May 2025 - Hello One, Big, Beautiful... Ugly Deficit. | |
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The IKEA Effect | Have you ever put together a piece of IKEA furniture and, despite the frustration and leftover screws, felt a surprising amount of pride in your creation? That’s not just you being handy - it’s a well-documented behavioral bias called the IKEA Effect. When we invest effort into building something, we naturally value it more. It turns out, the same psychology applies to financial planning.
When you’re involved in your finances - not just delegating everything, but actively engaging in the process - you build a stronger connection to your plan. You understand it more deeply. You believe in it more fully. You’re more likely to stick with it, especially when life throws the unexpected your way. That doesn’t mean you have to be the expert in every financial decision. It means showing up to the process - asking thoughtful questions, being clear about your values, and revisiting your plan as life evolves.
We see this play out every day. Clients who are engaged in crafting their goals, making trade-offs, and learning the “why” behind their plan aren’t just more confident - they’re more committed. The process gives them ownership. And ownership leads to better outcomes, not just emotionally but financially.
That’s why our Purpose-Built Planning process is designed to be collaborative from day one. We don’t hand you a prebuilt plan. We build it together - intentionally, thoughtfully, and with your goals driving every decision. It’s not just a financial plan - it’s a plan you helped create. And that makes all the difference. | | | |
| | A Tax Bill for the Textbooks | From tariffs to today’s income tax code, U.S. tax policy has always evolved to meet the moment - and we’re at another major crossroads. The 2025 tax bill proposes sweeping changes that could impact your income, investments, and estate plan. In our latest blog post, we explore the history behind the headlines and explain how Purpose-Built Planning™ can help you navigate what’s ahead with clarity and confidence. Â
Read the full post to see what this could mean for taxpayers. | | | | | |
| | Are You a Graduate or a Lifelong Learner? | It’s cap-and-gown season, and while diplomas are handed out, envelopes of cash often follow. But what if those graduation gifts could teach a lesson of their own?
In this blog post, Hoy reflects on a powerful comparison between a $1,000 investment in Apple stock back in 2005 and a pair of retro Air Jordans – and what it means for today’s graduates (and the rest of us). From FOMO to “stupid tax,” it’s a fresh, relatable take on the real-world tuition we all keep paying. Â
Read the full post for some advice to the new graduates. Feel free to pass it along, it might just be the lesson they didn't get in school. | | | | Hoy Grimm
Managing Partner
LeConte Wealth Management | |
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Recently Published On Financial Friction | |
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Economy In Focus | The Data:Â - 1,143 - Q1 2025 Interest Expense on US Public Debt Outstanding
- 4 - Trillion Increase to National Debt Limit
- 16 - Years that US Stocks have Outperformed InternationalÂ
Commentary: The economic headlines this month read like a collision of long-term trends and short-term pivots. Interest payments on the U.S. national debt have crossed a sobering milestone, now costing more than what we spend annually on defense. With the federal debt nearly topping $37 trillion, the rising interest burden - driven by higher rates and massive borrowing - is crowding out flexibility in future budgets. Lawmakers are already signaling the possibility of raising the debt ceiling by another $4 trillion, a move that would buy time but not solve the core issue of unsustainable fiscal policy. Simply put, our federal government (politicians - both sides) have a massive spending problem.
Meanwhile, early drafts of what's being called the "One, Big, Beautiful Tax Bill" are floating around Washington. With key provisions from the 2017 Tax Cuts and Jobs Act set to expire at the end of 2025, policymakers are gearing up for a fiscal showdown. Proposals range from making cuts permanent to reshaping the tax code entirely. Whatever comes, the outcome will have ripple effects on everything from small business strategy to personal tax planning - especially in an environment where debt service is eating up a growing share of federal revenues. We'll have to wait to see what the Senate does.
On the investing front, the tables are finally turning. For 16 straight years, U.S. stocks have dominated, delivering annualized returns that left international markets in the dust. But in 2025, international equities are leading. Year-to-date, developed international markets - particularly Europe and Japan - have edged out the S&P 500 by a wide margin. Part of this shift is currency-related, but there's also growing optimism abroad about improving corporate governance, attractive valuations, and central banks that may ease faster than the Fed. The U.S. market is still healthy, but stretched valuations and concentrated leadership in mega-cap tech are giving international diversification a rare moment in the spotlight. We'll see if it continues.
All of this reinforces the importance of staying attentive but not reactive. Whether it’s market leadership rotating or policy winds shifting, your plan should be built to adapt - not chase headlines. Our focus remains on helping you prepare for what’s next, no matter how noisy the now becomes. | | |
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| LeConte In The News | LeConte Welcomes Summer Intern Â
Tad Zappa joins us this summer as an intern at LeConte Wealth. A Maryville native and rising senior at Berry College, Tad is a student-athlete on the lacrosse team and is majoring in marketing. His passion for business and desire to learn more about the wealth management industry brought him to LeConte, where he’s eager to gain hands-on experience and expand his skill set.
Outside the office, Tad is at home on the water. He holds a captain’s license and spends much of his free time boating, deep sea fishing, or relaxing at the lake. When he’s on land, you’ll likely find him playing golf or staying active with lacrosse. His strong work ethic and curiosity make him a great addition to our team this summer. If you see him around the office, make sure you say, "Hi!" | | | | LeConte Wealth Has A New Home!! Â
LeConte's growth in the last 2 years is a testament to the excellent people on our team and we need to make room for more team members to meet our current and future client needs. After 11 years in our office on William Blount Drive, we have relocated to new office space in downtown Maryville.
As of December 20th, our office has been located on the 4th floor at 333 East Broadway Avenue in downtown Maryville. | | |
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| | Copyright 2025 LeConte Wealth Management, LLC. All Rights reserved. Advisory services offered through LeConte Wealth Management, LLC. an SEC registered investment adviser. |
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