I sincerely hope any loved ones and friends impacted by Hurricane Idalia are safe and sound. The rapid intensification of this storm, like so many other recent storms, serves as a crucial reminder for those residing in hurricane-susceptible regions, including, apparently, California, to stay alert during this season. With ocean temperatures reaching record highs and the tropics becoming increasingly active, vigilance is paramount. Regrettably, for Floridians already navigating a complex and expensive insurance landscape, storms like Idalia only exacerbate the challenges.
Let’s Celebrate Workers!
From my home in Wellington, Florida, I have easy access to over ten grocery stores, a dozen drugstores, around twenty gas stations and convenience stores, a large mall, and numerous big box stores and shopping clubs like Sam’s Club, BJs, and Costco, all just a hop, skip, and a jump away – within ten miles to be exact! And, if I don’t feel like skipping or driving, many of these stores offer same-day delivery. Plus, there is always Amazon, and they will deliver via drones soon, or so I read somewhere. Regardless, getting my hands on almost anything I desire is a breeze in our modern world.
While such convenience was once taken for granted, the pandemic served as a wake-up call, reminding us of the critical role of supply chains and labor inputs in our daily lives and the chaos that unfolds when they malfunction. Despite our technological progress, advancements in automation, and digital supply chains, the lockdowns and the sudden unavailability of essential products revealed the challenges that arise when human involvement is reduced.
So, as you savor your morning coffee this Labor Day, please take a moment to contemplate the journey of the coffee beans that made it all possible. Consider the harvesters who toil from dawn to dusk across the globe, the mill workers who cleanse and dry the beans, the graders who assess them, the drivers who transport them, the sailors who get them across seas, the dockworkers, warehouse personnel, roasters, packers, and the truck drivers who deliver them to stores and homes. For that warm cup of coffee to reach your hand, it involved innumerable hours of labor from thousands of individuals around the globe!
While we may take for granted the push of a button, the pull of a lever, or the flick of a switch that delivers our daily caffeine fix, it’s important to remember and appreciate the laborers, skilled and unskilled, well-paid and underpaid, who make it all possible. Everything we consume, rely on, and enjoy, from the food we eat to the houses we live in, is the result of labor – even complex supply chains.
So this Labor Day, let’s honor, recognize, and appreciate the contributions of laborers around the world. Let us focus less on the products we use and more on the people who make them and their efforts.
Happy Labor Day from your Mariaca Wealth Team and me!
Key Economic News:
- Unemployment Rate Unexpectedly Rose to 3.8% in August as Payrolls Increased By 187,000
- The Fed’s Preferred Inflation Measure Stayed High in July – and Consumers Are Continuing to Spend
- U.S. Job Growth Slowed Sharply to 177,000 in August, Below Expectations
TD Economics: Inflation Tracker
By TD Economics
- Inflation continues to cool across the G-7 as the energy price shock from 2022 fades into the background.
- Core inflation too has cooled, notably in Canada and the U.S., but getting price growth in line with target rates remains a sticky situation. Most G-7 central bankers are talking tough and shifting to a fine-tuning approach to rate hikes.
- China’s backdrop is notably different from the rest, as consumer prices fell relative to year-ago levels in July. Challenging economic conditions will weigh on price gains and limit upside surprise to commodity prices.
China: Contagion or Contained
By Schwab Market Perspective
- Worries about the housing market may be eroding consumer confidence and the pace of spending on goods.
- China’s bond market not seeing property contagion.
- China’s modest measures have disappointed investors and pundits calling for larger and broader stimulus. Yet, there are signs that China’s approach seems to be having some success.
Why Investing Early Is The Key To Achieving Financial Goals
- The growth of an initial $1 investment over the last century has been remarkable.
- Saving early can have a significant impact on portfolio values.
- The compounding effect of investments requires time.
TD AMERITRADE TO SCHWAB TRANSITION:
It’s Schwab Time- Are You Ready?
We want to remind you that your account is moving to Schwab on Friday, September 1, starting at 8:30 p.m. ET. The move will take place automatically and securely, so all you need to do is create your new Schwab Login ID and password. If you already have a Schwab account or you’ve already set up your new Schwab login info, there’s nothing else you need to do.
A Few Things You Can Do To Prepare:
- Set up your new Schwab Login ID and password now: Visit the Client Information Hub for step-by-step instructions for setting up access to your account.
- If you’re enrolled in paperless document delivery, you must have your Schwab login info set up to keep receiving your statements and tax documents electronically.
- Get ready to use Schwab.com and the Schwab Mobile app by accessing our learning resources, including how-to videos, online guides, and live webcasts with Q&A.
- Download the Schwab Mobile app so you’ll be able to access your account from the palm of your hand after the move is complete on Tuesday, September 5.
What to Expect:
When the move is complete on Tuesday, September 5, at 5 a.m. ET, your assets, positions, and account information will be waiting for you when you log in to your account on Schwab platforms.
Additional Resources to Stay in the Know:
- Explore the Schwab Transition Center, which includes personalized information about your move, with specifics by account type. Simply log in to your TD Ameritrade account.
- Visit the Client Information Hub for general account transition information, including helpful FAQs, videos, and more.
- Attend the Moving Made Easy webcast to get the answers to your top questions about the transition to Schwab.
Please let us know if you have any questions!
SPECIAL MESSAGE FROM SERGIO ABOUT SCHWAB’S ACQUISITION OF TD AMERITRADE:
The Forum Club of the Palm Beaches
On Thursday, August 24th, the Forum Club of the Palm Beaches kicked off its 2023-2024 season with U.S. Senator Marco Rubio. Senator Rubio shared his views on the economy, China, and our current education system.
For over four decades, The Forum Club of the Palm Beaches, a non-partisan political and public affairs organization, has welcomed a parade of illustrious speakers, including former Presidents, U.S. Supreme Court Justices, and influential thought leaders whose words and deeds shape our world.
As a proud supporting member, Mariaca Wealth Management sponsors a table for our local clients and friends at these events.
Back By Popular Demand
We’re thrilled to have Weston Wellington, Vice President with Dimensional Funds and a distinguished market historian as our special guest speaker at our upcoming October client event. After hosting Weston in 2017 and receiving overwhelmingly positive feedback, it became evident he needed an encore.
Back in 2006, when I was considering Dimensional funds, Weston significantly influenced my choice. For years, he penned an annual article drawing comparisons between analysts’ forecasts and the actual year-end results. The consistent message was evident: the predictions of economists and Wall Street analysts are as reliable as those of astrologers, warranting a healthy dose of skepticism.
Let me be clear: I believe it’s imperative to be well-informed about critical matters like finances and investments. However, hanging onto the short-term forecasts of economists or analysts isn’t the way to do this.
Mariaca Wealth Management Annual Client Shred Event Featuring Special Guest Speaker Weston Wellington, Vice President of Dimensional Funds
When: Wednesday, October 18th
Where: Hilton – West Palm Beach | 150 Australian Ave. West Palm Beach, FL
Time: 6 p.m. to 8 p.m.
About Wes Wellington:
Weston Wellington has accumulated over 40 years of experience in the investment industry. He serves as the Vice President of Dimensional Fund Advisors and is one of the firm’s most engaging speakers, helping to shed light on the firm’s unique evidence-based approach to investing. Weston stresses how an equilibrium-based investment strategy may be a good way to pursue investment success and why investors are unlikely to hear about this approach from the usual sources of financial advice. Weston also is an accomplished writer whose column, Down to the Wire, appears regularly on Dimensional’s client website.
Prior to joining Dimensional in 1995, Weston was director of research at LPL Financial Services, Inc. He holds an MBA from the University of California, Los Angeles, and a bachelor’s degree from Yale University.
The Forum Club of Palm Beaches Presents U.S. Senator Marco Rubio:
When: Wednesday, October 18th
Where: The Kravis Center: Cohen Pavilion
Time: 12 p.m. to 1 p.m. (Doors open at 11 a.m.)
For over 40 years, The Forum Club of the Palm Beaches, a non-partisan political and public affairs organization, has hosted speakers from former Presidents, U.S. Supreme Court Justices, and thought leaders whose words and actions affect the world in which we live.
As a supporting member, Mariaca Wealth Management sponsors a table at these events for our local clients and friends.
Limited spots are available, and seats fill up quickly!
SMART MONEY MATTERS:
The year is zipping by! But, hey, realizing we’re halfway through isn’t all bad. It’s an excellent opportunity to evaluate our progress and refocus our efforts for the remainder of the year. So, how are you doing with your 2023 financial goals? Here is a mid-year financial checklist to help ensure you are on track.
- You are sticking to your budget.
- All of your financial accounts have beneficiaries.
- Your estate plan is current, and your beneficiary designations, personal representative & trustee appointments are accurate.
- Don’t forget your living will and healthcare surrogate.
- You have automated bill paying and savings set up.
- You are keeping track of your ‘bucket list’ goals and making plans!
Currently Employed Checklist:
- You are sticking to your budget.
- You have an emergency fund (3-6 months)
- Retirement contributions are on track.
- College savings is on track.
- HSA contribution goals are on track.
- You have set-up automated bill paying and savings.
- Your beneficiaries are up to date.
- All financial accounts have beneficiaries.
- You and your family are protected with adequate disability & life insurance.
- You are making progress in reducing your debt as planned.
If you’ve been crushing your goals like a champ, kudos! Keep doing what you’re doing. But if you’ve slid off the path a bit and haven’t been sticking to your plan, remember, there’s no time like now to get back on track. Don’t wait another day to get started. Trust me, there’s nothing like that feeling of knowing you’re making real progress on your goals.
If you need any help, please let us know.
Halftime Report Webinar with Economist Fritz Meyer
This webinar will cover the latest data on:
- Federal Reserve actions and outlook
- The jobs situation
- ISM Purchasing Managers Index
- Inflation measures
- U.S. debt situation
- Household balance sheets
- Consumer income and spending
- Retail sales
- Housing starts
- Consensus forecast For The Quarterly WSJ Survey
- Latest GDP Now forecast for Q2 2023 GDP
- M2 and the liquidity picture
- And, much more…
Recently, our good friend, economist Fritz Meyer joined us for another insightful annual Halftime Report Webinar on July 12. During the webinar, Fritz put the current financial and economic numbers into perspective, comparing them with past records, and discussed how certain economic metrics, like the LEI, can become outdated because the economy is constantly changing. Fritz didn’t stop there, though. He also reviewed some reliable, time-tested indicators like the Federal Reserve’s stock valuation, price-earnings ratios, and other key metrics to help us understand where we are right now and how things might shape up in the near and distant future.
Introducing Coach ‘Me’ and the Mariaca Wealth Somethings!
This year, my son Joaquin wanted to try soccer, but when Andrea tried to sign him up, we found out there was a waiting list, making it unlikely he could participate. I was crushed for him (and me) because I like to expose the kids to new things – especially when it’s their idea. But, not one to give up easily, I inquired if coaching or sponsoring a team would help, and it did! So, I’m coaching a U-8 soccer team sponsored by Mariaca Wealth. Dana and her husband Todd are also coaching this year for their boys, Parker and Jack. We look forward to an exciting fall soccer season, valuing teamwork and fun!
Our Weekly Wave is all about giving you good insights and valuable information. While we’re good at managing wealth and financial planning, please remember; this content is for informational purposes only and is not legal, tax, investment, financial, or other professional advice. So while we hope to provide insightful and helpful knowledge, please don’t take it as official guidance.