Mint Hill Monthly – October 2023

Hello valued clients and friends!

As we enter a new month, we’re excited to share with you a collection of interesting articles from the month of October. Hope you enjoy!

  • Bank of America warned consumers they would be pushed to the ‘point of pain’—and CEO Brian Moynihan says we’ve now reached that point.  Read Article  Bank of America CEO Brian Moynihan says consumer spending growth has slowed signaling a shift towards a low-growth, low-inflation economy. Lower-income households are more impacted, with depleted savings, while higher-income households are diverting money to investments. The Fed’s anti-inflation efforts appear to be working, with inflation at 3.7% down from 8.3% a year prior.
  • Navigating the New FAFSA: What Families Need to Know About Upcoming Changes in Financial Aid for College.  Read Article  The FAFSA is undergoing significant changes for the 2024-2025 school year, including a delayed start date, a new “Student Aid Index,” and the elimination of the “sibling discount.” These changes aim to simplify the application process and expand federal aid eligibility, but may affect middle- and higher-income families with multiple children in college.
  • Will I just keep spending more and more money forever?  Read Article  Nicole Dieker answers questions in Vox’s “On the Money” column about managing lifestyle creep and the rising cost of living. She advises preparing for future life changes, such as career moves and family events, and offers multiple coping strategies like moving to cheaper areas and aggressive debt management.
  • The Healthcare Plan Most People Should Buy—and Why They Don’t.  Read Article  During open-enrollment for health insurance, many people make costly mistakes by choosing inappropriate plans or sticking with existing ones. Complexity, jargon, and misleading terms contribute to these errors. For many, a high-deductible health plan paired with a health savings account offers financial benefits without compromising essential coverage.
  • Your ‘Set It and Forget It’ 401(k) Made You Rich. No More.  Read Article  The traditional 60/40 stock-bond portfolio strategy is facing challenges due to high Treasury yields and inflated stock valuations. Investors are advised to lower return expectations and diversify assets for a safer, albeit modest, yield.

As always, please reach out with any questions or if we can be a resource to you!

Warm regards,

Tyler Anderson, CFP®
Mint Hill Wealth Management

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