JULY/AUGUST 2021
Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
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The Woman Who Shaped Me Krista Recounts the Biggest Lessons Her Mom Taught Her
When I think back on the many memories I have with my family, there are a lot of special moments that stand out: family trips to the lake cabin. Huge family gatherings with tons of comfort food. Finding ways to have fun, even during humid summer days and bitterly cold winter nights.
chose to work with Mary Kay Cosmetics because it gave her the flexibility to be a constant support system for her children, while still fulfilling a calling outside of her family.
And, of course, a pink Cadillac.
As a result, my mom is always there for all the big moments. I never had to wonder if she was in the audience cheering me on or if she would show up to my event — I just knew mom would be there and fully committed to her family. I try to emulate my mom in a lot of ways. Her care for her customers, her loyalty to her team, and her unwavering dedication to her family taught me valuable lessons I still use today. Because of Mom, I find tremendous value in the relationships with the people I work with, both in this office and in partnerships I create. (You can read about one such partnership on Page 3.) Because of Mom, I want and am committed to providing my clients with my greatest investment in their needs, goals, and concerns — and I know that a soft smile and just “being there” can go a long way. Because of Mom I understand that family is first for myself and my clients, no matter how busy we get. My mom is an incredible person. I am proud to have a mom like mine, and I’m honored to carry on her legacy in my own way. Thank you, Mom, for your life lessons, generosity, and dedication to our family. We love you! —Krista McBeath
My mom, Gail, drove this Cadillac. As a very successful sales director for Mary Kay Cosmetics, my mom earned one of their signature pearl pink new Cadillacs, every two years, for over 30 years! Whether it was her joy in driving that pink Cadillac or the symbol it represented, that memory is a reminder of just how hard my mom consistently worked to achieve that level of success — and the lessons she taught me along the way. My mom is one of the hardest-working, caring people I know. She has been a great influence on me, and through her example, I have learned how to be a dedicated mom, wife, and leader. As a kid, I can remember watching my mom mentor a team of women, encouraging and teaching them with kindness and understanding. My mom built her team into a nationally recognized powerhouse, and in doing so, she established lifelong connections. She’s built so many enduring friendships that have stood the test of time. It’s no surprise that my mom has been so successful in the personal sales industry and has been able to mentor many aspiring consultants. She has a smile that has a way of breaking down barriers, welcoming people into her life with open arms. I truly don’t think there is a person my mom has met who she doesn’t like! This is how she built a sturdy base of loyal customers. They know they can trust my mom — whatever their needs may be.
But what has perhaps been the greatest lesson for me was watching how my mom remained invested in her family and her business. Mom
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Get Your Train of Thought Back on Track
RECOVERY HACK
Have you ever been in the middle of a conversation, presentation, or debate, stringing together thoughts in a way you hope is coherent and insightful when — poof! — you lose your train of thought? It’s frustrating. You just want to make yourself understood, but your brain has other plans. What if there were a way to keep your train of thought on track? Well, the good news is that recovering your train of thought is easy with the following hacks in mind. Repeat, repeat, repeat yourself. Paraphrasing your last few thoughts out loud can help you remember where you were going. Think of it as retracing your steps: You go back to the last words you remember saying, and more often than not, you’ll find your direction again. Take a short pause. Pausing briefly is a great way to make recovering your train of thought seem natural. This hack works really well if you’re answering a question and you need time to think, and you also don’t want to be bogged down by a chorus of “ums” escaping from your mouth. Write it all down. This hack works well when you know beforehand that you’ll be speaking with someone or in front of people. Even if you never
refer to your notes while speaking, simply writing down a road map for your train of thought can help you recover from a detour and speak more confidently.
Remember your overall point.
The easiest way to drive your train of thought into the weeds is to forget your overall point — or not to have
an overriding point at all. Always have a short, overarching point you can use to recenter yourself and get back on track.
With these hacks, your brain will have to work a lot harder to make you lose your train of thought! Now you’ll be more prepared to tackle any subject matter, no matter how deep or technical, that comes your way.
Should I Retire at the Same Time as My Spouse?
Are you comfortable with your retirement savings?
As you approach a certain age, the thought of retiring becomes a greater possibility, and for many couples, the thought of spending endless days traveling, recreating, and fulfilling lifelong dreams together is exciting! It may even prompt a question: “Should we retire together?” For starters, there’s no “right” way to retire. As long as you have a retirement plan that has been stress-tested for your budget and needs, retirement is completely customizable. That being said, there are decisions you have to make before you and your spouse retire together. It’s possible to do so, but it can be difficult. So, consider these questions. Will you each qualify for Medicare by the time you retire? When you retire, there may be a change in benefits, including health insurance. Medicare is designed to fill that gap for those ages 65 and older. Depending on your
employer’s retirement benefits, you may have to purchase your own health care plan to cover the gap until you reach 65 years old. This can be expensive depending on your needs and medical history. It may be more advantageous for each of you to retire at age 65, rather than at the same time, if there’s an age difference. Are you prepared for the lifestyle change? Your retirement savings plan has been stress tested, catered to your goals, and tracked thoughtfully, but this planning process doesn’t make retirement less anxiety- inducing. Retirement is an adjustment, and no matter how financially prepared you are for it, you may not be emotionally and mentally ready for it. So, when you retire at the same time as your spouse, the stress of this major lifestyle change could be compounded and create a rocky start for this next chapter.
Perhaps a better question would be this: Do you feel confident in your ability to live the lifestyle you want with the income from your retirement savings? If the answer is no, you may want to consider staggering retirement with your spouse. Retiring at the same time shortens the lifespan of your retirement savings, whereas staggering your retirements can allow for improvement within your plan. You can retire together or you can space out your retirements — but your plan has to fit whatever you choose. A trusted financial advisor can help you and your spouse develop a plan that best supports your needs and goals. If you have questions, please contact McBeath Financial Group.
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Estate Planning Takes a Team
Why You Need a Legal and Financial Expert to Create a Comprehensive Estate Plan
My husband Robert and I recently finalized our estate plan. We were so relieved to have it done because it was a very complex process, what with having to account for our multiple businesses, real estate, and our minor daughter. Compounding this complexity was the fact that Congress is in the process of negotiating new tax laws that could drastically impact our plan and the plans of many, many other people. In fact, as we signed on the dotted line, the new tax laws were breaking news. Talk about timing! Creating an estate plan can be an exhausting responsibility — especially when the laws are ever-changing — but throughout this process, we were reminded of a crucial lesson I often preach to my clients: Estate planning must be a team effort. Robert and I often work with our estate planning attorney, Chad Ritchie. Many of my clients are in need of a legal estate planning professional as well as a financial expert, like myself. I do this often, and unfortunately, I regularly find estate plans that are operational failures. Imagine feeling the peace of mind that comes with an estate plan only to have it be completely defunct because it wasn’t set up correctly. It’s devastating. That’s why I encourage teamwork when it comes to your estate plan. It’s important to have an estate plan that is legally sound as well as protective of your financial assets. When you work with a trustworthy estate planning attorney, the legal needs of your estate plan are often met, but what about the financial side? Often, attorneys are not certified public accountants (CPAs), tax experts, or financial planners. They may see aspects of your plan in a legal sense, but they don’t have the lens of financial protection and growth. That’s why it’s also advantageous to work with a financial planner when crafting or updating your estate plan. While your attorney manages the legality of the document, my goal is to ensure that your plan includes targeted financial planning that honors your final wishes and protects your monetary legacy. Together, financial planners like myself and attorneys can create comprehensive estate plans that truly offer peace of mind and protection for you and your loved ones. If I haven’t already, I would love to do this for you. Please call my office to schedule an appointment. I even know a great estate planning attorney if you need one!
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“The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.” –Winston Churchill
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I N S I D E
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A Thank You to the Woman Who Inspired Me
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Life Hack: How to Recover Your Train of Thought
3 Questions to Consider Before Retiring With Your Spouse
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Your Estate Plan Needs a Legal and Financial Expert
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An Olympic Medal — For Arts
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Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC are affiliated. All content of this newsletter is for information purposes only. Opinions expressed herein are solely those of McBeath Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Copyright 2021 McBeath Financial Group.
An Olympic Medal — For Arts
Stanton told Smithsonian Magazine of Coubertin, “He was raised and educated classically, and he was particularly impressed with the idea of what it meant to be a true Olympian — someone who was not only athletic, but skilled in music and literature.” Coubertin thought that without the arts, it couldn’t be a true Olympic event. However, Coubertin had no luck convincing local organizers from Athens, St. Louis, or Paris that art competitions were necessary. At the 1912 Stockholm Games, Coubertin finally secured the Olympic fine art competitions. There were categories for architecture, music, painting, sculpture, and literature, but every work had to somehow be inspired by sports. Judges didn’t have to award gold medals if they were disappointed by all the submissions, but 1912 was a success. With 33 artists in participation, a gold medal
was awarded in every category. (Coubertin even won for his poem, “Ode to Sport”! He disguised it with a pseudonym.) As the Olympics exploded into a beloved international event, the fine arts competitions rarely caught people’s attention. Not all categories won gold medals, if any at all. There were significant winners, however. John Russell Pope (the architect of the Jefferson Memorial) won a silver at the 1932 Los Angeles Games for his design of the Payne Whitney Gymnasium, constructed at Yale University. Other famous participants include Italian sculptor Rembrandt Bugatti, American illustrator Percy Crosby, Irish author Oliver St. John Gogarty, and Dutch painter Isaac Israëls. Even if the art competitions are not a part of the games anymore, they are fascinating to learn about! We’ll definitely think about them the next time the Olympics (finally) roll around.
From 1912–1952, the Olympics awarded medals for arts and sculpture, though most people do not remember this. In 2012, the first book in English on the topic was published, “The Forgotten Olympic Art Competitions” by Richard Stanton. Stanton dug through decades-old, crumbling files that were packed away in Switzerland in order to uncover the origin of this forgotten Olympic tradition. Apparently, Baron Pierre de Coubertin, the founder of the International Olympic Committee (IOC) and the modern Olympic Games, saw art competitions as integral to his vision of the Olympics.
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