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FINANCIAL SERVICES, LLC
616-514-3831
www.MattsonFinancial.com
JANUARY 2024
HAVE A PLAN BEFORE THE LIGHT TURNS RED There Is No Stoplight for Life
It’s not always obvious when something’s wrong — there's not always a yellow light declaring an emergency. That’s why it’s essential to prepare for change. Everyone should have a plan for when things get rough: a will, a power-of- attorney plan, or even just a rainy day fund.
and a pair of diamond stud earrings. My client also offered them a car that she co-owned with her husband. It’s hard to know whether this is a warning sign or just an impulsive decision.
That story illustrates why it’s so important to prepare for every contingency. Situations like these are why we have financial power-of-attorney plans: to ensure everyone’s plan for a light change is carried out. An agent can protect your wishes if someone cannot make sound financial decisions later in life. They are the brakes before the red light, ensuring the unexpected isn’t a disaster.
A client called me and said he’s interested in buying a condo in Florida. We met a few days later to discuss the financials — the cost, taxes, and so on — over a spaghetti dinner with his wife and him together. While we ate, I mentioned the condo.
Both my client and his wife were flabbergasted. Neither knew anything about the condo purchase. They had never discussed it. My client insisted he knew nothing about purchasing a condo in Florida. I pointed out that we had spoken about it personally. Still, he didn’t remember. His wife knew something was wrong; it was as if a green light had turned red. She took him to a doctor immediately. He was diagnosed with frontal lobe dementia, which causes personality changes, communication problems, and memory loss. This diagnosis came out of the blue and was a complete surprise for everyone involved. The couple was cruising through life until the light turned red. On life’s long road, intersections are everywhere. There are many twists and turns in the road, red lights, and green lights. Knowing when that stoplight changes is rare, so it’s important to plan ahead. Just like what happened to this couple, it can happen at any time. Here's another example of why it’s important to make a plan. One of my clients is a 99-year-old woman. She’s been generous with all of her children over the decades. Eventually, she simplified her estate by leaving everything to one son who supports her financially.
A sound financial plan protects not only you but your family as well. As any executor will tell you, people are funny about money. Inheritance disputes divide families and foster resentment. We narrowly avoided catastrophe in another scenario. Our client was proud of her seven grandchildren and loved them dearly. They visited her often. Unbeknownst to us, she bought a Cadillac shortly before she died, which she left to all of her seven grandchildren. Fortunately, she had other assets of equal value so the Cadillac didn’t have to be split seven ways. We were able to distribute an equal share to all of her grandchildren. Her family is fortunate to have a financial adviser who could adapt to the change in the estate. My client’s wishes were fulfilled, but we’re lucky it all worked out that way. What if some grandchildren felt left out? They’d feel slighted, not only by their grandmother but by their siblings as well. When the light turns red, always have a plan. Make sure your financial brakes are checked; keep the alignment of the estate straight. There’s no telling when the next light change will happen.
–Gary Mattson
His brother visited my client and brought his girlfriend along. Despite my client’s prior decision, she gave his girlfriend some costume jewelry
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YOUNG AND EMPLOYED: A TEE
Due to the COVID-19 pandemic, the modern job landscape has evolved to offer jobs that can be accessed entirely from home. Fortunately, this has given more people, particularly teenagers, more opportunities to break into the workforce and earn money. While some platforms may require a potential employee to be at least 16 years old, younger teens still have several ways to explore work-from-home options and kick-start their journey toward financial independence. Work-From-Home Opportunities Freelance Work: Platforms like Fiverr and Upwork allow teens to offer their skills, whether it's graphic design, writing, or social media management. With parental guidance, teens can create profiles and take on small projects, gaining experience and building a portfolio.
Online Surveys: While some survey sites may have age restrictions, some platforms allow teens under 18 to participate in paid surveys. Websites like Survey Junkie and Swagbucks offer opportunities to share opinions and earn rewards. Remote Tutoring: If your teen excels in a particular subject, they can consider offering online tutoring services to other students. It's a great way to not only help peers but also make some extra money. Virtual Assistance: Teens can provide administrative support services to businesses or entrepreneurs. Tasks may include scheduling, email management, or data entry, which are valuable skills for future office jobs.
A NEW APPROACH TO FINANCIAL FREEDOM MASTER YOUR MONEY WITH REVERSE BUDGETING
Managing your personal finances can be a daunting task, and traditional budgeting methods don’t work for everyone. However, “reverse budgeting,” a unique approach that empowers you to take control of your finances and achieve your goals more efficiently, may work for you. In a typical budgeting process, you track your income, expenses, and savings goals in a forward-facing manner, allocating your earnings to various expenses and saving whatever is left over. Reverse budgeting flips this process. Instead of allocating money to expenses first, you focus on saving and investing a predetermined amount before covering your expenditures. Here’s how it works. Set Your Savings Goal Start by determining your financial goals, whether saving for emergencies, retirement,
a vacation, or a down payment on a house. Consider creating separate savings accounts for different goals to track your progress. Automate Your Savings Arrange for automated transfers from your income to your savings accounts on payday. By doing this, you treat savings as a non-negotiable expense, similar to rent or utility bills. Cover Your Expenses After setting aside your savings, use the remaining money to cover your monthly expenses and discretionary spending. This process forces you to be mindful of your spending and live within your means. Adjust Your Lifestyle If your expenses exceed your remaining income after savings, it’s time to make lifestyle
adjustments. Look for areas where you can cut back without compromising your essential needs.
Track Your Spending Keep an eye on your spending habits by reviewing your bank and credit card statements, using budgeting apps, or maintaining a spending journal. This helps you identify areas where you can make further financial improvements and adjustments. Whether saving for a specific goal or simply building a stronger financial foundation, reverse budgeting can be a valuable tool in your financial toolkit. Give it a try!
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February First Friday Event Friday, Feb. 2, 2024 Doors open at 12 p.m. Lower Garden Level 3226 28th St. SE Kentwood, MI 49512 12:30–1:00 p.m. Tim Alles and Bill Bereza, Alles Law 1:15–1:45 p.m. Michelle Rashid, Senior Placement Services of Michigan 2:00 p.m. Live Market update via Gradient Investments Portfolio Manager
EN'S GUIDE TO EARNING FROM HOME
Parental Involvement For teens under 18, parental guidance and involvement are essential. Parents can help their teens set up accounts, understand the platforms, and ensure their safety online. They can also provide valuable insights into financial responsibility and budgeting. Safety First While exploring these opportunities, teenagers must maintain their online safety and be warned about the dangers of sharing personal information and entertaining offers that seem too good to be true. They should always consult with parents or guardians when faced with unfamiliar situations. Helping your teen earn money and gain work experience can be a fulfilling and empowering journey for them. With determination, guidance, and a commitment to online safety, teenagers can embark on their path toward financial independence and personal growth.
Karren's
BAKED SALMON WITH GARLIC AND LEMON
TAKE A BREAK!
Inspired by TheModernProper.com
Prepare to tantalize your taste buds with a zesty dish that combines salmon with the vibrant flavors of garlic and lemon!
Ingredients
• • • •
2 lbs salmon fillets
• • •
1 tsp dried oregano 1 tsp dried thyme
4 cloves garlic, minced
Juice of 2 lemons
Salt and pepper, to taste
2 tbsp olive oil
Directions
1. Preheat oven to 375 F. 2. Line a baking dish with parchment paper. Place the salmon fillets on the baking dish. 3. In a small bowl, mix together the garlic, lemon juice, olive oil, oregano, thyme, salt, and pepper. Pour the mixture over the salmon. 4. Bake for 15-20 minutes or until the salmon is cooked through. Serve and enjoy!
Solution on Pg. 4
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
FINANCIAL SERVICES, LLC
106.9 FM and 1300 AM Saturdays from 10–11 a.m. Sundays from 11 a.m.—12 p.m.
3226 28th Street SE Kentwood, MI 49512
INSIDE THIS ISSUE
1 2
Be Ready for When the Light Turns Red
Work-From-Home Opportunities for the Under-18 Crowd Take Charge of Your Finances With Reverse Budgeting
3
Baked Salmon With Garlic and Lemon Upcoming Events
4
Innovative Ideas to Cut Your Vacation Costs
**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services offered through Mattson Financial Services, LLC, an SEC-Registered Investment Advisor. Insurance and annuities offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
5 PROVEN STRATEGIES FOR COST-EFFECTIVE TRAVEL
Traveling can be an enriching and fulfilling experience, but it can also be costly. Many people dream of exploring new destinations, but financial constraints can be limiting. Fortunately, we’re here to share five practical tips to help you save money while enjoying your trip. Plan and budget ahead. One of the most effective ways to save money is by planning and budgeting your trip in advance. Create a comprehensive budget that includes airfare, accommodation, food, transportation, and activities. Having a budget lets you track your expenses and helps you avoid overspending. You can also take advantage of early bird rates for flights and hotels.
LivingSocial offer various deals that could be useful during your trip. These websites often provide discounted tickets to attractions, cheaper dining options, and even discounted rates for experiences like spa treatments or outdoor activities.
Travel during off-peak seasons. Traveling during off-peak seasons will save you money on flights, hotels, and activities. You also benefit from less crowded destinations and shorter queues for popular tourist attractions. This is a win-win for travelers seeking a budget-friendly and less- crowded travel experience.
Use local grocery stores and pack snacks. Another way to save money while you travel is by shopping at local grocery stores for snacks and meals rather than eating out for every meal. This gives you a taste of local businesses and culture. Packing snacks can also help you avoid buying overpriced food at airports or touristy areas. By implementing these tips into your travel planning and experience, you can stretch your dollar further without compromising the quality of your trip. Happy traveling!
Cancel unnecessary subscriptions. Before you travel, review your monthly subscriptions like gym memberships, streaming services, or magazines you won't use while you're away. Temporarily canceling these subscriptions can free up extra cash for your travel fund. Look for discounts and offers. Keep an eye out for discounts, offers, and coupons that can help you save money on activities, dining, and shopping. Websites like Groupon and
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