Evershore Financial Group

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With the uptick in do-it-yourself (DIY) investing, more people than ever are trying their hand at managing a portfolio. This can be risky, and individual investors find themselves attempting to manage several potential missteps. Here are the 4 biggest missteps DIY investors often make: 1. Letting Their Ego Interfere: Ego can lead traders to overvalue their own ideas, abilities, and knowledge about the financial market. Ego can lead to poor decision-making, especially in pressure-filled situations. 2. Making Emotion-Based Decisions: Managing your emotions is one of the most challenging aspects of investing. DIY investors often look for a person to ask, “What do you think?” 3. Portfolio Concentration: DIY investors inadvertently find their portfolios concentrated in a few assets, which may not align with their goals, time horizon, and risk tolerance. 4. Failing to Use Portfolio Management Tools. Modern portfolio management tools can help guide the process of managing money. However, some DIY investors don't understand them or how to use them properly. DIY investing works for some, but it can be challenging, and individuals may find themselves in complicated situations and searching for answers. A financial professional may be able to offer a second opinion. #DIYInvesting #InvestingMistakes #FinancialStrategy

Happy Independence Day! Hoping you and your family and friends have a wonderful long weekend! And while you’re celebrating, don’t forget to think about our freedom, what freedom means to us, and how we can work together to uphold those ideals in our own communities. Whether you're hosting a backyard barbecue, watching a parade, or simply enjoying the day with loved ones, remember the courage and determination of those who fought for our independence. Here’s to the land of the free and the home of the brave! 🎇 #IndependenceDay #4thOfJuly #Freedom #Unity #ProudToBeAmerican

🐶 Introducing one of our favorite team members on #BringYourDogToWorkDay Dogs truly are the best coworkers—their unconditional love never fails to boost morale.🐾 Thanks for keeping us all smiling! #BringYourDogToWorkDay #Pets #Dogs (photo credit @DanBarboni)

💡 During your financial journey, attempting to avoid common IRA mistakes can help as you pursue your goals. Let's dive in: 1️⃣ Not keeping up with new RMD rules Required minimum distributions are how the IRS collects taxes from tax-deferred retirement plans. Before 2019, RMDs began in the year you turned 70½. In 2019, the SECURE Act raised the RMD age to 72, and SECURE Act 2.0 raised the RMD age to 73, and by 2033, age 75. Remember, withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. 2️⃣ Not seeking guidance on new Inherited IRA rules Another provision of the SECURE Act includes a new 10-year distribution period, effectively eliminating the "stretch IRA" strategy, which allows beneficiaries to take distributions over their lifetime. There are some exceptions, but the new rule has prompted some to review their estate strategy. 3️⃣ Maintaining multiple Traditional IRAs and rollover accounts If you have multiple IRAs, the IRS treats them as a single IRA under the "aggregation rule." When computations for taxes or distributions are made, the combined value of all your Traditional IRA accounts has to be considered. Keeping track of them is critical. We're on this journey together. If you would like to review your retirement strategy, do not hesitate to contact us. 💪 #FinancialFreedom #SmartSaving #IRAInsights #RetirementReady

Can you believe we're already halfway through the year? Now's the perfect time to review and reassess your finances to ensure you're on track to pursue your goals! 🎯 There’s certainly a lot to take into consideration… What are your top concerns? 👇👇Rank your top 3 in the comments 💬 1️⃣ Having enough saved for the retirement you envision 2️⃣ Caring for aging parents 3️⃣ Considering all factors when positioning your investments 4️⃣ Managing healthcare costs 5️⃣ Legacy and estate strategies 6️⃣ Career goals or possible career transition A mid-year financial review is an excellent opportunity to: ✅ Assess your progress toward your goals ✅ Stress test your investment strategy ✅ Check in on your insurance coverage ✅ Review your estate and revisit your beneficiaries ✅ Update your approach to reflect any new goals you now have Take the time to review, reflect, and realign your strategy. #FinancialPlanning #MidYearReview #MoneyGoals #FinancialWellness

Happy Father's Day to all the dads out there! Fathers wear many hats—they're our role models, protectors, biggest cheerleaders, and teachers. They've guided us through life's challenges with wisdom and experience and helped shape us into the individuals we are today. From teaching us the value of hard work to instilling the principle of living within our means, our dads laid the foundation for our financial futures. And most importantly, they've taught us that money, while important, isn't everything. The richness of life lies in relationships, experiences, and continuous learning. To all the fantastic dads out there, Happy Father's Day! Your love, guidance, and unwavering support mean the world to us. Thank you for being our rock and our guiding light. #FathersDay #FinancialWisdom #LessonsFromDad

Happy Flag Day! Our flag unites us as Americans and embodies our ideals—liberty, justice, and the pursuit of happiness for all. On June 14, 1777, the Second Continental Congress adopted the design of our striking red, white, and blue flag. Over two centuries later, it remains an enduring symbol of the battles waged, sacrifices made, and freedoms secured in defending our nation. As we celebrate Flag Day, reflect on the principles this banner represents. The colors were chosen to represent our nation's values: white for purity and innocence, red for hardiness and valor, and blue, which signifies vigilance, perseverance, and justice. Whether displayed year-round or raised high today, Old Glory is a powerful reminder of the great nation we call home. #FlagDay #StarsandStripes #Unity #Resilience

💍 It's wedding season! Can you guess what the average wedding costs? According to The Knot Real Weddings Study of nearly 10,000 couples across the country, in 2023, the average cost of a wedding ceremony and reception was $35,000, an increase of $5,000 over 2022. With inflation driving costs up across the board, paying for a child's or grandchild's wedding has never been more expensive. It's never too early to start preparing and saving! Some tips to save a bit: ✅ Hire a wedding planner ✅ Choose an off-season date ✅ Tap friends with relevant expertise (calligraphy, photography, table design, etc.) ✅ Destination weddings can also offer benefits due to the typically smaller guest list And if you're attending a wedding this season, here are some common questions and answers according to wedding professionals at Vogue magazine: ◾ How much should you spend on a gift? Spend $50–$75 for coworkers or distant relatives, $75–$100 for friends or relatives, and $100–$150+ for close friends, family, or wedding party members. ◾ Should I send a gift if I am not attending? Send a gift if invited to the ceremony, even if you can't attend. ◾ Do I need to give a gift for a destination wedding? Your presence is a gift, but an additional gift is still appreciated. Bottom line is that weddings can be a large expense, and it's always best to prepare, create a budget, and stay disciplined. 💒💕 What are your top tips for saving on wedding costs? Comment below! 👇 #WeddingSeason #Budgeting #FinancialPreparation #SayIDo

June is National Cancer Survivors Month, and our hearts are with all who have dealt with the battle against cancer. Cancer is one of life's cruelest trials, but survivors emerge as beacons of resilience. To the survivors, your perseverance is heroic beyond measure. To caregivers, families, and friends, you deserve recognition for shouldering heartbreak yet carrying your loved ones through with endless love and devotion. Cancer creates an unbreakable bond of compassion between all who understand its harsh realities. We all know too many people who have been victims of this awful disease. Let's celebrate survival while honoring every brave story. We also reaffirm our commitment to supporting medical pioneers and organizations working tirelessly to research treatments and find cures to eliminate this awful disease. #NationalCancerSurvivorsDay #CancerJourney #StandTogether