Patriot Wealth - April 2019

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APRIL 2019

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PATRIOT WEALTH

TO CELEBRATE NATIONAL SIBLINGS DAY

MY BIG SISTER AND FRIEND, ASHLEE

After recently discovering that April 10 marks National Siblings Day, a holiday devoted to honoring the long-lasting and deep friendships shared between siblings, I immediately knew I wanted to take some time to highlight the great experiences I had growing up with my older sister, Ashlee. The history behind Ashlee’s name is almost as remarkable as my sister herself. Ashlee was named after a close friend of our family. Because his name was Lee, my parents named (and even appropriately spelled) my sister’s name to accurately reflect their friendship. Six years later, I came into the picture. Due to the age gap, we never really ran in the same circle of friends, but Ashlee and I still got along quite well and managed to forge

to go through anything. This meant that I always had Ashlee to turn to for advice, encouragement, or support. Interestingly, our differences helped our relationship flourish. I was the more athletic one, spending as much time as I could playing sports, while Ashlee was the more creative one. Even from a young age, I was always blown away by how talented she was as a musician. Because we excelled at different ventures, we were able to learn from and appreciate one another in different ways. In addition to her musical acumen, Ashlee was active in women’s ministry. She participated in Impact, a great organization that allowed her to live in a different city every summer. While there, she would work with the locals and continuously

college. We sat on a pair of swings, and she talked to me about the various trials and tribulations that adolescents often go through, such as the stresses associated with school, friendships, relationships, etc. She gave me an idea of the potential pitfalls to look out for while also offering me her perspective. Ashlee was unwaveringly great at fulfilling the “older sibling” mentor role, but this specific memory of sitting on those swings meant and still means a lot to me. I believe it was the significant experiences she had during those summers that led her to eventually pursue her master’s degree in biblical studies at Gordon-Conwell Theological Seminary. Turns out she ended up marrying a pastor, so they share a ministry background together. They also have two beautiful children, Annie and Ethan, who I can’t wait to introduce to their cousin — Rachel’s and my son, Noah, who is due on June 28! My hope is that, regardless of the age gap, Noah will be able to grow up and share the same closeness with his cousins that I enjoyed with Ashlee. I can’t wait to be a part of it.

a great relationship. There is a reputation that goes along with being the youngest in the family, and in my household, I certainly reaped some benefits from

minister to people in the area. These trips always revealed

Ashlee’s gracious and encouraging heart. In fact, one of my clearest memories is of going to visit her while she was volunteering during her last summer before

having been born last. For example, I never had to be “the first”

–Wes White

Investment Advisory Services 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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THE 2 MOST COMMON WAYS CRIMINALS STEAL FROM SENIORS AND HOW TO SPOT THEM

Scamming older adults has become big business. According to the American Journal for Public Health, an estimated 5 percent of seniors are hoodwinked by criminals every year, and that statistic is thought to be a steep underestimate since so many scams go unreported. To stem the tide of seniors unknowingly giving $36 billion to scammers annually, it’s important for retirees and their loved ones to get savvy on the subject. Here are the two of the most common scams older folks fall prey to — and how to avoid them. ADVANCED FEE FRAUD The most common con in 2017 and 2018 was the classic “You’ve won a sweepstakes!” scam. Victims are told they’ve won some exorbitant amount of money, but they must pay a fee to receive the prize. After the “fee” is paid, victims receive a fake check in the mail, but by the time it bounces, the scammers are gone and they’ve taken the money. If you ever receive a contract from an unknown entity out of nowhere, you should start seeing red flags. Unless you remember entering a contest, there is no chance you’ve won something.

And it’s vital to understand that it is never safe to give out financial information over the phone or via email.

COMPUTER SOFTWARE SERVICE FRAUD This type of scam is slightly more sophisticated. First, a hacker will call a victim and claim to be a member of a tech support team or an employee from a trusted company like Microsoft or Apple. Then, they’ll tell the victim there is a problem with their phone or computer and that if they cooperate with the “tech support” representative, they can sort it out. They may also ask you to install a piece of software on your device or provide credit card information to “validate your software.” The fact is that well-known tech companies will never send unsolicited emails to ask for your personal or financial information, and they definitely won’t ask you to install some shady software on your computer. If you ever receive a call out of the blue from “Microsoft,” hang up the phone immediately. The first step to stopping these criminals in their tracks is to be aware of their tactics. With these tips in your arsenal, you’ll be able to defend yourself and your bank account effectively.

TIME TO SPRING-CLEAN YOUR FINANCES HERE ARE 3 TIPS TO GET YOU STARTED

With your 2019 taxes prepared and sent off for review, hopefully you are no longer feeling the stress associated with checking this monumental task off your chore list. While you wait for your refund to come in, you could use this time to do some spring-cleaning — of your finances, that is. During the remainder of the year, it can be easy to get distracted and allow your financial plans to veer off in unanticipated directions. So, as you’re setting aside time to clean up your lawn, organize your closet, or start another in-depth spring-cleaning project, why not ensure that your existing plan still makes sense for you and your family’s current situation?

retirement and savings while still allowing yourself some flexibility for those “rainy days.”

RAMP UP RETIREMENT According to a recent survey conducted by Merrill Lynch, 81 percent of Americans admit that they don’t know how much money they’ll need in retirement. If you’re a part of this percentage, you might want to take some time to do some number crunching and research to determine whether or not the contribution allocated to your retirement account is appropriate. REBALANCE INVESTMENT ACCOUNTS During your financial spring-cleaning, you should also take the time to review your portfolio and make adjustments depending on market volatility or your own personal financial situation. All of us here at Patriot Wealth know that there are several more exciting and fun ways to spend your free time, but if you’re going to be doing some spring-cleaning around the house, why not add

Here are a few tips to help get you started.

REVIEW CASH FLOW How long has it been since you’ve evaluated the exact number of dollars that funnels in and out of your bank account each month? The turn of a new season is a prime opportunity to take a step back and make sure all expenses are being considered and that you’re still allocating enough to your

in your finances? Need help with any or all of these tips? Don’t hesitate to give us a call!

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These days, there seems to be an app for everything. From the practical ones, like Carrr Matey, which helps forgetful people find their way back to their vehicle in parking lots (albeit in a pirate voice) to the significantly less practical ones like Milk the Cow, which, as its name suggests, gives curious users the opportunity to virtually milk a cow at unbelievably rapid rates. In this sea of modern phone applications, there are also several financial apps that promise to help you attain Rockefeller wealth — or at least somewhere close to it. Acorns is a budget app that actually lets you invest your spare change and improve your financial situation in doing so. Every Dollar is a personal financial app from guru Dave Ramsey that blends budgeting with your bank account to give you a snapshot of where you stand financially. PocketGuard, a budgeting app that acts as your own personal financial advocate, studies your debts and bills and recommends strategies to curb bills and pay down debt more efficiently. Here at Patriot Wealth, we don’t want our clients to shy away from using these apps during the early stages of investing or automating their wealth; these programs can definitely help with the process. But the fact is you can’t rely on an app alone to change your behavior or make smart, well-informed decisions regarding any wealth you accrue. While these apps are created by humans, their technology and mentorship concepts lack human experience. They don’t have the ability to automate smart decisions while simultaneously helping users avoid bad ones. While they are great tools to use, financial apps can’t serve as a stand-in advisor. Unlike us, the technology isn’t forced to navigate the emotional curveballs that life often throws at you as a modern-day investor. This means that it can’t help you make sound decisions based on your real-life circumstances or help you get the most out of your money. Only a human advisor can do that. Let us show you how. BUT THEY LACK A NECESSARY HUMAN ELEMENT FINANCIAL APPS ARE A HELPFUL LEARNING TOOL

OPENING DAY HAMBURGERS

INGREDIENTS

Inspired by Saveur Magazine

• 1 pound ground chuck, 80 percent lean • 4 soft, white hamburger buns, split • 4 1/4-inch-thick tomato slices • 12–16 pickle rounds

• 4 small leaves iceberg lettuce • 4 1/4-inch-thick yellow onion slices • 1 teaspoon vegetable oil • Salt and pepper, to taste • Condiments of your choice

DIRECTIONS

1. Lightly grease a small nonstick skillet with oil. Heat over medium-high. 2. While heating, gently shape meat into four patties 3 1/2 inches in diameter. Be careful to handle the meat as little as possible to prevent tough burgers. Season liberally with salt and pepper. 3. Sear patties on each side, about 1 minute per side. Reduce heat to medium-low and continue cooking until desired doneness, about 1 more minute per side for medium-rare, 2 more per side for medium-well. 4. Let meat rest for a minimum of 3 minutes. 5. To assemble, place patty on bottom bun and top with tomato, pickles, lettuce, and onion (in that order). Spread condiments on top half of bun and place on top of onion. Serve.

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INSIDE THIS ISSUE

In Honor of National Siblings Day PAGE 1

2 Tactics Criminals Use to Steal From Older Adults PAGE 2

Time to Spring-Clean Your Finances PAGE 2

Opening Day Hamburgers PAGE 3

Are Financial Apps Worth the Hype? PAGE 3

3 Travel Myths Debunked PAGE 4

PARIS ON A BUDGET?

3 TRAVEL MYTHS YOU SHOULD STOP BELIEVING

MYTH: JET LAG IS CAUSED BY A LACK OF SLEEP. FACT: While jet lag can make you sleepy, it’s actually caused by a disruption in your circadian rhythm. Our bodies are cyclical, and the circadian rhythm is set by both a natural need for your body to reset and outside forces, such as your job, time zone, and diet. Travel can disrupt this rhythm and routine, which leaves you lethargic during and after your vacation. Sticking to water before and during your flights and staying physically active during and after traveling are great ways to fight jet lag and get back into your normal rhythm. Don’t let these travel myths keep you from seeing the world. Set a budget, go with your gut, and prepare for a shifting rhythm to make your next adventure the best one yet.

Traveling has many social and educational benefits, but some people have hesitations that prevent them from jetting off on new adventures. Below are three debunked travel myths to give you some ease as you plan your summer vacation! MYTH: VACATIONS ARE EXPENSIVE. FACT: You can travel anywhere on a budget. Tracking flights

museums, unique roadside attractions, historical sites, and a booming nightlife. When you know your price limits and what you want to do, traveling can be a fun and inexpensive venture. MYTH: TRAVELING IS DANGEROUS. FACT: If you’re smart about what you do and where you go, traveling can be safe. Go with your gut and only stay somewhere that is approved by travel guides. Visit places you feel comfortable in, and do your research by reading travel blogs, websites, and books to

to score the best deal, setting spending limits, and packing meals are a few ways to save money. Hostels and Airbnbs are great alternatives to spendy hotel stays. Additionally, you don’t have to cross the country to have a great trip. Every state has

find places that have been vetted by others. Traveling in groups can also be a great way to lower your risk of danger. As long as you plan ahead, you will have a safe trip.

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