Ep 15: Will the Economy Boom or Bust in 2024?

02/15/24 • 17 min

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash. We'll balance our discussion with both optimistic and pessimistic perspectives from an array of sources to give you a comprehensive view.

For those looking to level up their financial habits in 2024, we’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like ignoring account statements and strict budgeting. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions.

We’ll close out the show today by answering questions about Social Security, gifting to your children, and investing strategies for young adults.

Here’s some of what we discuss in this episode:

What can we expect to see from housing prices in 2024?
What are the chances of a recession this year?
The good money habits that might actually be holding you back.
If you’ve reached retirement age but still plan on working, what should you do with Social Security?
What should you consider if you plan on gifting money and assets to your kids in your 90s?
What are some good investment ideas for recent college graduates?

LEARN MORE:

Recent educational videos on YouTube: https://bit.ly/3CMiRbt
Schedule a meeting with Michael: https://lwsde.com/schedule-a-meeting/
Visit Michael's website for more resources: https://lwsde.com/
Sign up for Newsletter: https://tinyurl.com/2p979jjz

We’ll close out the show today by answering questions about Social Security, gifting to your children, and investing strategies for young adults.

Here’s some of what we discuss in this episode:

What can we expect to see from housing prices in 2024?
What are the chances of a recession this year?
The good money habits that might actually be holding you back.
If you’ve reached retirement age but still plan on working, what should you do with Social Security?
What should you consider if you plan on gifting money and assets to your kids in your 90s?
What are some good investment ideas for recent college graduates?

Previous Episode

Ep 14: Climbing the Retirement Mountain + Michael’s Ultimate Retirement Mixtape

Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down. We're talking about setting milestones, dealing with market surprises, and making sure your hard-earned savings last through your entire retirement journey. Join us as we gear up with some smart strategies and insights, making sure you reach the top and enjoy the view.

Plus, Michael reaches back to his days as a DJ to put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey. From setting financial goals to finding purpose in your golden years, this playlist sets the stage for important discussions about crafting your dream retirement.

And finally, we’ll tackle a few financial questions from listeners to close out the show.

Here’s some of what we discuss in this episode:

We’ll talk about how retirement planning is much like climbing a mountain and we’ll make the comparisons to each leg of the journey.
Michael will put together his Ultimate Retirement Planning Mixtape.
Is a short-term loan a good option for a down payment on a home?
Is it worth selling one of your two homes to get into retirement sooner?
Is a 6% withdrawal rate in retirement too much?

Next Episode

Ep 16: How One Overlooked Issue Can Sink Your Retirement

Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course.

March Madness is also upon us, and as you fill out your bracket and watch the NCAA Tournament this year, there are a few retirement planning lessons that you can learn along the way. Tune in as we share them in today’s show!

To wrap up this episode, Michael answers some listener questions about the tax implications of gifting money, financial indecision, retirement spending, and more.

Here’s some of what we discuss in this episode:

Inflation is steadily increasing + Prolonged higher interest rates
Accounting for the expense of a nursing home stay in your financial plan
The current overbought state of the stock market + Planning for potential tax increases
Focusing on your plan rather than attempting to predict outcomes + Being prepared for unexpected events or "upsets"
The importance of diversification to mitigate risk + Avoiding emotional decision-making in the planning process
If you need to gift money to your child, what might be the impact on your overall plan?
What is some advice for people who struggle with financial decision-making?