Client Newsletter October 2020
Hello Again!
First Some Announcements:
It finally happened! We did it! Our Logan office is officially moved to 214 South Main Street in Logan. The Ogden office will stay right where it has been on 25th Street. If you are feeling healthy and are in the Logan stop by and check out the new building. (Parking is available on the south side of the building.)
With the passing of the CARES Act this last March, Required Minimum Distributions (RMD) are not required for 2020. This includes IRAs and Inherited IRAs. This does not mean you are not allowed to take them, only that they are not required for 2020.
Speaking of RMDs, in December of 2019 congress passed the SECURE Act. One change is Required Minimum Distributions are not required until age 72. This only applies to those who have not started yet. And do not worry if this is all confusing, we are keeping track of all the changes and details.
Recent Blog Posts include: Medicare Open Enrollment, Wealth Tax in California, Identity Theft, Women CEOs and Stock Prices, and more. To read visit: https://ascendinvestment.com/garrettsgarage
Now onto the election:
Everyone we talk to says something to the effect of “This election is the most contentious I have ever seen” There is an implied undertone of wanting to the peaceful election of years gone by. We would argue that elections have always been heated. Going all the way back to John Adams v. Thomas Jefferson headlines were ablaze:
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IF YOU ELECT THOMAS JEFFERSON
MURDER, ROBBER, RAPE, INCEST, and ADULTRY
Will be practiced throughout the land.
Are you prepared to see your dwellings in flames. . .
FEMALE CHASTITY VIOLATED,
Or children writhing on the pike?
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JOHN ADAMS IS……
Busy IMPORTING MISTRESSES from Europe
Or trying to marry one of his sons to the daughter of King George.
He is a HIDEOUS, HERMAPHRODITICAL CHARACTER
with neither the force or firmness of man,
nor the gentleness and sensibility of a woman.
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Easy to say that no man was taking the high road. There is a change today that everything is front and center. Politics does drive the news cycle and the news is packed with emotional impact.
When it comes to politicians our rule is, we watch what they do not what they say. There always is a lot of noise but what makes a difference over time is legislation, court rulings, and regulations. One more thing to keep in mind is business cycles are longer than presidential cycles. Economic and business fundamentals take time to change and move and have a larger impact. Markets move in the day to day because of uncertainty and emotion.
The rhetoric is not great, the elections cause a lot of noise and uncertainty, but we believe that this election will join the noise of all the others and economic fundamentals will be what drive the market more than one party or person ever will. (If you are into charts and graphs we have plenty if you would like a deeper dive!)
One more point to highlight is your personal spending habits typically have the biggest impact on your life. More impact than any election or news cycle.
Lastly, now is a great time to review before the end of the year. If you would like to have a visit, either in person or over the phone, give us a call!
Cheers,
Garrett G. Smith
Financial Advisor
Ascend Investment Partners
Paul M. Norman, CFP®
Senior Financial Advisor
Ascend Investment Partners
http://www.ascendinvestment.com/
Logan:
214 South Main Street
Logan, UT 84321
Tel: 801-476-1200
Fax: 801-476-1207
Ogden:
175 Historic 25th Street
Ogden, UT 84401
Tel: 801-476-1200
Fax: 801-476-1207
Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.
Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy