Since our last blog, a lot has changed! We’d like to take this opportunity to introduce the new members of our team!
This is our new paraplanner, Alex Seebachan! He is a finance major with a minor in accounting and is currently pursuing his CFP designation.
His background primarily revolves around undertaking small business consulting projects and ventures in entrepreneurship. His experience in running his own business and his certification in Excel shows his thoroughness and financial awareness. Nevertheless, his ultimate ambition is to empower others to achieve financial peace and stability.
Daisy Banks, our new client services rep, is an Air Force veteran who has taken the leap into our financial world.
Her most recent experiences are in elite cash handling and quality customer care. She has developed a fantastic attention to detail when it comes to data entry and document management. She’s a true team player who values integrity, collaboration, communication, and diversity.
Last, but certainly not least, we’d like to introduce our new project manager, Madeline.
Throughout high school she kept a passion for computer science; she has experience in building websites and a certification in Adobe. She’s currently working towards her associate’s degree in business administration at Anne Arundel Community College and is putting what she learns into her work when managing our customer relation systems.
Cybercrime continues to rise, with the FBI’s Internet Crime Complaint Center (IC3) reporting 847,376 complaints in 2023. We recommend combatting this by freezing your credit with the 3 credit bureaus.
You can freeze your credit either online through their websites (links provided) or by phone. The first step is to create an account with each bureau. Once your account is set up, log in and select the option to freeze your credit. Here is the full article on Freezing Your Credit.
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Credit Bureau |
Website |
Phone |
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Equifax |
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1-800-349-9960 |
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Experian |
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1-888-397-3742 |
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TransUnion |
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1-888-909-8872 |
The deadline for the third quarterly estimated tax payment is September 15th. If you are over age 73, we have most likely worked with your tax advisor and you to send part of your RMD to the US Treasury & State Comptroller in lieu of you making these payments. If you are under age 73, your tax advisor or you (if self filing) may have set up auto debits to pay these estimates. Please make sure you have sufficient cash in your checking account to cover these estimates. If you need cash to cover these estimates, please contact us to transfer sufficient funds asap. Thank you! We will remind you again in early January. (Final Estimate due January 15th.)
If you’re self-employed or receive substantial income outside of standard employment, it’s crucial to ensure your estimated payments are accurate. We recommend calculating your income and deductions year-to-date to ensure your payment reflects your current tax liability. Tools like IRS Form 1040-ES can help you estimate your payment. If you’re unsure whether you’ve made your September payment, feel free to check in with us.
4.) Inflation (CPI) update
The upcoming Inflation (CPI) report, scheduled for release on September 11th, will be an important measure of inflation trends. In July, inflation (CPI) rose by 2.9% year-over-year, the smallest increase since March 2021. This inflation range aligns with the standard 2-3% inflation projections we’ve incorporated into the retirement plan assumptions for all our clients. While headlines about inflation may sound alarming, we consider these inflation figures manageable and not a major concern for your retirement or broader financial goals.
Economic uncertainty makes it essential to reassess your emergency fund. Financial planners typically recommend having three to six months of living expenses saved in a liquid, easily accessible account. However, with inflation your savings may be eroded over time. To counteract this, consider keeping your emergency fund in a high-yield savings account or a money market, which currently offers interest rates of around 4-5%. If you’ve had to use your emergency fund this year, or if your expenses have increased, it’s a good idea to adjust your savings plan accordingly to ensure you’re financially prepared for unexpected events. If you have questions on what your optimal “emergency fund” level should be, we will be happy to review this with you.
From all of us at 1 North, we wish you a wonderful start to Autumn.