Before we dive into our normal newsletter, we want to acknowledge the horrific situation in the middle east. As events continue to unfold, we hope and pray for an end to the violence. 

While it might seem far away, behind every headline are real people, families, and communities that will never be the same. Let's take a moment to grieve for the folks who are suffering and dying and hope for a solution that will save lives.

Getting Ahead vs. Having Enough

As the multiple conflicts throughout the world weigh heavy on our hearts, we take a moment to look at our own lives, reflect on how blessed we are, and also think about where we focus our energy and time.

For example, it’s easy to get carried away with the concept of “getting ahead”

Perhaps this concept is overrated as a goal. 

 

The problem with getting ahead is that it’s a zero-sum game. There’s only one winner. And in this game, it’s possible that even the winners are losers. How many of us want to be remembered as the person who spent their life striving to get ahead of everyone else?

Instead of fixating on getting ahead, what if we simply focused on having enough, and finding joy in the smaller things in life?

Turns out, we’re allowed to do that!

You don’t have to participate in a game that will constantly pit you against the competition (i.e., everyone else in the world). You can opt for simple satisfaction instead.

Just for a minute, imagine what it might feel like to be satisfied with simply having “Enough.” How might that change your priorities? Your daily schedule? It’s important you actually sit down and think about it because only you can define “Enough.”

What we’re hoping to accomplish here is to encourage, or allow, or create space for you (and for us as well) to explore this idea a bit. That’s all.

What might happen if you were to make this shift? Would you work less? Would you spend less? Would you sleep more? Would you quit your job and start something new? Would you give more to charity? Would you actually find more joy?

Maybe nothing new will happen, but we think it’s a concept worth exploring.

Until next week,

Your Eagle Wealth Team
 

Taxpayer Bill of Rights

Most people don’t realize it, but the Internal Revenue Service (IRS) has a Taxpayer Bill of Rights which promises the level of service and information you will receive when working with them. If you’re ever unfortunate enough to be dealing with a tax issue, here are your ten fundamental rights.

• The right to be informed: As a taxpayer, you have the right to know what is required to comply with tax laws.
• The right to quality service: You will receive prompt, courteous, and professional assistance.
• The right to pay no more than the correct amount of tax: You only pay what is legally due, including interest and penalties.
• The right to challenge the IRS' position and be heard: You have the right to object to IRS actions and provide further justification with documentation.
• The right to appeal an IRS decision in an independent forum: Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.
• The right to finality: You have the right to know how much time you have to challenge an IRS position and how soon the IRS must audit your taxes.
• The right to privacy: All IRS inquiries, examinations, and enforcement won't be more intrusive than necessary.
• The right to confidentiality: Taxpayers have the right to expect that their tax information will remain confidential.
• The right to retain representation: Taxpayers have the right to retain an authorized representative of their choice to represent them in their interactions with the IRS.
• The right to a fair and just tax system: Taxpayers have the right to expect the tax system to consider all facts and circumstances that might affect their liabilities, ability to pay, or ability provide timely information.

*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov
 

The Week on Wall Street

Stocks ended mixed last week amid the outbreak of hostilities in the Middle East and higher-than-expected inflation data.

The Dow Jones Industrial Average gained 0.20%, while the Standard & Poor’s 500 rose 0.45%. But the Nasdaq Composite index slipped 0.18% for the five trading days. The MSCI EAFE index, which tracks developed overseas stock markets, advanced 2.37%.^1,2,3

Inflation Hurts Sentiment

Stocks exhibited remarkable resilience in the face of a surprise attack on Israel and hotter inflation data than investors expected. Stock prices initially buckled on the breakout of hostilities in the Middle East. Still, they rallied in afternoon trading as investors gained optimism that the war may not spread to other countries. Oil and defense stocks rose sharply, while airlines fell. 

Stocks continued to advance into Wednesday as falling bond yields and a retreat in oil prices overcame the disappointment of an elevated wholesale inflation report. When consumer prices also came in higher than anticipated by Wall Street, stocks moved lower in response to higher bond yields. The weakness continued into Friday on a bump in consumer inflation expectations despite a solid start to a new earnings season.

PPI, CPI Updates

The disinflationary trend appears to be stalling if the inflation numbers are any indication. September’s producer price index (PPI) came in higher than expected, rising 0.5% versus a forecast of a 0.3% increase, while the year-over-year increase of 2.2% was the most significant jump since April. The driver of last month’s hop was in goods, which surged 0.9%.⁴

Consumer inflation data followed, which also came in hotter than forecast. The Consumer Price Index (CPI) rose 0.4% in September and 3.7% year-over-year above the forecast of 0.3% and 3.6%, respectively. The news on core inflation was a bit more comforting, rising in line with expectations.⁵

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance.