Congratulations Barbara Owens & Jeanne Berger on 8 Great Years with Offit Advisors!
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Barbara and Jeanne - you have been there every step of the way, helping Offit Advisors better serve our clients as we've grown. We are truly grateful for your for the invaluable contributions you have made to our company, and for improving quality of life for the people we work for. Congratulations!
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Ben and his team have been a significant positive influence when it comes to making financial planning smooth. While we were doing well, we were all over the place and Ben helped simplify our portfolio with excellent results. There is always someone to listen and help, and Ben makes himself available in person or online at short notice. His calm objectivity, task setting, and careful calculations have been instrumental as we shape our plans for departing jobs and moving into "retirement" – so that we can seize other profitable opportunities.
Hinrich & Christine
The testimonials presented are made by individuals who are clients of Offit Advisors and are applicable only to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid nor have the participants received any non-cash compensation and are not indicative of future performance or success. The testimonials have been evaluated for conflicts of interest and have not been found to present any conflicts.
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OA Empower Your Future Event to Provide Young People with Tools for Financial Peace of Mind
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We are excited to announce that we hosting an educational event in the Fall to provide teens and young adults with essential financial literacy and investment knowledge.
This event aims to equip participants with the tools and understanding necessary to make informed financial decisions as they grow older. Topics will include:
• Basics of budgeting and saving
• Understanding credit and managing debt
• Introduction to investing and the stock market
• Long-term financial planning and goal-setting
We believe that fostering financial literacy at a young age is crucial for future success and stability. However, before we move forward with planning, we would love to gauge your interest and gather feedback to ensure the event meets the needs and interests of our community.
Please take a moment to let us know if you would be interested in having your teen or young adult participate in such an event. Additionally, any suggestions on topics you believe should be covered or other feedback would be greatly appreciated.
Thank you for your time and consideration. We look forward to your response and hope to create a valuable and engaging experience for our young attendees.
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SMB Spotlight | Meet Nash from Quarry Bagels
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OA's Sophia Trakhtman sits down with Nash, owner of Quarry Bagels for a quick chat about his business and his views on Financial Plannng.
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Ben Joins Maryland Delegate Malcolm Ruff to Celebrate Juneteenth Holiday
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Earlier this month, Ben attended the celebrations at long time client and friend, State Delegate Malcolm Ruff's RUFFHouse Juneteenth Jubilee, an event that he annually hosts at his home in Baltimore City. Now a federal holiday, Juneteenth is celebrated annually on June 19, and commemorates one of the most important moments in American history; The end of slavery in the United States.
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In June, the Offit Advisors team made meals for those going through cancer treatments at the Ulman House in Baltimore City. It was an honor to help serve dinner and have some laughs with great people. Keep up the good fight!
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In 1790, Benjamin Franklin bequeathed 1,000 pounds sterling (roughly $4,000 at the time) to the cities of Boston and Philadelphia but requested that 25% not be touched until the 200th anniversary of his death. By 1994, these trust funds were worth some $6.5 million.
Yahoo!Finance, May 24, 2024
According to the Bureau of Labor Statistics, in 2022, the average person 65 years and older spent $4818 a month.
Yahoo!Finance, June 20, 2024
Since the bull market kicked off in October 2022, the DOW has surged 48% in 19 months. Overall, bull market statistics since 1900 show the DJIA has a median gain of 97% over roughly two years. In the post-WWII era, the median was 100%, but over almost four years.
Forbes March 21, 2024 and TKer, June 2, 2024
The International Energy Agency forecasts that by 2026, data centers globally will use an amount of energy per year equal to Japan’s electricity consumption.
Morning Brew, May 24, 2024
Speaking to Warren Buffett, Charlie Munger said, “If people weren’t so often wrong, we wouldn’t be so rich.”
Yahoo!Finance, June 12, 2024
“A lie gets halfway around the world before the truth has a chance to get its pants on.”
Winston Churchill
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Top Tips for Raising Money-Savvy Kids
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Teaching your children about money management is a crucial life skill and something that unfortunately is not taught as a full time class in our schools, however, one could argue it is more important than anything else as it is a skill everyone eventually needs to understand. Having money skills equips individuals to make sound financial decisions and sets the foundation for a secure future. Here are some practical tips to instill financial literacy in your kids:
- Start Early with Allowances:
Begin by giving your child a regular allowance, even a small amount. This helps them understand that money is a resource that needs to be managed. Emphasize that the allowance is theirs to decide how to spend, save, or invest. This could be as small as $5 per month and the next time you go to Target and they want to buy something, this can teach them the value of the dollar and how far it can go to buy or not buy what they want and teach them early lessons about budgeting.
- Encourage Teenagers to Get Jobs:
As your child grows older, encourage them to get a part-time job. Working not only teaches them about earning money but also exposes them to the value of hard work and responsibility. Diverse work experiences, such as working in the service industry, can provide valuable life lessons like customer service, interpersonal communication, tipping practices, and the realities of earning money through hard work.
- Teach Saving and Investing:
Help your child open a savings account and encourage them to save a portion of their allowance or earnings. Introduce them to the concept of investing and how it can grow their money over time. Consider matching their savings contributions to incentivize their efforts. Did you know that once someone has earned income they can contribute towards a Roth IRA? So if they make $3,000 over the course of the summer, they can contribute up to that amount to a Roth IRA. You could incentivize them by having them contribute $1500 and you match with $1500, to equal $3,000.
- Open and Honest Communication:
While it's important not to overwhelm children with financial details, maintain open communication about money. Discuss family finances in age-appropriate terms and involve them in budgeting decisions, such as planning a vacation or saving for a new item.
- Lead by Example:
Children learn by observing their parents. Demonstrate responsible financial behavior by budgeting, saving, and making thoughtful spending choices. Avoid complaining about financial stress in front of your children, as it can create anxiety.
- Focus on Experiences, Not Just Things:
Emphasize the value of experiences over material possessions. Plan family outings, vacations, or activities that create lasting memories rather than solely focusing on buying the latest toys or gadgets.
- Be Patient and Supportive:
Teaching financial literacy is an ongoing process. Be patient with your child's mistakes and offer guidance and support as they learn to manage money effectively. For example, it may take time for them to understand how a credit card works, or mutual funds, or CDs, etc but they will learn with time.
By implementing these tips, you can instill valuable financial skills in your children and empower them to make informed decisions about their money throughout their lives. Remember, it's never too early or too late to start teaching your children about money management.
Bonus Tip:
Consider using educational resources like books, games, or online tools to make learning about finances fun and engaging for your kids.
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S&P 500 Index is an unmanaged group of securities considered to be representative of the stock market in general. You cannot directly invest in the index.
Dow Jones Industrial Average - The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy.
NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes approximately 5,000 stocks, more than most other stock market indices. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indices.
Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index which includes the 3,000 largest companies in the U.S., based on market capitalization. As of the latest reconstitution, the average market capitalization was approximately $762.8 million; the median market capitalization was approximately $613.5 million. The largest company in the index had an approximate market capitalization of $2.0 billion and a smallest of 218.4 million.
Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Government bonds are guaranteed by the U. S. Government and, if held to maturity, offer a fixed rate of return and fixed principal value.
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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Offit Advisors is not affiliated with Kestra IS or Kestra AS. Offit Advisory Services, LLC is a tax firm but neither Kestra IS nor Kestra AS provide legal or tax advice and are not Certified Public Accounting firms.For more information on the Five Star Wealth Manager and the research/selection methodology go to: www.fivestarprofessional.com. Investor Disclosures: https://bit.ly/KF-Disclosures
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