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F I N A N C I A L S E R V I C E S , L L C
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NOVEMBER 2020
IS YOUR MONEY PREPARED FOR THE FUTURE?
As I write this in October, I do not yet know who won the election. Our country may be in turmoil as the votes are counted — or we may know exactly who is going to live at 1600 Pennsylvania Avenue for the next four years. The important thing to understand is that it doesn’t really matter who takes office when it comes to your taxes. New tax rates are coming, no matter what, due to the relief package doled out earlier in 2020. Someone has to pay for it, just as someone has to pay for the continued rising debt of the United States.
Now is the time to look at one of two possible courses of action you can take to take advantage of current tax laws.
Right now, we’re considering the impact baby boomers will have on the economy in the coming years. In nine years, all the baby boomers will be 65 or older. This means most of the contributions made to their 401(k)s will be done. However, as we look to the future, we know that there are more millennials than baby boomers. As millennials age, pay off their mortgages, finish assisting their children with college educations, and invest in the economy, they will be stepping into the role baby boomers have today. Couple this with baby boomer retirement spending and you are left with the long-term effect of a growing economy, a growing stock marketing, and expanding employment. Many of the pieces are falling into place right now for a strong future. So, sit back, relax, and enjoy the ride. We’ll see where the next president takes us and how the tax code changes. Hopefully, it changes for the benefit of us all. If you are thinking of taking advantage of anything like gifting to charity or converting an IRA to a Roth IRA, be sure to seek out the wisdom of a financial advisor who is a fiduciary and who works with a CPA or certified tax professional.
1. Take money from your IRA and gift it directly to the charity of your choice . This is a non-taxable event. Sometimes, our clients have to take their required minimum distributions (RMDs), but they don’t need the money. So, they gift it to their favorite charity. Not only does this benefit the charity, but my clients also don’t have to worry about the tax on that money. 2. Take money from your IRA, pay tax on it now, and then put it into a Roth IRA. Once you pay tax on the IRA money and convert it to a Roth IRA, you don’t have to worry about paying tax on that money ever again. It’s a one-time deal, so when tax rates go up in the future, you won’t have to worry. As we’ve talked about in our webinars and in this newsletter, this year is going to be very important to set up income from sources with no taxable basis, such as Roth IRAs. As the election gets sorted out and if Biden moves into the White House, he’ll move quickly to raise taxes and repeal the Trump tax cuts. Of course, this is all in the short term. When it comes to investing for retirement, we don’t look at just one year, three years, or even 10 years. We look at investing for retirement as a long-term commitment and make decisions accordingly.
In closing, I get to say something I never thought I would say this year: Go, MSU Spartans!
–Gary Mattson
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‘DARE TO LEAD’
With Bren
In “Dare to Lead,” Brown examines the four pillars of courageous leadership and how business leaders today can practice and perfect it. Brown teaches the four pillars through her consulting work and has seen radical changes in organizations that practice courageous leadership. Brown offers examples — from well-known CEOs and within her own business — to walk readers through real-life applications of courage and how to create stronger teams through vulnerability. Brown exposes how business cultures that don’t practice vulnerability are ineffective as a result. She theorizes that often, these workspaces are filled with fear, uncertainty, and scarcity. To remove these negative traits, Brown offers leaders a road map to build their courage while practicing vulnerability and creating happier work environments.
How many leaders do you know who will admit to their mistakes openly and honestly to their team? How many leaders have you heard ask their team for direction? How many leaders are willing to step aside so someone else can shine? Chances are if you know that leader — or if you are that leader — then you understand the future of leadership, according to author, researcher, and teacher Brené Brown, Ph.D., author of “Dare to Lead: Brave Work. Tough Conversations. Whole Hearts.” In this book, Brown details her seven years researching and gaining a better understanding of leadership. She interviewed business leaders at both small and large companies, asking questions that revealed what great leadership looks like. Together with her research team, she learned why certain workspaces thrive and grow while others, with seemingly just as powerful of ideas, wither and die. And it all boiled down to one thing, Brown says: courage.
Brown has spent the past two decades researching and breaking down emotional concepts into tangible goals for her readers and followers.
TOP 5 HEALTHY LIFE HACKS TO HAVE AN AWESOME MORNING
G etting your day started with coffee isn’t always enough. Sometimes, you need to give yourself an extra boost, especially when you have little energy or trouble focusing. For an awesome start to your day, here are five tips to get you going right off the bat. Wake up 5 minutes early. What’s the power of five minutes? It can be more than you think. Spend this time doing simple breathing exercises or a quick meditation so you can get focused for the rest of the day. If that’s not your style, you can prepare a quick to-do list for your day ahead. Either way, it’s always nice to have a little extra time for yourself without losing too much sleep. Start with green tea, then coffee . A cup of coffee at 7 a.m. can leave you burned out by 10 a.m. Try swapping it with green tea for a more gentle wake-up call. After that, you can brew your favorite coffee to keep you going strong. This practice also might help you consume less caffeine overall!
Take a quick morning walk — and have your meetings on the go. Morning meetings can make us want to fall asleep again. Don’t spend all of them sitting down if you don’t have to! Not only will morning walks help you wake up, but they can also add some extra physical activity to your day. Write in your journal. Who says you have to journal at the end of the day when you’re tired and ready to sleep? You can journal in the morning about what happened yesterday and the things you’re looking forward to that day. Journaling can remind you of your daily goals and motivate you to stick to your commitments. Pack your lunch (or snacks!). Staying on track with your goals starts with having the energy to do them. Plan a healthy balance of fats, vegetables, carbohydrates, and proteins. This can be as simple as assembling dips, carrots, wraps, and salads each morning.
It’s time to try these tactics to jump-start your day!
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Upcoming Events Post-Election Town Hall Nov. 11, 2020 at 4:30 p.m. Virtual via Zoom TAKE A BREAK!
né Brown’s Bestselling Book
She is the owner of The Daring Way, a consulting firm that helps businesses develop vulnerability in leadership and the workplace. She is also the host of the podcast “Unlocking Us” and has one of the most-watched videos of all time, “The Power of Vulnerability.” You can learn more about Brown’s work and find “Dare to Lead” at BreneBrown.com.
ZESTY ORANGE CRANBERRY SAUCE MARY’S
Inspired by OnceUponAChef.com
Skip the can-shaped cranberry sauce this year and bring a jar of homemade sauce to Thanksgiving instead. This easy recipe can be made ahead of the big event and keeps for 10 days in the fridge.
Ingredients
•
1/2 cup orange juice, freshly squeezed
• • •
12 oz fresh cranberries
2 tsp orange zest
• •
1/2 cup water
Salt to taste
3/4 cup plus 2 tbsp sugar
Directions
1. In a medium saucepan, heat the orange juice, water, and sugar to a boil. Add other ingredients, then bring mixture back to boiling. 2. Reduce the heat to medium and cook gently for 10–12 minutes, until the cranberries burst. 3. Transfer the sauce to a bowl or jar, cover, and refrigerate until serving.
Solution
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F I N A N C I A L S E R V I C E S , L L C
3226 28th Street SE Kentwood, MI 49512
INSIDE THIS ISSUE
1 2
Planning for the Short Term and the Long Term
Researcher Brené Brown Helps Leaders Find Their Vulnerability — and Succeed
Top 5 Healthy Life Hacks to Have an Awesome Morning
3
Zesty Orange Cranberry Sauce
Mark Your Calendar!
4
Is ‘Glamping’ the Perfect Winter Getaway?
**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Advisor in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
Is ‘Glamping’ the Perfect Winter Getaway?
CABIN FEVER HAS NEVER BEEN SO STYLISH
When COVID-19 struck the U.S., travel restrictions had people canceling their vacation plans left and right. This meant that many would-be vacationers had to find some getaways a little closer to home — namely, camping trips and their fancier cousin, glamping trips. If you haven’t heard of “glamping” before, it’s essentially glamorous camping. You have access to the beautiful, rugged outdoors as well as all the comforts of home. While traditional winter camping certainly wouldn’t be a relaxing getaway for most people, glamping during the winter months can give you access to the peace of the outdoors like you’ve never experienced before without so much as a shiver or sniffle. If you’ve decided to make glamping your go-to method of escape from the cabin fever that besets us all during the cold, dark winter days, you might be thinking: How can I make sure I have the best glamping experience possible? Luckily, there are a few tips and tricks you can apply to any glamping location to ensure that your time away from home is just as relaxing as that Caribbean cruise would have been. Step 1: Decide which kind of lodging you want. Glamping shelters come in all shapes and sizes depending on the level of comfort you desire on your trip. The most rugged glamping lodgings
usually still include a wood-burning stove and a nice comfy bed, whether you opt for a log cabin or a
specialized glamping tent (sometimes called a yurt). However, some of the more posh options include amenities like fresh linens, private bathrooms and showers, fully stocked kitchenettes, and even TVs.
Step 2: Decide how you want to spend your time. Obviously, the point of glamping is to spend time in the great outdoors with winter activities, such as snowshoeing, snowmobiling, and other fun snow activities. However, glamping really shines during the frigid evenings. You can retreat indoors, throw some logs in the stove, prepare some hot cocoa or cider, and just watch the snowfall from your window. There’s no right or wrong way to glamp. All that matters is spending time in the wilderness with all the comforts of home — all while feeling refreshed and at peace.
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