2024 Money Guide

Today's Newsletter:

• Quote from John D. Rockefeller

• 2024 Money Guide

• Updates and Key Numbers

• A Money Question

Quote

“Don’t be afraid to give up the good to go for the great.” - John D. Rockefeller

If my journey is a reflection of a quote, this one certainly feels fitting. Comfort is the antithesis of growth. Look, I love comfort as much as the next person but I urge you to consider what a great life might look like in 2024.

2024 Money Guide

People always ask me who was the best player you ever played with and it is a near impossible question to answer. A similar but easier question to answer is what teammate had a relentless drive to improve?

Without a doubt, Max Scherzer comes to mind. For my non-baseball people, Max is a three-time Cy Young award winner and a future Hall of Famer. The guy is a stud. You see, every spring training Max would come in with specific goals of what he wanted to improve upon.

I’ll never forget watching him throw his first bullpen in 2017 at near full effort working on refining his curveball. The guy had earned well north of $100,000,000 at this point had little left to prove and there he was outworking everyone else.

I share this story because as you reflect on 2023, I hope your financial knowledge and life improve through this newsletter. Yet, to continue to improve we have work to do.

Today, I am going to be providing an update on what is to come in 2024 and key numbers you should know.

Let’s dive in!

Updates and Key Numbers

I am excited to announce, I have partnered with my friend and fellow financial advisor Thomas Kopelman to join The Long Game podcast in 2024. It will be another way for me to continue my mission of helping as many people as possible improve their financial lives.

Each week Thomas and I will be breaking down financial concepts, interviewing subject matter experts, and diving into the confusing parts of money. Here is a sneak peek at our new cover art.

You can check out the first episode below. My ask is if you find the show valuable, if it made you think, or improved your view of money share the show.

In addition to the podcast, I am making more and more video content to bust myths, share truths, and explain money in terms we can all understand.

The best place to check out that content is via my Instagram and new YouTube page.

Alright enough about me, let’s talk about some of the key numbers you need to know for 2024. With each year the IRS updates key contributions and tax numbers.

This is a sampling of some of the most common items that have been adjusted for 2024.

• Standard Deduction = $14,600/$29,200 (single/married)

• IRA/Roth IRA Limits = $7,000

• Catch-Up Contribution Limit (over age 50) = $1,000

• Maximum Elective Deferrals to Retirement Plans = $23,000

• Catch-Up Contribution Limit (over age 50) = $7,500

• Annual Limits to Defined Contribution and SEP plans = $69,000

• FSA Limits = 3,200

• HSA Limits = $4,150/$8,300

• HSA Catch-Up Contribution Limit (over age 50) = $1,000

• Annual Gift Tax Exclusion = $18,000/$32,000 (married electing split gifts)

I urge you to understand these numbers, how they affect your financial life, and the most optimal way to apply them. Being great at personal finance is the compounding effect of a series of small decisions multiplied by time. These numbers, contributions, and strategies are those small decisions.

As we head towards the new year remember, often the smallest decisions can have the biggest impact. You don’t need to do a complete 180 on your finances in January. Just take a small step to improve and commit to sticking with it.

Here are some ideas:

1. Understand what you are spending ~ I have been using Monarch Money for the last few months and love it.

2. Plan out key purchases ~ That big trip is much more enjoyable when you know the money part is covered.

3. Build a new skill that can increase your income ~ One thing I did this past year was purchase a few courses on video content.

4. Start investing ~ It doesn’t have to be huge sums but start building the muscle of constantly putting money away.

   Remember whether you are just starting your money journey or you are decades in, we can always improve. I hope to be a small part in helping in 2024!

A Money Question

If you could make one part of your finances great what would it be?

It is time to push the outcome from good to great. I challenge you to choose one aspect of your financial life and push it towards being unbreakable. One aspect that becomes so undeniably great it creates a rising tide for all other aspects of your money.

Work with Jacob

I help athletes, entrepreneurs, and executives pay less in taxes, simplify their financial lives, and invest for the long run.

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Until Next Time, My Friends

Moment Private Wealth, LLC is a Registered Investment Advisor, located in the State of Missouri. Moment Private Wealth provides investment advisory and related services for clients nationally. Moment Private Wealth will maintain all applicable registrations and licenses as required by the various states in which JL Strategic Wealth conducts business, as applicable. Moment Private Wealth renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion. Nothing in this content is intended to be, and you should not consider anything in this content to be, investment, accounting, tax, or legal advice.