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MAR/APR 2023
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Overcome Your Financial Fears 5 STEPS TO PEACE OF MIND IN SCARY TIMES
There is no way around it: We are living in scary times. Last year, the stock market took us on a roller coaster ride that led many people to lose 10–20% of the wealth in their investment portfolios. This was a painful situation for dozens of my clients, friends, and family — perhaps including you. I would love to tell you that the pain is over and the horizon is all sunshine and rainbows. But, unfortunately, we have more economic problems on the horizon. However, that does not mean all is lost! Today, I want to share something with you that always helps me through these dark moments: Dan Sullivan’s “The ‘Scary Times’ Success Manual.” Dan Sullivan is the founder of a business mentorship program called The Strategic Coach Inc. I attended one of his classes more than 20 years ago, and the lessons resonated with me so deeply that I still have the materials today! “The ‘Scary Times’ Success Manual” is one of my favorite resources. It offers 10 tips for “transforming
current anxieties and fear into strategic growth, progress, and achievement.”
this year. Dan says, “Your body’s muscles always get stronger from working against resistance. The same is true for the ‘muscles’ in your mind, your spirit, and your character.” 4. “Forget about events; focus on your responses.” You do not have the power to control the economy, the decisions Congress makes, or what President Biden does in the Oval Office. So why worry about those things? Instead, focus your energy on rolling with the punches and reacting to changes in a healthy, productive, and creative way. 5. “Forget about your complaints; focus on your gratitude.” Dan writes, “Complaining only attracts negative thoughts and people. Gratitude, on the other hand, creates the opportunity for the best thinking, actions, and results to emerge. Focus on everything you’re grateful for, communicate this, and open yourself each day to the best possible consequences.” If you do not already keep a gratitude journal, consider starting one in 2023. Write down three things you feel grateful for at the end of each day. Then, whenever you feel tempted to complain, redirect your energy to the book instead. You may be surprised by how big of a difference it makes! Wishing you financial and personal success, even in “scary times,” – Brian Eagle
Dan’s tips were originally meant for business owners, but I believe anyone can use them to regain confidence, build hope, and forge ahead in scary times. Here are five of my favorite strategies from “The ‘Scary Times’ Success Manual.” 1. “Forget about yourself; focus on others.” Instead of thinking about your worries, consider your friends, family, coworkers, and peers. How do they feel right now? How can you help and support them? Give your time and knowledge generously, and your priorities will shift. As Sullivan writes, not only will your outlook improve, but “you’ll become a source of confidence for everyone else.” 2. “Forget about your losses; focus on opportunities.” I love this mindset shift, and Dan explains it best: “Things you had and may have taken for granted sometimes disappear. Some people never get over this. They keep trying to replay their old games. A better strategy is to start an entirely new game — using new ideas, new energies, new tools, and new resources. As the world changes, opportunities suddenly become available to achieve far more than you ever did in the past.” 3. “Forget about your difficulties; focus on your progress.” Instead of dwelling on the money you lost in the stock market or cryptocurrency investments in 2022, think about how what you learned can help you move forward and strengthen your portfolio
“Instead of dwelling on the money you lost in the stock market or cryptocurrency investments in 2022, think about how what you
learned can help you move forward and strengthen your portfolio this year.”
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‘IRISH I KNEW THAT SOONER!’ 6 Fun Facts About St. Patrick’s Day
it that at 16 years old, he was kidnapped and sold into slavery by Irish raiders. After six years, he was able to escape back to Britain and returned to Ireland much later as a Christian missionary. Ireland named him the country’s patron saint after he passed away. March 17 isn’t St. Patrick’s birthday. Many believe that we celebrate St. Patrick’s Day on his birthday, but it’s actually the day he died in 461 A.D. That’s not his name. As mentioned earlier, St. Patrick is not his real name! When he became a bishop, Maewyn Succat changed his name to Patrick. He didn’t banish snakes. Legend has it that St. Patrick banished all of the snakes from Ireland. In fact, even some
portraits depict him doing so. However, fossil records show that snakes were never present in Ireland around his lifetime. Corned beef and cabbage originated in America. On March 17, everyone loads up on corned beef and cabbage in celebration, but did you know that in Ireland, they ate ham and cabbage, and the corned beef tradition actually began in America? In the 19th century, Irish Americans bought leftover corned beef from ships returning from China. The first St. Patrick’s Day parade happened in America. Many believe that St. Patrick’s Day was first celebrated in Ireland, but in 1737, the first St. Patrick’s Day parades actually took place in Boston and New York City.
Year after year, we celebrate St. Patrick’s Day with green shamrocks, leprechauns, pots of gold,
and Lucky Charms, but did you know that St. Patrick was actually British? Even more surprising, St. Patrick isn’t even his real name! Get ready to celebrate the luck of the Irish while impressing others with some fun St. Patrick’s Day trivia. The man’s British roots run deep. St. Patrick isn’t Irish — he was born in Britain around the end of the fourth century. Legend has
This New Legislation Will Impact Your Retirement!
THE HIGHLIGHTS OF SECURE 2.0
3. You can explore more qualified charitable distribution (QCD) options. As of this year, if you’re older than 70 1/2 you can make a one-time $50,000 gift to a charitable gift annuity, charitable
Just after Christmas last year, Congress passed the Consolidated Appropriations Act of 2023, which was signed into law a few days later. It was an update to the 2019 SECURE Act. It did not make many headlines, but it should have! The changes it contains will have a huge impact on many people like you.
Here is a quick rundown on a few of the biggest ways SECURE 2.0 could impact your retirement, based on an excellent breakdown from Fidelity.com.
1. Your required minimum distributions (RMDs) goes up to age 75. Before SECURE 2.0, retirees had to begin taking RMDs at age 72. The new legislation raises the age to 73 for now, and to 75 in 2032. SECURE 2.0 also slashes the penalty for missing an RMD in half, and Fidelity reports that “Roth accounts in employer retirement plans will be exempt from the RMD requirements starting in 2024.” 2. Your catch-up contributions may rise. SECURE 2.0 changes the rules on catch-up contributions to workplace retirement accounts and Roth IRAs, tying some contributions to inflation and adjusting others based on income. This is one of the biggest changes: If you will be between 60 and 63 in January 2025, you will be able to add up to $10,000 in catch-up contributions to your workplace retirement account — that is $2,500 more than the annual amount allowed today!
remainder annuity trust, OR charitable remainder unitrust as part of your QCD.
4. You can roll your 529 Plan
into a Roth IRA for the same person. If you saved money for your child’s education but they did not use it all, this is fantastic news! After 15 years, under SECURE 2.0 they can put up to $35,000 of the remaining money toward their retirement. Each of those points is more complex and nuanced than the overview we provided. If one or more of these changes impacts your retirement plans, we are available to have a more in depth discussion with you.
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It’s National Credit Education Month!
BASKETBALL BOOKS DAFFODIL DAYLIGHT GUINNESS IDITAROD LEPRECHAUN POPCORN RAINY SHAMROCK SUFFRAGE WINDY
WHY IS CREDIT IMPORTANT?
Do you remember seeing the Free Credit Report commercials on television? Each ad was entertaining and encouraged
people to check their credit scores. But why are credit scores important? In honor of March being National Credit Education Month, let’s take a look at credit and why it’s important. What is a credit score? To begin, let’s first define credit. Credit allows you access to a certain amount of money available for loan. For example, when you use a credit card, you’re spending money you don’t have — it was loaned to you. A credit score is a report that predicts your credit behavior. Your credit behavior depends on how likely you are to repay your loan. In the credit card example, you’re spending money that was loaned to you, so at some point, you will need to pay all that money back. The likelihood of your paying back the loan will give credit reporting agencies the information they need to provide you with a credit score. Credit scores can fall into four categories: fair (580-669), good (670-739), very good (740-799), and excellent (800+). If you have a high credit score, you have responsible credit behavior, which can lead to getting more loans. Why are credit scores important? Your score will show banks and other lenders you’re reliable and can repay your loan fully. So, if you ever want to take out a loan to buy a car, house, land, or business, you will get a larger loan at a better interest rate if you have a good credit score. How can you start building credit? A credit card is one of the best ways to build your credit. However, you want to ensure you can pay off your credit card every month. Some people fall into heavy debt because they cannot pay off what they owe. You can also build credit by having a phone plan in your name, taking out federal student loans, and making rent payments, as paying these bills shows lenders you can make payments promptly and in full. If you have any questions about building and managing your credit or reducing your chances of going into debt, contact your financial advisor for more information. They can outline a strategy that will best fit your needs and help you achieve your financial goals.
Start your March mornings off with a seasonal flair by making
these traditional Irish pancakes! Thick yet crispy, these pancakes are a sweet way to fuel your day.
INGREDIENTS
• • • •
2 cups all-purpose flour
• • •
1 large egg, beaten
1/2 tsp baking soda 1/2 tsp kosher salt 1 tbsp white sugar
1 cup buttermilk
2 tbsp unsalted butter, divided
DIRECTIONS
1. In a bowl, sift the dry ingredients together. Set aside. 2. In a skillet, brown 1 tbsp of butter. 3. In a separate bowl, mix the beaten egg, buttermilk, and browned butter. 4. In a constant stream, add the wet mixture to the dry ingredients while stirring. Do not overbeat! 5. Heat a skillet over medium-low heat. Add 1 tbsp of butter, stir until the skillet is coated, and then add a few large dollops of batter (about 3 inches wide) to the pan. Do not overcrowd. 6. Cook 4–5 minutes a side, until golden brown and cooked through. Serve with butter, jam, and syrup.
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Overcome Your Financial Fears INSIDE THIS ISSUE 1. 2. 6 St. Patrick’s Day Fun Facts
Government Updates to Retirement Savings
3.
Do You Know Your Credit Score?
Irish Pancakes
4.
Tips for Avoiding Credit Card Debt
These days, media ads teach kids to spend, spend, spend. Sit down to watch cartoons with your children or grandchildren and you cannot make it five minutes before an ad for LOL Surprise Dolls, a Paw Patrol Playset, or Disney World pops up. No wonder the average American had more than $6,000 of credit card debt! Credit card debt can cripple a young person’s opportunities. So how can you teach your kids and grandkids to use their plastic wisely? In honor of Credit Card Reduction Day (March 21), we rounded up three expert tips. 1. Treat your credit card like a debit card. This is the easiest way to stay out of credit card debt, courtesy of the pros at USBank.com. Instead of teaching the children or grandchildren in your life that they are free to use the entire limit of their credit card each month, explain that they should never spend more than one-quarter of their bank account balance. This will ensure they build credit, but can always pay off their balance at the end of the month … which leads us to our next tip. 2. Pay your full balance on time each month. It can be tempting to keep your bank account flush by paying only your minimum credit card payment each month. But, in fact, this is the easiest way to end up in a debt spiral as interest compounds what you owe. Teach the kids you love to avoid the spiral by paying their entire credit card balance on the due date. This is another USBank.com tip and a great rule for everyone to live by. 3. Follow the 30% credit utilization rate (CUR) rule. Even if you have plenty of money in the bank, personal finance reporter Elizabeth Gravier recommends never using more than 30% of the available credit on any of your credit cards. This conservative approach prevents overspending, builds credit, and looks appealing to lenders. When the kids you love get their first credit cards, tell them about the 30% rule.
KEEP YOUR KIDS AND GRANDKIDS OUT OF DEBT!
3 PROACTIVE WAYS TO AVOID OVERSPENDING
As you teach these lessons, consider passing on this excellent quote from finance whiz Dave Ramsey: “You will either learn to manage money, or the lack of it will manage you.”
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