The Scanlon Report

7 Easy Things Learned from The Roaring Twenties 2.0

All the way back in January 2020 we wrote about The Roaring Twenties 2.0. What have been the biggest changes since then? The Pandemic No question. It would be easier to describe what the Pandemic has not changed rather than what it has changed. The answer is…not much. You name it, and the Pandemic has… Continue Reading: 7 Easy Things Learned from The Roaring Twenties 2.0

3 Reasons to Skip the Financial New Year’s Resolutions This Year

Happy New Year! You didn’t make up another list of New Year’s Resolutions again this year, did you? According to Forbes 62% of Americans feel pressured to make New Year’s Resolutions. In 2023 The top 5 New Year’s Resolutions were: 1) 1)   Improve Fitness – 48% 2)   Improved Finances – 38% 3)   Improved Mental Heath – 32% 4)   Lose Weight –… Continue Reading: 3 Reasons to Skip the Financial New Year’s Resolutions This Year

Winter Is Coming

Winter is coming up on the calendar, just like it does every year.  The squirrels will be gathering their nuts and the Snow Birds will be heading south.  In New England, some winters are harsher than others.  Through the years, I have definitely become a fan of mild winters. Weather wise, as we say a… Continue Reading: Winter Is Coming

6 Black Swans Easy to See

Some have called this the Waiting for Godot Recession. Waiting for Godot was a play that came out in the early 1950’s.  It was voted the most significant English-language play of the 20th century. 1) The two main characters banter back and forth and have various encounters while waiting for Godot. The recession we are… Continue Reading: 6 Black Swans Easy to See

Options to Reduce Taxes on Your Savings Interest

Local Manchester, CT FA Thomas Scanlon quoted by CNBC.com on Thursday, May 16, 2024. KEY POINTS Many Americans are earning more on cash after interest rate hikes from the Federal Reserve — and that income can trigger a surprise at tax time. “So many people were shocked by their cash interest earned” and taxes owed, said Boston-based certified financial… Continue Reading: Options to Reduce Taxes on Your Savings Interest

Your Home Sale Could Trigger Capital Gains Taxes

Kate Dore, CFP of CNBC.com quotes local Manchester, CT CFP Thomas Scanlon on Thursday, May 13, 2024. KEY POINTS As home values climb, more Americans owe capital gains taxes when selling property. But knowing how to calculate your home’s profit could reduce your bill, experts say. Most Americans do not owe taxes for selling a primary residence because of a… Continue Reading: Your Home Sale Could Trigger Capital Gains Taxes

6 Easy Ways a Financial Advisor Can Add Value

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA.

1) Risk Management

I know risk management is just another term for insurance. No one wants to read about insurance, much less buy more of it. Insurance however is just a way to share the risk. There are many risks we face and not all of them can be insured against. A good financial advisor will be able to articulate the risks and offer the ways to manage these risks.

2) Cash Flow

Face it, money is tight. The economy is not exactly roaring. One way a financial adviser can add value is to get a handle on your expenses. It won’t be their job to tell you what your budget is. That’s your job. A good advisor however will be able to tell you what the consequences of going off the reservation too far are. Day to day living expenses, saving for retirement and education and oh, paying for a little vacation all add up.

Continue Reading: 6 Easy Ways a Financial Advisor Can Add Value

7 Habits of Highly Effective People That Want to Retire

This article, last updated in December 2023, is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA.

age-old wooden trunk with treasures

1) Start Early

Do you want to increase your chances of retiring at a reasonable age? Start early. As The Rolling Stones said, “Time Is On My Side.” Well said.  Don’t kick yourself for not starting earlier. You can’t turn the clock back. Just begin where you are now.

2) Live Beneath Your Means

This goes without saying. Which is why it needs to be said. To get to your retirement, you’re going to need to have some assets and income.  Don’t fall into the trap of trying to keep up with the Joneses. Live beneath your means and get to the retirement finish line long before the Joneses.Continue Reading: 7 Habits of Highly Effective People That Want to Retire

The Difference Between Tax-Deferred and Tax-Free Investing

This article, last updated in December 2023, is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA. Investors need to know the difference between tax-deferred and tax-free investing. Tax-Deferred Investing Investors can avail themselves to tax-deferred investing by contributing to their 401(k) plan at work or by funding their IRA. Contributions to… Continue Reading: The Difference Between Tax-Deferred and Tax-Free Investing

7 Reasons Not to Wait Until Thanksgiving to be Grateful

This article is original content written by local Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA You don’t have to wait for Thanksgiving to be grateful.  You can be grateful every day.  It’s your choice.  Life might not be going swimmingly well for you every day.  I get it.  I truly hope you didn’t expect… Continue Reading: 7 Reasons Not to Wait Until Thanksgiving to be Grateful

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