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JUNE 2021
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PATRIOT WEALTH
Walking in Dad’s Footsteps How My Father’s Career Led to My Career
On June 3, 1965, Ed White made history by being the first person in U.S. history to walk in space. A historic moment for everyone back on Earth, White’s path to space was almost written in the stars. White was a descendant of pilots and military officers. His family was known for its service to this country, and a career in space was just what would be expected of White. Believe it or not, I can relate. I’ve never been to space or even flown a plane, but I also followed in my father’s footsteps.
From an early age, I can remember my father talking to me about money. I’ve always been a numbers person. Dad always stressed to me the importance of creating good habits around money, and that started with my piggy bank as a child. I like to think my interest in numbers closely relates to my passion for sports. I always played sports in school. At its core, being a good athlete to me is as much about your mindset as it is your physical ability. The best athletes in the world have an uncanny ability to remain steadfast in their work, even when it may be uncomfortable and exhausting, in pursuit of their long-term goals. As I mentioned, my career interest in the world of finance really stems from my relationship with my dad. Like most kids, I bounce ideas off him, and I feel really lucky our passions are the same. I’ve learned a lot from him through the years. In fact, he’s a big reason I’m working at Patriot Wealth and not at some large firm like he did. Dad always emphasized that a career in finance is so much more than the numbers. The relationships built through the work we do is really what I enjoy about this “work.” The personal relationships built are much more
rewarding than studying the numbers — although I enjoy that as well! So, Dad encouraged me to seek work with a boutique firm. He knew I would get more out of my career if I could interact in-person with my clients every day. (This would be in a world without COVID-19, of course.) I’ve always respected his advice, so that’s what I did. And I’m glad I did. My dad and I have a very close relationship. I am proud to follow him into this career, and while my girlfriend may tease us for “talking shop” all the time, I enjoy sharing this time with my dad! I think dad would agree, one of our favorite quotes of all time is from Bogle: “Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike that this too shall pass.”
“Dad always emphasized that a career in finance is so much more than the numbers.”
My dad began working in the financial industry in the late 1970s, and by 1985, he was working at Vanguard Group. Started by Jack C. Bogle in 1974, Vanguard is one of the most respected investment firms in the world. As of 2020, it oversees more than $7.1 trillion in assets. My father had the opportunity to meet its founder and then CEO Jack C. Bogle on many occasions. Mr. Bogle even personally signed one of my favorite investment books of all time titled “Enough,” which my dad has since given to me as a family heirloom.
Thanks, Dad. Happy Father’s Day!
–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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This past year, the volatility of the pandemic and independent Reddit-based investors bidding up shares of GameStop has turned Wall Street toward a trend of nontraditional investing and trading — and it continues. Starting as early as last summer, celebrities and big-time Wall Street players began investing more and more money in special purpose acquisition companies (SPACs). SPACs are shell corporations with no assets. A pool of investors sets up one of these companies with the sole purpose of raising money through an initial public offering (IPO) to eventually acquire a private company and take it public. SPACs don’t have products or services. Its only asset is typically the money raised in its own IPO. SPACs are usually given two years after its IPO to find a company to acquire, although investors rarely know what business the SPAC will acquire. (Shareholders do have to vote to approve the acquisition.) As CNBC explains, once acquired, shares of Should I Consider It, Too? Why Are Celebrities Investing in SPACs?
that business can be swapped for the SPAC shares (a SPAC merger), or investors can redeem their money plus interest. If a business cannot be acquired within an established time frame, the investors get their money back plus interest. Sounds lucrative, right? It can be, but not for everyone. For a long time, SPACs were seen as last-ditch efforts on the part of small start-ups that couldn’t afford to raise money on the open market. Many investors argued that if a business couldn’t raise these funds, how well could they actually perform once public? Plus, CNBC also reports that a five-year study found the average return on investment from SPAC mergers was generally less than returns from IPO investors. This should make investors wary, especially since they have no idea which company a SPAC might acquire. The risk is much higher than traditional investing. However, recent SPAC acquisitions of big corporations like DraftKings, the online sports gambling website, and a space exploration company, Virgin Galactic, have some investors hopeful. This could shift the thinking on the usefulness of SPACs and attract larger businesses to this arrangement. A SPAC may or may not be right for you, but that’s your decision to make. If you want to learn more about SPACs, speak with a trusted financial advisor to assess your risk.
Raleigh Continues to Be Recognized Nationally RALEIGH’S BOOM COULD BE OUR GAIN
We have always known Raleigh as one of the best places to live, work, and play in the U.S. — and now others are taking notice, too. As national researchers have discovered, the city that was once described as a quiet, “fly-over” destination is starting to boom. In 2021, Raleigh was named the third- happiest city in America, according to the January edition of Men’s Health, and the following month, Milken Institute, an economic research hub, ranked Raleigh’s economy fifth- best in the nation. Moreover, recent announcements by Silicon Valley tech giants may signal that these trends will continue to move upward. Earlier this year, both Google and Apple announced the construction of East Coast campuses in Raleigh. The Apple campus
will employ about 3,000 employees, while Google’s addition should employ another 1,000. This could mean more options for employment and higher wage opportunities for Raleigh workers. Some local experts fear what these additions could mean for local tech start- ups that have become prominent features of the city, but other experts point out that the addition of these tech giants could attract other large businesses to settle in Raleigh. Currently, Cisco, IBM, and Microsoft have a presence in Raleigh. Additionally, others point out that the addition of the large corporations could attract more talented tech minds to the region, offering smaller technology firms a larger pool from which to pull.
worrisome. After all, leaving the job market at a time when increased wages and job opportunities could drive up the price of local goods can be scary. But there’s a reason why Raleigh ranks high on the country’s happiest cities list and why 24/7 Wall Street named it one of the best places to relocate to during the pandemic in January 2021. The growing pains of the new tech giants will be hurdles the city will have to overcome, experts warn, but the benefits — a strong economy and more opportunities for growth — will far outweigh the risks. We’re honored to be one of the thousands of businesses that call Raleigh home, and we’re not surprised that big businesses are taking notice. Still, if recent growth is causing you to reconsider your financial plan, please call our team today.
For those preparing for retirement, the addition of large businesses could be
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With more than 180 miles of greenway paths across the city and dozens of other miles of trails for bicyclists and walkers, Raleigh is a city connected by trails. Each path offers a new way to see our beloved city, and biking can be one of the best ways to experience it. (Plus, biking is great for your health and joints!) BIKE THROUGH RALEIGH THIS SUMMER 3 Local Trails to Try
So, grab your helmet, hop on the bike, and check out some Raleigh trails — including these must-see spots. LAKE JOHNSON PARK Where: 4601 Avent Ferry Road When: Daily, sunrise to sunset Website: RaleighNC.gov
TAKE A BREAK
Popular with students and nearby employees, Lake Johnson Park offers two trail types within its 5-mile trail system. The first is a nearly 3-mile paved section that is best for bicyclists and easy walking. The unpaved trail spans two miles through the forest and welcomes hikers and walkers, but bikers should be cautious to avoid an environmentally preserved area on the unpaved trail. Regardless of where you pedal, you will be treated to a little escape right within Raleigh.
GRILLED CHICKEN SHAWARMA Inspired by FeastingAtHome.com
WILLIAM B. UMSTEAD STATE PARK Where: 8801 Glenwood Ave. When: Daily, 8 a.m. to sunset Website: VisitRaleigh.com
Get ready to escape at William B. Umstead State Park. This 5,000-acre park attracts mountain bikers of all levels to try their hand at the park’s 13 miles of trails. (There are also 22 miles of hiking trails.) With moderate slopes in some spots and steep inclines at other points, the park is the perfect attraction for those looking to step up their mountain biking game. Train with your friends or get lost on your own!
A spice-filled marinade and time do all the work in this recipe that features Middle Eastern flavors.
INGREDIENTS
• 2 tbsp ground cumin • 2 tbsp ground coriander • 2 tsp kosher salt • 1/4 tsp cayenne pepper • 2 tsp turmeric • 1 tsp ground ginger
• 1 tsp ground black pepper • 2 tsp allspice • 8 garlic cloves, minced • 6 tbsp olive oil • 2 lbs boneless, skinless chicken thighs
ART TO HEART TRAIL Where: 2110 Blue Ridge Road Website: VisitRaleigh.com
Combine a love for the great outdoors with some great artwork at the Art to Heart Trail. Starting at the North Carolina Museum of Art, where bike and car parking is free, riders can peddle nearly 6 miles around the city, through the museum’s woods and into the metropolitan region of Raleigh. In fact, starting at the museum will land you right in the middle of the city! This trail is a great way to tour Raleigh, but don’t forget to stop by the museum to see some real masterpieces.
DIRECTIONS
1. To create marinade, whisk all spices with the garlic and olive oil in a medium bowl. 2. Add chicken to the bowl, coat well with marinade, cover, and let sit in the fridge for at least 20 minutes — or up to 48 hours. Strain off excess marinade before cooking. 3. Preheat grill to medium-high heat. Grill thighs for 10–12 minutes on each side, or until a meat thermometer reads 165 F. 4. Serve with rice, vegetables, or pita bread with tzatziki.
Note: Please check with parks’ ordinances regarding COVID-19 policies and precautions.
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE Austin Thanks the Man Who Inspired His Career PAGE 1
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
PATRIOTWEALTHNC.COM PHONE | 919.322.4113
SPACs Are the Latest Celebrity Trend — Should You Invest, Too? PAGE 2
Raleigh Continues to Boom PAGE 2
Grilled Chicken Shawarma PAGE 3
Bike These 3 Local Trails This Summer PAGE 3
Have You Explored a National Forest? PAGE 4
Explore a National Forest for Free ON NATIONAL GET OUTDOORS DAY
Many people in the U.S. and across the world have a national park trip on their travel bucket list. While Zion, Yellowstone, and the Great Smoky Mountains are all awesome locales, outdoor enthusiasts often overlook a resource that is less busy, less expensive, and usually right in their backyard: national forests. All but 10 states have a national forest (or more than one!), so if your home state doesn’t have one, it’s very likely a neighboring state does! And there’s no better time to hike, bike, forage for mushrooms or berries, or camp at a nearby national forest than this month. The tree-filled landscape will provide shade and help you beat the summer heat, and to further incentivize visitors, the U.S. Forest Service (the organization that oversees the national forests) is offering a fee-free day on Saturday, June 12, in honor of National Get Outdoors Day! While parking and day-use fees to access national forests tend to be relatively modest, fee-free days open up the opportunity to all visitors. The U.S. Forest Service has a great interactive map tool that prospective park-goers can use to learn more about the forests in their area, amenities and activities, and accessibility. Visit FS.fed.us/ivm to access the map and see what’s near your hometown!
If you’re dreaming up travel plans beyond your state’s border, consider visiting these notable U.S. national forests.
• El Yunque National Forest:
Located in Puerto Rico, El Yunque is the only tropical rainforest in the United States.
• Tongass National Forest: Spanning 16.7 million acres and several islands across Southeast Alaska, the Tongass is the country’s largest national forest. • Salmon-Challis National Forest: This Idaho forest is the largest contiguous wilderness area in the lower 48 and contains the Frank Church–River of No Return Wilderness. • Cibola National Forest and Grassland: Spread across north-central New Mexico, west Texas, and Oklahoma, this forest and grassland area is notable for its diverse ecosystems and wildlife. The Sky Islands portion of the park is also home to over 200 rare plant and animal species.
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