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JANUARY 2023
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OUT IN THE COLD A Winter Weather Misadventure
I grew up playing ice hockey, so I’m no stranger to cold temperatures. I love snow-based sports and try to travel up north at least once every winter. Generally speaking, I think the cold is easily overcome when you’re having fun. But even I have my limits. I started snowmobiling years ago at the suggestion of a hockey coach who later became a good friend. He invited me up to his home in the Adirondack region, where I first tried it out. It’s such a beautiful part of the country, and I love having the opportunity to disconnect and spend time in nature. Austin and I now go every year. But everything didn’t go as planned during our last trip. My brother-in-law joined us with a friend from Manhattan, and they were using a couple of older snowmobiles we store at my friend’s house. One of them, in particular, was being troublesome. It wouldn’t run properly when it was extra cold first thing in the morning or late at night. Still, we set out for a day of fun. The fussy snowmobile broke down in one of the worst places possible. We were in the middle of nowhere with no cell service. Worse, it was 10 below zero outside. In that kind of weather, it doesn’t
matter how many layers of clothes you’ve got on — it’s cold. And it’s especially so when you must take off your gloves to fiddle with a snowmobile engine. As we tried to get the machine back up and running, we grew increasingly frigid and frustrated. Austin looked like he stepped out of a cartoon with icicles hanging off his beard. The colder we got and the longer we worked, the more our thought process started deteriorating. It felt like our brain function was freezing alongside our hands. Fortunately, a restaurant was within walking distance of where we had broken down. We reached it and were able to call my friend on a landline. His son was able to bring a trailer up to bail us out. But we knew his drive was 45 minutes to an hour, and it would have been much more convenient to pick up the snowmobile from the cabin than out in the wilderness. We kept tinkering with the engine, hoping we could call him back and tell him to turn around, but we had no such luck.
After our misadventure, the four of us decided to chip in for a new snowmobile with an electric start. It took some money, but it will be worth it not to deal with the same headaches during our upcoming February trip. Breaking down once in below-zero conditions was more than enough for me. But the mishap taught me a few things about being prepared. (Knowing we’d been having trouble, we really should have brought more spare parts with us.) Things in life don’t always turn out as we hope. Whether you’re facing cold weather or preparing your financial strategy, it always pays to have a backup plan.
“The colder we got and the longer we worked, the more our thought process started deteriorating.”
–Wes White
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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Lots of people make New Year’s resolutions, and one of the most common themes is improving their personal finances. Whether they set out to better manage their debt, invest more in savings, or budget their spending better, a quick and easy-to-use app on their phone can make that goal much more attainable. Here are five of the best tools to track your spending: MINT CNBC rated this gem of an app the best free budgeting app! Along with extensive budgeting features Setting and Maintaining Budgets in 2023 THE 5 BEST APPS TO TRACK YOUR SPENDING
that sync your checking accounts, savings accounts, loans, credit cards, investments, and bills, Mint can track your expenses and categorize them for budgeting. You can even set limits for each personalized category. The app is helpful for paying down debt, checking your credit score, and saving money. YNAB Instead of tracking past transactions, YNAB is one step ahead and follows a “zero-based budgeting system,” which helps you plan for each dollar earned. When you’re paid, the app assists you in mapping out how much of the income you can spend in each category you set, helping you become more intentional with your spending habits. PERSONAL CAPITAL Used mainly for investments, you can also get some budgeting assistance with this app! Checking accounts, savings accounts, credit cards, 401(k)s, loans, and mortgages can all be tracked and monitored on Personal Capital. The app even offers a net worth and
portfolio tracker to help you get more out of your money.
resulting in no tax savings. It can also be sobering to realize how much your investment account will lose value upon withdrawal. Investing post-tax contributions indeed leaves less money to grow in your nest egg. But after compound interest does its magic, the results are often not as stark as you might believe. Further, someone with $800,000 in tax-free investments will almost always walk away with more money in their pocket than someone with $1 million the government still needs to tax. Of course, tax-deferred accounts have their place, so you should always discuss your circumstances with a professional who can give personalized guidance. When making financial decisions, just remember that conventional wisdom may not be as wise as you think. The Pitfalls of Tax-Deferred Retirement Accounts HONEYDUE Honeydue is an excellent app for couples because it allows each partner to see and track their finances, either separately or jointly. It can sync up bank accounts, investments, and loans and organize expenses into custom categories with personalized limits for each. The best part is that despite being made for partners, privacy can be toggled to each user’s specifications. FUDGET If you’d rather not sync up all of your financial accounts, Fudget may be right for you. The app is straightforward, with lists of incoming and outgoing money and a balance tracker. There aren’t any budgeting categories or graphs to interpret — it’s finance at its simplest. No matter what financial goals you strive to achieve this year, an app is an easy and accessible way to get you on the golden road in 2023!
PAYING THE PIPER
In financial planning, a lot of conflicting advice makes its way to the general public. It’s a result of different investors using different strategies and the uniqueness of each person’s financial situation. But sometimes, even the most established guidance misses the mark. In honor of Opposite Day on Jan. 25, we want to discuss one of the areas where we commonly see confusion and regret: tax-deferred vs. tax-free retirement accounts. Tax-deferred retirement accounts are those like a 401(k) that allow you to contribute non-taxed money. The result is an ability to invest a larger portion of your income into the retirement plan and lower your taxable income simultaneously. But, crucially, taxes are later taken out upon withdrawal from the account. Tax-free retirement accounts refer to accounts like IRAs where already-taxed income
is invested. Of course, the money is therefore not truly “tax-free,” but your distributions during retirement will be (if you follow the rules). People generally invest in tax-deferred accounts because it’s easier. You set it up through your paycheck and forget about it — and better yet, your work may match a portion of your savings. Further, standard financial advice has long held that you’re better off waiting to pay your taxes. Those who espouse this viewpoint argue that you’re likely to be in a higher tax bracket during your working years, and your tax rate will be lower when you take your withdrawals. Many people have discovered it’s not necessarily the case. While countless retirees set out to downsize, they often find it more difficult than expected. As a result, their retirement income is the same as when they were working,
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We all love comfort food, and spaghetti is one of the best, bringing back memories of childhood meals and romantic dinners alike. But while just about anyone can whip up a competent plate of spaghetti at home, it takes a true master to make the dish perfect. In honor of National Spaghetti Day on Jan. 4, we’re sharing our favorite Italian restaurants in the Raleigh area. VIC’S ITALIAN RESTAURANT This is Wes’ favorite Italian restaurant in town. He loves its old-world flavors and cozy atmosphere and recommends the downtown restaurant for its authenticity. Spaghetti, of course, is on offer at this family-owned restaurant, along with many other pasta dishes with an array of sauce combinations. Vic’s also cooks fresh New York-style pizza and serves tasty protein-heavy entrees. Find out why this restaurant has stayed in business for more than 30 years with a visit, or check out their online menu at VicsItalianRestaurant.com . BELLA MONICA Here’s another family-owned gem every Raleigh Italian food lover should take the time to visit. Bella Monica’s shrimp a la scampi puts a new twist on an old favorite, and the restaurant’s specialty flatbreads are wonderful. But the real star of the menu is Nana’s “gravy,” the word many Italians use for a rich, authentic, slow-cooked tomato sauce. The recipe has been passed down through the family to make its way to lucky diners. Take a look at BellaMonica.com to plan your visit. CASA CARBONE Last but not least, Casa Carbone serves “old school” Italian food by a family with more than 60 years of restaurant ownership. Don’t be fooled by its strip mall location — the food has big, bold flavors you’ll remember. Casa Carbone offers the most spaghetti options on our list by far, satisfying meat lovers and vegetarians alike. Casseroles, chicken, and veal dishes largely comprise the rest of the extensive menu. Take the time to explore at CasaCarbone.com . Is your mouth watering yet? Gather your family, tuck a napkin in your shirt, and get ready to enjoy an old classic or a new favorite! Buon Appetito CELEBRATING NATIONAL SPAGHETTI DAY IN STYLE
TAKE A BREAK
EASY CHERRY COBBLER Inspired by Life-In-The-Lofthouse.com
INGREDIENTS • 1/4 cup salted butter, melted • 1 cup cake flour or all- purpose flour
• 1 cup granulated sugar • 1 tsp baking powder • 1 cup milk • 1 21-oz can cherry pie filling
DIRECTIONS
1. Preheat oven to 350 F. 2. In the bottom of a 2.5-quart baking dish, pour melted butter. 3. In a medium bowl, whisk together flour, sugar, baking powder, and milk until combined. 4. In the baking dish, pour batter over the butter, and don’t stir. Then, pour the cherry pie filling over the batter, and don’t stir. 5. Bake 45 minutes, or until crust is golden brown. Let stand 10 minutes before serving.
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INSIDE THIS ISSUE
Lessons From Below-Zero Weather PAGE 1
5 Apps to Track Your Spending PAGE 2
Tax-Deferred vs. Tax-Free Retirement Accounts PAGE 2
Easy Cherry Cobbler PAGE 3
Our Favorite Local Italian Eateries PAGE 3
3 Unique Winter Activities to Experience PAGE 4
Throughout winter, we have the opportunity to participate in many activities that are only possible during this season. We can ski, snowboard, snowshoe, sled, and more. While some people fly south for winter vacations to escape the cold weather, others travel to extraordinary winter destinations within our country. Plenty of options are available if you’re looking for a truly unique experience this winter. Here are three winter activities that will leave you with long-lasting memories. WANT TO TRY SOMETHING NEW THIS WINTER? Check Out These 3 Unique Activities
SNOWMOBILE TOURS IN ALASKA Alaska is one of America’s hidden gems, even though it’s the biggest U.S. state. If you’re looking for unique winter experiences, you’ll want to visit Alaska. One of the coolest adventures you can experience is a snowmobile tour. You hop aboard a snowmobile and ride the same path as the Iditarod Trail Sled Dog Race or visit some beautiful mountains and glaciers. Many of these tours will lead you right past moose, bears, and caribou as you take in the beauty of Alaska’s environment.
SKATING ON MIRROR LAKE AT LAKE PLACID Lake Placid, New York, had the privilege of hosting the Winter Olympics twice, so it’s no surprise they have some amazing cold weather activities to showcase. A truly exceptional experience is skating on Mirror Lake. They have a 2-mile-long ice track where you can test your speed and areas for people to skate openly or play a game of ice hockey. You can even participate in dog sledding there. It’s a beautiful area filled with various winter activities.
ICE FISHING EXCURSIONS IN BRAINERD, MINNESOTA
While fishing might be more commonly known as a spring or summer activity, you can get plenty of fishing done in the winter if you know where to go. Brainerd is considered one of the best places to visit for ice fishing enthusiasts. There are over 300 fishing lakes near the city, and you can expect to catch bluegill, walleye, largemouth bass, yellow perch, northern pike, and many others. If you like to fish throughout the year, check out Brainerd.
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