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DECEMBER 2022
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PATRIOT WEALTH
MAKING MERRY MEMORIES VISIONS OF CHRISTMASES FUTURE AND PAST
The holidays have begun to take on new meaning as I get older and begin to think about crafting my own traditions. I’m thinking about how I want the future to look and how I want to spend the most meaningful time of the year. Of course, the baseline everyone starts from is how we spent the holidays as kids. And in my household, Christmas always meant family. My immediate family consisted of four: my parents, my sister, and me. But during Christmas, we got together with cousins, aunts, uncles, and grandparents. It was always exciting because my grandparents would drive cross country from Minnesota. Like many families, the holidays meant tons of food, laughter, and the magical feeling that is Christmas! Once I entered my preteen years, my family also prioritized celebrating the season by giving back to others. I specifically recall a year where my father took me to a local women’s shelter and we volunteered to help clean the facility. It wasn’t glamorous, but generosity shouldn’t be. That’s one of the values I want to pass on when I start a family. Help others in whatever capacity you have; kindness is a beautiful thing. As an adult, I still love the rituals and celebrations that come with holidays, and Christmas remains my favorite. I particularly enjoy the process of putting up all the decorations. That might seem a little odd because many people consider decorating to be a chore. But it’s a lot of fun for me; fortunately, my girlfriend feels the same way.
We make an entire weekend out of decorating. Last year was our first Christmas in our new home together and that meant plenty of new decorations! We crank up the Christmas music and the first order of business is the tree! Outside, we wrap the pillars on our house in lights and similarly cover the bushes. The end result: a winter wonderland full of holiday cheer once you enter the house. Lights, the glass balsam fir candles, miniature Santa Claus, and heck, you may even find a cute little golden retriever named Sonny this year (he’s the new addition). Merry Christmas, Sonny Boy! So, you can say our house is Christmas Central. We also make it a priority to watch our favorite Christmas movies every year. The season isn’t complete without our annual viewings. My girlfriend loves “Elf,” while I like “National Lampoon’s Christmas Vacation” and “A Christmas Story.” “A Christmas Story” is one of my favorites because my grandfather loved it. TBS always airs it on a 24-hour Christmas Day loop. I remember many years with my grandfather sitting on the couch with a hot coffee or cold beer, watching “A Christmas Story.” Often, he’d doze off while it played in the background. That’s one of my fondest memories. Since he passed away, I watch the movie every Christmas in his honor. It proves the smallest things can have the biggest impact. Enjoy your many miniature magical moments this year because, in the end, they’re what we remember most.
–Austin Kobilka
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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Don’t Go Broke for the Holidays 4 Steps to Create a Christmas Budget
SHOP FOR CHRISTMAS ON A BUDGET. 1. Look at last-minute sales: Tons of retailers will offer holiday sales as we get closer to Christmas. So be on the lookout for stores that mark prices down as St. Nick prepares for his journey. 2. Recycle gift cards: If you received a gift card to a store that you never used (or forgot about), re-gift it this year! Just be sure the card hasn’t expired. 3. Go thrifting: You can find great gifts at your local thrift store. Depending on where you go, you can get clothes, books, silverware, furniture, gadgets, and more. Christmas shopping can be stressful, but by creating a budget and sticking to it, you will survive this holiday season like a pro.
Before you head to the mall or add items to your shopping cart online, you want to ensure you have enough money to cover your monthly expenses and buy your loved ones Christmas presents. You may feel overwhelmed about your finances and how you will manage to buy gifts. But if you create a Christmas budget, you won’t break the bank!
housing, utilities, groceries, and internet. This also includes cars, credit cards, insurance, and other monthly payments.
Be sure to add any streaming or subscription fees to this total.
3. Find out how much money you have left over: Subtract your total expenses from your monthly income. The number you get will be the money you have left over for discretionary spending, such as dinner out, a concert, or Christmas presents. But make sure you leave some wiggle room for any unexpected costs. 4. Plan out how much you want to spend on Christmas gifts: Write out whom you want to get gifts for and how much you want to spend. Track your spending as you go to ensure you don’t overspend or forget to buy someone a gift.
HOW DO YOU CREATE A CHRISTMAS BUDGET?
1. Write down your monthly income: The first thing you want to do is tally up how much money you bring in each month. This lets you know how much money you have before you take out your expenses. 2. Write down your monthly expenses: You want to tally up the total amount of regular monthly costs, including
BRIGHT LIGHTS MUST-SEE CHRISTMAS DISPLAYS
You can go at your own pace through the relaxing drive, meaning it usually takes 15–30 minutes to complete. For those looking for a more up-close and personal experience, there is also a Bike Night as well as special packages like the Igloo Experience or Holiday Outpost. Nights of Lights will continue through Dec. 24, so don’t miss out. You can purchase your family’s tickets and select your visit time at WRALNightsOfLights.com . A LONGWOOD CHRISTMAS (KENNETT SQUARE, PENNSYLVANIA) Kennett Square is a seven-hour drive from Raleigh, so we know most of you won’t make the trip. But for those who do, Austin assures us the destination is worth the journey. “We had people from out of state fly in to see it every year,” he says of A Longwood Christmas,
and a quick look at Longwood Gardens’ website makes clear why.
After learning that Austin loves Christmas decorations, we couldn’t think of anyone better to ask for Christmas light display recommendations. He reminded us of one local favorite and introduced us to one of his hometown traditions. So, whether you’re looking for local fun or a holiday- themed road trip, we’ve got you covered. WRAL NIGHTS OF LIGHTS (RALEIGH) Nights of Lights by WRAL is quickly becoming a holiday staple in Raleigh. Located at Dorothea Dix Park, the drive- thru display is opening for its third year in 2022. The attraction features 1.3 miles of lights and five distinctly themed areas for your family to enjoy as you slowly cruise through the park.
Longwood Gardens contains more than a dozen themed gardens spread across 400 acres, and all are festively decorated during the Christmas season. Half a million lights dot the various landscapes, illuminate water features, and otherwise delight visitors as they stroll through the grounds. Throughout your visit, you can also take in the sounds of seasonally appropriate live music across several locations. If you’re thinking about making the trek, you can learn more about the celebration online at LongwoodGardens.org/gardens/our- seasons/longwood-christmas and purchase your tickets in advance.
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A person’s primary residence is typically among their most valuable assets, so it often plays a significant role in their future financial plans. As the housing market continues to change, many clients have asked questions about how the property they own will factor into their retirement. With Homeowners’ Day approaching on Dec. 26, we decided to answer some of the most common questions. What should I consider when buying in another state? Many people move or purchase vacation property in another state after retirement. It can be an excellent financial move, but you must consider several questions before taking the plunge. What will the property taxes be compared to your current home? What are the population growth trends and historical real estate appreciation rate? The answers can help determine whether a home purchase will be a boon or a blunder. Should I use cash to purchase? The answer will depend entirely on your unique set of circumstances. Before paying upfront for a house, you should consider the current interest rate environment (which can change rapidly) and how much liquidity you have. For example, when the funds come from tax-deferred retirement accounts, the penalties may be higher than the accumulated interest. It’s crucial to consider the tax structure of your asset base before making this move. Should I pay off my home before retirement? Again, anyone considering this path should take note of their liquidity, and we advise against draining your cash reserves. A person who wants to pay off their home in one lump sum should also take into account the stability of their income streams and the interest rate and how far they are into their mortgage term. All will help determine how the level of risk compares to the potential reward. Finally, we’d like to add a question that people rarely ask but often should: How long have you lived in your home? The answer matters for your capital gains tax. A couple (married filing jointly) can exclude up to $500,000 of capital gains if the house was their primary residence during at least 2 of the past 5 years. Many people don’t know this rule, and it costs them dearly when it’s time to sell. It’s one of many reasons you should consult a financial advisor and tax attorney before making plans to buy or sell real estate. Answering Commonly Asked Questions HOMEOWNERSHIP IN RETIREMENT
TAKE A BREAK Whoville Roast Beast Inspired by TasteMade.com
INGREDIENTS • 1/4 cup brown sugar • 1 tbsp paprika • 2 tsp black pepper • 2 tsp salt • 3 tbsp olive oil • 1 5-lb bone-in rib-eye roast • 3 tbsp butter
• 2 heads of garlic, halved • 2 bay leaves • 4 thyme sprigs • 2 rosemary sprigs • 1/2 cup beef broth • 1 12-oz bottle of stout beer • 1 15-oz can diced tomatoes (with liquid)
DIRECTIONS
1. Preheat oven to 375 F. 2. In a bowl, combine brown sugar, paprika,
5. When butter melts, add broth, beer, and
tomatoes. Bring to a boil.
pepper, salt, and olive oil.
6. Transfer pan to oven. Braise until meat is tender, up to 2 hours. 7. Remove roast from pan and let rest for 15
3. Place roast in a baking pan and coat with spice mixture. Let marinate uncovered in refrigerator for 1 hour. 4. Place pan on stove
minutes. Meanwhile, strain pan juices and put back into pan and boil until reduced by half. When finished, slice roast and serve with pan sauce.
over high heat. Brown the roast on all sides, then add butter, garlic, and herbs.
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INSIDE THIS ISSUE
What Christmas Means to Austin PAGE 1
How to Christmas Shop on a Budget PAGE 2
Get Into the Holiday Spirit With Light Displays PAGE 2
Whoville Roast Beast PAGE 3
Homeownership Considerations for Retirees PAGE 3
The Theater Is Calling Your Name PAGE 4
The Theater Is Calling Your Name 5 REASONS TO SEE A PLAY THIS SEASON
4. You’ll boost your family’s literary knowledge. A study from the University of Arkansas Department of Education Reform found that students remembered more about stories like “A Christmas Carol” after watching them as plays than they did after watching movies or even reading the original books. Exposing your kids to the work of Shakespeare and Dickens at the theater is a great way to help them get ahead in their studies. 5. Your kids will develop tolerance and empathy. The same study out of Arkansas found that students who attended the theater scored higher on tolerance and empathy tests. Watching live helped them identify and relate to the emotional turmoil of the characters. This winter, check your local theaters for holiday-themed productions like “A Christmas Carol,” “How the Grinch Stole Christmas,” and “Miracle on 34th Street.” You’ll bring your family closer and embrace the holiday spirit one curtain call at a time.
To get in the holiday spirit this season, consider making a family trip to your local theater. There are a surprising number of benefits to seeing a play in person. 1. You’ll support your local economy. Theater companies are almost always local organizations, and many of them are nonprofits. That means the money you spend on your tickets will go into the pockets of the actors and/or right back into the company to bring more productions to the community. 2. Your kids could discover an interest in the arts. Your children might have a passion for acting or stage design. They’ll never know unless they see both firsthand. 3. You’ll provoke family discussions. Chatting about the play with your family during intermission and the drive home will help you learn more about each other and forge stronger bonds. What did your kids enjoy about the plot? Which character did your spouse identify with most? Are there any plot holes or unanswered questions bothering them?
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