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A chatbot with uncanny human-like writing abilities has become the poster child for artificial intelligence (AI) since it was released in late 2022, inspiring new levels of attention, excitement, and concern about recent advances in this life-changing technology.As the race among tech companies to monetize AI picks up speed, it's worth considering how widespread adoption of AI-enabled technologies might affect the economic prospects of workers and businesses. How AI changes the game Artific

The benefits and perils of using artificial intelligence to trade stocks and other financial instruments    Artificial Intelligence-powered tools, such as ChatGPT, have the potential to revolutionize the efficiency, effectiveness and speed of the work humans do.   And this is true in financial markets as much as in sectors like health care, manufacturing and pretty much every other aspect of our lives.   I’ve been researching financial markets and algorithmic trading

Are you a football fan? If so, you understand the significance of an audible call at the line of scrimmage and how sometimes you are also forced to call an audible in life. Modern football has evolved since the late 19th century when Walter Camp at Yale University first pushed the idea of a quarterback receiving the ball from someone at the line of scrimmage. Over the years, players and referees have had to adapt to changes in the rules and new technologies. Flexibility and being able to adapt q

On June 8, 2023, the S&P 500 index closed at 4,293.93, just over 20% higher than its lowest recent closing value of 3,577.03 reached on October 12, 2022.1 According to a common definition of market cycles, this indicated that the benchmark index was officially in a bull market after a bear market that began in January 2022. By this definition, the current bull market began on October 13, 2022, the day after the bear market ended at its lowest point.In more general terms, a bull market is an

In the college savings game, all strategies aren't created equal. The best savings vehicles offer special tax advantages if the funds are used to pay for college. Tax-advantaged strategies are important because over time, you can potentially accumulate more money with a tax-advantaged investment compared to a taxable investment. Ideally, though, you'll want to choose a savings vehicle that offers you the best combination of tax advantages, financial aid benefits, and flexibility, while m

What is it?   A durable power of attorney for health care (DPAHC), also known as a health-care proxy, health-care power of attorney, or appointment of a health-care agent, is your written appointment of a representative to make medical decisions on your behalf if you become unable to make or communicate a responsible decision for yourself. It allows you to exercise control over your health care through this representative, who will have the authority to make most medical care decisions fo

Whether you make tennis one of your leisure activities during retirement or just enjoy watching the sport, you may not realize that the same strategies used in a tennis match may also translate into retirement. Prepare yourself for peak performance during the game of retirement by trying some of these retirement tips. 1. Singles or Doubles Before starting any tennis match, you must determine whether you plan to play the game alone or with a partner. Do your retirement goals only apply to you or

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started. Don't lose ground to inflation It's easy to see how inflation affects gas prices, electric bills, and the cost of food; over time, your money buys less and less. But what inflation does to your inve

Understanding the difference between taxable, tax-deferred, and tax-exempt accounts can improve portfolio diversification and make a difference in how much you earn over time. But investors may not fully understand how a strategy called asset location may help improve returns and lower their overall tax bill using these different types of accounts. Each account type has different tax rules and treatments, and understanding each may help you determine which accounts suit your situation. Here, we

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life and vice versa may help you improve your game in both arenas. Here are three tips that may help you work toward success on and off the golf course.Avoid HazardsGetting bogged down in a sand or water trap may cause frustration and add many strokes to your ultim

Financial freedom is a state of being in control of one's finances, covering expenses easily, and saving for future goals. Financial freedom enables you to choose how you spend or interact with your money and have the choice to decide what to do with it. Financial freedom is essential to being financially secure and meeting your goals. Here are ten tips to help you develop financial freedom.  Tip #1 - Check that your income and spending are in balance. You must be aware of your spending

Our 2023 investing outlook started with a theme of returning to normalcy. Considering 2022’s market volatility and the aftereffects of the pandemic, the idea of finding balance was certainly a welcomed change. It’s a theme we could all embrace six months ago and what we will continue to rally around through year-end. That’s not to say that 2023 hasn’t come with its own set of challenges. We saw two regional banks fail in rapid-fire succession in March—and another cl

Golfing and investing may not seem to share much common ground at first glance. But the more you think about it, a successful golfer and a successful investor share a number of traits such as patience, perseverance, attention to detail, and intellectual curiosity. Below, we discuss a few areas investing and golf have in common—as well as a couple of tips you can use to make sure your investing game is as successful as your golf game. One Bad Shot Can Ruin Your Game Even if you make it to

Hiring employees is sometimes a difficult task. You may need to find employees who fit the business culture and have the skills to get the job done. The good news for small businesses looking for employees with various skills and a strong work ethic is that many veterans are looking for new jobs. A veteran may be just the type of person you are looking to hire. Here are some reasons small businesses should consider hiring a veteran. 1. Veterans Usually Have a Positive Attitude Many veterans hav

Opportunities outside the U.S. offer plenty of potential, but plenty of risk too   As the world becomes increasingly interconnected, more and more investors are considering adding international investments to their long-term asset allocation plan. Here are five significant reasons why investors should consider international investments to their long-term asset allocation mix. #1: Diversification One of the primary reasons investors should consider an allocation to international invest

For many, the expenses of college or technical school can be overwhelming. But, with financial aid programs, tuition, room and board, books, and other college-related costs can become more affordable. To determine if your student qualifies for financial aid, you must fill out the Free Application for Federal Student Aid, or FAFSA, by the deadline.  You must file your FAFSA earlier to receive your aid before the start of the school year. You only need to complete your FAFSA once for all type

If you have always thought estate planning was just for those nearing retirement or already retired, think again. If you own a home, it is important to have a plan in place. Without a will or other arrangements that allow your home to pass to your closest loved ones, it is subject to your state's intestacy laws and probate, which may not result in the outcome you want. Here are five different ways your estate plan can pass your home on to your loved ones. Give Your Home as a Bequest One of

Current warning signs might point to a future downturn for the stock market   As an investor, it's important to keep a close eye on the stock market indicators. Currently, the indicators are showing a concerning trend that investors should pay attention to. The stock market has seen a rally in big tech stocks after their earnings this week, driving up major indexes. However, the number of stocks outperforming the broader market has slipped to levels that have not been seen in decades

529 plans are designed for saving for education and are beneficial since contributions accumulate and grow tax-free as long as withdrawals are used for qualified education expenses. But 529 plans may also be part of a wealth transfer strategy. Donors often use 529 plans to give the gift of education, but also because of these additional features: If the Donor owns the 529 plan, they retain control of the assets.The gift removes the assets from the Donor's estate, reducing their estate taxes.

The uncertainty of today's economy, rising interest rates, and market volatility may have you concerned about your 529 plan's performance over the past months. If your child or grandchild has an upcoming tuition bill soon, now may be an appropriate time to review the 529 plan. Here are some tips to help you maintain your 529 plan during periods of uncertainty:1. Check the 529 plan's allocation- About two-thirds of 529 plans are age-based plans, with the remaining one-third of 529 pla

With all of the attention the life insurance industry has been receiving lately, it's easy for policyholders to overlook two important factors: 1) few investments, if any, meet the safety of life insurance and, 2) few investments offer the advantages of tax-free accumulation of cash values and tax-free death benefits. Whether you own a traditional whole life insurance policy, or an interest- or investment-sensitive policy, it is important to have some familiarity with how your policy earning

Small businesses may often find themselves struggling, and there are many situations in which business owners may find themselves weathering a storm and hoping to make it through. While the strength and fortitude of those who run small businesses can be an asset in helping them succeed when times are rough, there are a few strategies that can make survival a little easier. Reduce Costs Strategically When things start to go awry, one of the first things most business owners look for is ways to c

Assessing the context, impact and the future of unprecedented rate hikes   Almost exactly one year ago, on March 16, 2022, the Federal Open Market Committee (FOMC) enacted the first of what would become nine consecutive interest rate increases. This move marked the beginning of an aggressive (and unprecedented) monetary tightening cycle, aimed at combating high inflation and stabilizing the economy. As we pass the one-year anniversary of this significant decision, it's crucial to as

How much do you really know about your employer-sponsored retirement savings plan? Ifyou're like many people, you have many ideas about how your plan works that may or may not be entirely accurate. To gauge your knowledge, take this brief quiz: Are the following statements true or false? Even though I'm young, I should still make saving for retirement a priority. True. Because of the power of compounding, your youth is actually one of the best reasons to start contributing now. Compound

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is likely what you may focus on, but there are some other Social Security benefits you may be missing out on that are worth investigating. 1. Survivor BenefitsTens of thousands of people receive their Social Security benefits each year but fail to claim eligible surv

When people think of “myths,” they often think of such stories as Pandora’s Box (the woman who took the lid off of a jar releasing all of the world’s ills upon the world, were taxes one of them?), or the Tale of Prometheus (who stole fire from his fellow gods to give to humans and was punished by Zeus with eternal suffering). However, money myths have also been circulated with such frequency that many people unknowingly believe them. These myths also tend to restrict peop

The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. Here's what you need to know. What Are Required Minimum Distributions (RMDs)? Required minimum distributions, sometimes ref

One of the more important—and hopefully enjoyable—events you will face in life is retirement. After spending many years building your career, you have likely accumulated a comfortable nest egg. If you have reached a point where retirement is the next big step, you need to develop a strategy that will help you cross the bridge from the world of work to the world of leisure. While most retirement planning discussions focus on the financial aspects of securing a comfortable retirem

Thoughts from a financial professional   When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult decisions that you don’t want to make. Here are 7 retirement considerations that every investor should think about: 1. Understand Social Security. The goal with Social Security is not to get the most you can from the go

What is your credit report? Your credit report is your credit history, as recorded in a file maintained and sold by consumer reporting agencies commonly known as credit bureaus. If you've ever applied for a credit card, personal loan, car loan, or mortgage, you have a credit report. Your credit report contains information about your income, debts, and credit payment history. It also includes information about whether you have been sued, arrested, or filed for bankruptcy. While your credit r

It will take some time, but the FDIC was designed for moments like this   The FDIC-seizure of Silicon Valley Bank is the second-largest US bank failure in history as it held $209 billion in assets at the time of its collapse. Even after adjusting for inflation, by assets it trails only Washington Mutual, which held $434 billion in assets when it failed in 2008. The Silicon Valley Bank failure rocked the tech industry and sent tremors throughout Wall Street as it largely serves start-ups

As Samuel Goldwyn once said, "The harder I work…the luckier I get!" 1 But when it comes to investing, luck may play a huge role in outcomes—no matter how hard you work.2 Below, we discuss some ways that luck may impact your investing, as well as some steps you may wish to take to try to make your own good luck this St. Patrick's Day. The Impact of Luck on Investment Returns One reason so many financial professionals advise against market timing for long-term

In 2021, women-led companies only received 2% of all venture capital funding, a figure considered the lowest percentage in more than five years.1  Data shows this figure does not necessarily reflect the potential success of female-owned businesses, but possibly more of a reluctance for male investors or male-led funds to green-light these projects. The reasons could include tradition, fear, or even institutional biases that venture capitalists may not even be aware of. But by declining

There are many reasons why people save money. For some, it is so they can enjoy a certain amount of financial confidence and freedom, while others squirrel away money for emergencies or future plans like the down payment for a home, college tuition, or a child’s wedding. Saving money also has the potential to alleviate a certain amount of stress that comes with paying off or avoiding debt, meeting bill payments on time, taking vacations, purchasing birthday gifts, and more. Unfortunat

 Today, many people are concerned about saving for retirement or paying for a large ticket item, such as a child’s college education. If you belong to this group, now may be the time to organize your finances. It is never too early to begin, and the sooner you start, the better. Consider the following steps to building a strong financial foundation:  Get organized. Smart money management begins with organizing your financial paperwork. By grouping documents according to categorie

Valentine's Day is one of the biggest holidays for romance and for lavishing gifts on that special someone in your life. While flowers and chocolates may be the most common gifts exchanged on that day, why not consider a gift that may grow in value year after year? Then you would truly be giving the gift that keeps on giving. Want to learn about some value-gaining gifts for your loved ones? Check out some of the ideas listed below. 1. Treasury Bonds Treasury bonds are one reliable gift tha

For many, spending more quality time with loved ones and friends is a New Year’s resolution or work-life balance goal. But for investors who are accustomed to keeping a close eye on their assets' performance, balancing one's "to do" list with one's "want to do" list may be tricky. Below, we discuss three time management tips investors may employ to free up some extra time for what matters most. Why Time Management Matters Adopting time management skills may

Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and b

Financial stress can have a direct negative impact on a person's health and happiness. Unfortunately, this may lead to a downward spiral. The more stress you're feeling, the larger your financial hurdles may seem, and the more you may rely on unhealthy stress-reducing habits. Fortunately, there are steps you may be able to take to improve your financial situation and help manage money-related stress. Below are five habits you may wish to adopt to work toward financial wellness. Set

Tax preparation tools and products continue to evolve even more quickly than the federal tax code itself. Which tax prep tools are worth the hype, and which may be passed over? Below we discuss five high-tech tools to help make tax time as simple and streamlined as possible. Receipt-Organizing Apps If you're deciding whether it makes more sense to itemize your deductions, it may be time-intensive to track down all the receipts needed to determine which option is preferable. Receipt-organizi

Financial wellness is the ability to have a healthy financial life and feel good about your financial situation. Financial wellness doesn't have just one meaning because it can mean something different to each person. Financial wellness is a broad term that encompasses these key areas: Taking control of your money before it controls you.Determining how safe your money is.Planning what to do with your money. Financial wellness has become one of the top concerns for many people, especially

When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer working in the gig economy. The Internal Revenue Service (IRS) allows you to claim tax deductions for expenses that are necessary and ordinary for your business. While many of these tax deductions are obvious, others are more obscure. Here are five commonly overlooked

Tax season arrives each year, rain or shine, and for many people, the idea of having to do their taxes can feel somewhat overwhelming. However, in today’s world, with advances in technology and the advent of the “app,” it is becoming easier than ever before to complete complicated tasks like filing taxes and checking for tax deductions and available credits. According to data put out by the Internal Revenue Service (IRS), the average refund for tax returns in 2022 was arou

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December 31 can affect not only your long-term ability to meet your financial goals but also the amount of taxes you'll owe next April. Look at the forest, not just the trees The first step in your year-end investment planning process should be a review of your overal

LPL Financial Research Outlook 2023: Finding BalanceThrough all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance of our lives. But with resilience, perspective, and the

With the holiday season just around the corner, you may be ready to get a jump on your holiday shopping. Unfortunately, for many, holiday shopping easily gets out of control. When you are in the giving spirit, you may find yourself racking up debt rather quickly. When this happens, you are then left to deal with eliminating that debt and often paying interest. So why not tackle this holiday season shopping without the added debt? Check out a few tips below to help you stay on the path towar

The 12 Days of Year-End Planning: Things to Consider Going into “The New Year" (Year-End Planning Checklist) At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over twelve days, focusing on one each day, and ensuring it gets a comprehensive review.

5 Do’s and Don'ts for Charitable Giving During the Holidays The fourth quarter holidays are often seen as one of the prime times to take out your checkbook — not only do many charities put in extra efforts helping others this time of year, but donating is also a smart financial move. Giving to a charity before the end of the year can help reduce your tax burden when April 15 rolls around. Here are five crucial do’s and don'ts when it comes to charitable giving.