2023 Q1 In Review - Integrity Wealth Advisors, Ventura & Ojai, California

iwaplan.com
Q1 2023
IN REVIEW

TOTAL RETURN 2023 Q1 + NEWSWORTHY EVENTS
10%
January 8 – China
reopens borders in
final farewell to zero-
COVID policy
January 12 – Consumer
Price Index comes in as
expected at 6.50%
S&P 500 TOTAL RETURN
January 26 – US GDP rises
at a higher-than-expected
2.9% annual rate in the
fourth quarter of 2022
February 3 – The US
announces it is tracking
alleged Chinese Spy
Balloons over the Americas
February 6 – A 7.8 earthquake
strikes in southeastern Turkey
resulting in at least 50,000
deaths
MSCI ACWI EX USA TOTAL RETURN
February 15 – The CBO issues
a warning that the US could
face a debt ceiling crisis this
summer if the debt limit is not
raised or suspended
March 1 – The 10-year treasury yield reaches 4%
March 10 – Stock markets fell as Silicon Valley
Bank is forced to sell securities at a loss due to
a bank run; subsequently the FDIC put SVB into
receivership
BARCLAYS US AGGREGATE TOTAL RETURN
March 14 – Inflation
increases 0.4% in
February as expected,
and is up 5% from a
year ago
March 19 – UBS
buying rival Credit
Suisse in $3.2 billion
rescue deal
9%
8%
7%
6%
7.49%
7.00%
5%
4%
3%
2.96%
2%
1%
0%
-1%
January
February
March
As of close 3/31/2023
12%
S&P 500 TOTAL RETURN
MSCI ACWI EX USA TOTAL RETURN
BARCLAYS US AGGREGATE TOTAL RETURN
Source: https://en.wikipedia.org/wiki/2023
11%
10.42%

A WILD RIDE TO START THE NEW YEAR
2023
Q1
IN REVIEW
History tells us that when the Federal Reserve starts
raising interest, things are going to get interesting. So far
in this tightening cycle, the damage has been significant
but largely contained to financial markets. Special purpose
acquisition companies (SPACs), meme stocks, “growth
at any price” stocks and cryptocurrency have all posted
spectacular losses, but the real economy has continued to
expand, albeit at a much slower pace.
However, the recent crisis in the U.S. regional bank sector
threatens to upend that narrative. At the time of writing,
two large institutions have failed at remarkable speed,
and the impact on the whole regional banking sector
will clearly be negative. We expect lower profit margins,
more capital raising and more regulation as a direct
consequence of these events.
Regional banks are, of course, an important component
of the financial system, and tightened lending standards
could hurt a wide range of businesses. Commercial real
estate (heavily financed by regional banks) and the private
equity and debt complexes look to be likely candidates for
a struggle under the weight of higher interest rates.
Be that as it may, not all is doom and gloom. As China’s
economy recovers from the effects of the country’s
recently abandoned, highly restrictive pandemic policies,
it will continue to boost that market’s corporate earnings.
A softer official tone toward technology businesses that
have been under intense scrutiny could also improve
sentiment toward Chinese equities.
After a year of weakness in global equity markets,
valuations in most regions do not look very demanding.
We know that while these metrics tell us little about
returns over the next year, they are important for longerterm
investors. The multiples we observe in Europe, Asia
and, indeed, many sectors of the U.S. market suggest
reasonable returns ahead for patient investors.
We also see a very good chance that diversification
beyond the dominant U.S. equity market will help overall
equity returns. That has been true of late but was certainly
not the case for most of the past 15 years.
Overall, we have a slightly cautious view on the outlook for
equity returns. We always prefer quality investments; this
is not the time to compromise, and many surprises are
likely to be unpleasant. Strong, predictable and profitable
business models, experienced management teams, and
well-funded, conservative balance sheets – these are
all attributes that define an investment as “quality,” and
attributes we find particularly appealing at this stage of
the business and market cycles.
ECONOMIC CHARTS & NOTES
CONSUMER SENTIMENT Consumer sentiment slipped from a 12-month high
in March but remained up versus last year as Americans increasingly braced for
a possible recession. Retail sales went up from 2022 levels led by rebounding
restaurants and bars.
EMPLOYMENT The domestic unemployment rate is at 3.6%, slightly
below where it was a year ago. Better than expected February jobs growth
was driven by gains in the leisure, hospitality, retail, and government sectors.
US Retail Sales
Consumer Sentiment
Unemployment Rate
NonFarm Payroll
34%
100
16%
2200
US Retail Sales % Chg
28%
22%
16%
10%
4%
-2%
-8%
90
80
70
60
Consumer Sentiment
Unemployment Rate %
14%
12%
10%
8%
6%
4%
-825
-3850
-6875
-9900
-12925
-15950
-18975
NonFarm Payroll
-14%
Jan '19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
50
Jan '23
2%
Jan ' 19
Jul '19
Jan '20
Jul '20
Jan '21
Jul '21
Jan '22
Jul '22
-22000
Jan '23
Source: University of Michigan Consumer Sentiment. Retail Sales - U.S. Census Bureau.
Source: U.S. Bureau of Labor Statistics

ECONOMIC CHARTS & NOTES
CONSUMER PRICE INDEX The monthly inflation reading came in below
6% for the first time since September 2021, a sign that aggressive Fed rate
hikes are moderating consumer prices. Food prices continued to climb while
gasoline moved off December lows.
CONSUMER SPENDING Real household disposable income is growing
again after almost 2 years of declines. In turn, real personal spending increased
from a cautious holiday shopping season.
Y/Y % Chg
8%
7%
6%
5%
4%
3%
2%
1%
0%
CPI Less Food
CPI All
2018 2019 2020 2021
2022
% Chg Year-over-year
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
Jan '19
Jul '19
Consumption
Jan '20 Jul ' 20
Jan '21
Jul '21
Disposable Income
Jan '22 Jul '22 Jan '23
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis
JOB OPENINGS & HIRES Retail hiring picked up from a slow holiday hiring
season as stores weighed the impact of inflation and higher rates on consumer
spending. Job openings decreased as workers were attracted to higher wages and
sought second jobs.
Retail Openings
Retail Hires
GDP The U.S. economy grew more than expected in Q4. Resilient consumers and
the government continued to spend, offsetting a weakened housing market.
GDP
Amount in Thousands
1500
1200
900
600
300
0
Jan '18 Jul '18 Jan '19 Jul '19 Jan '20 Jul '20 Jan '21 Jul '21 Jan '22 Jul '22 Jan '23
% Growth
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018
2019 2020 2021 2022
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Economic Analysis

STOCK AND BOND CORRELATION
2023
Q1
IN REVIEW
The dance between stocks and bonds is starting to shift—and it could mean that investors will have a way to play defense once again.
For a while now, stock and bond prices have moved together in lockstep. When bond yields rise, their prices fall, and that is what happened for much of last year.
From the S&P 500’s all-time high in early January 2022 to its bear market low in early October, the 10-year Treasury yield roughly doubled to almost 4%, causing
both stock prices and bond prices to tumble. The SPDR S&P 500 ETF (SPY) dropped 18% including reinvested dividends, while the iShares 20+ Year Treasury Bond
ETF (TLT) fell 31%.
But the correlation between stocks
and bonds has been starting to
change. In recent weeks, stocks
have been falling, but so have bond
yields, which means bond prices
have been rising. The S&P 500 is
down a hair from its close on March
9, right as the banking problems
started hitting the wires. In that
time, the 10-year yield has fallen to
just under 3.5%, from almost 4%.
There is a good reason for that. The
risk that markets are reflecting is
that the banking problems, if they
continue, will hit the economy, and
eventually corporate earnings.
That’s why market participants are
selling riskier stocks and rushing
into government bonds for safety, a
classic “risk-off” market.
Another way to look at the markets
is just by observing the stock and
bond correlation itself. Last year, the
S&P 500’s correlation to the price of
the iShares 20+ Year Treasury Bond
ETF reached its highest point since
2005, according to DataTrek. Now,
the correlation shows that bond and
stock prices are starting to move
in opposition to each other, which
means that bonds should be able
to perform their historical task of
providing safety.
Source: Bloomberg, FactSet, Federal Reserve, J.P. Morgan Asset Management. Market expectations are based off of the respective Federal Funds Futures contracts for December expiry. *Long-run projections are the rates of
growth, unemplovment and inflation to which a policymaker expects the economy to converge over the next five to six ears in absence of further shocks and under appropriate monetary policy.

SILICON VALLEY BANK COLLAPSE – WHAT HAPPENED?
BANKING ON LIQUIDITY
In the wake of the stunning Silicon Valley Bank (SVB) crisis in which the bank was ultimately shut down by regulators, there is growing concern that similar issues
could spread to other US banks in the coming months. Let’s examine what happened to SVB and the potential for contagion across the banking industry.
THE BACKSTORY
Banks are big investors in assets like Treasury bills
because they need safe places to park deposits. Over
the past several years, financial institutions have
piled into T-bills during a period of historically low
interest rates.
The problem this created for banks is simple: when
rates moved higher as the Federal Reserve sought
to combat inflation, it lowered the value of existing
bonds on banks’ balance sheets. The FDIC in
February reported that US banks’ unrealized losses
on available-for-sale and held-to-maturity securities
totaled $620 billion as of Dec. 31, up from $8 billion
a year earlier before the Fed's rate push began (see
chart to the right).
This is an issue for all banks to varying degrees. For
SVB the problem was particularly acute. Banks don't
have to realize losses on bonds that may have gone
down in value amid rising rates if client deposits
remain sufficient to cover liquidity requirements.
But SVB, being a venture capital and tech-focused
bank, has clients with a high rate of cash burn.
The bank needed ongoing deposits to cover the
liquidity demands from their clients, particularly with
decreasing bond values. When ongoing deposits
dried up SVB was forced into selling these securities
at significant losses.
The good news is that the biggest US banks are much stronger than they were in the lead up to the last big banking crisis of 2008, in part because regulators forced
them to hold more capital and survive numerous stress test scenarios over the last decade and a half. Also, the giants have more diverse funding and customer
bases than banks such as SVB, which gives them many more options during challenging times.

2023
Q1
IN REVIEW
CASH BEING YANKED OUT OF BANKS AND STASHED IN MONEY MARKET FUNDS
January1988 – March 2023
$6,000
$5,000
Money Market Fund Assets, in Billions
$4,000
$3,000
LIQUIDITY IS KEY
One thing to keep an eye on moving forward is overall market
liquidity. Liquidity is key for banks. Unfortunately, we’ve been
steadily seeing the money supply decline. M2 data for January
2023 was at -1.726% YoY; December 2022 was -1.31% YoY.
There has never been a negative M2 print in modern history
(dating back to at least 1959) prior to now, so we’re in somewhat
uncharted territory in that regard.
25
20
15
Federal Reserve Money Supply M2 YoY % Chg - Mid Price
$2,000
$1,000
$0
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
-$500
Savings & Loan Crisis
U.S. Bank Deposits, Change in
Billions from a Year Ago
Financial Crisis
Pandemic,
Govt. Stimulus
-$1,000
1988 1991 1994 1997 2000 2003 2007 2010 2013 2016 2019 2022
Source: ICI, Federal Reserve, Bloomberg, U.S. Global Investors
10
5
0
1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2019
-1.7
While it seems unlikely at this time that the broader banking system will face anything close to
the issues SVB was faced with, further challenges are likely to surface. However, it’s important
to recognize that current financial problems are very different from those of 2008-09. Back then,
the main issue was credit risk (primarily regarding residential real estate loans and securities)
and how markets were pricing that risk. Today the primary issue is interest-rate risk (or duration
risk) on high-quality bonds. But the Federal government has taken steps to protect the financial
system from a run on the banks in the near future. One such effort is that they have set up a
new facility for banks that lets them, in effect, offload those securities to the Fed for a small fee,
papering over balance sheet problems for banks able to take a small hit to earnings.
Source: Kensington Market Insights - March 16 (kensingtonassetmanagement.com); First Trust Monday morning Outlook 3/27/23

REBOUNDING EMERGING MARKET
PROFITS HELPED BY CHINA REOPENING
2022 was a miserable year for both companies and investors in emerging markets. Profits fell 15% (in contrast to solid gains in most developed countries), and
the MSCI Emerging Markets Index lost 15%. Over the past five years, the index is down 20%.
This picture may be changing for the better. The all-important Chinese economy is now in full recovery mode following the rapid abandonment of highly
restrictive anti-pandemic policies at the start of this year. We think that shift will unleash a consumption boom fueled by almost $500 billion USD of surplus
savings accumulated during the lockdowns. Many Chinese companies were forced to restructure during the past few years, and they are much better
positioned to profit in the recovery.
CHINESE HOUSEHOLDS HAVE ADDED MORE THAN 3 TRILLION RMB (USD 500 BILLION) OF SURPLUS SAVINGS.
Households accumulative surplus savings
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
Dec '13
Jun '14
Dec '14
Jun '15
Dec '15
Jun '16
RMBtr
Dec '16
Jun '17
Dec '17
Jun '18
Dec '18
Jun '19
Dec '19
Jun '20
Dec '20
Jun '21
Dec '21
Jun '22
Dec '22
Source: Haitong Securities, National Bureau of Statistics; data as of December 2022
Outside China, we find plenty of growth across emerging markets. The research team from JP Morgan sees higher profits in India, Indonesia and Taiwan this
year. Certainly, emerging markets have proved disappointing for quite a while, and the usual political risks have not disappeared. But with profits outperforming
the developed world for a change, and valuations still at very reasonable levels despite the recent bounce in China, patient investors may well be better
rewarded this year.
Source: Global Equity Views | Asset Class Views | J.P. Morgan Asset Management (jpmorgan.com)

SINCE MARCH 2020, WE HAVE SEEN:
2023
Q1
IN REVIEW
1. Largest Pandemic in over 100 years
2. Over $4 Trillion in printed Stimulus
3. Interest rates lowered to 0% over night
4. Interest rates rising at their fastest pace in history
5. Inflation at its highest in 40+ years
6. Closest we’ve been to another World War (WW3)
7. Oil prices go from negative to $100+ with record high gas prices
8. Largest crypto bear market in history
9. Record High Credit Card Debt of $986 billion
10. Most unaffordable housing market in history
11. 2nd and 3rd largest bank collapse in US History
If you started investing in 2020, you have seen more historic events than
most people see in 20+ years.
CRISIS & EVENTS: 1970-2022
THE AVERAGE ANNUAL TOTAL RETURN OF THE S&P 500 INDEX FOR THE PERIOD SHOWN BELOW WAS 10.46%.
Source: Source: Bloomberg, First Trust Advisors LP., 12/31/1969 - 6/30/2022. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment.

INVESTMENT
MANAGEMENT
PHILOSOPHY
The complex, ever-changing investment world of today
requires an investment process that is overseen by a team
of experienced investment professionals. Global capital
markets present investors with a host of challenges due to
the combination of an overwhelming amount of information
to analyze and the endless supply of conflicting opinions and
narratives surrounding financial markets. The time and expertise
required to perform in-depth investment research and to make
timely and informed portfolio management decisions requires
both a clear investment process and an experienced investment
team to implement the process.
An old adage states that there is accomplishment through
many advisors. We agree and embrace a variety of investment
perspectives through our investment committee. Our investment
philosophy is well grounded in global macro-economic analysis.
Investment ideas are carefully vetted through a process which
incorporates the diverse range of investment backgrounds
within our firm. This process of multifaceted analysis ensures
that only the strongest investment ideas survive. We are
committed to striking the right balance between risk and
return through managing global, multi-asset class investment
portfolios.
INDEPENDENCE &
CLIENT FOCUS
DIVERSIFICATION
TOP-DOWN, THEMATIC
APPROACH
PERFORMANCE WITH
LIQUIDITY
VARIED INVESTMENT
PERSPECTIVES
OPTIMIZATION OF
EXPENSES AND TAXES
THE INVESTMENT PROCESS
ASSESSMENT OF GLOBAL
ECONOMIC & INVESTMENT
ENVIRONMENT
ASSESS & ANALYZE
THEMES
RESEARCH INVESTMENT
VEHICLES TO FIND
EFFECTIVE IMPLEMENTATION
IDENTIFY
OPPORTUNITIES
STRATEGIC ASSET
ALLOCATION -
Geographies, Sectors,
Capitalizations
INVESTMENT SELECTION -
Open/Closed End Funds, ETFs, Stocks & Bonds

INVESTMENT COMMITTEE
2023
Q1
IN REVIEW
The Investment Committee meets formally each
quarter, and more frequently if market conditions
warrant, to discuss the state of the global economy
and capital markets and to assess the current
asset allocation and positioning of our portfolios.
There’s an art to striking the right balance
between risk and return; pursuing that symmetry
is the core of our investment philosophy. We are
fiduciaries and have our interests aligned with our
clients, as we invest alongside them.​Contact us
at investmentcommittee@iwaplan.com with any
questions or concerns.
STEPHEN WAGNER
CEO, Investment Advisor,
CFP ® , CPFA
VICTORIA BREEN
Investment Advisor &
Financial Planner
MARTHA LAFF
Investment Advisor,
ChFC ® , CLU ® , CRPC ®
CHRISTOPHER WAGNER
Investment Advisor &
Financial Planner, CPFA
MARGARET MARAPAO
Investment Advisor &
Financial Planner, CFP ®
LAINE MILLER
Investment Advisor &
Financial Planner, CFP ®
JOE BARONI
Investment Advisor &
Financial Planner, CFP ®
BOB CHEATHAM
Financial Planner,
CRPS®, MA
DOUG ECKER
Investment Advisor &
Financial Planner, CRPS®
ANDREW MURTHA
Financial Analyst,
MBA
* Financial services experience. Investment Advisory Services are offered through investment advisor representatives of Integrity Wealth Advisors, a Federally Registered Investment Advisor. Victoria Breen,
Bob Cheatham, Doug Ecker, Laine Miller, Joe Baroni and Christopher Wagner are solely investment advisor representatives of Integrity Wealth Advisors. LLC. and not affiliated with LPL Financial.
THOUGHTFUL
INDEPENDENT
FIDUCIARIES
Integrity Wealth Advisors has
been committed to helping
individuals, families, and
businesses grow, preserve, and
distribute wealth since 1979
VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com

THE IMPACT OF
SOUND FINANCIAL
PLANNING
Recent Vanguard research 1 shows that an experienced
wealth management team not only adds peace of mind,
but also may add about 3 percentage points of value in
net portfolio returns over time. What does this mean? Your
team has the ability and the time to evaluate your portfolio
investments, meet with you to discuss objectives, and
help get you through tough markets. All of these factored
together potentially add value to your net returns (returns
after taxes and fees) over time. But the most interesting part
of this research is that it shows that financial planning and
financial coaching contributed to the greater majority of the
added net 3% in net portfolio returns.
It’s important to realize how valuable making sound financial
planning decisions is and that value is added by your
financial planning team. As investors, our emotions can be
our worst enemy, especially when the markets are volatile,
and guidance from a “behavioral coach” can save us from
panic-selling and abandoning long-term financial plans.
Numerous studies demonstrate that advisors can have a
huge impact on investor finances, but it’s hard to say if these
findings have been recognized and understood by everyday
investors.
DREAM.
PLAN.
ENJOY.
WHEN DO YOU NEED
UMBRELLA INSURANCE?
Having adequate damage and liability insurance is essential when you own property—be
it a home, a car, or a boat. But if you're responsible for damage or injury to someone else's
property or person, your coverage may fall woefully short.
Enter umbrella insurance, which provides liability coverage beyond most property insurance
policies. This includes coverage for damages caused by you and members of your
household, as well as limited coverage in case you're sued.
Umbrella insurance protects you in a worst-case scenario. For example, let's use an
insurance policy for a boat with liability coverage of $100,000. If a wrongful-death lawsuit
leads to $1 million in damages, the other $900,000 will come from the policyholder's own
pocket—unless they have a $1 million umbrella policy, which would cover the gap between
the boat policy and the total damages due.
Although umbrella
insurance is of
particular value to
affluent individuals with
significant assets to
protect, nearly anyone
can benefit from the
extra coverage, especially
as premiums on such
policies are relatively low.
The low cost of Umbrella
Insurance makes it an
easy decision. Selecting
higher liability coverage
on individual policies
can quickly become
cost-prohibitive. As a
rule of thumb, your total
coverage should not
exceed your net worth.
When purchasing any new
insurance, an experienced
broker can help ensure
your policies work
together while avoiding
unnecessary coverage.

Future
FINANCIAL
four-year college
PLANNING:
costs
COLLEGE COSTS
How much College costs to invest
The younger the child, the more college is likely to cost. Add up four years per child, and it equals one of a family’s See largest how much expenses. you should start investing or already have invested, based on a child
PROJECTED COST OF A FOUR-YEAR Projected cost COLLEGE of a four-year EDUCATION college education
Based on a child's current age
$550,000
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
Private
$230,290
College costs
Public (in-state)
$253,895
$150,000
$110,482
uals one of a family’s largest $100,210 expenses.
$100,000
$279,919
$121,806
based on child’s current age 1 $502,694
$455,958
$413,568
$375,118
$340,243
$308,611
$241,168
$134,292
$198,410
$179,963
$163,232
How $148,056 much to invest
$218,747
$554,220
Public college (in-state)
Private college
One-year costs
Child’s for 2022-23 1
Monthly investment to pay:
current age
50% 75% 100% 50% 75% 100%
$23,2503 $53,430 $361 $542 $723 $830 $1,245 $1,661
Public Private
6 $431 $646 $861 $990 $1,484 $1,979
81%
Not yet investing?
Amount to start contributing each month
Newborn $315 $472 $630 $724 $1,086 $1,448
9 $546 $819 $1,092 $1,255 $1,882 $2,510
of families have to
rule 12 out some colleges $777 $1,166 $1,554 $1,786 Saving $2,679 and investing $3,572
because of cost. 2
15 $1,471 $2,206 $2,942 $3,380 $5,070 $6,760
See how much you should start investing or already have invested, based on a child’s current age and your college funding plans.
Current ba
Child’s
current age
P
Newborn $42
3 $43
6 $4
9 $46
12 $47
15 $48
4
$554,220
$241,168
8
$50,000
$0
Source: J.P. Morgan Asset Management. Based on average tuition, fees, and room and board costs for 2022-
Age 18 Age 16 Age 14 Age 12 Age 10 Age 8 Age 6 Age 4 Age 2 Newborn
and Student Aid 2022. Costs estimated to inflate 5% per year. This hypothetical example illustrates the future
Amount to start contributing each month
investments Current with balance no additional or lump-sum contributions contribution for different time to be periods, on track assuming an annual investment retu
does not represent the performance of any particular investment. Different assumptions will result in outcom
1. J.P. Morgan Asset Management, using The College Board, Trends in College Pricing and Student Aid 2022. Future college costs estimated to inflate less than 5% the per figures year. shown. These figures do not reflect the impact of fees or expenses that would be paid b
Average tuition, fees, and room and board for public college reflect four-year, in-state charges.
A plan of regular investment cannot ensure a profit or protect against a loss in a declining market.
Public college (in-state)
Private college
Public college (in-state)
Private college
2. Sallie Mae, How America Pays for College, 2022.
One-year costs
for 2022-23 1
$23,250
Public
$53,430
Private
81%
of families have to
rule out some colleges
because of cost. 2
Child’s
current age
FUTURE FOUR-YEAR
COLLEGE COSTS
The younger the child, the
more college is likely to
cost. Add up four years
per child, and it equals
one of a family’s largest
expenses.
Not yet investing?
Monthly investment to pay:
50% 75% 100% 50% 75% 100%
HOW MUCH TO
INVEST
Newborn $315 $472 $630 $724 $1,086 $1,448
3 $361 $542 $723 $830 $1,245 $1,661
See how much you
should start investing
or already have
invested, based on a
child’s current age and
your college funding
plans.
6 $431 $646 $861 $990 $1,484 $1,979
9 $546 $819 $1,092 $1,255 $1,882 $2,510
12 $777 $1,166 $1,554 $1,786 $2,679 $3,572
15 $1,471 $2,206 $2,942 $3,380 $5,070 $6,760
Already investing?
Child’s
Current balance or lump-sum investment to pay:
current age
50% 75% 100% 50% 75% 100%
21
Newborn $42,246 $63,369 $84,492 $97,084 $145,626 $194,168
3 $43,464 $65,197 $86,929 $99,884 $149,826 $199,768
6 $44,718 $67,077 $89,436 $102,765 $154,148 $205,531
9 $46,008 $69,012 $92,016 $105,729 $158,594 $211,459
12 $47,335 $71,003 $94,671 $108,779 $163,169 $217,559
15 $48,700 $73,051 $97,401 $111,917 $167,875 $223,833
2
Newborn
Source: J.P. Morgan Asset Management. Based on average tuition, fees, and room and board costs for 2022-23 school year, The College Board, Trends in College Pricing
Source: 1 J.P. Morgan Asset Management, using The College Board, and Student Trends Aid in 2022. College Costs Pricing estimated and to Student inflate 5% Aid per 2022. year. Future This hypothetical college costs example estimated illustrates to the inflate future 5% values per year. of different Average regular tuition, monthly fees, investments and room and board lump-sum for public
college reflect four-year, in-state charges. 2 investments with no additional contributions for different time periods, assuming an annual investment return of 6%, compounded monthly. This hypothetical example
Sallie Mae, How America Pays for College, 2022. Based on average tuition, fees, and room and board costs for 2022-23 school year.
does not represent the performance of any particular investment. Different assumptions will result in outcomes different from this example. Your results may be more or
less than the figures shown. These figures do not reflect the impact of fees or expenses that would be paid by a 529 plan participant. Such costs would lower performance.
A plan of regular investment cannot ensure a profit or protect against a loss in a declining market.
ge costs estimated to inflate 5% per year.
21

HEALTH SAVINGS ACCOUNTS (HSA)
These triple-tax-advantaged accounts could help pay for health care in
retirement.
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) both
allow you to set aside pre-tax funds to pay out-of-pocket qualified medical
expenses1—including co-insurance payments and deductibles, dental and
vision care, prescriptions, and many other health-related items. However, only
HSA funds can be used in retirement, among other differences.
Here are some ways that HSAs compare to FSAs and how best to take
advantage of an HSA's benefits.
YOU OWN THE ACCOUNT AND THE FUNDS IN IT
Your eligibility for an HSA or an FSA depends on if you're employed (and what
your employer offers if you are) and what kind of health plan you're enrolled in.
For example, self-employed individuals aren't eligible for FSAs, and only people
enrolled in an eligible high-deductible health plan2 (HDHP) can contribute to an
HSA.
An HSA is yours to keep indefinitely, even if you change jobs or retire—a
notable advantage over FSAs. At the end of the year, unspent funds carry over,
and the money remains in your account until you use it. You can also continue
contributing to your HSA as long as you're not enrolled in Medicare and are
covered by an eligible HDHP.
An FSA, on the other hand, is owned by your employer, and you lose the
account and forfeit any unspent money when you leave your job. FSA funds
often don't roll over to the new year either—with the exception of either a short
grace period or small carryover amount. Otherwise, any balance at the end of
the plan year is returned to your employer.
YOU CAN SAVE FOR RETIREMENT
As the name suggests, an HSA is a savings account where your money earns
interest. And once your balance achieves the minimum threshold set by your
plan, you can invest funds you don't expect to need immediately, making
an HSA a highly effective tax-advantaged strategy for medical expenses in
retirement.
An HSA offers a way for you to sock away triple-tax-free money for health care costs
in the future. Here's how:
1 Contributions to an HSA may be tax-deductible.
2 Interest on your account balance and capital gains and dividends on your
investments accumulate tax-free.4
3 You pay no tax on withdrawals for qualified medical expenses.
Typically, you can't use your HSA to pay for health insurance premiums. The
good news is that you can use your funds to cover premiums for long-term
care insurance and for many Medicare expenses, so consider contributing the
maximum amount each year as part of your retirement planning strategy.
YOU CAN USE YOUR HSA FOR RETIREMENT INCOME
Although you should use your HSA to cover medical expenses, you could use
the funds as an additional source of income in retirement. If you use HSA
funds for non-medical expenses after age 65, you'll pay only ordinary income
tax—a tax hit no worse than you would expect from an IRA withdrawal. Be
aware, however, that using funds on non-medical expenses before age 65
would leave you paying both ordinary income tax and a 20% penalty. If you're
not yet retired, speak with a financial planner or tax advisor before making a
move.
Source: Are HSAs the New IRAs? | Charles Schwab

HOW DOES DONATING TO CHARITY REDUCE TAXES?
Making charitable donations allows you to do good
and get a valuable tax deduction. However, it’s
not always quite as simple as “donate $x, get a $x
tax deduction.” But when you support charitable
organizations, you’ll usually see a tax benefit. As long
as you follow the rules, that is. Here’s what to know.
WHICH DONATIONS CAN YOU DEDUCT?
Deductible charitable donations aren’t limited to cash.
You can also donate assets – anything from used
baby clothes to artwork to cars. Plus, your out-ofpocket
expenses may also be deductible when you
volunteer to do charitable work. The rules are slightly
different for asset and volunteer donations, so follow
them to get your full allowable deduction.
For asset donations, follow these guidelines:
» Determine the fair market value. That’s the amount
you could reasonably sell donations for on the
date of donation
» Make sure that donated household items are in
good used condition or better before taking the
deduction.
» Get a formal, signed appraisal if your donating
asset is worth $5,000 or more. You can find more
details in IRS Publication 561.
With volunteer-related deductions, you can include
unreimbursed expenses you paid but not your time or
the value of your service. You can deduct things like
travel expenses when volunteering away from home,
snacks you provided during an event, and the cost of
uniforms you must wear.
If you use your car while volunteering, you can deduct
directly related expenses – such as gas – or use the
14 cents per mile mileage deduction. Make sure you
save any relevant receipts and get documentation
from the charity you’re volunteering for, which is
required for deductions of $250 or more.
Here are four essential things to keep in mind:
1 Make sure the charities you’ve donated to are
IRS-qualified before taking any deductions. You
can visit the IRS website to determine whether the
organizations you support qualify.
2 Know the deduction limits. For the tax year 2022,
the deduction for cash donations is typically
limited to up to 50% of your AGI, though in some
circumstances, the limit may be reduced. You can
also deduct non-cash donations of up to 30% of
your AGI if you’ve held those assets for at least
one year. If your donations exceed these limits,
you can carry the deductions forward on your tax
returns for five years.
3 Keep records of your cash donations. For
donations of $250 or more, get a written receipt
from the charity explicitly stating the amount of
your cash gift or a description of the property
donated. That acknowledgment must also include
the value of any goods or services you received
from the charity.
4 Submit the proper forms when needed. Donating
property worth at least $500 must include IRS
Form 8283 as part of your tax return. If necessary,
attach any appraisals related to the donations.
You’ll have to itemize to get the deduction.
Unlike last year, you’ll need to itemize deductions on
Schedule A to include your donations on your tax
return in the upcoming tax season. And with the high
standard deduction amounts for the tax year 2022,
many people won’t end up itemizing. Those standard
deductions, based on your filing status, are:
- Single: $12,950
- Married filing jointly: $25,900
- Head of household: $19,400
If your itemized deductions fall short of the standard
deduction, you can use a bunching strategy to push
them over the line. That means fast-forwarding
payments to 2022 that you would have typically made
in 2023. That way, you can itemize for the 2022 tax
year and take the high standard deduction for 2023.
Here’s what that looks like:
Say you usually donate $5,000 every year to charity.
In 2022 you’d donate $10,000: this year’s and next
year’s donations combined. That double donation
pushes your itemized deductions over the standard
deduction for this year for a bigger reduction to your
taxable income.
CHARITABLE GIVING STRATEGIES THAT MAXIMIZE
TAX SAVINGS
Depending on your situation, you may be able to use
advanced strategies for bigger tax savings. Make sure
to consult your tax preparer before making any of
these more complex moves.
USING A DONOR-ADVISED FUND (DAF). These funds
can work especially well combined with the bunching
strategy. With a DAF, you make a tax-deductible
contribution in one year to maximize your itemized
deductions for that tax year. You can distribute the
money in the DAF to various charities over the next
few years as you would normally. You only get a tax
deduction when you fund the DAF, not when the DAF
distributes the money to organizations.
DONATE APPRECIATED ASSETS. You get two extra
benefits when you directly donate appreciated
assets. You avoid paying the capital gains taxes that
would apply if you sold the asset. And you still get a
charitable donation deduction to reduce your tax bill.
MAKE A QUALIFIED CHARITABLE DISTRIBUTION. If
you’re at least age 70 1/2, you can make a qualified
charitable distribution (QCD) of up to $100,000
directly from your traditional IRA to the charity of your
choice. These donations won’t be deductible, but
you’ll still get a tax benefit. They count toward your
required minimum distributions (RMDs) but won’t
increase your taxable income like regular RMDs.
Reduced taxable income means a lower tax bill, which
may help you avoid paying taxes on Social Security
benefits.
BOTTOM LINE
There’s more to the charitable donation deduction
than simply getting a dollar-for-dollar reduction
of your adjusted gross income. The rules can get
complicated, so consult your tax professional to
ensure you get it right.

VENTURA
196 S Fir St, Ste 140
Ventura, CA 93001
(805) 339-0760
ventura@iwaplan.com
OJAI
205 S Signal St,
Ojai, CA 93023
(805) 646-3729
ojai@iwaplan.com
The S&P 500 Index or the Standard & Poor's 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 is
a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly
in an index. Note: Investors cannot invest directly in an index. These unmanaged indices do not reflect management fees and transaction costs that are associated
with most investments.
The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries* – excluding the United States. With
1,012 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
The Barclays Capital U.S. Aggregate Bond Index is the most common index used to track the performance of investment grade bonds in the U.S.
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any
individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for
you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced
for comparison are unmanaged and cannot be invested into directly. Investing involves risk and possible loss of principal capital; please seek advice from a licensed
professional.
Vanguard research study; Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, 2014. Putting a value on your value: Quantifying
Vanguard Advisor’s Alpha. Valley Forge, Pa.: The Vanguard Group.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market
risk. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their
ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.
Integrity Wealth Advisors is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Integrity Wealth Advisors and
its representatives are properly licensed or exempt from licensure. No advice may be rendered by Integrity Wealth Advisors unless a client service agreement is in
place.
Advisory services offered through Integrity Wealth Advisors (IWA), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of
IWA are also registered representatives of, and offer securities through LPL Financial, member FINRA/SIPC. IWA and LPL Financial are separate entities.