04 Jan NEW YEAR LETTER – 2018
2018 is starting out on a tear with the Dow Jones Industrial Average crossing 25,000 today for the first time in the index’s history. The S&P is over 2,700. What a year it’s been in the markets! Will stock prices continue to rise in 2018? We’ll find out over the next 12 months!
Some clients and acquaintances have expressed some worry about the rapid rise in stock prices over the past year and a half. I share their concern, but I also don’t time the market. I would suggest, though, to anyone who believes a market crash is imminent that a small scale back of their equity positions may be prudent, but don’t sell completely. If you’re like me, you’re investing for the long term, and a market correction during 2018 is but a minor speed bump.
We also have sweeping changes to the tax code that took effect January 1st. The Tax Cuts and Jobs Act is producing some planning opportunities for the tax savvy, and I’m already hard at work leaning the new 199A pass-thru rules. I’m looking forward to helping clients navigate these and other new provisions of the tax code.
The beginning of the year is a great time to take stock of your own finances, make budgets and goals, and do some thoughtful planning. Tax season is right around the corner, so finances are inevitably going to come to mind. What are your goals for 2018? Pay off debt? Begin a college savings plan? Start a business? Whatever your goals for 2018, I wish you a prosperous new year.
I’m not one for New Year’s resolutions, but if I were, I’d say I’d like to read some of the books I purchased last year with my cash back rewards on my credit card that I never got around to reading. Books like Wade Pfau’s How Much Can I Spend in Retirement? or Amy Florian’s No Longer Awkward. And of course, anything by Paul Erdman. The Billion Dollar Sure Thing is a coming of age novel (well, it was for me, anyway).
I also like the idea of doing a modified version of a Swedish “death clean” to get rid of some of the clutter in my office. I don’t plan on dying anytime soon, but I’m also sure I don’t need a Master Tax Guide from 2011.
Looking back, 2017 was a great year for Chair Six Financing Planning, PLLC. We put up a Facebook page, attended AICPA’s ENGAGE conference, did A LOT of networking (which I’ve never been good at, but I’m trying!), and we were able to do a lot of interesting planning.
And, new for 2018, we will now be accepting online credit card payments!
My favorite posts from 2017 include:
Look for more great content in 2018. Happy New Year to everyone! Let’s make it count!
Originally Posted January 4, 2018