Broker Check

Monday Money Report

| June 26, 2023

Last week the market declined, although we are still up for the month. Fed Chairman Jerome Powell’s testimony indicated that, while interest rate hikes have been paused, there may be two more hikes coming this year.  This week we’ll see the release of inflation data on Friday, which may give an indication of where rates are headed.

And as we head into summer, be sure to avoid some common scams for vacation rentals. If it looks too good to be true, it probably is. As you research rentals in the area, you’ll get an idea of normal rates.  One that is substantially less should make you dig a little deeper. Be sure you are working with an actual rental agency or through an established site such as VRBO or AirBNB. One way to check is the URL: make certain it starts with https, and not just http.  

Read the reviews and see how many there are, as well as how authentic they seem.  Communicate with the owner to find out about the amenities of the property and attractions in the local area.

Pay with a credit card whenever possible for an extra layer of protection.  Most reputable firms have a payment portal that allows you to pay by debit or credit card, or ACH. Being asked for payment with a cashier’s check, wire transfer, gift cards, or cash app like Venmo is a red flag.

Finally, when you check in, take pictures or do a video walk through, and do the same when you check out, to avoid being charged for damages.  If you find something when you first check in, report it to the owner or property manager.

Your action item this week is to clean out one drawer, closet, or cabinet.  Too much clutter can take a toll on our mental health and our wallets, as we replace items we already have but can’t find or easily use.

We have big news here at CovingtonAlsina.  Last week, our application was accepted by the SEC to become a Registered Investment Advisor. You’ll notice some new disclosures moving forward. We offer financial planning and investments for a fee.  Our firm is a fiduciary, acting in our clients’ best interest.    

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CovingtonAlsina is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.