Well Balanced

When it comes to retirement planning, one crucial piece often gets overlooked: your will. As you near retirement, a quick review can help ensure your wishes are clear and up-to-date, and your loved ones are protected. In this short video, we share about why, when, and how to update your will and ensure your estate documents are current and complete. If you have questions or need guidance on updating your estate plans, contact our office today to schedule a meeting. - vectorwealth.com/contact Sharon Calhoun, Managing Director - Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory - V25342294

vectorwealth.com/contact - At Vector Wealth Management, we believe that strong families build strong legacies. One of the most effective—yet often overlooked—tools for achieving this is the regular family meeting. Why Family Meetings Matter Family meetings aren’t just for large family offices or businesses. They’re a powerful way for any family to improve communication, strengthen relationships, and ensure everyone understands the purpose and plan behind your family’s wealth. These meetings create intentional space to talk about what matters most: your values, goals, and the legacy you’re building together. What Can You Achieve? Share family history and stories Give every family member a voice Educate about shared assets, investments, or estate plans Introduce your advisors and clarify roles within the family Help family members build financial confidence for the future. Tips for Running Effective Family Meetings Define a clear purpose for each meeting Decide who should attend—immediate family, spouses, or even older grandchildren Share an agenda and materials in advance Establish ground rules to ensure everyone is heard Foster open, positive dialogue and focus on shared values The Long-Term Benefits Families who meet regularly are better prepared for life’s transitions. These conversations build trust, clarity, and resilience, helping your family navigate change with confidence. We’re Here to Help If you’d like help getting started—whether it’s structuring your first meeting, hosting a meeting space, or aligning your estate plan with your family’s goals—your Vector team is here to support you every step of the way. -> Regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. Vectorwealth.com/regulatory V25338293

vectorwealth.com/contact - High-earning families often do everything right: they save, they invest, and they plan ahead. But many still bump into a frustrating limitation—income limits that prevent direct Roth IRA contributions. In this episode of Well Balanced, Senior Wealth Advisor Mike Nesheim shares a story that highlights a potential solution for high earners: the backdoor Roth IRA. The household: a physician and spouse were saving diligently, but their high income meant they couldn’t make Roth IRA contributions. They assumed that opportunity was simply off the table. It wasn’t. After reviewing their situation together, Mike showed them how a backdoor Roth IRA could be a powerful long-term planning strategy. How the Strategy Works When income is too high for a direct Roth IRA contribution, you may still be eligible to: 1. Make a nondeductible (after-tax) contribution to a traditional IRA. 2. Convert it to a Roth IRA, where future growth and qualified withdrawals are tax-free. 3. Repeat annually if it aligns with your household tax picture. For this couple, the spouse—who wasn’t working full-time—was still eligible to contribute to an IRA because they filed jointly. That alone opened the door to decades of potential tax-free growth via Roth conversion. A Word About Rules: The Pro Rata Rule This isn’t a one-size-fits-all approach. The IRS looks at all your IRA balances when calculating how much of a conversion is taxable. This is known as the pro rata rule. If you only have after-tax IRA contributions with no pre-tax IRA balances, the conversion is generally tax-free. However, if you have pre-tax IRA balances, the conversion will be prorated. It’s these nuances that make thoughtful planning and coordination with your advisor and tax professional essential. Done thoughtfully, this strategy may be a meaningful lever in your long-term plan. If you’re wondering whether a backdoor Roth IRA—or any type of Roth conversion—fits your household, connect with your Vector advisor. We’re here to help you explore your options thoughtfully and in the context of your broader plan. And if this story resonates or reminds you of someone in your life, feel free to share it. Sometimes the right idea at the right time makes all the difference. - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Learn more: vectorwealth.com/regulatory - V25324292

A Moment of Low Consumer Confidence — and What’s Behind It In the most recent episode of Well-Balanced, Vector’s Jason Ranallo discusses the latest drop in U.S. consumer sentiment. November’s reading from the University of Michigan fell to 50.3, the second-lowest point since the pandemic recovery. The decline spanned age groups, income levels, and political affiliations — though households with larger stock ownership were noticeably more optimistic after a strong market year. Uncertainty continues to be the biggest drag. Concerns around the government shutdown and signs of a cooling labor market have made consumers hesitant heading into the holidays. Yet inflation expectations — how we believe future prices will behave — remain fairly steady. Economic Cycles vs. Market Cycles Cycles are normal. Historically: U.S. economic expansions average about four years Bull markets run for about 70 months, delivering cumulative returns above 220% on average Recessions last just over a year, Bear markets decline for roughly 14 months with an average drop of 39%, (*based on the S&P 500 index over the last ~100 years) Each downturn feels unique while we’re in it — the 1970s, the dot-com era, the financial crisis, the pandemic — yet markets have recovered every time, often stronger than before. Where Things Stand Today Despite low sentiment, several fundamentals remain supportive: Corporate earnings have generally been solid, Inflation has moderated, And the Federal Reserve has begun easing interest rates, gradually. Periods like this — when confidence is low but fundamentals are stabilizing — have historically preceded some of the strongest one-year market returns. A Framework for Uncertain Environments Two core principles that guide Vector’s planning approach: Diversification across markets, assets, geographies, and time periods We can’t predict which part of the market will lead in the short term. A goals-based or “bucket” structure Short-term spending needs are separated from longer-term growth buckets, helping individuals navigate volatility without disrupting their broader plan. Take Aways Low consumer confidence doesn’t always signal weakness in markets. Sometimes, it simply reflects uncertainty during transition — and history shows that patient, long-term investors have often benefited by sticking to the plan. If you’d like to review how your own financial buckets are positioned for the next few years, feel free to reach out. And if you found this helpful, share this Well-Balanced episode with anyone who might appreciate the perspective. - vectorwealth.com/contact vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed.

Some lessons are too valuable to keep to ourselves. If there’s someone in your life—a child, grandchild, or friend—who’s just beginning to save or invest, consider passing along this episode of Well Balanced. David Moser shares a simple, yet powerful illustration of how compound interest turns small, consistent investments into lasting wealth over time. Even for those already living off their portfolios, it’s a powerful reminder of why time and consistency matter. In David’s story, four friends each invest $1,000 per month, earning the same, for illustration purposes, 7% annual return but starting at different ages: · At 52, the total grows to about $170,000 after 10 years. · At 42, roughly $520,000 after 20 years. · At 32, over $1.1 million after 30 years. · At 22, about $2.5 million after 40 years. Each invests the same monthly amount—but the ones who start earlier let time do most of the work. It’s a great reminder for all investors: compound interest rewards patience, not perfection. 💡 Share this episode with someone who could use a head start—or a fresh perspective—on the power of saving early. - Chapters 0:25 Introduction to Compound Interest 1:44 The Scenario 3:02 Comparing Outcomes 4:30 The Hockey Stick Effect 5:21 Key Takeaways and Action Steps 5:56 Regulatory - vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25300287

If you own property in Minnesota but live elsewhere, you could face estate tax liabilities. Let’s say you live in Florida but own property in the great state of Minnesota—perhaps a summer cabin or investment real estate—understanding Minnesota’s estate tax laws is crucial for your financial planning. In this week’s Well Balanced podcast episode, Vector’s Managing Director, Sharon Calhoun discusses estate taxes and what out-of-state property owners need to know. Minnesota is one of only a dozen states that still impose a state-level estate tax, with an exemption of just $3 million (as of 2025). This is significantly lower than the federal exemption of $13.9 million, meaning many families who wouldn’t owe federal estate tax could still face a substantial Minnesota tax bill. Tax rates range from 13% to 16%, and the state’s overall tax burden is among the highest in the nation. Even if you’re domiciled in a tax-friendly state like Florida, your Minnesota-based assets may be subject to this tax. The calculation is pro-rated: the tax is first determined as if you were a Minnesota resident, then adjusted based on the proportion of your estate located in Minnesota. Key considerations include the lack of portability for married couples, the inclusion of certain gifts made within three years of death, and the treatment of property held in entities like LLCs. Estate planning in this environment is complex, but proactive strategies can help minimize surprises for your heirs. If you think these rules may affect you or your family, please reach out to your Vector Wealth Management advisor for personalized guidance. - This material is for informational purposes only and is not intended as, nor should it be relied upon for, tax, legal, or accounting advice. Always consult your own tax, legal, and accounting advisors before making decisions or implementing strategies. Learn more vectorwealth.com/regulatory - V25294285

Online Scams: How to Spot and Stop Them Before It’s Too Late Fraudsters are getting smarter — and more personal. One in three adults will face an online scam attempt this year, and even the most tech-savvy among us can be caught off guard. In this recent Well Balanced podcast, Chief Compliance Officer Suzy Klapperich and Vector advisor Charlie Gruys discuss the rising threat of online scams, including a real client experience that shows just how convincing these attacks can be. “My client saw a big red warning on his screen saying his computer was infected,” Charlie explains. “The message told him to call Microsoft immediately — but that number went straight to the scammers.” These scams are designed to create panic. They mimic trusted companies, use countdown timers, and even include robotic voices warning you not to shut down your computer. In the rush to “fix” the problem, many victims unknowingly give criminals remote access to their devices and financial information. Prevent and Protect Suzy and Charlie share a few key steps to prevent — and respond to — fraud attempts: Don’t call the number. If you see a pop-up or urgent message, close your browser window. Never grant remote access unless you initiated the request with a verified company. Call your advisor or a trusted family member if you’re unsure whether something is legitimate. A quick conversation can stop a phishing attempt or scam in its tracks. Have a trusted contact on file at Vector. This gives your advisor someone to reach out to if something looks suspicious and you’re unavailable. If you think you’ve been targeted, act fast. Contact your advisor or financial institution right away. Even if you’ve already shared personal information, firms and custodians have safeguards that can help freeze accounts and limit damage. These scams are designed to trick you into opening the door. By staying alert and knowing scammer’s tactics, you can stop or limit the impact if something does occur. The Bottom Line Scams aren’t going away, but with awareness, communication, and the right safeguards, you can manage and limit risk. Remember — if something feels urgent, frightening, or too good to be true, it probably is. If you’d like to learn more about protecting your financial accounts, reach out to your advisor at Vector Wealth Management. Visit vectorwealth.com/cyber-security for more information. Chapters: Introduction (0:00) The Scam Threat (0:49) Real-Life Example (1:09) How Scams Work (1:49) Protecting Yourself (2:28) Trusted Contacts (3:00) Regulatory (4:57) - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. vectorwealth.com/regulatory - V25288284

Medicare is an important part of retirement planning, and for many is a topic that can feel overwhelming—especially with significant changes on the horizon. In our latest video, Joe Grochowski, Senior Wealth Advisor at Vector Wealth Management, breaks down what you need to know about Medicare, upcoming changes, and how to prepare. Understanding Medicare: The Basics Medicare is the government’s health insurance program for people 65 and older. It’s made up of four main parts: Part A: Hospital insurance (usually premium-free if you’ve worked long enough) Part B: Outpatient care, like doctor visits (monthly premium applies) Part C: Medicare Advantage, a private plan that bundles A and B, sometimes with extra perks Part D: Prescription drug coverage You’re eligible at age 65, with a seven-month window to sign up (three months before your birthday month, your birthday month, and three months after). Missing this window can result in penalties. What’s Changing in 2026? Several important updates are coming, especially for clients in Minnesota: UCare Exit: UCare is leaving the Medicare Advantage market at the end of 2025, affecting about 158,000 Minnesotans. If you’re on a UCare plan, you’ll need to select new coverage during the annual enrollment period (October 15 – December 7, 2025) to avoid losing coverage in January 2026. Medigap Flexibility: Minnesota is expanding guaranteed issue protections for Medigap (Medicare Supplement) plans in 2026. This means more people can switch plans without medical underwriting—a win for those with pre-existing conditions. However, premiums are expected to rise by about 6% on average. National Changes: Part D drug costs will be capped at $2,100 per year starting in 2026, with no more out-of-pocket costs for covered prescriptions after that. Medicare will begin negotiating prices for high-cost drugs, which could lower pharmacy bills. Medicare Advantage plans will face tighter rules on extra perks, focusing on real health outcomes. Expect increases in Part B premiums and IRMAA surcharges, especially for higher-income individuals. What Next? Here are a few key action items to keep in mind: If you’re on a UCare Advantage plan, mark October 15, 2025, on your calendar for open enrollment. Considering Medigap? 2026 brings more flexibility, but likely higher premiums—start exploring your options now. Using Part D? Budget for the new drug cap and check which medications will be covered under negotiated pricing. Each fall, review your annual notice of change to stay ahead of updates. Stay Proactive Medicare isn’t a “set it and forget it” program. The rules, costs, and your health needs can all change. Whether you’re preparing for your first enrollment or looking to optimize your current coverage, staying informed and proactive is essential. Stay well balanced! - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. vectorwealth.com/regulatory

Fall is the perfect time to do a little “financial spring cleaning.” At Vector, we’re committed to helping our clients achieve long-term goals, but there are also some small steps you can take right now to set yourself up for success. Here are five easy financial tasks you can tackle this fall: Review Your Beneficiaries Take five minutes to log into your retirement accounts, life insurance, or old 401(k)s and make sure your beneficiaries are up to date. Life changes—marriages, divorces, new family members—can happen quickly, and keeping your paperwork current can save your loved ones stress down the road. Refresh Your Passwords Just like changing the batteries in your smoke detector, updating your passwords is routine maintenance that protects your most valuable assets. Update weak or duplicate passwords, enable two-factor authentication, and make sure a trusted family member knows how to access your key accounts if needed. Consider using a password manager for extra security. Sweep Out Old Subscriptions Take a look at your bank and credit card statements for recurring charges—subscriptions, apps, streaming services—that you no longer use. Canceling these can feel like finding extra cash in your pocket and gives you back control over your finances. Review Your Insurance Coverage Insurance is easy to set and forget, but it’s important to make sure your coverage still fits your life. Review your home, auto, umbrella, life, and disability policies. Have you added new valuables? Has your liability protection kept pace with your needs? A quick review now can prevent surprises later. Organize Your Key Documents Make sure your wills, trusts, healthcare directives, powers of attorney, and insurance policies are all in one place—whether digital or physical—and that someone you trust knows where to find them. This organization provides clarity for your family during stressful times. A Little Maintenance Goes a Long Way None of these tasks should take more than a few minutes, but together they’ll give you a clearer, more confident financial picture heading into the new year. If you have questions or want help prioritizing areas of your financial life, please reach out to your team at Vector Wealth Management. We’re here to support you every step of the way. - Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Form CRS and other regulatory information is available on our website: vectorwealth.com/regulatory - V25269280

Fall is a natural time to pause, reflect, and make sure your financial plan is aligned. At Vector, we proactively look across our client’s financial picture to identify opportunities that could improve tax efficiency before December 31st. Five Year-End Tax Planning Strategies 1. Roth Conversions – Paying some taxes now at current rates may provide more flexibility in retirement. 2. Tax Loss Harvesting – Using market downturns to offset gains and manage taxes in a disciplined way. 3. Capturing Capital Gains – Realizing gains strategically to rebalance or step up a cost basis. 4. Distribution Strategies – Evaluating which accounts to draw from, and when, to balance taxes and portfolio longevity. 5. Charitable Giving – Making generosity go further with strategies like donating appreciated securities or Donor-Advised Funds. While not every strategy fits every situation, the right ones can potentially make a meaningful difference. For more context, Vector’s Mike Nesheim dives into these topics in this week’s Well Balanced podcast. - vectorwealth.com/start to schedule an intro call. - Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Form CRS and other regulatory information is available on our website: vectorwealth.com/regulatory - V25258275

Why September Stands Out If you’ve heard of the “September Effect,” you already know the reputation. Over a century of data, every month of the year has averaged a positive return for the S&P 500—except September. Its historical average is a decline of about 0.8%. At the other end of the spectrum sits July, the strongest month, with an average gain of nearly 2%. In 2025, July (and August) lived up to that record, delivering fresh all-time highs for the index. Is September doomed to weak performance just because it has followed the good vibes of summer? Let’s dig deeper to understand what is behind these numbers. Frequency and Outliers What makes September unusual isn’t just the size of its average decline. It’s also the frequency. About half of all Septembers finish in the red, compared to the typical month, which is positive nearly two-thirds of the time. But the averages hide the real story. If you look closer, September’s record is heavily influenced by about 10 extreme downturns since the 1920s. These coincided with global events and systemic stress—like the Great Depression, the dot-com collapse, and the 2008 financial crisis. Remove just 10 outlier Septembers, including three from the Great Depression alone, and the month shifts from negative to positive. That tells us September’s reputation comes less from built-in seasonal weakness and more from a handful of extraordinary moments in market history. Context for Today Fast forward to today: we don’t see the same structural cracks that defined those historically bad Septembers. Surprises are always possible—markets have a way of delivering the unexpected—but current conditions look very different from the environments that produced those extreme outliers. It’s also important to note the setup. After a strong 2025 summer run, with the S&P 500 posting multiple new highs, some cooling off is normal. What Investors Can Do At Vector, we emphasize a disciplined approach to rebalancing. After strong gains, rebalancing means trimming back what has grown ahead of expectations and reallocating towards other areas . This helps manage concentration risk and turns volatility into an opportunity. So, is September truly cursed? Unlikely. More than anything, it reminds us that markets don’t move in straight lines—and even one of the world’s most consistent wealth-building engines has its off months. The long-term trend remains clear: growth outweighs the setbacks. A diversified plan, paired with conditions-based rebalancing, provides the steady foundation investors need—through Septembers, through Octobers, and well beyond. -- Contact us: vectorwealth.com/contact or schedule an intro call: https://www.vectorwealth.com/start - Disclosures and Regulatory vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In moments when you need short-term liquidity—whether for a home down payment, a business opportunity, or bridging a timing gap—your portfolio can offer more flexibility than you might think. In our latest podcast, Wealth Advisor David Moser explores three strategic solutions available to Vector clients through their Schwab accounts. We talk though how each solution can provide access to funds based on your existing portfolio value. Overview 60-Day IRA Rollover Withdraw from your IRA without tax or penalty—as long as the funds are returned within 60 days. This can be a smart strategy for short-term cash needs, such as bridging a home sale. Keep in mind, this strategy requires selling investments, which means sitting out of market participation during the rollover period. Margin Loan Borrow against your brokerage account—no credit check or approval required. Your investments remain intact, and you avoid triggering potential capital gains. This option offers quick, flexible liquidity and, as a Vector client, you benefit from reduced negotiated interest rates through Schwab. Pledged Asset Line (PAL) A more structured loan against your brokerage account, typically suited for larger borrowing needs (minimum $100K). While it requires an application and setup process, it offers potentially higher borrowing limits—often around 60–70% of your portfolio’s value—compared to a margin loan. Each of these tools are generally available for investors with financial assets held at a custodian like Schwab—and each comes with its own pros and cons depending on your goals, account type, and timeline. Our role at Vector is to help you consider solutions that fits your financial plan best. If you’d like to learn more or explore which lending strategy may be right for you, we’re here to help. - Contact us: vectorwealth.com/contact or schedule an intro call: https://www.vectorwealth.com/start - Disclosures and Regulatory vectorwealth.com/regulatory - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In this edition of the Well Balanced podcast, we dive into three major financial stories making headlines: Stock Market Highs: The S&P 500 and NASDAQ have reached record highs, driven by optimism over potential interest rate cuts and strong corporate earnings. Earnings Season Highlights: Overall strong corporate earnings for Q2, with significant earnings growth across sectors like technology, communication, and financials. Interest Rate Outlook: Recent inflation report showed higher-than-expected price levels for producers in the economy. Despite this recent report, we anticipate the Fed will still cut interest rates in 2025, with implications for borrowing costs and investment. Watch, listen or read this week’s Market Perspective with Jason Ranallo. For more: vectorwealth.com/blog - Regulatory: visit vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio. - V25226266

In this conversation, Tom Lyons, chairman of the Minnesota Veterans Pantry and Vector’s Chris Wagner, discuss the importance of charitable giving and philanthropy. Tom shares his personal journey from military service to establishing the Minnesota Veterans Pantry, which addresses food insecurity among veterans. They explore the tax benefits of charitable contributions and the role of financial planning in supporting philanthropic efforts. Tom emphasizes the need for community support and encourages others to get involved in charitable work, highlighting the fulfillment that comes from helping those in need. Takeaways Tom's military service deeply influenced his commitment to helping veterans. The Minnesota Veterans Pantry addresses food insecurity among veterans. Charitable giving can provide tax benefits under new legislation. Sojourn is a valuable tool for financial planning and charitable giving. Tom encourages others to find a personal passion in philanthropy. Leaders have a responsibility to care for those they lead. About Thomas Lyons Tom Lyons has 40+ years of experience in business brokerage and mergers & acquisitions helping owners maximize the value of their companies. A Vietnam-era Air Force veteran, he’s also the author of Exit Strategy, a host of Minnesota Military Radio, and a passionate advocate working on veterans’ food security and family support through nonprofit initiatives like the Minnesota Veterans Pantry. Visit faelon.com/thomas-lyons to learn more about Tom and connect with his various causes and interests, including the Minnesota Veterans Pantry . - Disclosure: Tom Lyons is a current client of Vector Wealth Management. Vector Wealth Management is also a paid sponsor of Today’s Business Radio, a program hosted by Tom Lyons. Tom was not compensated for participating in this interview or for sharing it. His comments reflect his own opinions and experience and should not be construed as investment advice or a recommendation of Vector Wealth Management’s services. Past performance is not indicative of future results. Regulatory vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

In this conversation, Tom Lyons, founder of a mergers, acquisitions, and advisory firm, and Vector’s Sharon Calhoun, discuss the intricacies of business valuations, exit strategies, and how to maximize the value of a business. They explore the importance of planning and preparation for business owners considering selling their business, the role of management in enhancing enterprise value, and common mistakes to avoid during the exit process. The discussion emphasizes the need for business owners to understand their goals and plan for retirement effectively. Video and audio versions, along with a transcript of this conversation may be found on our blog. Vectorwealth.com/blog Takeaways Business valuations are an important part of planning an exit strategy. Understanding enterprise value may help owners to maximize their business worth. Planning for an exit (and retirement) should start early, ideally years before selling. A strong management team can increase a business's attractiveness to buyers. Not preparing adequately for a sale is a common mistake Business owners should seek multiple valuations to better understand worth. Tax implications play a significant role in business sales. Have a clear vision of life after business ownership. About Thomas Lyons Tom Lyons has 40+ years of experience in business brokerage and mergers & acquisitions helping owners maximize the value of their companies. A Vietnam-era Air Force veteran, he’s also the author of Exit Strategy, a host of Minnesota Military Radio, and a passionate advocate working on veterans’ food security and family support through nonprofit initiatives like the Minnesota Veterans Pantry. Visit www.faelon.com/thomas-lyons to learn more about Tom and connect with his various causes and interests, including the Minnesota Veterans Pantry . -- V25210263 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings sweeping tax changes—many of which could directly affect your income, savings, and estate plans. From an expanded standard deduction to new rules for charitable giving and 529 plans, the law offers opportunities—but also new limits and deadlines you’ll want to keep on your radar. In our latest podcast and blog, Vector Wealth advisors Sharon Calhoun and Joe Grochowski break down: How the standard deduction is changing—and when phaseouts apply The expanded SALT deduction cap (and who really benefits) A permanent $15 million estate and gift tax exemption Key charitable giving opportunities before 2026 rules take effect New flexibility for 529 education savings plans As always, we’re here to help you make sense of these changes and ensure your strategies stay aligned with your goals. More OBBBA details on our blog: vectorwealth.com/search?q=OBBBA - ID: V25205262 vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

All-Time Highs: What They Mean—and What They Don’t Today, we’re exploring a topic that’s hitting headlines, stirring conversations, and maybe even finding its way into your family group texts: all-time highs. Markets Are Up Let’s begin with the markets. Despite a turbulent first half of the year—rife with tariff negotiations, interest rate debates, geopolitical tensions, and the occasional curveball—the U.S. stock market has shown remarkable resilience. As of this week, major indices like the S&P 500 and Nasdaq are trading at or near record highs. But before jumping to conclusions: an all-time high in prices alone doesn’t mean the market is “due” for a drop. Think of it like your car’s odometer rolling past 100,000 miles—it doesn’t signal an imminent breakdown. In fact, hitting new highs is a normal part of long-term investing. This year alone, we’ve reached seven new highs. For perspective, there were 57 record-setting closes last year. Other items we are watching: corporate earnings, market valuations, volatility, interest rates. So far this year, the market is up about 7%. That journey hasn’t been smooth. In April, markets dropped nearly 20% from previous highs—only to rebound 26% from the bottom. April 9th even saw a record-setting one-day performance. As we like to say: the market takes a bumpy road to the long-term average. Another Kind of All-Time High: National Debt Ceiling Let’s shift to a different milestone—one that’s perhaps less celebratory. Recently, the U.S. passed the budget reconciliation law known as HR1, or informally, “one big beautiful bill.” Along with it came a $5 trillion increase to the national debt ceiling, from $36 trillion to $41 trillion. That’s a staggering number. For context: in 1996, the entire debt ceiling was $5 trillion. The debt ceiling operates like Uncle Sam’s credit limit—it doesn’t authorize new spending, but allows the government to meet its existing obligations like Social Security, defense, and interest payments. Since 1960, it’s been raised nearly 80 times to keep pace with our economy and obligations. Raising the ceiling helps avoid default, which is crucial. But rising debt levels raise questions about sustainability. It’s akin to continually raising your credit limit—the spending may continue, but so do the minimum payments. Eventually, the lender starts to worry. That’s why markets tend to focus more on debt sustainability than the absolute number. As long as our economy grows and trust in our institutions remains strong, the system is expected to hold. The All-Time High That Hits Home: Gap Between Home Prices and Housing Affordability Finally, let’s talk about an all-time high that’s hitting close to home—literally. The gap between home prices and affordability is near historic highs, posing a real challenge for new prospective homebuyers. While home values have climbed steadily—accelerating during the low-rate pandemic years—today’s higher mortgage rates have sharply increased the cost of borrowing. Mortgage rates now hover between 6.5% and 7%, more than double what they were just five years ago. That means even if a home’s price hasn’t changed, the monthly payment on a new mortgage has—by a lot. Historically, affordability crunches have created pressure for change, whether through falling rates, policy shifts, or increased housing supply. But none of those solutions happen overnight. At Vector, we believe the financial landscape is always a blend of opportunity and complexity. That’s why staying informed, grounded, and committed to a financial plan is essential—especially during times of record highs. Thanks for tuning in to Well Balanced. If you have questions or want to explore how these dynamics might impact your strategy, we’re here to help. vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25192257

What Would You Do With $300? In the latest episode of Well Balanced, Vector advisor Chris Wagner joins Ezra Firkins to discuss a simple but revealing question: Can a $300 purchase improve your life? From air fryers to flight upgrades, Chris and Ezra explore how small, intentional spending can bring real value—especially for clients who’ve spent a lifetime saving. The conversation invites listeners to reflect on their own comfort, habits, and hesitation around spending, even when their financial plans say, “Yes, you can.” But this isn’t just about gadgets or upgrades. The episode dives into deeper territory—how savers can transition into purposeful spenders, how to build confidence through small financial experiments, and how tools like Vector’s Sojourn planning platform can model those choices. They also explore themes of legacy, joy, and the emotional work of allowing yourself to enjoy the wealth you’ve built. Takeaways: 💸 Small purchases can spark big joy — Even $300 spent wisely can make life noticeably better. 🧠 Savers need a mindset shift — Transitioning from saving to spending in retirement is emotional, not just financial. 🧪 Start small, then evaluate — Try one thing (like a flight upgrade or a home project), and see how it feels. 🧰 Modeling builds confidence — Tools like Sojourn can show you exactly how a purchase fits into your plan. 🎁 Spending can be legacy too — Helping kids, supporting causes, or enjoying travel—these are meaningful uses of your wealth. Chapters 00:00 – Welcome & The $300 Idea 03:31 – Why Savers Struggle to Spend 07:02 – From Plans to Possibilities 10:34 – Start Small, Build Confidence 14:05 – Legacy, Comfort & Experience 17:36 – Model Financial Choices 21:08 – Confidence in Action & Wrap-Up - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. -

In this edition of The Well Balanced Podcast, Ezra Firkins sits down with Senior Wealth Advisor Mike Nesheim to unpack a scenario that pre-retirees face: I’ve got a target date fund in my 401K and I plan to retire in the next few years. What next? Mike and Ezra explore how target date funds work, why they’re often a great accumulation tool, and when it might make sense to move beyond them. Here are 7 key takeaways about target date funds: 1. Target Date Funds Offer Built-in Diversification Target date funds are “funds of funds” — they include a mix of domestic and international stocks, bonds, and cash. This provides a simple, cost-effective way to achieve diversification within a single investment, especially within retirement plans like 401(k)s. 2. They Follow a Glide Path Strategy These funds automatically adjust their asset allocation over time, reducing equity exposure and increasing fixed income and cash as the target retirement year approaches. For example, a 2030 fund may move from 90% equities decades out to 60/40 near retirement. 3. They’re Designed for the Average Investor, Not the Individual Target date funds use a “one-size-fits-all” model. While they can be a good fit during accumulation years, they don’t account for individual needs like healthcare costs, specific withdrawal timelines, or legacy planning. 4. Withdrawal Mechanics Can Be Inefficient in Retirement When you take distributions from a target date fund, you’re selling both stocks and bonds in proportion to the fund’s allocation. This can be suboptimal during market downturns, as it may force selling equities at depressed values. 5. They Aren’t Built for Strategic Tax Planning Target date funds don’t allow for intentional asset location (e.g., placing stocks in Roth IRAs for growth, or bonds in taxable accounts for stability). Personalized portfolios can be more tax-efficient. 6. They May Not Reflect Your Risk Tolerance or Legacy Goals For investors with assets earmarked for heirs or charitable giving, target date funds may reduce equity exposure too aggressively. Customized plans can maintain higher stock allocations for long-term growth when appropriate. 7. Flexibility During Market Shifts Target date funds don’t allow you to selectively draw from low-volatility assets in a downturn. In contrast, a bucket strategy — like the one used at Vector Wealth Management — offers withdrawal flexibility that helps clients stay invested with confidence. - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25155250

In this episode of Vector's Well Balanced podcast, senior wealth advisor Joe Grochowski discusses the financial planning aspects of weddings, particularly focusing on how parents can support their children while managing their own retirement plans. We explore the rising costs of weddings, the importance of budgeting, and the emotional significance of these events. 7 Key Takeaways: The average cost of a wedding is trending upwards. $30K+ on average. Parents often want to help make their child's wedding special. Planning for the costs of a wedding should ideally start in advance. Begin assessing available financial resources for wedding expenses. Avoid tapping into retirement funds or high interest debt for wedding costs. Setting a realistic budget that includes some overages. Planning for milestone events can enhance the joy of the occasion. Chapters: 00:00 Introductions and Setup 00:42 Scenario: Kids Get Married. Mom & Dad Spend. 01:04 Planning for Wedding Expenses 03:18 Bucket Base Approach to Planning 04:58 Avoid High Interest Loans 06:39 Setting Aside the Funds 09:21 Start Early - Final Thoughts - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25155252

In this episode of Vector’s Well Balanced Podcast, our communications director Ezra and wealth manager Charlie Gruys explore retirement savings goals through practical examples, benchmarks, and financial planning insights. They discuss how income multiples (example: 6x annual income = investable savings at 55 years) can help guide retirement preparedness. The conversation presents two household scenarios: 10 years from retirement, earning $250,000 annually but starting with different asset bases ($500K vs. $1M). These examples illustrate the impact of savings contributions and hypothetical return rates in achieving a $2.5 million retirement goal by age 65. They talk about how rules-of-thumb such as “10x income at retirement” and “15% savings rate” are useful, effective planning must be tailored to the individual’s unique circumstances, including investment allocation, inflation assumptions, taxes, retirement age, and desired legacy. 7 Key Takeaways 1. Rules of Thumb Provide a Starting Point. Common benchmarks—like saving 3–4x income by age 45, 6x by 55, and 10x by retirement—are helpful guidelines, but not definitive prescriptions. 2. A 15% Savings Rate Is a Solid Target. Contributing approximately 15% of income toward retirement (including employer matches) is a widely accepted and achievable goal for many. 3. Investment Returns Significantly Impact Savings Needs. Assumed returns of 4%, 8%, or 12% greatly influence monthly savings requirements. Higher returns reduce the need for large monthly contributions, but are harder to sustain consistently. 4. Asset Location and Tax Considerations Matter. Saving in tax-advantaged accounts (e.g., 401(k)s, IRAs) and ensuring assets are invested appropriately—not merely saved in low-yield accounts—is essential for long-term growth. 5. Personal Factors Affect Retirement Needs. Variables such as lifestyle, health, debts, retirement age, and longevity expectations all play critical roles in determining appropriate savings goals. 6. Inflation Assumptions Should Be Tailored. While 3% is a standard inflation assumption, personalized inflation rates for categories like travel or healthcare may offer better forecasting accuracy. 7. Legacy Goals and Risk Tolerance Influence Planning. Whether a retiree wishes to leave a financial legacy or spend down their assets affects savings targets and investment strategy, especially as market volatility becomes harder to stomach near or in retirement. - vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - V25149249

In our latest episode, Vector’s Sharon Calhoun sits down with Emily Victory, a pattern-driven artist whose work lives at the intersection of art and mathematics. Emily shares her journey, revealing how structure and expression come together through a creative process. Takeaways Taking the first steps in any creative pursuit is often the hardest. Embrace the journey of exploration. Art can make math more accessible. Every piece of art, like every financial plan, is unique. Curiosity drives creativity. Maintain a beginner’s mindset. Chapters 00:00 Exploring Patterns in Art 07:50 The Creative Process: From Concept to Completion 16:39 The Role of Math in Art and Financial Planning 25:17 Authenticity and Individuality 28:53 Connect with Emily 30:37 Final Thoughts 32:04 Regulatory About Emily Emily has degrees in mathematics and fine arts and loves combining the two. Her work has been featured on HGTV, PBS, and Twin Cities Public Television. She has spoken at The Walker Art Center, University of Minnesota, St. Cloud State University, Luther College, and the Science Museum of Minnesota. A MN Original Artist Day Jobs episode featuring Emily won a Midwest Emmy and was included in PBS’s National Video Contest, where it won Most Viewed Video. Visit emvictorystudio.com. About Vector Vector Wealth Management is passionate about helping clients succeed by providing a financial planning framework to make confident, smart decisions and, ultimately, planning for tomorrow while getting today right! - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. - vectorwealth.com/regulatory V25139246

A shift occurred in the world of government bonds—one that, if the trend continues, could have implications for interest rates, mortgage affordability, and the broader economy. In our latest podcast episode, Vector’s Jason Ranallo breaks down what rating agency Moody’s downgrade of U.S. Treasury debt means—and if it matters for your financial future. Summary Moody’s has lowered the U.S. government’s credit rating from AAA to Aa1, citing persistent fiscal deficits and rising interest costs. While this may sound concerning, we believe that Treasuries can have a place in a diversified portfolio, and the fundamentals of the U.S. economy are still strong. We also look at Treasury yields–which have remained in fair-value range, mortgage rates, U.S. debt levels, and GDP. ⸻ Key Takeaways Moody’s Downgrade: The U.S. lost its last AAA rating from Moody’s, following similar moves by S&P and Fitch. Historical Context: Moody’s AAA rating had stood since 1917, when the U.S. issued Liberty Bonds to fund World War I. Debt Trajectory: Federal debt could rise to 134% of GDP within a decade, analysts suggest, up from 40% two decades ago. Market Response: Despite the downgrade, 10-year Treasury yields remain steady around 4.45%. Impact on Mortgages: With rates near 6.9%, housing affordability is at a multi-decade low—especially for first-time buyers. Investment Strategy: Treasuries remain valuable for their liquidity and relative stability, even amid changing credit ratings. At Vector, our team remains focused on helping you navigate changes in your financial life with clarity, not reaction. This downgrade is important, but it doesn’t change our confidence in your investment policy. -- vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.

Every quarter, a new set of GDP reports make headlines. In our latest podcast we dig into Gross Domestic Product, market reaction, and dig into the details behind the numbers. Here’s the backdrop: The first estimate of Q1 GDP report showed the U.S. economy contracted in the first quarter of the year—which rattled markets Wednesday morning. That said, if you checked markets after lunch the same day, you might have missed the whole reaction. As with most things, there is a nuanced story beneath the headline. Imports. Compared to the prior quarter, imports increased by over 9% (~40% annualized), which in economic accounting reduces GDP. Here’s the takeaway: imports bringing down GDP is likely a short-term effect. We believe that businesses and consumers were buying goods ahead of expected tariffs, thereby increasing imports in Q1. This is front-running—essentially stockpiling today to avoid future costs tomorrow. We would expect imports to ease or average out in future quarters. At Vector, we believe that emotional investing based on headlines is usually unhelpful. Contractions and advancements are a normal part of the economic cycle. But predicting exactly when they’ll come, how long they’ll last, or what will cause them is nearly impossible. That’s why we focus on planning for uncertainty, rather than trying to avoid it altogether. - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. V25120241

This week, we’re applying our facts-frame-approach concept (introduced in last week’s podcast) to a couple of themes making headlines: tariffs and market volatility. News Theme One: Tariffs and Historic Market Reaction On April 2, the administration announced sweeping tariffs on a range of imported goods. After an initial market decline of nearly 20%, a 90-day tariff pause was issued, and markets quickly rebounded — posting a 9.5% single-day gain, one of the highest on record. This highlights two key frameworks: markets don’t move uniformly (underscoring the value of diversification) and attempting to time (in and out of) the market can have major downsides. Historically, missing just the 10 best days over 20 years could reduce returns by nearly half. News Theme Two: Market Volatility and Uncertainty Markets have seen increased daily swings, with the S&P 500 down around 10% year to date. Volatility like this, while uncomfortable, is not unusual. Historically, and on average, 10% market corrections happen about once a year, and deeper declines (20+ percent) occur roughly every three years. Staying invested through turbulent periods has historically rewarded patient investors, as the strongest rebounds have been clustered around the steepest declines. Throughout it all, we remain grounded in these four frameworks: · Time Horizon: Time in the market is more effective than timing the market. · Real Returns: Focus on outpacing inflation. · Diversification: Prepare for multiple scenarios. · Compounding of Assets: Growth on growth, over time. At Vector, we believe that having a thoughtful framework not only helps make sense of today’s headlines, but also keeps us steady when the next story breaks. - Get started at Vector: vectorwealth.com/start - vectorwealth.com/regulatory V25104237 - All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns presented do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment, asset category, or strategy will be suitable or profitable for a client’s portfolio.