Check out our August newsletter!
Smart Money Monthly
August 2024
(502) 426-0000 ∙ www.Roberts.cpa
A Man’s Best Friend The Comfort of Canine Companionship August is International Dog
Month, a time to celebrate our loyal, loving, and furry friends. Dogs are the most common household pets worldwide, and it is easy to see why. Their companionship, loyalty, and unique personalities make them valuable members of our families. This month, I want to celebrate Lincoln, my four-legged best friend. He is unique and has become an important part of my life. Lincoln’s story begins as a Christmas present in 2020, a gift from my wife to our family during a time of change and uncertainty. At the time, our kids were also leaving the house, so my wife and I were adjusting to being empty nesters. She said the dog was for me, but he was really for both of us. And he was a wonderful gift; from the moment he entered our lives, he’s brought joy, love, and a sense of completeness we didn’t realize we were missing. Lincoln has become a cherished family member. Although Lincoln prefers to be an indoor pup, he loves the outdoors. He will not hesitate to let us know when it is time to go outside, which he communicates with those irresistible puppy eyes. I’ll be at my desk, and he’ll sit down next to me and just look at me, silently reminding me that it’s time for us to go for a walk or get some fresh air. It’s impossible to resist; he’s just so cute, and he knows how to get what he wants. Lincoln is very active but loves his relaxation time, too. He is the king of napping. I can always find him lounging on the couch, comfortably resting on a pillow, looking unbothered. His routine has become a charming part of our lives; we could all learn from his ability to thoroughly relax and enjoy his downtime. Lincoln’s presence in our home has brought a new rhythm to our lives. His playful energy and love for napping create a balanced and fun atmosphere where every day brings a new adventure. Whether he is reminding us it is time to go outside or snuggling up for a nap, Lincoln has a way of making even the simplest activities feel special.
Dogs are unique companions that bring immense joy, loyalty, and unconditional love into our lives. Their ability to understand and respond to human emotions creates a unique bond. Whether offering comfort during difficult times, encouraging us to stay active, or simply being a constant source of happiness, dogs enrich our lives in countless ways.
Their presence reminds us of the beauty of genuine connection and to enjoy even the smallest moments. Dogs genuinely are irreplaceable members of our family. It’s true what they say: You are never alone if you have a good dog by your side. —Kevin Roberts
(502) 426-0000 ∙ 1
FLEX YOUR FINANCES Securing the Future With Life Insurance Policies
Sometimes, unexpected events can occur out of nowhere. This is why we encourage peace of mind through life insurance. In exchange for regular monthly premiums, you and an insurance company enter into a contract wherein they will financially cover an unexpected life event. For example, your family will be provided for if you pass unexpectedly. Here is an overview of different life insurance options that can protect your family. TERM POLICY This is a temporary policy that usually lasts for 30 years. If the insured person dies within this period, the family receives a payout to cover their mortgage, outstanding debts, and other expenses. TERM WITH LIVING BENEFITS Similar to a standard term policy, this option allows the policyholders to access the death
benefit while alive if they are diagnosed with a chronic, critical, or terminal illness. This accelerated benefit can cover medical expenses, allowing the policyholder to focus on recovering. WHOLE LIFE INSURANCE WITH LIVING BENEFITS This policy offers permanent insurance coverage and builds cash value over time. The cash value can be accessed for any purpose, making it a versatile financial tool. UNIVERSAL LIFE INSURANCE Universal Life Insurance policies offer the same permanent coverage as whole life but with greater flexibility. These policies can be adjusted to fit changing financial situations and typically offer higher interest rates through variable, regular, and indexed universal life insurance options. The growth is often tied to performance indices like the S&P 500, allowing
for potentially higher returns. Policyholders can adjust their premium payments and access the accumulated cash value for various needs, such as retirement or education expenses. When you pass away, a licensed insurance agent can assist your beneficiary with the paperwork or work directly with the insurance company's claim representative. Once the necessary documents are submitted, the beneficiary will receive the death benefit payout. As you consider various life insurance options, you can consult with insurance professionals to help determine which life insurance policy best suits your needs.
Strategies to Outsmart Inflation
FORTIFYING YOUR FINANCIAL FUTURE
In today's unpredictable economic landscape, inflation poses a formidable threat to the security of our hard-earned savings and investments. As the prices of goods and services steadily climb, the purchasing power of our money rapidly diminishes, leaving us vulnerable and uncertain about the future. The insidious nature of inflation lies in how it erodes the real value of our financial assets over time. Imagine a scenario where your savings account earns a modest 2% annual interest, yet the inflation rate soars to 4%; effectively, you're losing 2% of your money's purchasing power each year. This gradual erosion can wreak havoc on your long-term financial well-being, challenging your ability to maintain your desired standard of living and jeopardizing your plans for the future. While traditional bank accounts may offer a sense of security, they can fall short in the face of escalating inflation. The meager returns they generate simply cannot keep pace with the rising cost of living, so they don’t protect the real value of your savings. To confront this formidable foe, you need a more proactive and strategic approach. By diversifying your investment portfolio and exploring alternative asset classes, you can harness the power of growth to outpace inflation and safeguard your financial future. Stocks, for instance, have historically outperformed inflation over the long term, providing a promising avenue for preserving and growing your
wealth. Real estate investments, too, can serve as a valuable hedge, with property values often rising in tandem with the cost of living. However, fixed-income securities, such as bonds, may face challenges as their fixed-interest payments fail to keep up with the rising prices. Navigating this complex landscape requires adaptability to adjust your strategy as the economic tides shift. To fortify your financial future, consider the following strategies: • Diversify, Diversify, Diversify: Spread your investments across a range of asset classes, including stocks, real estate, and inflation- protected securities, to reduce risk and enhance the potential for returns that outpace inflation. • Explore Inflation-Linked Investments: Seek out investment vehicles specifically designed to adjust to inflation, such as Treasury Inflation-Protected Securities (TIPS), which can provide a reliable hedge against rising prices. • Stay Vigilant and Adaptable: Regularly review and adjust your investment portfolio to align with evolving economic conditions and your long-term financial goals, ensuring your assets remain resilient in the face of inflationary pressures. By embracing a proactive, multifaceted approach, you can outsmart inflation and safeguard the future you've diligently built, ensuring your wealth endures and thrives in the face of this ever-changing economic landscape.
2 ∙ www.Roberts.cpa
Published by Newsletter Pro • www.NewsletterPro.com
Inspired by Purewow.com
Lime Chicken With Corn and Poblano Salad
Chicken • 3 tbsp olive oil • 1 cup all-purpose flour • 1 1/2 tsp garlic powder • 1/2 tsp cayenne pepper • 1 1/2 tsp salt • 3/4 tsp black pepper • Zest of 1 lime • 8 chicken thighs INGREDIENTS
Corn and poblano salad • 2 tbsp olive oil • 2 poblano peppers, diced • 2 garlic cloves, minced • 1 14-oz can of corn • 4 scallions, minced • Juice of 2 limes • 1/3 cup chopped cilantro • Salt and pepper
Taxing Times for the Presleys A CAUTIONARY TALE When Lisa Marie Presley, the only child of rock 'n' roll legend Elvis Presley, passed away on Jan. 12, 2023, at the age of 54, she left behind a considerable tax debt that her family is now responsible for. At the time of her death, Lisa Marie owed the IRS over $1 million in back taxes. This was in addition to a previous tax lien of $713,000 that had been filed against her in 2017. The Presley estate is now on the hook for over $1.7 million in unpaid taxes. Since Lisa Marie was reportedly worth $16 million, one might wonder how she managed to rack up such a massive tax bill. By most accounts, she struggled to responsibly manage the wealth and assets she inherited from her famous father. She lived an extravagant Hollywood lifestyle, with multiple homes, a large entourage, and a tendency toward excessive spending. When lucrative business ventures like a line of perfumes and a controlling stake in Elvis Presley Enterprises went south, she found herself cash-strapped and unable to keep up with her tax obligations. Failing to stay current on taxes is a common problem, especially among high- net-worth individuals. Interest and penalties rapidly accumulate when taxes go unpaid, turning a manageable bill into a financial nightmare. In Lisa Marie's case, her heirs are now left to deal with the consequences. This cautionary tale underscores the importance of maintaining sound financial practices, even for the rich and famous. By keeping on top of tax payments and consulting professional advisors, individuals can avoid the fate that has now befallen Lisa Marie Presley's loved ones — being saddled with a towering tax bill at the worst possible time. Her story serves as a stark reminder that the IRS always collects what is owed, one way or another.
DIRECTIONS
1. Preheat oven to 400 F. 2. In a large oven-proof skillet, heat olive oil over medium heat. 3. In a bowl, whisk flour, spices, and lime zest. Dredge chicken in the mix to coat. 4. Add chicken, skin-side down, to skillet, then place skillet in the oven for 30–35 minutes. 5. In a medium skillet, heat olive oil and add poblanos. Sauté 4–5 minutes. Add garlic and sauté for another minute. 6. In a bowl, add poblano mix, corn, scallions, lime juice, and cilantro, toss and serve with the chicken.
SUDOKU
Am I on track financially? Scan our QR code for help!
(502) 426-0000 ∙ 3
Published by Newsletter Pro • www.NewsletterPro.com
PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
201 Townepark Circle, Ste B-1 Louisville, KY 40243 FOLLOW US!
INSIDE THIS ISSUE 1 Why Dogs Hold a Special Place in Our Hearts 2 Life Insurance Options to Consider Overcome Inflation's Relentless Assault 3 Lisa Marie Presley's $1.7 Million IRS Bill Lime Chicken With Corn and Poblano Salad 4 The Role of a Growth Mindset in Overcoming Challenges
PSYCHOLOGY OF SUCCESS Harnessing the Power of a Growth Mindset
While there are no treadmills for the mind or ellipticals for our neurons, science tells us that mental exercise can help us obtain a growth mindset. The American Psychological Association defines a growth mindset as “the belief that a person’s intelligence and abilities can grow and improve with practice.” A growth mindset is the antithesis of a “fixed mindset,” which people exhibit when they quickly give up if they can’t solve a problem. Nurturing a growth mindset, in contrast, can help you view failure or setbacks as opportunities for learning. MORE THAN EFFORT Having a growth mindset is about more than just effort. It is the belief that you can develop your abilities and talents, as well as a perspective on how you approach life’s lessons and learning. That belief allows you to learn more quickly and achieve greater results, no matter what you aim to achieve. This does not mean simply having an open mind; it also means finding a way to continue striving to improve your knowledge, attitude, and performance. With a growth mindset, success plays second fiddle to self-improvement. Celebrating the effort we put into each task motivates and encourages us to work harder and accomplish more in the future. Rather than focusing on the destination, the focus is on the journey. A growth mindset is a great way to become more positive, successful, and adaptable. By incorporating more facets of a growth mindset into your life, you will be well on your way to changing things for the better. Some call it having “grit.” CULTIVATING SUCCESS
4 ∙ www.Roberts.cpa
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator