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A NEW CHAPTER 19 FEB LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPont Wealth Solutions and the law offices of DuPont and Blumenstiel blending original and curated content and is intended to educate the general public about investing, finance, estate planning, personal injury and small business issues. It is not intended to be legal or financial advice. Every situation is different. The information in this newsletter may be freely copied and distributed as long as the newsletter is copied in its entirety.
SUCCESS The Recipe for TheWorld’sLeadingEntrepreneurs&ProfessionalsRevealTheir SecretIngredientsForHealth,Wealth,andSuccess
Allyourdreams can come true ifyouhave the courage topursue them. ~WaltDisney N o Recipe For Success would be complete without a list of ingredients, thepreparation instructions, and timeand temperature forcooking.Someof themain ingredients would include: knowledge, passion, planning and perseverance. Other additives could include money andmentoring for consistency, body and texture. If you are tempted to add in a tablespoon of luck, youmay want to replace the luckwith a cupful of action, because in reality, your recipe can never be completedwithout action, and no one can relyon luck to succeed. After assembling the raw materials, the next part of the preparation is todevise the correctway toblend and cook them. Bynow, youwillhave apicture (plan) in yourmindofwhat the outcome should look and taste like.After some trial-and-error, youmay want some advice to help you bring the ‘product’ to completion.Aswithallplans, someworkouteasily,whileothers don’t. So perhaps some cooking advice from amaster chef or mentoringby an expertwouldmake the entireprocess easier. The Celebrity Experts® in this book are mentors who can help you assemble your recipe. These authors have not only produced theirown RecipeForSuccess ,buthavegained awealth of experience from doing so. They can help you avoid many difficulties they have encountered on their own journey.With theirmentoring,youcanensure thatyour timeand resourcesare maximized, and you can complete your own Recipe For Success all the faster. It is literally true that you can succeedbestandquickestby helpingothers to succeed . ~NapoleonHill
nning Attorney and ng clients the legal cate forhisclients’ advice for proper ns. Bachelor ofScience his law degree at EstatePlanningand nd, andupholds the nof financial, legal, success. vising, commercial ignation of being a tecustomsolutions
THE NEED FOR FINANCIAL ADVOCACY IN THE MODERN ERA
ppilymarried to his spending timewith st current financial
11/20/18 1:27PM Exciting news this month: My authorial career is extending beyond the pages of this newsletter! Don’t worry; I’m not going anywhere, but I am getting the opportunity to bring my message to a wider audience. Specifically, I was asked to write
singular strategy or product than they are to their actual clients. These biases toward one potential solution (such as investment) over others (such as indexed annuities) largely stem from the fact that most advisors come from either investment or insurance backgrounds. Whether an advisor unconsciously favors one solution over another or actively misleads people to benefit themselves, the result is the same: What’s best for the client gets overlooked. That’s why I propose the need for financial advocates. These are professionals who apply the leadership, ethical diligence, and client- centric approach you expect from legal representation to the world of finance. Drawing on my years as a fiduciary and an estate planner, I lay out a process I call “Integrated Estate Planning,” which is designed to transform “advising” into unbiased financial guidance. In today’s fast-paced world of finance, people want professional leadership when it comes time to get serious about taking the path to their desired future. But many don’t know that harmful biases exist in the financial advising community, choosing to take an advisor at his word and assuming that he has their best interests at heart. This mistake has led countless people down the wrong paths. I’m incredibly grateful to have this chapter as a platform to educate a broader audience on the importance of finding themselves a true financial advocate. “The Recipe for Success” will hit online and brick-and-mortar bookstores this winter. Inside, you’ll find a lot of great advice beyond finance, from how to reframe negative thoughts to planning out your life goals. I’m honored to have put my two cents in alongside my fellow Celebrity Experts ® . If you pick up a copy, let me know what you think!
ppy to help you put t all your important
and Other Leading Professionals from Around the World Greg DuPont, Jack Canfield
51995> 978-0-9980369-0-8 $19.95
998036908
a chapter in Jack Canfield’s upcoming book, “The Recipe for Success.” Needless to say, being asked to author a piece alongside the man who brought us “Chicken Soup for the Soul” was quite the honor and no small undertaking. Distilling a career’s-worth of industry wisdom down to easily digestible paragraphs was a challenging bit of alchemy. But I can say I feel I was up for the task, thanks in no small part to you, dear reader. After all, each month, you’ve given me the chance to share my philosophy, my musings, and my approach to the world of financial stewardship. Thank you for your attentiveness and feedback over the years.* Bringing this new chapter into existence was made all the easier because of it. The title of my contribution is “GettingYour Affairs in Order: The Need for Financial Advocacy in the Modern Era.”The tagline in particular should sound familiar to longtime readers. From time to time in this publication, I have railed against the borderline predatory business practices used by many financial advisors today. Thanks to the opportunity afforded to me “WHETHER AN ADVISOR UNCONSCIOUSLY FAVORS ONE SOLUTION
by Mr. Canfield, I can now get this important message out to a truly global audience.
OVER ANOTHER OR ACTIVELY MISLEADS PEOPLE TO BENEFIT THEMSELVES, THE RESULT IS THE SAME: WHAT’S BEST FOR THE CLIENT GETS OVERLOOKED."
And as always, thanks for reading,
In this chapter, I delve into what separates
*Special shout out and thanks to my long-term accountant, Phil Solomon, for pointing out an error in my January edition. For the record, 50–85 percent of Social Security may be subject to tax, not taxed at these rates. In the immortal words of Homer Simpson ... DOH!
an advisor from a true financial advocate. In short, most advisors are more loyal to a
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THE 5-SECOND RULEWILL MAKEYOU SICK
3 Health Myths You Probably Believe
We live in the golden age of information. The answers to many of life’s questions are just an internet search away. Despite this readily available wisdom, we still have a bad habit of believing health-related myths. Here are three popular health “facts” that are total works of fiction. THE 5-SECOND RULE KEEPS FOOD SAFE Obviously germs and bacteria don’t really wait five seconds to pounce, but snatching your chip off the floor fast keeps most of the germs away, right? Not according to a 2006 study published by Dr. Paul Dawson. He found conclusive evidence that when food comes into contact with a contaminated surface, bacteria are transferred immediately. Even one second spent on tile, wood, or carpet is enough to infest your food with salmonella or another serious contaminant. BOTTLEDWATER IS SAFER THANTAP WATER People seeking out safer water alternatives increases the sales of bottled “spring water” each year. However, bottled water is more expensive, bad for the environment, and, as Dr. Morton Tavel of the Indiana University School of Medicine pointed out, over 50 percent of bottled water is just filtered tap water. The same effect can be achieved with a home filtration system. Of course, if the tap water in your area has been contaminated, bottled water is a safer alternative. However, in most circumstances, bottled water is no healthier than tap water.
CRACKINGYOUR KNUCKLES CAUSES ARTHRITIS
The connection between knuckle-cracking and arthritis came from studies where participants self-reported their habits. Modern medical research has shown these results to be false. The official stance from the John Hopkins Arthritis Center states, “There is no evidence that cracking knuckles causes any damage such as arthritis in the joints.” Still, chronic knuckle-cracking can lead to reduced grip strength, so you might want to break the habit anyway. You’ve probably heard these myths for years, but just because something is common knowledge doesn’t mean it is true. With information so easily available, always take the time to research the facts, especially when it comes to your health.
THE STAR PLAYER ON YOUR ESTATE PLANNING TEAM
HAVE CLEAR GOALS
A typical estate planning team has an attorney, a financial professional, and an insurance professional who use their expertise to build the best plan possible. But none of these experts can accomplish this without the help of the most important member of the team: you. Here’s how you can set up your estate plan for success. DETAILS, DETAILS, DETAILS Some people can be discouraged by the probing questionnaire that kicks off the estate planning process, and that’s understandable. Most of us aren’t used to sharing information about our family and finances. But family and finances are your plan . While it may feel awkward or cumbersome, delving into the specifics of your assets as well as the ages, relationships, and special needs of your relatives will help everyone else on your estate planning team find the best possible avenues toward your goals.
At the end of the day, estate planning experts are simply guides. The only way we can show you an effective route is if you have a destination in mind. The more vague your estate planning goals are, the more general a professional’s advice and strategy is going to be. By taking the time to define clear objectives for your estate, your team will be able to tailor a nuanced plan to match. PROVIDE UPDATES No estate plan is final — assets and families change, after all. As you move through life, it’s vital that your plan moves with you. Keep your team up-to-date on changes to your family or asset composition. In turn, these experts will keep you informed of any legislative shifts that affect your plan. By keeping everyone on the same page, you can ensure your objectives are met.
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If you haven’t gotten to your taxes yet, it may be time to call in the cavalry. Tax professionals can help you power through the clutter, confusion, and yes, the procrastination — all while saving you money. At least, that’s the hope. The truth is that not all tax consultants are created equal, so to make sure you get the most bang for your buck, you should hire a professional who matches your filing needs. “I’M JUST FILING THE 1040A.” A simple problem is best solved with a simple solution. If you’re filing one of these standard returns, it’s best to go to one of those “storefront” tax preparers. Usually linked to a national chain, these professionals will get the job done fast and cheap. However, having such a generalized professional on your team won’t help you if you get audited. “I’M SELF-EMPLOYED OR RETIRED.” If you are your own boss or withdraw from a retirement account, it never hurts to be extra careful that all of your tax paperwork is in order. Bringing on an “enrolled agent” is generally a good move to navigate these more complex returns. Enrolled agents are required to continue their education and stay abreast of all changes to the tax code — in fact, many of these agents are former employees of the IRS. While enrolled agents tend to be conservative when it comes to going after deductions, they excel at crafting airtight returns at a reasonable price. TAX CONSULTANTS
“IT’S COMPLICATED.”
If you have complex assets, have a lien placed on property, or simply want to pursue deductions more aggressively,
consider hiring the big guns. Certified Public
Accountants (CPAs) charge more than your average tax professional but have the talent and expertise to justify the price tag. When your filling requires finesse and expertise, you want a CPA in your corner.
Regardless of the avenue you decide to take, remember to spend some time getting to know the professional behind the title. This means asking plenty of questions. If a consultant offers a consultation, ask how aggressively they pursue deductions, how their fees are calculated, and whether the person you speak with will actually prepare your return or pass it on to an assistant.
SUDOKU
SPICY SALMON TARTARE
Inspired by Epicurious
This delicious tartare is the perfect healthy alternative to gut-busting game-day dips. Serve alongside your favorite chips or crackers for an appetizer that’s sure to impress.
INGREDIENTS
•
1 8-ounce boneless, skinless salmon fillet
•
3/4 teaspoon fresh ginger, peeled and finely grated
• • •
1 tablespoon fresh lime juice
•
1 1/2 teaspoons fresh cilantro, minced 1 1/2 teaspoons fresh chives, minced
1/4 teaspoon lime zest 1/4 cup cucumber, seeded and finely diced
•
•
1 1/2 teaspoons jalapeno peppers, seeded and minced
•
1 1/2 teaspoons grapeseed or vegetable oil Salt and freshly ground pepper, to taste Crackers or chips, for serving
•
1 1/2 teaspoons shallots, minced
•
•
DIRECTIONS
1. Place salmon in freezer for 20 minutes to make slicing easier. 2. Meanwhile, prepare other ingredients for mixing. 3. Thinly slice salmon into sheets and cut sheets into strips and strips into cubes. When finished, you should have 1/8-inch cubes. 4. In a mixing bowl, combine salmon with all other ingredients. Season with salt and pepper. 5. Garnish with chips or crackers and serve.
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INSIDE
Greg’s New Publication! PAGE 1
Let’s Retire These Health Myths
How to Set Your Estate Plan Up for Success PAGE 2
Which Tax Consultant Is Right for You?
Spicy Salmon Tartare PAGE 3
Prepare for an Adventure in Lapland PAGE 4
INTO THE ARCTIC CIRCLE ADVENTURE IN SWEDISH LAPLAND If you’re eager for a new adventure in 2019, you’ll surely find it in Swedish Lapland. With trail systems that take you into the Arctic Circle, the northernmost region of Sweden is home to national parks, glaciers, reindeer, the beguiling midnight sun, and spectacular night skies. Though winters are cold, one benefit of traveling to the region in this season is to catch a glimpse of the night sky. The northern lights are visible from a few remote locations like Abisko National Park, one of the first established national parks in Sweden. Traveling to Abisko is an adventure in and of itself. From Stockholm, the fastest option is to take one of only two airlines that fly into Kiruna, then travel by train to Abisko. Despite the challenge of getting there, adventure- seeking visitors from around the world arrive each winter to experience the Arctic beauty. Winter attractions include ice skating, snowshoeing, and the Scandinavian sauna (this last one is a must any time of the year). Befriend a Scandinavian and you might be treated to some pickled herring or even a princess cake, a raspberry-filled dessert covered in marzipan. Scandinavians cherish their public lands, and the trail systems are well taken care of. Hikers and backpackers can enjoy the stunning beauty in both late spring and summer, as well as a chance to see the midnight sun. Because of its far-north location, Swedish Lapland receives close to 24
hours of sunlight from June through early August. Between the boulder fields, mountains, and stunning glacial lakes, hiking here is a treat.
While hiking, you may spot reindeer herds or lemmings (a small rodent similar to a hamster) racing around rocks. The Sami people have herded reindeer for thousands of years through this very land. In the summer, keep an eye out for blueberries, lingonberries, and the brightly colored cloudberries. Because of the Arctic climate, weather conditions can change quickly from sunshine to rain and heavy fog, so it’s best to dress in layers and bring wind and rain protection if you plan to venture into the backcountry.
The fantastic scenery of Swedish Lapland awaits you, no matter when you decide to take your trip. What are you waiting for?
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