Good morning Reader!

Hump daaaaaayyyyy!🐫

Today's stories include: tax day reminders, credit card authorized users, 401(K) balances by age group, market updates and Dave Ramsey rips on millennials and Gen Z...again.

Get financially LIT🔥👇

Market Update Since Last Week's Newsletter

Dow Jones

38,883.67 (-0.70%)

S&P 500

5,209.91 (+0.15%)

Nasdaq

16,306.64 (+0.72%)

Bitcoin

69,047.74 (+0.96%)

​

• S&P 500 rather flat this past week
• Bitcoin snuck past $70k again for a short bit
• The market awaits for more key U.S inflation data...we'll see how it reacts to it

Visual of the Week

Let's take a look at retirement savings by age bracket...👇

Now, the average obviously has to be taken with a grain of salt considering the mean is so far off, meaning there are extremes skewing the data some.

Anyways....if there's one thing we can all notice, it's that these are likely way lower balances than we would've first thought. The median 50 year old 401(K) balance is $60,900?! Wow.

Now, of course, not everyones' retirement savings are ONLY in a 401(K). There are roth IRAs, taxable accounts, rollovers, crypto accounts, real estate portfolios, and more.

However, given that the median net worth of Americans in their 50s is around $225,000...it's safe to assume most of that is likely in home equity as well - hence explaining why these 401(K) balances may be so low. And with credit card debt at an all time high, total student debt at outrageous numbers, and car payments rising...net worths are likely taking the hit from these as well.

All of this begs the ultimate questions...just how bad is the retirement crisis and what's going to happen if it's not fixed?

Deep Dive of the Week

Dave Ramsey Has Mixed Emotions On Younger Generations... 😬

"Then there's a segment of them that just sucks. They're just awful. I mean, their participation trophy, they live in their mother's basement, and they can't figure out why they can't buy a house because they don't work, you know, stuff like that." - Dave

​In an interview this past week, Dave had some choice words for the younger generations. Some if it actually fairly positive, praising Gen Z and Millennials for their diligence, financial savvy and adherence to principles of saving, investing and supporting the free enterprise system. But it wasn't all positive.

Ramsey has increasingly faced backlash recently as being 'outdated' and out of touch with economic realities. And while he had some harsh words to say, he also admitted "I'm really good clickbait."

I'd say both can be true - he has decent advice for beginners, but some of his advice can also be outdated and out of touch with the world we live in today, not 30 years ago. And making generalizations about 2 whole generations...probably not the best way to get his point across, but hey, like he said, he's good at clickbait.

What are your thoughts?

News Roundup

News of the Week That'll Impact Your Wallet💸

💳 Why Should You Add An Authorized User On Your Credit Card?​

Especially for parents looking to give their child or children a leg up once they turn 18, adding them as an authorized user can be a solid option for responsible people. Adding your kid as an authorized user on your card gives them legal permission to use the card, build the responsible habits, all while building that credit history.

However...this only should be used by responsible users. Doing so without the proper accountability can badly affect the authorized user. Be careful out there...

🏦 Important 2024 Tax Dates​

• April 15th - Due date for filing a tax return or to request an extension for majority of the nation
  • Also, the first due date of quarterly estimated tax payments for SE/freelancers/contractors
• April 17th - Due date for Maine and Massachusetts
• June 17th - 2nd quarterly estimated tax payments due
• September 16th - 3rd quarterly estimated tax payments due
• October 15th - Due date for extension filers
• January 15th, 2025 - Last quarterly estimated tax payments due

Action of the Week

Get Those Taxes In!🏦

Tax day is April 15th! Meaning if you have not yet filed your 2023 tax return, you must do so or file for an extension. And if you're a freelancer/contractor, the first installment. of quarterly estimated tax payments is due as well!

There are 2 certainties in life - death and taxes. DO NOT mess with the IRS, they'll always get their's. Get 'em in!

Finance Term of the Week

Vesting Schedule 💰

Given the nature of our "Visual Of The Week," I thought this would be a fantastic term to expand on. Commonly associated with 401(K)s, a vesting schedule refers to how an employee slowly gains ownership in the investment account over a stipulated time period of employment, typically in equal installments. It can especially apply to 401(K)s that have an attached "matching" feature from a company.

It's always crucial to read your company's policy and see what kind of vesting schedule you have, or if you even have one. This can help you decide whether or not to utilize your company's 401(K), how much you want to contribute, and when you fully get access to the total balance!

Disclaimers:

Nicholas Meyer is the owner and operator of NICKTALKSMONEY LLC, which creates content under the social media handle @nicktalksmoney. NICKTALKSMONEY LLC does not render, or offer to render, personalized investment or tax advice through content posted by @nicktalksmoney on any social media platform, any email newsletter, or any other vertical.

The information provided on this newsletter is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Speak with a qualified professional who knows your specific situation before making any financial, tax, investment, or legal decision.

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