Elon Musk's Side Gig | Stewardship Concepts Financial Advisors

Hello, everyone. Sorry, this blog post is late. I usually get these out on Friday. I played in a pickleball tournament this Friday at Northpark (now known as Parkfit). I didn't medal this time, but it was a lot of fun! Thank you for joining me today for two minutes on the economy, an interesting story, and a financial planning secret.

Economy – U.S. Productivity On the Rise

We measure productivity by seeing how much a single worker adds to our country's GDP. Recently, U.S. labor productivity has been on the rise. Productivity has been climbing for eight straight quarters, consistently outpacing the long-term average at a 2.5% year-over-year increase, well above the 1.6% norm. This is a big win for businesses because it allows them to do more with less, boosting corporate margins without the risk of sparking inflation. This supports healthier company profits, wage growth, and consumer spending, all critical drivers of our economy. Looking forward, there's reason to expect productivity gains to continue with AI and automation advancements.

Interesting Story – Elon Musk's Side Gig

With the election now behind us, attention turns to Trump's campaign promises, especially the pledge to reduce the size of government. One of his newly appointed advisors, Elon Musk, has proposed cutting at least $2 trillion from the federal budget to increase government operations' efficiency. While Musk's track record of innovation and cost-cutting suggests he might be up to the challenge, reducing nearly a third of federal spending will neither be easy nor universally popular.

Financial Planning Secret – How to Lower Property Taxes in Spokane.

As a Spokane financial advisor, we see a lot of parents of clients and pro-bono cases where someone's income is low enough to qualify for reduced property taxes. To qualify, you must own and live in your home, be at least 61, and have a combined family income of less than $50,000. Another way to qualify is to have a disability that prevents you from working.

As of the date of writing this article, there are three different income thresholds. The first is $0-$36k, with an exemption of $60,000 or 60% of the valuation and 100% of excess levies. The following income threshold is $36k-$43k, which gets the greater of $50,000 or 35% of home value and 100% of excess levies. The last threshold is for income $43k-$50k, with no regular property tax benefit but a 100% exemption from excess levies.

To determine income to qualify, add all income sources (earned, interest, dividend, Social Security, pension, capital gains, etc. Then, income can be reduced by deductions, which are mostly healthcare-related expenses. Click this link to get the application and see more information.

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