We hope everyone is having a wonderful holiday season and is ready to bring in the New Year this weekend. It’s amazing to believe 2023 is already here, but we can’t wait for everything it has in store.
We would like to take this opportunity to share our gratitude. We know 2022 has been an interesting year, to say the least, and the Illumination Wealth team has done everything possible to make it as successful as possible for our clients. We wouldn’t be where we are without such an incredible group of financial specialists. They are hard workers and extremely dedicated to their crafts. We are so proud of what our team is able to accomplish year in and year out as the company continues to grow and evolve.
Of course, we would also like to express our gratitude to each and every one of our clients. We truly appreciate your loyalty and willingness to put your trust in our hands as we help you navigate the ever-changing waters of financial planning. Our goal is to help you achieve financial independence through careful planning and strategic execution. No two clients are the same, which is why we take such a personal approach to financial advisement. From yearly tax planning and business planning to long-term retirement savings and investment management, we are committed to help you through thick and thin.
The financial world is always full of surprises and each new year brings something a little different. 2022 brought some unique challenges with high inflation, rising interest rates and very volatile stock market. It’s hard to say exactly what will happen in 2023, but it will likely be more of the same—at least for the first half of the year. The most successful investors are those who have strong financial plans in place. They can survive and sometimes even thrive when market conditions are at their worst.
If you are striving to accumulate wealth on your journey toward financial independence, it’s important to understand the market shifts and be prepared to make the right moves. Every time the market declines 5% or more is an increase opportunity for you to invest in things that will be worth significantly more in the future when you well them. You are creating wealth today by knowing it will be realized at some point in the future.
There are some changes ahead in 2023. 401(k) contribution limits and lifetime gift tax exemptions are going up, along with the standard tax deduction amount for both single and married individuals filing separately. We will be outlining some of these new 2023 tax laws and financial issues in upcoming Illumination Wealth Blog posts, so please stay tuned to the page for more helpful articles on a variety of financial planning topics.
Most importantly, we want to wish everyone a very Happy New Year. Enjoy the rest of your holidays and, together, let’s make 2023 your best year ever!
If you want to get started with your 2023 financial planning, contact Illumination Wealth today.