about the possibility of banks paying negative interest rates on savings and money market accounts. Today, the economic and market environment is certainly quite different:

Arguments have historically been made that holding cash in an investment portfolio is boring, unproductive, and extremely defensive.

At Towerpoint Wealth, we have always believed that having a small allocation to cash – and cash’s cousin, cash alternatives – within a properly diversified portfolio is appropriate, for three main reasons:

1. Holding cash provides stability and insulation to a portfolio during times of market weakness.
2. Maintaining a small allocation to cash protects an investor against having to sell other investments at an inopportune time if an unexpected withdrawal need arises.
3. Cash acts as “dry powder” during a time of market weakness, giving investors the ability to buy low when prices are temporarily low, without having to sell other securities in their portfolio.

And now that interest rates have quickly moved up in 2022, and are expected to increase even further before the year is out, holding cash balances that are relatively larger is not as unproductive as it was even a few years ago.

Do you currently have cash in a checking account, savings account, money market account, or as part of your investment portfolio? Is it too much? Not enough? Is it working as productively as it can be for you?

Let’s talk – message us to schedule a no-strings-attached initial conversation.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

Click the images below!

What else is happening with the Towerpoint Wealth family?

Are you really a long term investor?

Or do you say you are, but sometimes tempted to behave more like a trader or a gambler, and fail to apply long term investment strategies to your portfolio?

Watch our President, Joseph F. Eschleman, CIMA®, discuss exactly what it takes to truly act and behave like a long term investor, and what specific long term investing strategies and philosophies need to be developed and internalized to be a successful long term investor.

Watch our educational video on YouTube!

There is never a bad time for tax planning – especially right now!

• The October 15 deadline for 2021 income tax returns on extension is right around the corner.
• The December 31 deadline for many 2021 tax planning opportunities is also right around the corner.

We encourage you to click below for an excellent two-page guide that summarizes the current “lay of the land” regarding 2021 tax rules and deadlines, and remember, the lower your tax bill, the lower the drag on your overall investment portfolio

Have you considered specific 4Q, 2022 tax-planning and tax-reduction opportunities, before December 31 comes and goes?

Useful and interesting content we’ve read over the past two weeks:

1. For Pelosi and McCarthy, A Toxic Relationship Worsens As Elections Approach NY Times – 10.5.2022 The hostility between the speaker and the man in line to succeed her should Republicans win control of the House has only intensified as the decisive moment nears.
2. Keep It or Toss It? ‘Best Before’ Labels Cause Confusion Associated Press – 10.4.2022 As awareness grows around the world about the problem of food waste, one culprit in particular is drawing scrutiny: “best before” labels.
3. US National Debt Tops $31 Trillion For First Time The Miami Herald – October 5, 2022 America’s total national debt surpassed $31 trillion for the first time on October 3, according to newly released Treasury Department data. Though the debt had been growing steadily in recent years, the rate of growth increased substantially throughout the pandemic.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

Have we reached peak inflation?

The stock market has historically rallied after inflation peaks (as measured by the CPI).

Since 1927, the average return for the S&P 500 in the 12 months following a peak in CPI was +11.5%.

Was June’s CPI figure of +9.1% the peak inflation rate for this current inflationary cycle? Let’s hope so.

Concerned about the upcoming midterm elections? At Towerpoint Wealth, we can help you – let’s talk about it!

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

While the global 24/7 news cycle churns, twists, and turns, here are a number of fun, local trending events of note:

• These 33 restaurants just opened around Sacramento. Check out new dim sum, burgers, and more. (open in private/incognito mode)
• The Sacramento Turn Verein is hosting its 53rd Annual Oktoberfest!
• The Aftershock Festival continues, with Papa Roach and My Chemical Romance on Saturday, and Shinedown and Muse on Sunday.
• 2nd Saturday Art Walk in Natomas is Saturday, October 8.
• The 4-0 Sac State Hornets put their undefeated record on the line vs. Northern Colorado on Saturday, October 8 at 6:00PM.
• Rock With You – a Michael Jackson Tribute, at Swabbies on the River, Saturday, October 8.
• The Sacramento Natural Foods Co-Op’s 2022 Harvest Festival is this Saturday, October 8, from 1-5PM, on the top floor of the 28th & S Street parking garage!
• The Sacramento Greek Festival is back (!), from October 7th – 9th.

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it.

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

Click HERE to follow TPW on LinkedIn
Click HERE to follow TPW on Facebook
Click HERE to follow TPW on Instagram
Click HERE to follow TPW on Twitter

2022 is well on its way to being one of the worst years in modern history for bond (also known as fixed income) investors, ushering in the worst bond market returns since 1973. 

This begs the question: Are there any decent bonds to buy? Since 1976, bonds have provided a positive annual return in 42 of 46 years. Unfortunately for bond investors, 2022 has been a huge anomaly. 

Prior to 2021, we experienced an unprecedented 30+ year period of low inflation and declining interest rates here in the United States. 

However, 2022 has been a stark reversal, as the worst inflation we have experienced in nearly 40 years has forced global central banks to aggressively increase interest rates in an attempt to combat rising prices and overheated economies. The United States Federal Reserve (“the Fed”) has been an active participant in this “tightening,” taking its benchmark federal funds rate from 0.25% at the beginning of the year to 3.25% today, after it boosted it again by 0.75% on Wednesday, the third straight ¾ point increase in 2022. 

Greg McBride, chief financial analyst at Bankrate, said recently: “The Fed has been delivering a ‘tough love’ message that interest rates will be higher, and for longer, than expected. The Fed will continue to hike rates until it actually restrains the economy and intends to keep rates at those restrictive levels until inflation is unmistakably on its way to 2%.”

The result of this Fed “tightening” has been interest rate increases that have caused pain for many bond investors. Typically, bonds are thought of as a hedge against stock market volatility, providing a relatively steady return and a relatively steady income stream. 

All of this begs the questions: Are there any decent bonds to buy? Is investing in bonds no longer an integral part of a well-diversified investment portfolio? 2022’s rising interest rate environment has been met by bond investors with as much enthusiasm as a root canal, and we have seen it lead folks to forget the reasons why they hold bonds in their portfolios. For some, it has even caused them to reconsider their long-term asset allocation and diversification choices.

This Too Shall Pass…

So why should investors consider remaining loyal, and look for bonds to invest in, even as rates rise?

Though recent interest rate hikes have led to lower bond prices this year, as bonds mature over time and are reinvested at higher interest rates, their ability to generate income can increase.

The raw interest paid by bonds can also be reinvested at higher rates. Because of this, if rates rise steadily and modestly over time, investors may be better off than if rates had remained at previously low levels.

We are confident that bonds will return to being a historical counterbalance against volatility in the equity markets, and that investors shouldn’t give up on looking for bonds to buy in building out a properly-diversified portfolio. 

If you think diversification isn’t a compelling enough reason to consider owning an asset class, talk with investors who were “all in” on equities in 2002 or 2008, and discovered they were walking a high wire without a net as the winds of volatility started to gust!

Investors looking to dump their fixed-income investments as rates rise may want to take a step back to avoid missing the forest for the trees. It’s important to remember that the shorter-term challenge of interest-rate increases generally doesn’t supersede the longer-term reasons for holding bonds in your portfolio.

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth.

What are alternative investments? Is it important to have exposure to “alts” in your current portfolio?

Is it bad if you do not own any alternatives? What are the risks and benefits of adding alts to your investment strategy?

Do you have any of these questions? Well, we have some answers for you!

If you would like to learn more, click the thumbnail to watch our recently-produced webinar about alternative investments.

Here are some of our top trending moments at Towerpoint you might have missed on our social platforms.

So much of being a great team is trusting one another! 

The whole Towerpoint Wealth team went to iFly Sacramento, and in this crazy vertical wind-tunnel, we took a trust fall and flew (with the help of an amazing flying coach)! If you aren’t familiar with the term, a trust fall is when a person allows themselves to fall, deliberately, trusting that someone will be there to catch them.  

In addition to being a great team-building event, it reminded us how Towerpoint Wealth clients entrust us with their hard-earned money, and we are obligated (by our ethics as well as by law) to work in partnership with them to do everything in our control to help them build wealth and protect wealth so their futures are secure. 

We all truly enjoyed this experience, and what a great reminder to surround yourself with people you trust! 

What else is happening with the Towerpoint Wealth family?

At Towerpoint Wealth, we believe it may be time trust cryptocurrency.

In the newly-produced educational video found below, our President, Joseph Eschleman, CIMA®, addresses a number of common concerns about the cryptocurrency future, discusses mainstream crypto adoption trends, and also defines what DeFi —decentralized finance—is.

Joseph also discusses why cryptocurrency can be a very good alternative investment to diversify your portfolio, understanding that more than 220 million people owned digital assets as of June of 2021. We believe all of this bodes well for the cryptocurrency future.

Click the video to watch Joseph’s video on YouTube!

When you reach age 72, you are required to take annual required minimum distributions (RMDs) from your non-Roth retirement accounts. If you do not take them by December 31, you will owe a 50% (!) penalty of the RMD amount!

It does not matter if you take your RMD via a one-time, lump sum withdrawal, or a series of systematic distributions, as long as the minimum amount is distributed by 12/31.

While using an RMD calculator to help you determine your 2022 required minimum distribution is usually a straightforward activity, properly accounting and planning for this increase in taxable income is a more nuanced and strategic exercise.

While RMDs can be an unwanted by-product of contributing to and investing in retirement accounts such as 401(k)s, IRAs, 403(b)s, etc., there are impactful and proactive tax planning strategies that can materially lessen the tax sting of an RMD.

What are RMDs, and how should an individual plan for them within the context of a tax-efficient retirement strategy? Click the image below to learn more about RMDs, and specifically, three actionable RMD strategies worth evaluating to better keep Uncle Sam at bay.

Are you unclear about what your RMD will be in 2022,
 or how to best take it before the end of the year?

1. I Wish I Was a Little Bit Taller

GQ – 9.15.2022

A growing number of men are undergoing a radical and expensive surgery to grow anywhere from three to six inches. The catch: It requires having both your femurs broken. GQ goes inside the booming world of leg lengthening.

2. Gavin Newsom is ‘Unequivocally’ Running for President in 2024 if Biden Doesn’t

TheWrap – 9.19.2022

The California governor, who’s already running ads in other states, is poised to challenge Vice President Kamala Harris.

1. The Rise of Mobile Gambling is Leaving People Ruined and Unable to Quit

Vice – 9.6.2022

Financial catastrophe is now only a few clicks away, a problem that is showing quiet signs of becoming a crisis. “I can’t just get rid of my phone,” one problem gambler says.

What do the upcoming 2022 midterm elections mean for investors?

Republicans need only to recapture five seats to regain control of the House, which has a 71% likelihood of occurring, according to FiveThirtyEight. The Senate is more of a tossup, with Democrats being favored by 71% to win the Senate. The chart below shows the very best scenario for stocks (based on historical precedent) is a Democratic President and a Republican controlled Congress. Should the Democrats retain control of the Senate, the scenario of a Democratic President and split Congress is quite strong for stocks as well. 

Concerned about the upcoming midterm elections? At Towerpoint Wealth, we can help you – let’s talk about it!

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an unsettled and complicated place, and we are here to help you properly plan for and make sense of it. 

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

For many investors, 2022 has been a challenging and frustrating year, as persistently high inflation has resulted in an environment of quickly rising interest rates, leading to a “double-whammy” of twin selloffs across both stocks and bonds this year. After increasing more than 31% in 2019, 18% in 2020, and 28% last year, the S&P 500 (an often-cited proxy for the stock market) has declined more than 16% this year. And to make matters worse, the bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, has declined by more than 11%. Put differently, investing in conventional stock and bond asset classes has not worked very well so far in 2022.

Not surprisingly, these declines have led to an increase in demand for “supplemental” investment opportunities outside of these traditional areas, and have led some people to ask themselves “Why are there are no alternative investments in my portfolio?”

But what are alternative investments? What role might they play in a properly-allocated investment portfolio? And why would an investor want to add them to their current diversification strategy?

Put simply, an alternative investment is any financial asset that does not classify as a traditional stock, bond, or cash. While they can vary widely in their accessibility and structure, alternatives can provide an opportunity to ^1.) boost returns, ^2.) generate income, ^3.) provide potential tax benefits, and ^4.) reduce risk in a portfolio. Institutions like pension funds and endowments have been utilizing them for years, and today, more and more individual investors are questioning why they have no alternative investments, and whether they should change their plan to include them.

At Towerpoint Wealth, we selectively utilize alternatives for a number of clients and for a myriad of reasons; primarily, we find alternatives attractive due to the low correlation they have to traditional asset classes such as stocks and bonds. This means that the value and price of alternatives does not necessarily move in the same direction when market and economic conditions change, strongly enhancing portfolio diversification.

Here are eight types of alternative investments you should know about, in no particular order:

1. Private equity – ownership in private businesses and non-publicly traded companies.
2. Private credit – non-bank lending and ownership of privately negotiated loans and debt financing.
3. Commodities – tangible goods that can be used as they are, or used to make other goods, including precious metals, wheat, oil, beef, coffee, etc.
4. Collectibles – fine wine, art, coins, stamps, trading cards, comic books, or vintage cars.
5. Cryptocurrency – any form of currency that exists digitally or virtually, and uses cryptography to secure transactions.
6. Hedge funds – a limited partnership that pools investors’ money and invests it by making use of higher-risk and more complex trading methods.
7. Venture capital – a subset of private equity, it is financing provided to startup companies and small businesses that are believed to have long-term growth potential.
8. Real estate – a very long list – REITs, DSTs, QOZs, raw land, co-working spaces, farmland, manufactured homes, mobile home parks, and private real estate partnerships and syndicates.

In addition to these eight, other investments that can be classified as alternative include timberland, NFTs, crowdfunding, cannabis, tax liens, oil and gas, air rights, prop bets, and bankruptcy claims. Take a few minutes to read through this list of 150 types of unusual (alternative) investments, as there sure are some interesting, esoteric, and wild ones!

Of course, we would be remiss if we did not also highlight a number of the key risks and constraints that alternative investments inherently have:

• They oftentimes are unregulated by the U.S. Securities and Exchange Commission (SEC)
• They can be illiquid, and can be difficult to sell and turn into cash
• They can have high minimum investments and fewer opportunities for non-accredited investors
• They oftentimes have high (and sometimes hidden) fees and operating expenses

Is it bad if you have no alternative investments in your portfolio? Are you curious about “alts” and want to learn more? If you are an accredited investor, or serve accredited investors in a professional capacity, we welcome having you join us at Sacramento’s beautiful Sutter Club on September 21!

Click on the invitation below to RSVP!

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth.

Our President, Joseph Eschleman, recently connected with a very good and long-time client, Charlotte Strand, for a comprehensive semi-annual financial, investment, and retirement review meeting at her home.

You are in good hands, Charlotte – glad to see you are doing well, and that you feel confident that all of your financial affairs are properly coordinated!

While the Sacramento Republic unfortunately fell short in its dream-run pursuit of the US Open Cup on Wednesday night, it certainly wasn’t due to the lack of support from the greater Sacramento-area community.

Click below for a funny and creative video produced by our Marketing Specialist, Luis Barrera, highlighting the Towerpoint Wealth crew taking full advantage of Mayor Steinberg’s “doctor’s note” authorizing us to leave the office and watch the game!

What else is happening with the Towerpoint Wealth family?

While more than 40 million Americans could see their student loan debt cut or eliminated under President Joe Biden’s plan, his student loan debt forgiveness plan has raised many questions: How much will it actually cost? Who will it benefit the most? How will it contribute to inflation? Does the President even have the legal authority to implement this forgiveness?

Another very important question: Whether or not residents of certain states will owe up to several hundred additional state tax dollars on their forgiven loans. While borrowers will not owe federal taxes on student debt relief, they should unquestionably check how this debt cancellation is treated at the state tax level. While it is an evolving issue, and many states have yet to decide, Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, and Wisconsin all appear to be on track to tax forgiven student loan amounts, according to the Tax Foundation, an independent tax policy 501(c)(3) nonprofit.

The official White House fact sheet on President Biden’s student loan relief contains additional details.

Are you confused about certain aspects of completing your tax return?

Useful and interesting content we’ve read over the past two weeks:

1. Women Are So Fired Up to Vote, I’ve Never Seen Anything Like It – NY Times – 9.3.2022

Once the Dobbs decision came down, everything changed. For many Americans, confronting the loss of abortion rights was different from anticipating it. In my 28 years of analyzing elections, I had never seen anything like what’s happened in the past two months in American politics: Women are registering to vote in numbers I never witnessed before.

I’ve run out of superlatives to describe how different this moment is, especially in light of the cycles of tragedy and eventual resignation of recent years. This is a moment to throw old political assumptions out the window and to consider that Democrats could buck historic trends this cycle.

2. Republicans Have Unlikely Allies in their Fight to Restrict Abortion at the State Level: Democrats – CNN – 9.6.2022

A CNN analysis of legislative records and reported party affiliations shows that the Republicans passing increasingly strict abortion bans around the country have been joined by scores of unlikely allies: Democrats.

More than 140 Democrats from eight of the roughly dozen states with the most restrictive abortion laws voted in favor of the bans, and the vast majority of these state lawmakers were men.

3. Americans Have ‘Tip Fatigue‘ – CNBC – 9.1.2022

Tipping 20% at a sit-down restaurant is still the standard however, consumers are less inclined to give as much for a carry-out coffee or take-away snack.

“Part of it is tip fatigue,” says Eric Plam, founder and CEO of Uptip. “Since everything got more expensive, we’ve seen a decline in tipping.”

Below is a simple overview of prior drawdowns and recoveries over Bitcoin’s 13-year history. Bitcoin has had drawdowns of greater than 70% on four different occasions, including this current period.

Quoting https://www.bitcoinisdead.org/, Bitcoin’s story cannot be told without the inclusion of both its strongest believers and disbelievers. Healthy skepticism of revolutionary technology is vital because it speeds up development and adoption.

Are you curious about cryptocurrency, and/or wonder if it should be part of your diversified investment portfolio? Let’s talk about it.

Queen Elizabeth II
April 21, 1926 – September 8, 2022
Rest in Peace

If you speak with someone who is concerned or unsettled
about their investments or advisor, we welcome talking with them.

As the 24/7 news cycle churns, twists, and turns, a number of trending and notable events have occurred over the past few weeks:

• Historic, unforgiving Western heat wave is peaking and crushing records
• Here’s everything Apple just announced at its iPhone14 event
• The new British Prime Minister Liz Truss has appointed Kwasi Kwarteng as Britain’s first Black finance minister, as part of a cabinet where for the first time a white man will not hold one of the country’s four most important ministerial positions
• NASA’s moon rocket was grounded by a leak, and the next try is weeks away
• United Airlines threatens to stop all JFK service if feds don’t OK more flights
• Lea Michele’s ‘Funny Girl’ leaves audience in tears

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an extremely unsettled and complicated place, and we are here to help you properly plan for and make sense of it.

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

Click HERE to follow TPW on LinkedIn
Click HERE to follow TPW on Facebook
Click HERE to follow TPW on Instagram
Click HERE to follow TPW on Twitter

Wait, how’d that happen so quickly? 5 years already?

Understanding a full 50% of businesses do not survive their first five years made Tuesday evening’s party and picnic celebration all the more poignant for us, as it was an amazing feeling (at least after the sun went down!) to be joined by 150 of our closest clients, colleagues, and friends to celebrate our 5-year anniversary as a legal fiduciary to each of our clients as a fully-independent wealth management firm. 

We humbly recognize that our clients and colleagues are our lifeblood, and that we assuredly would not be where we are as a firm today without your sincere trust, confidence, and loyalty.

We feel honored to be partnered with each of you, respect the duty and responsibility we have to you, and offer a heartfelt thank you for entrusting us!

Click the thumbnail image below to watch a very well-produced 2-minute video highlighting the party and evening together in the Home Run Terrace at the Sacramento River Cats baseball game with our clients, colleagues, friends, kids (and Dinger)!

Don’t forget to click the THUMBS UP button to ‘like’ the video, and
the SUBSCRIBE button to subscribe to our YouTube channel!

A huge thank you goes out to our new Marketing Specialist, Luis Barrera, for his help and expertise in assembling this video!

Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth.

Here’s our Director of Operations, Lori Heppner, and our Client Service Specialist, Michelle Venezia, hard at work putting the final touches on our 5-year anniversary celebration guest party favors!

In addition to the behind-the-scenes work involved in pulling off our big 5-year anniversary and client appreciation celebration party, plenty of “real” work continues to take place on a daily basis at Towerpoint Wealth.

Our President, Joseph Eschleman, connected with an excellent long-time client (and gardener), Terry Eager, for a comprehensive financial review meeting late last week.

Terry and Joseph have worked together for many years (including a number of pre-TPW years), and being the kind and thoughtful person he is, Terry will oftentimes bring the office a bundle of his gorgeous home-grown tomatoes. THANK YOU, TERRY!

What else is happening with the Towerpoint Wealth family?

The US tax code allows certain types of entities to utilize “pass-through taxation.” This effectively shifts the income tax liability from the entity earning the income to those “relevant individuals” who have a beneficial interest in it.

Upon receipt of a Schedule K-1, a taxpayer has a very low chance of self-preparing their tax return correctly. Issued to beneficiaries of trusts and estates, to partners in a business partnership, and to shareholders in S corporations.

K-1s are different depending on what entity has issued it, can be difficult to understand and confusing, and can complicate (and oftentimes delay) the preparation of a tax return.

Curious to learn more? Either ask your CPA (recommended), or click the image below!

Are you confused about certain aspects of completing your tax return?

Useful and interesting content we’ve read over the past two weeks

1. £9,724.54/Megawatt Hour – How London Paid a Record Price to Dodge a Blackout – Bloomberg – 7.24.2022

Just last month, unbeknown to many outside the power industry, parts of London came remarkably close to a blackout — even as it was recovering from the hottest day in British history.

On July 20, surging electricity demand collided with a bottleneck in the grid, leaving the eastern part of the British capital briefly short of power. Only by paying a record high £9,724.54 (about $11,685) per megawatt hour — more than 5,000% higher than the typical price — did the UK avoid homes and businesses going dark.

2. California Moves Toward Banning Sales of New Cars Running Only on Gas– The Washington Post – 8.24.2022

The decision, to take effect by 2035, will very likely speed a wider transition to electric vehicles because many other states follow California’s standards.

California’s governor Gavin Newsom described the move as the beginning of the end for the internal combustion engine.

3. Serena Williams’ Last Ride Only Thing That Matters With US Open A Week Away – NY Post – 8.22.2022

The draw isn’t staged until Thursday, but everyone in tennis knows the unseeded Serena has never been more vulnerable. Her long quest to tie or break Margaret Court’s all-time record of 24 Grand Slam titles has turned into a pipe dream.

But as one USTA insider says, “As has been said many times throughout her unparalleled career, never count out Serena Williams. That still applies in her final tournament.’’ Are the tennis gods listening?

Current levels of new-home sales are now down more than 50% from their peak in August of 2020. Every time this 50% drawdown has happened, a recession occurred.

The CDC released fresh data this week, and it was sobering. Estimates for life expectancy at birth fell across every state in the country. The US life expectancy dropped by 1.8 years (!) at the national level, with COVID-19 and drug overdose deaths being the two major contributing factors.

The chart below plots the somber yet unsurprising correlation between higher incomes and longer life expectancy.

Are you concerned about outliving your income or your investment portfolio? Let’s talk about it.

It is essential to be humble, and recognize you will never fully “master” the world of investing – it is a continual learning curve and journey.

If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.

As the 24/7 news cycle churns, twists, and turns, a number of trending and notable events have occurred over the past few weeks:

• Russian missile hits passenger train in Ukraine on Ukraine’s Independence Day, killing 22 civilians
• Proposal to put abortion protections in California Constitution appears to be headed for victory
• How to qualify for Biden’s new student loan forgiveness plan
• PGA admits Mickelson, LIV may have been right after all
• Maxwell Frost, Florida Democratic primary winner, could become first Gen-Z member of Congress
• Fed faces balance sheet dilemma as US economy slows
• Uvalde school board votes unanimously to fire police chief after mass shooting

As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an extremely unsettled and complicated place, and we are here to help you properly plan for and make sense of it.

Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis

We enjoy social media, and are actively growing our online community!

Follow us on any of these platforms, message us there and let us know your favorite charity.
We will happily donate $10 to it!

Click HERE to follow TPW on LinkedIn
Click HERE to follow TPW on Facebook
Click HERE to follow TPW on Instagram
Click HERE to follow TPW on Twitter