April may have been the most tumultuous month of the year, so far. From tax season, to the ongoing situation in the banking sector, and the ever-present threat of recession, it seemed like each day brought a new set of financial challenges.

That’s why the specialists at Wealth Enhancement Group have gone far and wide to share their financial know-how with you on a variety of national media outlets, including CBS, CNBC, Barron's, Yahoo, and more.

The answer to financial uncertainty is financial literacy. Read on to find out how our advisors are sharing their literacy in the following media appearances.

Reflecting on Tax Season

• Can you pay your tax bill with a credit card? While it's possible, it's not exactly advisable. According to Gary Watts, Vice President & Financial Advisor at Wealth Enhancement Group, "Paying a tax bill with a credit card should be the absolute last resort because the interest on credit card debt is just too high." The only exception is if an individual is able to obtain a low-interest credit card. Otherwise, the interest you pay on the credit card debt may be more expensive than any interest or fees the IRS would charge you for a late payment. Read more in the CBS article, Can You Pay Taxes With A Personal Loan?
• How can social media influencers better approach their tax strategy? In addition to his contributions to CBS, Gary Watts lent his experience to this “Wealth of Geeks” article to explain the power of business-related tax deductions: "An influencer can deduct nearly any business expense that can be shown as having some connection to the success of their business." Deducting these "common and necessary" expenses, such as a gym membership and workout equipment for a fitness influencer, can save on your tax bill. Read more in How to File Taxes as an Instagrammer, a YouTuber and Social Media Influencer.

Health, Family, and Money

• Competitive figure skating and behavioral wealth management might not seem like they go together, but the combination comes naturally for Behavioral Wealth Specialist Cohen Taylor. At Wealth Enhancement Group, Cohen helps clients with the emotional side of financial decision-making as a part of holistic wealth management. Read about her fascinating journey from novice figure skating champion to financial advising in this U.S. Figure Skating interview.
• Medicare is running out of money. Could taxing the wealthy at a higher rate be a part of the solution? According to an analysis by Terrell Stauffer, Financial Advisor at Wealth Enhancement Group, the rich already pay more thanks to extra assessments. A progressive tax could bring in more money for the program, but the answer isn't cut and dry. Read both sides of the debate in this Yahoo Finance article.
• Having a child (or children) with disabilities brings an additional level of complexity to your financial planning. In this “Morning Brew” article, Money as a parent of children with autism, Wealth Enhancement Group Senior Vice President & Financial Advisor Charlie Massimo explains how he uses "buckets" to approach his financial future as he plans for his two sons with autism. If you're interested in learning more about caring for adults with autism, you can hear Charlie speak on this episode of the Bloomberg Businessweek podcast. He also featured as the author of When Planning for Clients with Autistic Kids, Empathy Is Key, an article on Wealthmanagement.com that defines the elements you need to establish a Special Needs Financial Plan.
• How much cash will your family need if we enter a recession? Ted Braun, Senior Vice President & Financial Advisor at Wealth Enhancement Group, says to aim for three months of living expenses for a two-income household. This way, if one of your family's primary earners loses their job, you won't need to dip into retirement accounts and incur painful penalties just to make ends meet in the short term. Read more in this Yahoo Finance article.
• How much do financial advisors cost? It all boils down to how they charge you. Financial advisors are paid through three main methods: commissions, hourly rates, or advisory fees. According to Brian Kuhn, Senior Vice President & Financial Advisor at Wealth Enhancement Group, advisors can mix and match these payment methods in a way that makes sense, given the type of advising and the assets under management. Find out the details in this USA Today article.
• “There are so few programs out there that help teach young people—disabled or not—how to manage credit. Financial literacy in this country is terrible. It’s just horrible." So said Charlie Massimo in this “CardRatings” article, Can someone with a disability get a credit card? People with disabilities face unique challenges in obtaining a credit card. This article provides a step-by-step framework for reaching this goal, as well as tips for maintaining your credit.

Retirement Planning

• What happens if you contribute too much to your Roth IRA? According to Douglas Kuring, Vice President & Financial Advisor at Wealth Enhancement Group, "There are a few ways the IRS allows a taxpayer to remedy an overcontribution into a Roth IRA." Drawing from Kuring's analysis in this USA Today article, if you discover your mistake before you file taxes that year, you can withdraw your contributions & earnings for no penalty. If you already filed your taxes, you could file an amended return by the October extension deadline to avoid a 6% penalty. Kuring recommends consulting with your financial advisor to determine the best steps forward if you accidentally overcontribute.
• If you switch jobs, should you roll your old 401(k) into a new retirement account? You don't need to, but it could be a good opportunity to open up your options. Many 401(k) plans have limited offerings, some of which can have high fees. According to Marti Awad, Wealth Enhancement Group Senior Vice President & Financial Advisor, “high costs can really erode growth in your 401(k) over time." For this reason, it may be smart to roll your 401(k) into an IRA, where the investment options are essentially limitless. Read more in this Wall Street Journal article.

Your 2023 Markets Update

• The recent rally in Tech stocks isn't sustainable without Fed rate cuts, said Nicole Webb, Senior Vice President & Financial Advisor at Wealth Enhancement Group, on this episode of CNBC's Closing Bell. Webb doubts that those rate cuts will come in 2023. However, not all hope is lost—there are still investment opportunities in our current interest rate environment. You just have to know where to look.
• "As long as the stability and income generated from money market funds remain attractive relative to stocks, the outflows may continue this year," said Wealth Enhancement Group Senior Portfolio Manager Ayako Yoshioka on the subject of investors leaving dividend funds in favor of money market funds. Time will tell if this prediction holds true: Dividend funds can remain resilient in volatile markets because they typically invest in well-established companies. Read more in this Reuters article, U.S. dividend funds see biggest quarterly outflows in 2-1/2 years.
•  Even though interest rates are up, it might be the right time to make your move in real estate. During this interview on Barron's Level Up series, Wealth Enhancement Group Senior Vice President & Financial Advisor Nicole Webb explains tips for expertly navigating the current real estate market. You can also read insights in this Barron's article, which summarizes her points into six key tips that apply whether you're a first-time buyer or a downsizing retiree.
• In trying times, it's good to go back and review the fundamentals. In this USA Today article, What is a recession, Wealth Enhancement Group Senior Portfolio Manager Ayako Yoshioka explains that "most recessions have a common thread that includes the relationship between the credit cycle and monetary policy." In fact, many recessions can even be caused by the fear of a recession in itself.
• The next six months may see a downturn in the U.S. economy, according to Nicole Webb on Bloomberg Markets China Open. In this video interview, she also provides an analysis of the international currency markets and how this could play into the economic outlook of the United States.

Put Our Financial Intelligence to Work for You

Building wealth is all about making smart decisions with your money year after year. Wealth Enhancement Group advisors specialize in providing balanced advice tailored to your unique financial situation.

Curious about how you can put our decades of experience to work for your wealth? Sign up for a free, no-obligation introductory meeting with a financial advisor today to learn how our advising can empower your financial plan.