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SEPTEMBER 2022
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PATRIOT WEALTH
HOW MY GRANDFATHER SHAPED ME A CHIP OFF THE OLD(ER) BLOCK
of our tiny town of 500 people three times. Everyone knew him, and they watched my mom grow up. So, just by showing up on their doorstep as Anne Calendine’s boy, more than half the work was already done. When I was 12 or 13, my brother and I started a little lawn mowing business. I made any money I had by myself and never asked my parents for a dime growing up. In the end, I think Grandpa and I were born with the same entrepreneurial spirit. That’s not to say I’ve never been employed by others. In fact, I worked for Grandpa at the Riverside Dairy Nook as a teenager sweeping and mopping the floors. I was paid around $1.50 an hour and could eat all the ice cream and play all the pinball I wanted. Talk about a dream job! Still, I’ve spent most of my working life pursuing my own ventures, and I’m happier when I do. But Grandpa didn’t only show me that I wanted to become a business owner; he also showed me the kind of human I should be. He could be a little grumpy at times, but he always had plenty of friends, and I can’t think of a single time I ever saw him be mean to anyone. I don’t even recall him saying a bad word about them behind their backs. I can’t say I always live up to that ideal, but it’s another way I strive to be like him.
Rick Calendine always owned a business. From the time he was raising my mom until he retired many years later, Grandpa worked for himself, and he worked hard. Through both his example and genetics, he helped make me the person I am today. On this National Grandparents’ Day (Sept. 8), I want to take a moment to share his impact. I grew up in a small town called Stockport, Ohio. When my mom was little, her father and grandfather owned the town movie theater and an ice cream parlor. But when I was very young, they owned C & B Feed Store, named after the two owners, Calendine and Bowles. It was on the local river and used a river paddle to grind the feed. My earliest memories were of their next business, C & B Hardware. Grandpa sold that when I was in fifth grade and remodeled the old feed store into an ice cream shop called Riverside Dairy Nook. I hung out with him while he remodeled the property by himself. He could do everything, including carpentry, electrical, and plumbing. I once asked him, “Grandpa, how do you know how to do all these things?” He responded, “Well, I just bygone went out and done it.”
scratch. Until I was in the second grade, we didn’t have an indoor bathroom and used an outhouse. My father made something like $1.05 an hour at the local factory at the time. We had a black- and-white TV and a utilitarian Plymouth. Meanwhile, my self-employed Grandpa had a brand-new, big Motorola color TV and a Pontiac Catalina. As a child, I didn’t understand that my father and grandfather were in very different places in their lives. Dad was starting out and raising a young family, while Grandpa had a couple of decades more to accumulate wealth and become successful. But the contrast helped me decide early on that I wanted to go into business for myself. Watching Grandpa, I had the idea in the back of my mind that if he could do it, I could, too. My first venture into self-employment occurred around age 10. I saw an advertisement in the back pages of Boy’s Life Magazine that allowed you to sell garden seeds and make $.03–$.05 per pack. I went door to door and sold them to everyone. The job was easy, and I thought at the time that I must have been a great salesman. It didn’t dawn on me until years later what was really going on. Grandpa had been mayor
–Rick White
Grandpa was so handy that he installed a bathroom in my family’s home from
These articles are designed to provide general information on the subjects covered. They are not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
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5 Smart Financial Tactics to Use During a Recession
Inflation can make people nervous about the future. Here are a few smart ways to manage your money in any economic climate — but especially during a recession. NO. 1: MAKE EVERY DOLLAR COUNT. This year, the price of gas has climbed considerably, but what should you do when driving is part of your job? Dan Varroney, founder of consulting firm Potomac Core and expert on economic performance, told NBC that people can stretch their dollar by utilizing mass transportation, carpooling, or walking. You can also combine trips with multiple stops or shop locally to save on gas and time in the long run. NO. 2: CHECK YOUR SPENDING. The internet is full of trendy subscription- model brands and products, but are you still paying for ones you aren’t using? A 2021 Chase survey revealed that two- thirds of consumers have forgotten
about at least one recurring payment in the last year. In fact, more than 70% of consumers waste over $50 every month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about. NO. 3: GET RID (OR DON’T USE) HIGH DEBT CREDIT CARDS. Canceling a credit card can have some temporary consequences on your credit score, but if you can afford it — or need to remove the temptation altogether — cancel credit cards with high interest rates. Get a card with 0% APR if you need time to pay off new purchases before interest kicks in. NO. 4: BOOST YOUR EMERGENCY FUND ASAP. In life, setbacks can happen when least expected — and least wanted. This is the time for cushioning the fall in case you have any large unexpected expenses
that could have major consequences on you and your family’s livelihood.
NO. 5: ROLL OVER TO A ROTH IRA DURING THE MARKET DOWNTURN. Since IRA contributions are invested into the market, the downturn makes it cheaper to transition your after-tax traditional IRA into a pre-tax Roth IRA, which means you’ll keep the full dollar amount of your account in retirement. According to Clark Kendall, certified financial planner and CEO of wealth management firm Kendall Capital, transitioning into a Roth IRA may “cost 20% less if your retirement account is down 20%.” Put these tips in your back pocket — they just might help get you through any economic climate!
Rethinking the 401(k) A Tax Time Bomb
When the individual retirement account made its debut, no one knew it would transform how Americans plan for retirement. For most people, pensions are a relic
increasing the seed money. But the account’s tax-deferred nature poses a problem for the future. Imagine for a moment that you are a farmer. It’s time to buy your annual supplies, and the seller gives you an option. You can either pay taxes on the seeds when you purchase them or later on the harvest. You immediately know that the value of your crops will be more than the cost of your seeds — it’s how you make money. So, deferring the tax until later would be foolish. Unfortunately, investing in a 401(k) is much like paying taxes on the harvest. You put a smaller amount of tax- deferred money in, watch it grow, then pay a percentage on both your original investment and the profit. Though watching that money go into your 401(k) and grow tax-free feels good,
reality hits hard once it’s time to start making withdrawals.
Thankfully, Roth 401(k)s now exist, which allow you to invest post-tax paycheck contributions. Since all 401(k) accounts typically offer limited investment options, investors may want to consider contributing to a Roth 401(k) to the maximum their employer will match. Additional savings may be better invested in alternatives that will not result in tax upon withdrawal. The 401(k) isn’t all bad news, and it’s certainly better than no retirement strategy at all. But the account is generally best incorporated as only part of a retirement savings strategy. Even a diversified 401(k) is unlikely to set you up for the future you want on its own. It’s a helpful tool, but it shouldn’t be the only one in your toolbox.
of days gone by, and 401(k) plans have become the
primary method of saving for one’s post-work years. Sept. 9 is National 401(k) Day, and many financial advisors will tell you to leverage yours for all its worth. But is it your ideal method of saving for the future? Through a 401(k), workers have a portion of their pre-tax earnings automatically deducted and deposited into an investment account. They often receive a “match” from their employer,
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There are few things more American than a good old-fashioned cheeseburger. It’s practically our national food! Whether you prefer yours high-end with perfectly curated aiolis or greasy and sloppy, the formula mostly remains the same. Every burger needs the proper combination of spices and condiments, the right cheese to balance the flavor, and a delicious hunk of meat. Everyone who sets out to make a cheeseburger has a road map, but that doesn’t mean that creating the perfect handheld meal is easy. Sept. 18 is National Cheeseburger Day, and in celebration, we want to shout out some of the local joints that do it best. MOJOE’S BURGER JOINT MoJoe’s on Glenwood Avenue isn’t a fancy place, but it doesn’t need to be. This local hole-in-the-wall diner has a menu filled with delicious, inexpensive burgers customized to your preferences. And if beef isn’t your favorite, there are plenty of chicken and vegetarian options available. It’s the perfect place for a relaxed lunch or casual dinner. Check out their menu and more at MoJoesBurgerJoint.com . CHAR-GRILL For over 60 years, Char-Grill has been a favorite for Raleigh locals. The burgers are purposely uncomplicated, and the entire drive-in aesthetic is designed to get people reminiscing about days gone by — or at least the TV show “Happy Days.” Though the original location is set for demolition, the many others dotted throughout the city will remain open for business. Check it out for a quick dose of hometown flavor. Find locations and menu items at CharGrillUSA.com — just don’t forget the apple turnover for dessert! BAD DADDY’S BURGER BAR They say go big or go home, and it’s clear which one Bad Daddy’s Burger Bar picked. These cheeseburgers are massive, but they’re also chef-inspired. Among your choices is a burger piled high with beef and fried chicken, a Magic Mushroom burger curated with fancy ingredients, or the green eggs and ham-inspired Sam I Am Burger that has become a customer favorite. The Brier Creek location is sure to please, and you can get a taste of what’s in store at BadDaddysBurgerBar.com . Where’s the Beef? FIND IT AT THESE LOCAL BURGER JOINTS
TAKE A BREAK
GOULASH, HUNGARY’S NATIONAL DISH Inspired by Delish.com
INGREDIENTS
DIRECTIONS
• 2 tbsp extra-virgin olive oil • 1 yellow onion, chopped • 2 cloves of garlic, minced
1. In a large skillet over
medium heat, add olive oil and wait for it to heat. 2. Once heated, add onion and cook for 5 minutes, then add garlic and cook for 1 minute. 3. Next, add the ground beef to the skillet, and cook until no longer pink. Drain the grease, then add salt and pepper. 4. Stir in the tomato paste, beef broth, tomato sauce, and diced tomatoes. Season with Italian seasoning and paprika. Add macaroni to the skillet. 5. Bring mixture to a simmer and let it cook for 15 minutes. Stir the pasta occasionally. 6. Mix in the cheddar cheese and remove the heat.
• 1lb ground beef • Salt and pepper, to taste
• 1 tbsp tomato paste • 1 1/4 cups beef broth • 1 15-oz can tomato sauce • 1 15-oz can diced tomatoes • 1 tsp Italian seasoning • 1 tsp paprika • 1 1/2 cups elbow macaroni, uncooked • 1 cup shredded cheddar cheese • Fresh chopped parsley, for garnish
Enjoy your heavy dose of protein this National Cheeseburger Day. And if we
missed your favorite spot, don’t forget to tell us about it during our next conversation.
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE Rick Remembers His Grandfather’s Influence PAGE 1 Prepare Your Wallet for a Recession PAGE 2 Your 401(k)’s Tax Time Bomb PAGE 2 Take a Break PAGE 3 Goulash, Hungary’s National Dish PAGE 3 Our Favorite Raleigh Burgers PAGE 3 DIY Fall Scavenger Hunt for the Family PAGE 4
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Ready, Set, Scavenge! EXPLORE WHAT AUTUMN OFFERS
FALL COLOR WHEEL The best way to explore autumn’s colors is by creating a fall color wheel
As the leaves begin to fall and the air becomes cooler, it is a sure sign that summer is slowly coming to an end. Though we will miss the pool parties and backyard barbecues, there is still lots to look forward to during fall. Autumn is known as the season of change, and getting the kids outside allows them to understand and explore the changes going on in the world around them. Creating a fall scavenger hunt is a great way for kids to practice their reading and observation skills, all while still enjoying the outdoors. SIGNS OF FALL Creating a specific scavenger hunt for signs of autumn is a great way to enhance your child’s observation skills.
hunt! Since the leaves are the surest signs of fall, kids can compare and contrast the different colors of each leaf they find, making this a fun hands-on activity.
You can either download a color wheel template from the internet or make one yourself! All you need is a piece of paper that’s big enough for kids to tape the leaves onto and different areas for the colors red, yellow, orange, and brown. This will help kids see the different kinds of leaves as well as their visual changes during the season. The weather is getting colder, but it doesn’t mean you have to hibernate too! Bundle up with a cozy sweater and beanie, and encourage the family to get outside to explore all of the wonderful changes autumn has to offer.
Consider the following for your signs of fall hunt: 1. Leaves that have changed colors
2. Tree seeds or pine cones that have fallen to the ground 3. Items from a fall harvest (like pumpkins, sunflowers, or hay bales) 4. Changes among people’s apparel (such as jackets, hats, and scarves) 5. Animals hibernating or migrating
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