What Does "Wealth" Mean To You?

Some would define wealth as “what money can buy” whereas others believe it goes beyond cash value, as having an abundance of what we value. We use the term “wealth” often. We talk about accumulating wealth and managing wealth, but there are also phrases such as having a wealth of knowledge or health is wealth. There is clearly no set definition of “wealth” that fits everyone and the term can have a different definition throughout your lifetime. For example: in the early stages of your career, you may look at wealth as primarily a money value and needing a certain amount to make you wealthy and happy. But, as you grow older, you realize more about how money, relationships and experiences intersect. Realizing that a moment that creates a wealth of happiness, may be free of cost.

By definition according to Merriam-Webster dictionary, wealth can be defined as “abundance of valuable material possessions or resources; an abundant supply.” In terms of monetary wealth, according to Schwab’s 2023 Modern Wealth Survey, Americans claim, it takes an average net worth of $2.2 million to qualify as being wealthy. With the numerical figure of classifying wealth being high, you may realize that as long as you have your health, loved ones and a community that you are a part of, may just be all the wealth you were hoping to achieve in a lifetime.

So, ask yourself, “what does wealth mean to you?”

Click here to read "What is Wealth? Shifting Values Change What It Means To Many" which explains how the definition of wealth is being reimagined.

2024 Tax Brackets

Did you know the 2024 tax brackets have been released for when you file taxes in April 2025? Knowing your tax bracket for 2024 can help implement tax strategies such as adjusting your income tax withholding to avoid a big tax bill as well as to guide your estate planning & for gifting purposes. The Internal Revenue Service (IRS) adjusts tax brackets for inflation each year, to which, for tax filing year 2024 we will see new limits and thresholds. Click here to read more about the 2024 tax brackets, as well as compare to the 2023 tax brackets for taxes due in April 2024, or October 2024 with an extension.

Did You Know: Common Tax Rules Change Coming in 2024

Gift Tax: The annual exclusion for gifts, which limits how much taxpayers can give an individual without filing a gift tax return on certain gifts, will increase to $18,000 per person in 2024, up $1,000 from 2023.

_{(Source: Nerdwallet.com)}

Estate Tax: The estate tax exclusion establishes a threshold for the taxation of estates upon a wealthy person's death. In 2024, estates valued at or below $13.6 million will not be subject to estate tax, up from $12.92 million in 2023. _{(Source: Nerdwallet.com)}

Standard Deduction: The standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for heads of household. The IRS lets most filers lower their taxable income by either taking the standard deduction or by itemizing on their returns. The standard deduction, a flat amount that is based on filing status, is popular among most people, as it requires less work to claim and is often more beneficial for those who might not have deductible expenses. _{(Source: Nerdwallet.com)}

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

A Note From The SFS Team

As we approach the end of another year, we would like to express our gratitude to our clients. As we finish a challenging year, given the market volatility and geopolitical uncertainty, we are still looking at a balanced, positive view of the economy and markets that may help stocks finish the year higher. 

Here at SFS, we work closely together to help make sure your financial goals are on track and that your portfolio is aligned with your investment objectives. We enjoy working with you to help you work towards achieving your short- and long-term financial goals.

As we look ahead to a new year in just a few weeks, we ask that you don’t hesitate to reach out with any questions regarding your portfolio and to keep a positive, long-term outlook on the financial markets. 

"The Most Wonderful Time of The Year"

December may be cold but it sure is joyful around Saratoga Springs. Surrounded by holiday lights, decorated store fronts and the hustle of the holiday season. Gifts found in the local small businesses reflect the spirit of Saratoga Springs.

This month, you can find holiday orchestra’s, wreath building classes, holiday brunches and more apart from tree lightings and holiday parades. Caffe Lena also has a packed December calendar full of live music too! Click here to view the calendar of events happening around Saratoga Springs this month.