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LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPontWealth Solutions andThe Law Offices of DuPont and Blumenstiel, blending original and curated content, and is intended to educate the general public about 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.
20 AUG
FINDING BALANCE BETWEEN THE NEWS AND OUR LIVES THE TRUE VALUE OF SILENCE
Years ago, I made a conscious decision to cut down on my news intake. I used to be that guy who’d workout while listening to the radio or watching the evening news programs every day. As a financial consultant and attorney, I figured recent events could help me advise clients better. But, one day, I quit that ritual cold turkey. The truth is that most news had become shortsighted entertainment rather than perceptive and unbiased information. Not only was it unhelpful to my career, but it was affecting me on a personal level. Don’t get me wrong: During the first few days of the pandemic, I was glued to the news like everyone else. You can’t help it when you feel overwhelming uncertainty in your day-to-day life. Every day, there was a new press conference from Governor DeWine and more confusing reports. But while it’s important to be informed to a certain extent, at the end of the day, the daily news doesn’t have much of a long-term impact on our finances, much less our journey in life. We need our media to nourish us just as much as inform us. Consuming in moderation and keeping it in perspective is everything. In light of COVID-19, it’s certainly responsible to keep up with the news to an extent, but even the World Health Organization (WHO) agrees that you should limit your news intake to alleviate the mental and emotional toll of the pandemic. So long as we continue to get accurate information, relying on our friends and family for news is a valid way of being informed, too. More often than not, the people in our lives can help us process the good and bad news when we grow too anxious to be plugged in all the time on our own. Subconsciously or consciously, our media intake can have a huge influence on our mindset. The more you expose yourself to negative imagery or statistics, the more your morale is affected. The things we hear about are often out of our control too, making the downward spiral worse. I’m not saying we should be less politically aware. But the best thing we can do to make the world a better place? Be kind while living your best life. Ask yourself these questions: Is your news intake making that easier or more difficult? What nourishes you?
What restores you? We all have to find our own things that nourish us. For many, it’s meditating or reading the Bible. For me, it’s silence. Replacing my news ritual with silence was one of the best things I could’ve done for my mental well-being. I’m still informed! I just have a very narrow window of time dedicated to staying informed, as well as hearing the news from family, friends, and colleagues. Spending my energy on the things I care most about really improved my quality of life. I never have to worry about the day’s hottest political Twitter feud! Find your balance by focusing on nourishing yourself. Read a good book for half an hour, or put yourself in an ideal relaxing environment and take a moment of silence for yourself. Sometimes, living in the moment reminds us — better than anything else — that we’re going to be okay.
Wealth Solutions www.DuPontWealth.com | Law Office www.DandBLaw.com | 1 Published by The Newsletter Pro . www.TheNewsletterPro.com
We all know how expensive college can be. The bills can pile up fast, and in many cases, paying that debt off can take years, if not decades, especially if private loans are involved. That said, if you have kids who are getting ready to graduate high school, then don’t let the cost of higher education scare you away. If you can’t pay out of pocket, you can help your child apply for loans, but if you’re looking to mitigate debt, or eliminate it entirely, here are some other popular options. GRANTS Grants are similar to scholarships in that they don’t need to be repaid. Many colleges, states, and other organizations award grants based on a number of factors, like academic standing and the income of one or both parents as reported on the Free Application for Federal Student Aid, better known as FAFSA. A great starting point for parents who are helping their kids look for grants is the Federal Student Aid website: StudentAid.gov/understand-aid/ types/grants. WORK-STUDY Depending on your child’s financial need, their college or university may be able to set them up with a part-time position with an hourly rate on campus. Work-study positions are often community-service oriented and/or matched with the student’s field of study, and the jobs in these programs may be on or off campus. Alternatively, students can also look for other on-campus jobs 3 Ways to Pay for College That Aren’t Loans SKIPTHE STUDENT DEBT
that aren’t part of a work-study program. Before the school year starts, many schools post job openings for positions like computer lab assistants or event caterers. PRIVATE SCHOLARSHIPS There is no shortage of private scholarships. The challenge is finding and applying for them. This can take time, but it’s often worth the effort. If you can’t find any scholarships your child is eligible for online, then try using an app like Scholly. It’s designed to help students and parents find and apply for scholarships without having to search all over the internet. Another great resource is your student’s high school guidance counselor. They often have resources about local and regional scholarships that may be worth looking into.
THIRD THURSDAY
AUG. 20 ‘Back-to-School Special’
SEPT. 17 To Be Announced
Greg DuPont and his team were just getting back into the office as the city emerged from lockdown, ready to social distance, strap on masks, and do whatever was needed to keep serving his clients at the level they’re accustomed to. Murder mysteries, they hoped, were behind them — there was enough to figure out just working through the strange new world around them. But when a client resolves a particularly nasty probate dispute with his siblings contingent upon the sale of a property, the loan officer is stabbed in the back right there at the closing table. Greg and mastermind closing
OCT. 15 Ghosts, Ghouls, and Your Money
Join us at noon on Facebook Live or catch the podcast at ThirdThursday30.com.
agent Maxwell Blurry know it will take all their wits to sort it out because when a loan officer is murdered, everyone is a suspect. Check out the entire chapter, catch up on prior chapters, and perhaps learn a few things at DandBLaw.com or Bit.ly/EscrowCh1.
MARCHTO 1 MILLION UPDATE Current count for the March to 1 Million: 344,612
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HOW A FURLOUGH (OR LAYOFF) AFFECTS YOUR FINANCES … AND RETIREMENT
Furloughed and unsure what to do next? Many people who have never been furloughed or laid off before are experiencing confusing times through the COVID-19 crisis. And, at the time of writing, the continued presence of financial aid funds is questionable, leaving potential for continued increases in unemployment. Let’s take a look at furloughs and layoffs and what they could mean for you. But first, what’s the difference? A furlough is an unpaid leave of absence and tends to imply that you’ll return to work (once cash flow is back to normal, in many cases). You don’t report to work or get paid, and you may lose some of your benefits. (We repeat: some! You may not lose all of them. In some cases, you can keep your health insurance despite being furloughed.) Getting fired or laid off is permanent. There’s a lot you need to know, but let’s focus on three things first: filing for unemployment, bills and debts, and your 401(k) contributions.
Firstly, whether you’re furloughed or laid off, be sure to file for unemployment. While the CARES Act is set to expire July 31 and would no longer provide an extra $600 to unemployment checks, you’ll still receive your state’s weekly allowance. For bills and debt, call your creditors to discuss your situation. Ask about what they offer for people experiencing reductions in income, and take notes and ask about any fees, additional interest, and whether they report any postponed payments to credit bureaus. Keep in mind that student loans held by the federal government will not require payment or accrue interest through Sept. 30. Lastly, your 401(k) should safely remain in place if you’re furloughed, but don’t count on contributions toward it while you’re absent from work. Being able to control your 401(k)’s fate is trickier if you’re not fully vested, which could happen if you’re furloughed for an extended amount of time and then laid off. Now, if an employer terminates
20% or more of its workforce, a “partial plan termination” could be triggered, in which case the IRS could decide that all affected employees would become 100% vested. Learn more about furloughs and layoffs in these times, like the other ways they affect your 401(k) and health insurance, on our blog at DuPontWealth.com .
WORD SEARCH
WEEKNIGHT CURRIED APPLE PORK CHOPS
Inspired by The Primal Desire
INGREDIENTS
• • • • • •
2 tbsp coconut oil or ghee
• •
2 tbsp hot curry powder
1 cup onion, diced 1 tbsp garlic, crushed
3 cups diced apples (peeled or not, your choice!)
1 tsp ginger, finely chopped
• •
6 pork chops
1 tsp salt
Cilantro, roughly chopped
1/2 cup water or apple juice
DIRECTIONS
1. Preheat oven to 375 F. 2. In a large pan over medium heat, melt coconut oil or ghee. 3. Add onions, garlic, ginger, and salt. Sauté for 10 minutes or until onions are soft and mixture is fragrant. 4. Mix in water or apple juice and curry powder. Then add apples, ensuring they get coated in sauce. 5. In an oven-safe dish, arrange pork chops, cover with sauce and apple mixture, and cook for 20 minutes (if using bone-in chops, cook for an additional 10 minutes) or until the meat reaches an internal temperature of 145 F. 6. Garnish with cilantro. Enjoy!
CAMPING FAIR FIREPIT FRIENDSHIP
PERIDOT POPPY RAFTING SUNDAE
SCHOOL THUNDERSTORM VIRGO WATERMELON
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INSIDE The True Value of Silence PAGE 1
How to Pay for College Without Loans ‘Third Thursday 30’ Schedule PAGE 2 How a Furlough (or Layoff) Affects Your Finances … and Retirement Weeknight Curried Apple Pork Chops PAGE 3
Why We Still Need Travel Agencies PAGE 4
GET THE MOST OUT OF YOUR TRIP
Once upon a time, you couldn’t plan a vacation without using a travel agent. They would book your flights and hotels, provide information about local activities, and point you to the best sites to see. But with the advent of the internet, it seemed travel agencies would become obsolete. However, these services are actually far from disappearing: Nearly 20% of travelers still use an agency. Because the COVID-19 pandemic changed the way people travel for the foreseeable future, travel advisors, as they’re now called, are more valuable than ever. THEY GIVE EXPERT ADVICE. If you want to get the most out of your trip, then you should talk to someone who knows exactly how to give you that. Travel advisors undergo training and gain experience with different policies, customs, and travel regulations to get you where you want to go. They will be your go-to experts for what you should do when you get to your destination, especially if you’re traveling to a foreign country or overseas. THEY CAN LOWER COSTS. Enlisting the help of a travel agency isn’t as expensive as the average customer might think. Travel advisors receive a small commission from airlines and hotels when they book your trip, which allows them to keep your travel costs down. Every agency charges different fees based on the package
you purchase, but on average, you can expect to pay around $75 per traveling person for an agent to book your trip. With all the added experiences and deals they can find, this cost easily pays for itself and then some. THEY SIMPLIFY THE COMPLICATED PROCESS. The No. 1 reason people use a travel agency is because planning a trip can be overwhelming. You have to research the location, book flights, plan ground transportation, secure lodging, discover activities, and find restaurants. If you don’t travel often or are going to a destination you’re unfamiliar with, then tackling everything yourself leaves room for mistakes, stress, and disappointment. A travel advisor makes the entire process as simple as possible so you can enjoy your vacation to the fullest.
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