Insider Guide

November, 2022

reminders

Save the date – Client Santa drop-in event for families and kids to come and hang out with Santa  and have your picture taken at our office on Friday, December 9th, 5pm -7pm.  There will be hot chocolate and sweet treats, plus you will be able to schedule a time slot so you don’t have to wait around.  Invitation coming soon!  We will be supporting Hope For Christmas this year – more details to come.

Charitable Giving:

The end of the year is traditionally a time when many people look to make charitable donations, and charities rely heavily on our generosity during this season. We would like to share a few thoughts regarding this, because generosity is an important part of the heartbeat of GIA, which is included in our mission statement:  “To lead people to financial peace, independence, and generosity.”

real estate market update  – Sharon Brewer

– October 31, 2022

The average rate on a 30-year fixed mortgage rose to 7.08% as of October 27th, from 6.94% last week, and compared to 3.14% a year ago, according to a survey of lenders by mortgage giant Freddie Mac.  We may see that rate increase further following the Federal Reserve’s announcement on Nov 2nd of an additional 0.75% rate increase for their short-term rates.

As expected, the increased mortgage interest rates have reduced the number of buyers in the market. Combined with some sellers being unwilling to give up their current 3% interest rates, the result is a further slowing of the housing market.

“Persistent inflation has proven quite harmful to the housing market,” said NAR  (National Association of Realtors ) Chief Economist Lawrence Yun. Yun noted that new home listings are down compared to one year ago since many homeowners are unwilling to give up the rock-bottom, 3% mortgage rates that they locked in prior to this year.

“The new normal for mortgage rates could be around 7% for a while,” Yun added. “On a $300,000 loan, that translates to a typical monthly mortgage payment of nearly $2,000, compared to $1,265 just one year ago – a difference of more than $700 per month. Only when inflation is tamed will mortgage rates retreat and boost home purchasing power for buyers.”

taxes – new income tax brackets and inflation adjustments

On October 18, 2022, the IRS announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions.

key takeaways:

The IRS has released higher federal tax brackets for 2023 to adjust for inflation. This adjustment means lower tax rates for some in 2023. Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills.

The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850, an increase from $12,950.

Cost-of-Living Adjustment (COLA) – Social Security and SSI (Supplemental Security Income) have been adjusted by 8.7% in 2023 – so your paycheck could be going up, which is exciting news!

There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit, and flexible spending account limits, among others.

101 google reviews – WOW!

blog update

Our recent blog series is centered around navigating life transitions. The upcoming topics we plan to cover are changing careers, becoming an empty nester,  retirement, changing offices, and moving. These are specific topics that our staff has walked through recently or are currently walking through. The retirement video is of Tim’s dad, Fred Goodwin.  We thought it would be fun to share stories and some insight on how to navigate these milestones.

reeves house event

Are all your friends too busy on this date? You’re still invited!

We’ve had a few clients ask if they can come without a friend, and we wanted to clear the air… yes!  Even if you can’t find someone to introduce to us, we still want YOU to come!  Please RSVP here. 

Drop in on Friday, November 11th from 7-9pm
734 Reeves St, Woodstock, GA 30188

• Enjoy art created by local artists
• Live music
• Charcuterie
• Beer, wine, coffee and non-alcoholic beverages

hygge – the art of coziness

Hygge is pronounced “hue-guh” and is a Danish word meaning comfort, well-being; enjoying life’s simple pleasures alone or with loved ones.  This is a Danish art of experiencing happiness, which allows you to bring unlimited joy into your daily life. This is a philosophy and daily practice that encourages you to feel contentment and coziness by living in the moment, or being fully present and engaging with your surroundings fully with all of your senses.

As the weather gets colder, we tend to want to get cozy with warm mugs of tea or coffee and snuggle by a fire under a blanket with a loved one, or a good book. These are some examples of feeling cozy or experiencing hygge. Hygge is such an embodied part of Danish culture and despite winters with only six hours of daylight and really cold temperatures of -30 C (-22 F), the Danes are ranked as some of the happiest people in the world. Here’s how we can learn from them.

Some ways to take in pleasure from the presence of gentle and comforting things are:

1. Candlelight -light a candle. In the book Anam Cara by Celtic poet John O’Donahue, he talks about the mystery that exists in candlelight. He says, “Candlelight perception has the finesse and reverence appropriate to the mystery and autonomy of soul. Such perception is at home at the threshold.” He reminds us of the beauty in the mystery and how our soul feels at home in the reverence and kindness of candlelight.

2. creating moments of just BEING  – by choosing simple pleasures. Listen to a record, watch the snow fall outside your window, and feel the weight of a quilt surround you as you nestle by the fire. Eat warm and hearty foods that are tied to childhood memories, or just make you feel good on the inside. Engage with your senses by fully seeing, hearing, feeling, tasting, and smelling everything around you with gratitude.

3. linger longer –  Linger after your meal at the table a while longer before rushing to clean up. Decide to be still before moving on to the next thing on your list and just appreciate the goodness in each moment.

4. nature is grounding  – Spend time in nature even if it is cold and feel how it invigorates you. Being in nature is so good for your mental and physical health.

5. create a space to nourish your soul –  You want your home to feel like a cozy nook after a hard day at work. Add textures and blankets and pillows to create the sense of being snuggled or held in your space. Keep the fire going, and add elements to affect the mood and ambiances like music, candles, and incense.

6. experience gratitude by expressing it  – Being grateful is the number one way to remove fear from your brain and also move you into a state of contentment and bliss which is the highest frequency or vibrational state we can exist in. Did you know when you live out of such a state of gratitude it is hard to have dis-ease because your body is at complete “ease?” A simple way to express and feel gratitude is when you wake up every morning–think of one person in your life who you can send a note expressing your gratitude for them. Not only will this make you feel good, but you are also helping someone else to feel good!

Disclosure:
The comments above related to tax impact of charitable giving and the impact of the recent Federal  Reserve and IRS announcements are based on our best understanding, but you should consult with your CPA to determine the impact in your unique situation. The comments about hygge are based on our thoughts and experience, but your experience may be different. All investment carries risk, and we cannot guarantee performance or results. Please contact us for any questions relating to the content above, or to discuss your specific situation.