Finance

‘Spring cleaning’ for your finances: 12 money moves to make right now

Published

4 months ago

March 17, 2024

Press Room

‘Spring cleaning’ for your finances: 12 money moves to make right now

Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet.

In the spirit of renewal, here are 12 financial moves you should make this spring. Some are annual rituals, or should be. Others are tasks we tend to put off, but shouldn’t.

1. Revisit your resolutions

Many of us set New Year’s resolutions for 2024 around spending and saving, borrowing and earning, but fewer of us followed through on them.

“For a lot of people, a top money goal was paying off credit card debt or starting an emergency fund,” said Kimberly Palmer, a personal finance expert at NerdWallet. Spring is “the perfect time to see if you’re making any progress,” she said.

And what if you’ve made zero progress?

“For those of us who fell off track, there’s something called a reset button,” said Ashley Folkes, a certified financial planner in Birmingham, Alabama. “Spring offers the perfect opportunity to restart where we left off, without dwelling on regrets.”

2. Clean your financial ‘junk drawer’

Spring offers a chance to sort through that drawer – or box, or unused corner of the dining room table — where you stash financial paperwork to deal with on some unspecified future date.

“You know the one I’m talking about, where you toss all your statements and bills, intending to sort them out later,” Folkes said.

Working through the neglected papers is a great way to ease financial stress, he said. Throw some away. File some away. Deal with the rest, one way or another.

3. Start a 2024 tax folder

Speaking of papers: If you haven’t already, consider setting up a folder to stow all your tax documents for 2024: receipts, donation forms, and anything else you need to report or plan to deduct. Better still, set up one real folder, and another on your laptop, says Jeff Farrar, a certified financial planner in Shelton, Connecticut.

~~This tip comes from Jeff Farrar, a certified financial planner in Shelton, Connecticut.~~

4. Watch that withholding

While you’re at it, look at your W-4 form and make sure you are withholding the right amount of your paycheck.

“Since taxes are on our mind, with April 15 coming, why not get better prepared for next year’s taxes?” Farrar said.

Will you get a refund next year, or will you owe? Most of us have a lot more control over that question than we think, said Jeff Jones, CEO of H&R Block. You may want to reap a large tax refund to help your family’s cash flow. You may prefer to limit your withholding so that you hold onto more of your paycheck until tax time. The decision is yours.

“In general, you can actually control the outcome,” he said. “We try to remind people, it’s really a choice you can make.”

Most of us have fairly predictable income. Take a look at your last few tax returns. Study the pattern. Are your earnings trending up, or down? Then, consult a tax professional.

Taxpayers straightforward returns “can be in much more control if they just get some expert help and think about withholding changes on their W-4 at the beginning of each year,” Jones said.

5. Talk to your tax preparer

More broadly, spring is a great time to have a conversation with the person who prepares your taxes.

“Aside from housing, taxes are most people’s largest annual expense, so it deserves more attention than pulling together your W-2 and 1099s” and sending them in, said David Flores Wilson, a certified financial planner in New York.

“Our advice is to have a thoughtful, proactive conversation with an accountant, CPA, or financial planner after the spring tax deadline so that you can strategize what you can do the rest of the year to lower your taxes prior to next spring,” he said. “Perhaps there are deductions or credits you weren’t aware of.”

6. Max out your retirement plan

You can contribute to an IRA up to April 15 and have the money count toward your 2023 savings. The contribution limit for 2023 is $6,500 if you’re under 50, $7,500 if you’re older.

Even better, get an early start on contributing to your IRA for 2024. The longer the money sits in your retirement account, the longer it can accrue interest.

“There is a 15-month window to make IRA contributions for any given year,” said Mary Ryan, a certified financial planner at Vanguard. “The earlier you make it, the more you benefit from the compounding effect,” earning interest both on the money you’ve saved and on the interest it has already reaped.

Spring is also a good time to challenge yourself to contribute to a workplace 401(k), Wilson said.

Those plans have higher contribution limits: $23,000 in 2024, plus an extra $7,500 if you’re 50 or older.

“Maxing out 401(k) contributions can lower your taxes and get you closer to financial independence,” Wilson said. “Our advice is to marginally increase your contributions every couple of months, up to a level that’s uncomfortable, then back off a little.”

Not saving for retirement? Now is a good time to start.

“Even if you can only save a little right now, getting started is very important, because you want to give your retirement savings time to grow,” said Terri Fiedler, president of retirement services at Corebridge Financial, a financial services company in Houston. “Ideally, you’ll be contributing enough to at least maximize what your employer will match. And if you’re not there yet, look for opportunities to increase your contributions over time.”

7. Name your beneficiaries

Most retirement plans and life insurance policies include beneficiaries: The folks who get the money if you die.

Many of us procrastinate in naming them. In the spirit of spring cleaning, why not name them now?

8. Dust off your estate plan

Speaking of beneficiaries: Anyone with an estate plan should review it every year, or at least any year when a major life event plays out, like a job change, marriage, divorce or arrival of a new child, experts advise.

“An estate plan isn’t something you can set and forget,” Ryan said.

Consider whether you need to update any part of the plan, including your beneficiaries.

9. Book your 2025 vacation in 2024

Setting up vacation plans a year early saves money and gives you more choice of flights and lodgings, experts say. And then there’s the psychological value.

“Studies have shown the anticipation of a vacation is half the psychic value you get out of it,” Farrar said. “So, enjoy this summer’s family vacation, but put next year’s on the calendar, as well.”

While you’re at it, he said, “dig out your passport and check the expiration date. Nothing worse than getting ready for an international vacation and realizing your passport is about to expire.”

10. Review your investment portfolio

“You don’t need to monitor your portfolio on a daily basis,” Farrar said, but spring is an ideal time to review your asset allocation and make sure it suits your needs.

Your mix of stocks, bonds and other investments can drift over time, and your portfolio objectives change.

“Check to see if your allocation of stocks vs. bonds is where you want it to be,” said Maureen Demers, a certified financial planner in North Andover, Massachusetts.

11. Invest in high-yield savings

Yields on savings accounts, certificates of deposit, money market accounts and other savings vehicles have been up for the last year or two, along with interest rates generally.

Yet, many people “are still holding large cash balances in suboptimal, low-yielding vehicles,” Wilson said.

If your savings isn’t earning 5% annual interest, or close to it, consider transferring the balance into a high-yield account.

Growing debt: Our credit card balances threaten to swamp our savings. Here’s how to deal with both

12. Check your credit card

Credit card debt is rising, along with credit card interest rates. Now is a good time to take a good look at your card, especially if you carry a balance from month to month, Palmer said. The key question: “Are you paying more interest than you realize?”

Credit card rates change over time, and lately, they’ve been going up.

If the APR on your card is rising, Palmer said, then it might be a good time to shop around for a new card.

Daniel de Visé covers personal finance for USA TODAY

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Finance

Barksdale Announces Closing of Private Placement Financing

Published

4 hours ago

July 26, 2024

Press Room

Barksdale Announces Closing of Private Placement Financing

Vancouver, British Columbia–(Newsfile Corp. – July 26, 2024) – Barksdale Resources Corp. (TSXV: BRO) (“Barksdale” or the “Company“) is pleased to announce the closing of the second and final tranche (“Final Tranche“) of its previously announced non-brokered private placement offering (“Offering“) of units of the Company (“Units“) with the issuance of 14,674,683 Units for gross proceeds of $2,201,202.45. The first tranche (“First Tranche“) of the non-brokered private placement offering comprising 27,325,317 Units for gross proceeds of $4,098,798 closed on June 27, 2024 (see news release dated June 27, 2024). The Units sold in respect of the First Tranche and Final Tranche, together, total 42,000,000 for gross proceeds of $6,300,000.

Each Unit consists of one common share of Barksdale (a “Common Share“) and one Common Share purchase warrant (a “Warrant“), whereby each Warrant entitles the holder to acquire one Common Share at a price of $0.23 for a period of three years from the date of issuance.

Proceeds of the Offering will be used to finance exploration activities at the Company’s properties in Arizona as well as for working capital and general corporate purposes. Pursuant to the closing of the Offering, the Company paid an aggregate of (i) $199,516.60 in cash finder’s fees and issued an aggregate of 1,330,111 finder’s warrants to eligible finders in connection with the First Tranche, and (ii) $64,396.49 in cash finder’s fees and issued an aggregate of 429,309 finder’s warrants to eligible finders in connection with the Final Tranche. The finder’s fees in respect of the Offering, therefore, total $263,913.09 and 1,759,420 finder’s warrants. Each finder’s warrant entitles the holder to acquire one Common Share at a price of $0.23 until June 27, 2027 (First Tranche) or July 27, 2027 (Final Tranche).

All securities issued pursuant to the (i) First Tranche are subject to a statutory hold period expiring October 28, 2027, and (ii) Final Tranche are subject to a statutory hold period expiring November 27, 2027; each expiration date being the date that is four months and one day from the date of issuance. The Offering remains subject to TSX Venture Exchange final acceptance.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States.

Related Party Participation in the Offering

Certain insiders of the Company participated in the Offering. For details of insider participation in the First Tranche, please see news release dated June 27, 2024. In connection with the Final Tranche, Crescat Portfolio Management LLC, an insider of the Company as it has ownership of, or control or direction over, directly or indirectly, securities of Barksdale carrying more than 10% of the voting rights attached to all the Company’s outstanding voting securities, purchased 6,666,667 Units. In addition, Rick Trotman, Chief Executive Officer and Director of Barksdale, purchased 118,317 Units. The participation by insiders in the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities purchased by insiders, nor the consideration for the securities paid by such insiders, will exceed 25% of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of either the First Tranche or the Final Tranche, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner. The Offering was unanimously approved by the Company’s board of directors.

Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver project in the Patagonia mining district of southern Arizona, which hosts several significant porphyry copper deposits as well as the adjoining world-class Hermosa carbonate-replacement lead-zinc-silver deposit which is under construction by a major mining company.

ON BEHALF OF BARKSDALE RESOURCES CORP

Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com

Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com

For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to TSX Venture Exchange approval and the use of proceeds from the Offering are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Barksdale, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to obtain necessary approvals, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Barksdale does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

// NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES //

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218027

Finance

I’m a Financial Advisor: 6 Year-End Tax Moves My Wealthy Clients Make

Published

11 hours ago

July 26, 2024

Press Room

I’m a Financial Advisor: 6 Year-End Tax Moves My Wealthy Clients Make

Vasyl Dolmatov / Getty Images

The dog days of summer might seem like a strange time to start thinking about the right year-end tax moves. After all, you still have to go through spooky season and the holidays well before the taxman comes a callin’. Yet planning your tax moves well in advance can help you preserve more of your wealth long before you have to sign those forms.

Find Out: Should Trump Eliminate Income Taxes? Here’s What Tax Experts Say

For You: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy

As the founder and CEO of 11 Financial, Taylor Kovar, CFP, has experience in helping wealthier clients make those savvy tax moves. GOBankingRates connected with Kovar to get his insights about what people with higher incomes can do to get their taxes in order as the end of the year approaches (it’ll be here sooner than you know).

Contribute to Tax-Advantaged Retirement Accounts

One of Kovar’s first big pieces of advice for wealthy clients is to ensure that they’re maximizing contribution to tax-advantaged retirement accounts, like 401(k)s, IRAs and Roth IRAs.

“For 2024, the contribution limits are $22,500 for 401(k)s ($30,000 if over age 50) and $6,500 for IRAs ($7,500 if over age 50),” he said. “Making these contributions can reduce taxable income and boost long-term savings.”

Read Next: This Is the One Type of Debt That ‘Terrifies’ Dave Ramsey

Focus on Charitable Giving

Giving money to causes that inspire you doesn’t just do your heart and soul some good, it can also have great benefits for your bottom line. Kovar recommends that his clients consider making donations to qualified charities before the year’s end to help save on taxes.

“Additionally, they can donate appreciated assets such as stocks or real estate to avoid capital gains taxes and receive a charitable deduction,” he added. “For those 70 and a half and older, qualified charitable distributions from IRAs can be a tax-efficient way to give.”

Explore Tax-Loss Harvesting

While the word harvesting conjures images of plucking fresh fruits and vegetables out of the ground, tax-loss harvesting can help you generate more green. As Kovar explained it, tax-loss harvesting involves selling investments at a loss to offset capital gains and reduce taxable income.

“Investors should review their portfolios to identify underperforming assets that can be sold to realize losses and minimize their tax liability,” he said.

Make Annual Gifts

Kovar also recommends that his wealthy clients make annual gifts to reduce their estate size and potentially avoid estate taxes. Even better? They get to see the recipient enjoy their gift. For 2024, the annual gift tax exclusion is $17,000 per recipient.

“Reviewing and updating estate planning documents and strategies can ensure that their estate plan is aligned with current laws and personal goals,” he added.

Convert to a Roth IRA

If you’re expecting your income to increase in the future, you might consider converting traditional IRAs or other tax-deferred accounts to Roth IRAs.

Kovar shared that Roth conversions can be taxed in the year of conversion. However, they provide tax-free growth and withdrawals in retirement.

Take RMDs

New Year’s Eve should be more than your last chance to party before the end of the year, it’s also the last day of the year you can take required minimum distributions (RMDs) to avoid penalties.

“Investors who turn 72 this year need to start taking RMDs, and those already taking them should verify they have met the requirements,” said Kovar.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: 6 Year-End Tax Moves My Wealthy Clients Make

Finance

2 charts show why the stock market sell-off isn't done yet

Published

18 hours ago

July 26, 2024

Press Room

2 charts show why the stock market sell-off isn't done yet

The roaring stock market rally of 2024 has finally hit a pause.

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) tallied their worst one-day drops since 2022 on Wednesday and extended those losses on Thursday. Over the past 10 days the benchmark S&P 500 is down about 3%, while the Nasdaq is down more than 6%.

The recent pause in the rally’s chug higher aligns with calls from equity strategists in our recently released third volume of the Yahoo Finance Chartbook. Truist co-chief investment officer Keith Lerner noted that in years when the S&P 500 has risen more than 10% in the first half of the year, the second half usually sees an average pullback of about 9%.

Through the end of June, the S&P 500 was up about 14%.

“This choppier market action of late, which we have been anticipating, likely has further to go in terms of price and time,” Lerner wrote in a note to clients on Thursday.

Tech has been the clear leader of the recent market drawdown. Information Technology and Communication Services are the only two of the 11 sectors in the S&P 500 with negative returns over the past month. In an interview with Yahoo Finance, Lerner reasoned that the recent sell-off in Tech made sense given how far up the sector had run.

In late June, tech had outperformed the S&P 500 on a rolling two-month basis by the most since 2002, per Lerner’s research. Lerner reasons that, like a rubber band that becomes overstretched, there’s usually a snapback from extreme levels of outperformance in markets.

“When we get that stretched, a little bit of bad news can go a long way,” Lerner said.

The “little bit of news” came via earnings reports from Alphabet (GOOGL, GOOG) and Tesla (TSLA) after the bell on Tuesday leading into Wednesday’s sell-off. Lerner noted that the earnings weren’t bad but failed to impress investors, who had a high bar entering this reporting season.

Earnings from Apple (AAPL), Meta (META), Microsoft (MSFT), and Amazon (AMZN) expected next week will prove the next test for investor sentiment in the tech sector. Lerner reasoned that, after the market reset over the past few trading sessions, there’s a chance technology’s latest swath of earnings can surpass investors’ now-trimmed expectations.

“I think the secular story of this bull market is still intact,” Lerner said. “Money will come back there. I just think more likely you need a resting period and kind of a pause that refreshes.”

NEW YORK, NEW YORK - APRIL 02: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 02, 2024 in New York City. All three major stock indexes closed at a loss with the Dow Jones leading the way closing over 350 points falling for a second day as Wall Street has a turbulent start to the second quarter. Both the Dow and S&P 500 had its worst day since March 5th. (Photo by Michael M. Santiago/Getty Images) — Traders work on the floor of the New York Stock Exchange during afternoon trading on April 2, 2024, in New York City. (Michael M. Santiago/Getty Images) (Michael M. Santiago via Getty Images)

BMO Capital Markets chief investment strategist Brian Belski also highlighted the likelihood of a pause in stocks’ climb higher in the latest edition of our Chartbook. Similarly to Lerner’s analysis, Belski’s work shows that going back to 1949, the second year of a bull market sees a roughly 9% average pullback. The most recent bull market started in October 2022.

Belski told Yahoo Finance on Tuesday that the market was “ripe for a pullback from a sentiment perspective.” But to Belski, this is a “buying opportunity.” His research shows that markets typically bounce back an average of 14.5% from the bottom of the second-year bull market drawdowns he studied.

“Stocks will be higher at year-end,” Belski said.

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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