Dear Legacy Wealth Alliance Family,
Hindsight is 2020… That was going to be a joke between my son and me this year, however, I think this took on a different meaning where most people want to put the year behind them and move on.
I recently saw a post on social media that said:
Nobody claim 2021 as “your year”, okay?
We’re going to walk in realll slow.
Be quite.
Be good.
Don’t. Touch. Anything.
(sic)
The author is anonymous, but I think many of us feel the exact same.
We hope that all our LWA family had a nice holiday’s and were able to take time to be with loved ones… even if it was a Zoom call, Facetime, or the old-fashioned phone call.
Where it is great to be a person who is a planner and look ahead to the future, I believe it is just as important to be a person who stops and takes the time to reflect on the past… both on the good and bad.
In my own life reflection, I see that all has happened in my life was not bad at all, though it might have seemed bad in the moment. It was just change. Change is constant. You may have guessed; I am a glass half full type of person. I learned this lesson many years ago when it seemed my world was crashing around me. I kept standing still and everything around me kept changing and I had absolutely no control over what was happening. I learned the lesson to trust and not panic. I had to trust that it was going to be okay and not panic about what I could not control. My lesson started when my Pastor told me to look in the mirror and imagine myself as a small child and to tell that smaller image of myself it was going to be okay. Though at the time I felt it ridiculous to look in the mirror and tell myself it would be okay… but one day, I did just that … and guess what, it was okay… my world around me did not collapse, my children still loved me, I had a roof over my head, food on the table and part-time employment.
End of the year is always a good time to reflect on my blessings… and I have had many blessings this year. My hope is that all of you can look beyond the negatives and find your blessings as well.
With the new year approaching it is always a good time to reflect on any changes that may have happened that will affect your financial future. From contributions to a 401K, IRA, Roth IRA, etc. to a 529 Plan for a new child or grandchild or even long-term care, disability, and life insurance. Do you want to leave a financial legacy to your family? Do you have a will, or a financial power of attorney (should you become incapacitated for any period of time) or does it need to be updated? With so much to consider, please know we are here to help you. While we are not lawyers or CPAs and cannot give such advice, we do know people in the industry that can help with these issues if you do not already have your own. If you do have your own CPA or attorney, we encourage you to allow them to reach out to us, if you have not already. These relationships become valuable when all your various professionals work together for your benefit. We are always looking for additional professionals to share with our clients who are searching for the same.
I will leave you with the follow information from Lincoln Financial Securities Weekly Market Review:
The development of a vaccine usually takes 10-15 years, starting with 2-4 years of laboratory research, then 1-2 years of pre-clinical studies, followed by 3 phases of testing (consuming another 7-9 years) that begins with as few as 20 participants in Phase 1 before growing oftentimes to tens of thousands of participants in Phase 3. But that timeframe was not going to work in 2020. A week ago (Monday 12/14/20), the first American received an FDA-approved vaccine, only 312 days (just over 10 months) after the initial US pandemic death was recorded in Santa Clara County, CA. Ironically, on the day of the delivery of the first vaccine shot, America passed 300,000 total deaths nationwide from the pandemic (source: The College of Physicians of Philadelphia).
There have been 6 government shutdowns in the last 25 years, ranging from a stoppage of just 1 day (2/09/18) to the longest closure in history (35 days that ended on 1/25/19). Congress was expected to agree late last night to a fiscal year 2021 spending plan for $1.4 trillion of discretionary expenditures, dodging shutdown # 7 (source: Congress).
It was the 5th bill passed in 2020 by Congress that provides pandemic relief, but the nearly $900 billion legislation should not have taken 8 months to complete. The bill provides $600 per person in stimulus payments, enhanced federal unemployment benefits of $300 per week through March 2020, but leaves on the cutting room floor the funding for state and local governments that Democrats sought, as well as excluding the lawsuit liability protections that Republicans wanted (source: Congress).
Notable Numbers for the Year:
- ADVANTAGE: SELLERS – The number of existing single-family homes for sale has been tracked nationally since July 1982, i.e., for nearly 4 decades. The total peaked in July 2007 at 4 million but has fallen to its all-time low of 1.22 million in Dec. 2019 (source: Nat’l Assoc. of Realtors). 1/27/20 issue.
- RAINING NOW – All 50 US states maintain a “rainy day” fund that may be accessed as a result of an economic emergency. As of 7/01/19, California had $19.2 billion set aside, New York had $2.5 billion while Illinois had just $4 million (source: Nat’l Assoc. of State Budget Officers). 4/20/20 issue.
- JUST HERE FOR THE DAY – 48% of hospital revenue in 2018 came from outpatient procedures (source: Deloitte Center for Health Solutions). 5/11/20 issue.
- YOU WANT A DISCOUNT? – The schools with the 4 largest college endowments in the United States – Harvard, University of Texas, Yale and Stanford – increased the cost of tuition for their undergraduates for the 2020-21 school year (source: MarketWatch). 9/14/20 issue.
Reproduction Prohibited without Express Permission. Copyright © 2020 Michael A. Higley. All rights reserved. The content of this material was provided to you by Lincoln Financial Securities Corporation for its representatives and their clients.
12/21/20 Monday
LFS-3378330-122120
Have a blessed and Happy New Year to all.
Best regards,
Pattie Gradl
This information does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may view this information. Statements, opinions, and forecasts made represent a particular observation and assessment of the market environment at a specific point in time and are not intended to be a forecast of future events or a guarantee of future results. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended. Statements regarding future prospects may not be realized and may differ materially from actual events or results. Past performance is not indicative of future performance.
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