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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
23 NOV
How Will AI Affect America’s Future? 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. THE WINDS OF CHANGE
When you look back at the entire course of U.S. history, November proves to be an intriguing month. Abraham Lincoln delivered his famous Gettysburg Address on Nov. 19, 1863, the assassination of John F. Kennedy occurred on Nov. 22, 1963, and Microsoft launched Windows on Nov. 1, 1985. These are only a few of the significant events that changed America’s future and took place in November. In the weeks leading up to November, I’ve found myself pondering what the next major American event will be and how it will disrupt the average American’s everyday life.
to find that same information and more with just a web search. And now, with AI tools like ChatGPT, we don’t even have to search through suggested web pages; we can just ask a direct question and get a response. ChatGPT’s answers might not always be accurate now, but they could be in the near future. As much as AI will be a tool for us, once it becomes fully developed, it will have a massive impact on the professional information marketplace, which has been the core of our economy for the past 40 years. Think about how much has changed since Microsoft Windows was first released. Computing power has grown exponentially, and we will see the same with AI. So much of our current economy focuses on people distilling information, but AI programs will be able to complete the same tasks in a fraction of the time. For example, attorneys whose primary job is to read and distill case law might not be necessary in the future. AI could be programmed to develop computer code, putting the careers of thousands of programmers at risk. There are examples of this within every industry across the country. It’s astonishing when you take a step back and realize what will change with AI. We will likely see massive employment disruptions as companies start to adopt, implement, and utilize AI programs. The next market disruption will likely come when most of the 401(k) generation can least afford to take the risk. Most of us don’t have time to recover when things go wrong, so we need to buckle down and start putting plans in place to protect ourselves as we enter the age of artificial intelligence. Now, I’m not sharing this information to scare you. I’m not predicting that we’ll experience an economic crash this November or that Skynet is going to take over the world in the next 20 years. However, we all must understand that change is on the horizon. Some of these changes will be great and highly beneficial, but they could cause a disruption in our lifestyles. Now is the time to buckle up and prepare.
Over the past couple of years, there has been an increased focus on the benefits and uses of artificial intelligence (AI). Most recently, we’ve seen ChatGPT take the world by storm. We’ve reached a point where it’s safe to say that AI will completely change the way many of us live our lives — for good and bad. Let’s start by taking a look at some of the good that will come with AI, as it will become a fundamental tool in our lives. Think about how Google changed the landscape of research. Before the internet and search engines, you had to go down to the library and search through an archaic system to find a book that may or may not have the information you’re looking for. Google gave people the ability
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TANNER SINGLETON, JUNIOR FINANCIAL ADVISOR STAFF SPOTLIGHT:
When did you start working here, and how is your role evolving? I started working here in September of 2021. When I first started, my workday consisted of making outbound calls to current clients and prospects. I made confirmation calls for our weekly webinars and assisted with scheduling on Greg’s calendar. Since then, I’ve passed the Series 65 exam and have become a licensed financial advisor. Now, I’m able to help clients more directly. Right now, I meet with clients about our Debt Free 4 Life program and our Retirement Roadmap program. I also help prepare applications, insurance assessments, and taxes. What would you say to someone hesitant to start financial planning? Having a financial expert on your side can make a huge difference in terms of reaching your long- and short-term goals. Having a financial advocate on your side not only can make you more successful, but it also makes a difference in the lives of your partner, your children, and your grandchildren. What is your favorite part of your job? My favorite part of my job is helping people turn their fears and unknowns about their finances into confidence and knowledge. I really enjoy working with Greg to provide personalized and excellent financial advice to our clients.
WE APPRECIATE YOU
WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?
We want to use this space to express our gratitude to the following members of the community who have recently
EPISODE 8: “The Fourth Pillar of Financial Advocacy: Wealth Accumulation” EPISODE 9: “The Fifth Pillar of Financial Advocacy: Wealth Transfer”
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A Look at How to Continue Earning What’s Next After Reaching the $1 Million Milestone?
Achieving the $1 million mark is a significant milestone, symbolizing financial success and stability. However, this is just the starting point in the financial journey for high-net- worth individuals.
Always consult professionals before making investment decisions.
STAY UPDATED ON MARKET TRENDS. The financial landscape is ever-changing. It’s vital to stay informed about market trends, economic indicators, and regulatory changes. This knowledge enables you to make timely decisions about buying or selling assets. INVEST IN CONTINUOUS LEARNING. Financial markets are complex, and there’s always something new to learn. Utilize resources like seminars, books, or courses to deepen your understanding of financial planning and investment strategies.
Here are some key steps to ensure long- term wealth management and growth.
EXPLORE ADDITIONAL STRATEGIES FOR WEALTH MANAGEMENT. Achieving your first million is commendable, but it’s crucial to think long term. This involves diversifying your investment portfolio, exploring new business ventures, or considering alternative investments. DIVERSIFY INVESTMENT OPTIONS. High-net-worth individuals can explore a variety of investment options beyond traditional stocks and bonds. Real estate can offer both income and appreciation, while private equity investments may offer higher returns, albeit with greater risk.
guidance. They can help you develop a comprehensive financial plan tailored to your risk tolerance and ensure your wealth is managed tax-efficiently. By continuously seeking new information and working with trusted professionals, you can make informed decisions to manage and grow your wealth effectively.
COLLABORATE WITH TRUSTED PROFESSIONALS.
As your wealth grows, the importance of professional advice increases. Financial advisors specializing in high-net-worth individuals can offer personalized
SUDOKU
STUFFED PEPPER SOUP
Inspired by TasteOfHome.com
Stuffed bell peppers are a common meal in many households. And as temperatures begin to drop, there’s no better way to warm up than by turning this classic recipe into a hearty — and healthy — soup!
INGREDIENTS
2 lbs ground beef
1/4 cup packed brown sugar
• • • •
• • • • • •
6 cups water
2 tsp salt
1 28-oz can tomato sauce 1 28-oz can diced tomatoes, undrained 2 cups chopped green peppers
2 tsp beef bouillon granules
1 tsp black pepper
2 cups cooked long-grain rice Chopped fresh parsley (optional)
•
DIRECTIONS
1. In a Dutch oven over medium heat, cook beef until no longer pink, breaking it into crumbles; drain. Add beef back to the pot and stir in all ingredients except the cooked rice. Bring to a boil. 2. Reduce heat. Simmer uncovered until peppers are tender, about 30 minutes. 3. Add cooked rice and simmer, uncovered, for about 10 minutes. If desired, sprinkle with chopped fresh parsley.
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INSIDE
AI’s Role in Shaping America’s Future PAGE 1 Staff Spotlight: Tanner Singleton, Junior Financial Advisor Our Podcast Client Appreciation PAGE 2 Next Steps for New Millionaires Stuffed Pepper Soup PAGE 3 Pack These 4 Items for the Best In‑Flight Experience PAGE 4
Elevate Your Travel Experience When preparing for your flight, it’s essential to pack the basics, such as clothing, medications, toiletries, and your UNCONVENTIONAL ITEMS TO PACK ON YOUR NEXT FLIGHT
during long flights. Prolonged periods of sitting can lead to blood pooling in your legs, causing swelling, poor circulation, and even deep vein thrombosis (DVT). Compression socks apply gentle pressure to your legs, reducing discomfort and circulation complications. PORTABLE CHARGER While you may have remembered to pack your plug-in phone charger, bringing along a portable charger and power bank is a lifesaver! Sometimes, finding an available charging station in a crowded airport can be tricky. But having a backup power source on the plane makes it possible to keep your devices charged throughout your journey! When packing for your next flight, don’t forget to include these trip-saving items in your carry-on for a more pleasant travel experience — you’ll be glad you did!
travel documents. However, there are some surprising and often overlooked items that can greatly enhance your flying experience. These unexpected additions in your carry-on can make your air travel experience more comfortable, enjoyable, and stress-free. ELECTROLYTES Flying is dehydrating! Because airplane cabins are kept at a lower humidity level, your body dehydrates quicker than normal. To help keep your body hydrated without a dozen trips to the bathroom over the course of your flight, pack some electrolyte packets to mix into your water. Speaking of water, pack an empty water bottle with you, and after passing through security, you can fill it up at a water fountain!
NOISE-CANCELING HEADPHONES Flights can be noisy. You can never predict crying babies, loud talkers, or hyper kids traveling alongside you. Noise-canceling headphones can provide a peaceful oasis amidst the hustle and bustle of the airplane. They block out ambient noise and allow you to relax, listen to music, or enjoy in-flight entertainment without any distractions. COMPRESSION SOCKS Wearing compression socks on an airplane is crucial for maintaining healthy circulation
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