Payne Points of Wealth Podcast

How to Start 2022 RIGHT With Your Financial Plan, Ep #66

As the new year comes in, the economy is FULL of economic news you need to know. The Federal Reserve is more hawkish than ever with some unprecedented moves, tech stocks are being hit hard, interest rates are soaring, and oil prices are rising — all things that we predicted were going to happen to a large degree.

How can you start the year off right with your financial plan? On this episode, we’re going to tell you, including how to dig into your portfolio and assess how your biggest financial assets are likely being underutilized.

You will want to hear this episode if you are interested in…

  • There’s been a lot of volatility in the markets as the year’s begun [1:20]
  • The Tipping Point: The right decisions for your biggest assets [10:35]
  • Hidden Facts of Finance [19:35]

As 2022 dawns our predictions are coming true

What we expected has come to pass here at the beginning of the year: The FED is playing catch up. It’s been announced that the Federal Reserve will continue to taper off its bond purchases. It’s also been announced that interest rates will be going up. One last thing, the FED will begin taking money from the balance sheet to sell bonds. We saw all of this coming and told you about it in previous episodes. What we didn’t see is that the FED is doing all of this at the same time. The job market is a mess as well. Many people don’t want to get back to work after the pandemic because they are still living on the government handouts that were implemented. Others who are in the job market are demanding incredibly high wages. The bottom line is that dynamics we’ve seen this past year are changing going into the new year.

This week on the tipping point: What assets are you taking for granted?

As you look at your portfolio here at the beginning of the year, you should consider your biggest assets in terms of whether you’re using them most effectively. One example is your 401(k) — it’s typically one of the largest assets in an investor’s portfolio and is not managed effectively. On top of that, 401(k)s can be cumbersome to manage, don’t provide all the tools or stock choices you need, and can also be designed with blatant conflicts of interest in them as companies use them to promote their own stock. You must be very strategic with your 401(k).

You should also consider whether your home (real estate) is doing everything it could for you, especially if you have two homes. Is it time to downsize or refinance that high-interest mortgage? It’s a seller’s market, so this could be the time. As well, look into the expenses required to maintain your home (or 2nd home). Could that money be put into better investments that can increase your cash flow or income?

Don’t miss this episode! We cover a lot of items you don’t want to be in the dark about.

This week’s hidden facts of finance

  • Florida’s population has mushroomed
  • NFTs (Non Fungible Tokens) have become a head-scratching asset class
  • Traditional carbon-based energy use is already at 2019 levels for the year
  • The S&P has no “in-between”

Resources & People Mentioned

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