Wealth From Wisdom's online newsletter for December 2017
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December 2017
A TIME TO REFLECT
As I reflect on the year and what is most important to me, I encourage you to do the same. Share your appreciation with the ones you love.
This year represented the first full year of my wife and I living in our new home together. One of the things we did to commemorate this was add a garden. In the spring, we ended up planting the garden a little late, but we got it done. Over the summer, we tended to it and watched it evolve. We watched as dirt gave way to a bounty of crops. I remember seeing the butternut squash take off. Maybe it was our love. Maybe it was the manure we got from a local farmer. Maybe it was a bit of both. But boy did it grow. As more plants started to bear fruit, we knew we would have plenty to eat. We even had to give a lot of it away. By the time fall arrived, our table was stocked, and so were the tables of our friends and families. Fall began to wind down. The garden entered its resting phase, and crops became few and far between. Tending to this garden was a lot of fun. There is something truly special
about cultivating your own food. It’s enjoyable and healthy.
In many ways, that garden was like life. Each season comes with expectations and a certain energy. In the summer, we’re active. And then, as winter arrives, we slow down and the season can serve as time of rejuvenation and reflection. As many of you know, much of my life is focused on six pillars: spirituality, family, health, career, philanthropy, and finances. During this time of year, I spend time reflecting on these pillars and what they have meant to me. In particular, I focus on family and philanthropy. I look to those I know and love, and I look to the community for ways I can give back. To that end, I recently joined a 501(c) (3) organization called the Society of Financial Awareness, or SOFA. I’m actually in the process of setting up a local chapter for our community. SOFA is dedicated to teaching everything from financial planning to investing.
They bring classes to companies and communities to foster greater financial awareness. As I reflect on the year and what is most important to me, I encourage you to do the same. Share your appreciation with the ones you love. Consider what is most important to you. As 2017 comes to end, think about what went well this year. For me and Cornerstone Wealth, we brought on a new team member and we’re working to find another CPA. We continued to serve our clients and guide them through a year of relatively low volatility. Looking forward, we’re excited to add more resources and talent to the team to serve you even better. But more on that next month! From your team at Cornerstone Wealth Group, we hope you have a wonderful holiday season and happy New Year!
– Scott Ford
www.CornerstoneWealthGroup.com | 1
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WHICH CHARITY SHOULD I DONATE TO?
little regulatory power over most charitable organizations since they don’t typically pay taxes. As a result, it’s all too easy to be defrauded. “Never give a gift where you didn’t initiate the communication,” advises Tim Meisenheimer, a CERTIFIED FINANCIAL PLANNER™. Calls can be a red flag, as charities who employ telemarketers are much less likely to receive the entirety of your donation. If you’re donating online, he also advises you to check that there’s a “https” at the beginning of the URL, which indicates a secure connection. But the best way to avoid shady scammers is to research the charity before you hand over your cash. One helpful resource is CharityNavigator.org, a charity-screening website where you can scrutinize a charity’s rating, spending habits, category, and much more. When examining a charity, they look for all kinds of red flags, such as if they spend more than one-third of their budget on administrative costs or if they aren’t
Special Circumstances • Car records (Keep until the car is sold) • Insurance policies (Keep for the life of the policy) • Mortgages, deeds, and leases (Keep 6 years beyond the agreement) • Property records and improvement receipts (Keep until property is sold) • Sales receipts (Keep for life of the warranty) • Stock and bond records (Keep for 6 years after selling) • Loan documents (Keep until the loan is paid off) • W-2 (Keep until you begin claiming social security. It’s the best estimate of your earnings) • Warranties and instructions (Keep for the life of the product) • Other bills (Keep until payment is verified on the next bill) • Depreciation schedules and other capital asset records (Keep for 3 years after the tax life of the asset) forthcoming about their operations and expenditures. If you’re unsure of where to donate, check out their list of “Charities With Perfect Scores.” If you want to provide humanitarian aid, Direct Relief (DirectRelief.org) is a well-known charity, and it has a perfect rating of 100 on Charity Navigator. They provide medical treatment in resource- poor communities. If you’re more inclined to protect the environment, check out The Conservation Fund (ConservationFund.org), which seeks to preserve natural resources while fostering economic development in America. Education-minded donors should look up Sponsors for Educational Opportunity (SEO-usa.org), another organization with a perfect 100 from Charity Navigator. They strive to provide robust education for underserved communities. There are thousands of excellent charities to donate to, and many of them are probably right in your backyard.
A t the peak of the holiday season, many Americans find themselves overcome by a spirit of generosity and goodwill. Many people go beyond finding the perfect gift for friends and family and give their time or money to a charitable organization, seeking to make the holidays a little better for those worse off than themselves. But with thousands upon thousands of charities to choose from, how do we ensure our dollars are truly going to the best possible cause? It may seem obvious, but it’s best not to hand your credit card info to an anonymous organization soliciting your aid. The IRS has
The Lifetime of Financial Documents As the end of the year approaches, and tax season is just around the corner, we often have clients inquire about how long they need to hold on to financial records. It’s easy to get in the habit of hoarding documents, with the rationale that you Personal Documents to Keep for 3 Years • Credit card statements • Medical bills (in case of insurance disputes) • Utility records • Expired insurance policies
may need them someday. However, if you’re looking to streamline and organize this area, it can be a bit daunting deciding what stays and what goes. Below is a guideline for how long to keep your financial documents. And please, remember to shred all documents before discarding them to protect yourself from identity theft. Personal Documents to Keep for 1 Year • Bank statements • Paycheck stubs (Reconcile with W-2) • Canceled checks • Monthly and quarterly mutual fund and retirement contribution statements (Reconcile with year-end statement)
Personal Documents to Keep for 6 Years • Tax returns and supporting documents • Accident reports and claims • Medical bills (if tax-related) • Property records and improvement receipts • Sales receipts
• Wage garnishments • Other tax-related bills
Personal Records to Keep Forever • CPA audit reports • Legal records • Income tax returns • Income tax-payment checks • Investment trade confirmations • Retirement and pension records
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HOWDOES L O N G E V I T Y AFFECT YOUR RETIREMENT? Highlights From Wealth From Wisdom Radio
Could Living a Long Life Cause You to Go Broke? Strategies to Make Your Money Last We’re living longer than ever before. Soon, it will be commonplace to celebrate your 100th birthday. As you might expect, longevity plays a huge role in planning for retirement. This was the topic of the Wealth From Wisdom Radio podcast dated May 6, 2017. Ron Carson and Paul West discussed the challenges that come with longevity and what you can do to make sure your money lasts for the rest of your life.
good health, but you are discovering you underestimated your retirement expenses. There have been a few surprises along the way, and you are running out of money. This is not an uncommon scenario, and it highlights why we need to take longevity seriously. People are eating better, are more focused on physical activity, and are generally proactive about their health. As a result, life expectancies are anticipated to rise. And if you live longer, you will need to be able to support yourself. Ignoring longevity can have serious consequences on your retirement. You may even have to reconsider when you
retire. You may need to find the right financial team to ensure you are able to retire successfully. It’s not just about relying on an advisor, but about taking a more holistic approach. You need people to develop strategies around taxes, Social Security, estate planning, investments, insurance, and so on. When all of these things work together in the right way, it can revolutionize your abillity to live through retirement without worry. For more game- changing approaches to retirement and longevity, give this podcast a listen at wealthfromwisdomradio.com !
Imagine this: You and your spouse are in your 80s. You are both active and in
EASY HOLIDAY PARTY CHEESE FONDUE
Sudoku
Scrambling to find something for the holiday potluck? This fondue is sure to impress!
INGREDIENTS •
• • •
1 clove garlic
¾ cup dry white wine
Salt to taste
• •
1 tablespoon cornstarch
Foods to dip (apple slices, bread cubes, roasted vegetables, etc.)
1 (8-ounce) package sliced Swiss cheese
INSTRUCTIONS 1. In a large bowl, whisk together wine and cornstarch. 2. Chop cheese slices into small, uniform pieces. 3. Rub clove of garlic all over the sides and bottom of a heavy- bottomed pot, then discard. 4. Heat wine mixture over medium-low heat in the pot until thick and bubbling. Add some cheese and slowly whisk. When nearly smooth, add more cheese and whisk gently. Repeat until all cheese is melted. If mixture seems too tight, add 1 tablespoon wine. 5. Season with salt and serve immediately. Keep pot on low heat to keep the fondue dippable.
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(Recipe inspired by PinchofYum.com.)
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INSIDE • Reflecting on the Year PAGE 1
• Which Charity Should I Donate To? PAGE 2
• How Long You Should Keep Financial Documents PAGE 2
• Will You Run Out of Money in Retirement? PAGE 3
• Easy Holiday Party Cheese Fondue PAGE 3
• Kick Off the New Year in the Magic Kingdom PAGE 4
IS JANUARYTHEBESTMONTHFOR Disneyland?
January isn’t known for much — broken resolutions and Martin Luther King Jr. Day, mostly. But if you’re looking to escape the cold or take your family on a post-holiday adventure, next month might be the best time to travel to the Happiest Place on Earth. The Best Crowds According to Disneyland’s own figures, the first full week of January through the middle of February is the slowest time of year at the park. Visitors report never spending more than 15 minutes waiting for a ride. The Fourth of July, however, finds visitors waiting over two hours for Star Tours and Splash Mountain.
In Winter, Disneyland closes a little earlier. But if you have young kids, this won’t affect your plans much. They often close rides for maintenance during this time, but never more than one or two at a time. With all the open options, you won’t feel robbed. Let’s Talk About the Weather Does January sound cold and rainy? Don’t worry. The average temperature is still a balmy 66 degrees, and January gets just as much rainfall as peak months like December (winter break) and March (spring break).
Check weather reports since the rainfall varies greatly depending on the temperature of the ocean that month. But bear in mind, Disneyland is the No. 2 theme park on the planet, raking in 18 million visitors a year. It wouldn’t attract such huge crowds if the weather wasn’t theme park-worthy 99 percent of the time. So, what’s the best month to visit Disneyland? It’s a trick question. The real answer is whatever month you go . Disneyland is magic! But if there’s a month that’s better than the rest, we’ll say it’s January.
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