Here is a preview of what I will be discussing with my UNK Personal Finance class this week. Feel free to use any to get the conservation started at your Thanksgiving Dinner.
To help prove to your family that you are paying attention in your Personal Finance class and to have some conversation starters, here are some topics to discuss with your family members around the Thanksgiving table. Remember to know your audience, a simple question to the wrong person may spark a fuse. Always avoid politics, religion, and inflation.
Getting a 8.7% increase in Social Security next year. Where are you to spend the increase?
Be careful with that question because you might get an earful about inflation.
When was the last time you got almost 5% on a CD?
Did you know the annual tax free gift is moving up $1,000 to $17,000. Do you need a Christmas gift idea for me?
Do you think the Required Minimum Distribution age will change from 72 to 75?
I bonds are so cool.
Parents/Aunts & Uncles
Brutal stock market this year, but nice rally of over 10% since end of the quarter.
2022 the year of tax loss harvesting? Especially the FAANG
I think the 60/40 is going to make a comeback.
What awesome rate did you lock in your mortgage at (given that they are near 7% now?
How much did your house go up in value since I graduated high school?
Did you know contributions are increasing for
IRA & ROTH to $6,500 from $6,000 (with $1,000 catchup)
401k to $22,500 from $20,500 (with $7,500 catchup)
Moved any of your emergency fund into a 3% money market account?
Focus on consoling the younger crowd. It has been a rough year.
Mortgage rates - That stinks that rates are so high now.
Homes – Is it becoming a buyers market?
Student loan forgiveness - Is it going to happen?
Crypto - watch out for this one. It maybe too volatile
Avoid these 3 letter acronyms …..NFT, FTX, SBF, BTC
At least your boss isn’t Elon Musk.
Credit score – Break over 700?
Have a Happy Thanksgiving!