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www.wealthfromwisdomradio.com | 866-485-8505 You Haven’t Failed UNTIL You Quit Trying

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March 2018

The bottom line is you

John Saunders on Persevering to the End WHAT GOALS ARE YOU CHASING?

have to work hard to achieve your goals. You have to plan and follow through. And you need support to guide you along the way. with our clients. The bottom line is you have to work hard to achieve your goals. You have to plan and follow through. And you need support to guide you along the way. These are things I’ve told my oldest son, as well. He’s getting ready to graduate from Mount St. Mary’s this spring. He’ll graduate with a degree in computer science and a minor in cybersecurity. Getting to this point as a family has taken a lot of planning. For my son, that planning doesn’t end at graduation. He’s pursuing a career in a competitive field. He has to work hard, show up early, and stay late. He has to be determined and persevere. No matter what your goals are, whether they’re financial, personal, or anything else, having these traits can make the difference between quitting three-quarters of the way through or making it to the end and achieving something truly great.

A big personal accomplishment of mine was competing in a Tough Mudder. If you’ve never heard of a Tough Mudder, it’s an endurance obstacle course. The one I participated in was 13 miles long. Tough Mudder is also associated with a number of charities. They work with organizations like the Wounded Warrior Project, which offers support to our wounded vets. This all resonated with me. From the challenge of the Tough Mudder to supporting wounded vets, I knew I wanted to be a part of it. I had always been pretty active, but I wanted to push myself further. A Tough Mudder is a good way to do just that. They can challenge even those who are very active and in top shape. I trained for several months, and even hired a trainer to push me more. In April 2013 we arrived at the big day. I have a lot of memories of that day in the mountains of West Virginia, but there is one that really stands out: how cold it was. For a day in April, it was remarkably frigid, and the danger of hypothermia was real. My mind was on the finish line, but it was quite the challenge. I can honestly say there were several times I wanted to quit. At about the three-quarter mark, my knees started to give out, and I wondered how much farther they would take me as I pushed forward.

But I had the support I needed to do just that — push forward. Both the group I was with and my wife encouraged me. So, I remained determined. As the oldest member of my group, sheer determination and perseverance went a long way. I had trained hard and wanted to see that training though. container of frigid water. Not only did I have to deal with the shock and pain of the cold, I had to focus on getting out. It was no easy task. Once in the water, I had to swim under a barrier. The cold takes your breath away, and you’ve got to move fast. In a word, it was brutal. But I made it through. On the plus side, once I was out of the water, the cold West Virginian air felt warm. I attribute so much of my determination and perseverance to my training. My trainer gave me solid goals. On top of that, my wife was supportive every step of the way — and I mean that literally. The day of the Mudder, she was out there as I made my way through the course. It didn’t matter that it was freezing. She was determined to see me through to the end, and she did. This is an accomplishment that has stuck with me. In many ways, it’s a reflection of my philosophy in what we do at Cornerstone Wealth Group One of the most difficult obstacles came when I had to jump into a

– John Saunders

www.CornerstoneWealthGroup.com | 1

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Prepare Your Kids for FINANCIAL INDEPENDENCE

compare that 6K to your current income, it might not look like much, but consider what that amount could do if you invested it into your retirement. Diane Harris, a personal finance journalist, explains, “If, instead, you saved that much cash every year in a tax- deferred account averaging 6 percent annual gains, you’d have close to $100,000 more for retirement within a decade.” Make a Plan Once you consider what you’re contributing to your child’s lifestyle, you need to find out how it’s going to affect your ability to retire. It’s time to have the tough conversations. Before you talk to your kids, meet with your financial advisor and discuss your retirement goals. Your advisor can give you a reality check if your goals are not in line with your current lifestyle and tell you what needs to change to get them there. The Talk After your meeting with your advisor, it’s time to talk with your children. Explain how

your retirement plan is going to affect them. It’s best to be honest and transparent. Let them know that this isn’t about your feelings for them and give them time to process the information. Remember that even if your retirement has been top of mind for you, it may not be on their radar. Erin Lowry, author of “Broke Millennial,” reminds us, “Adult children can’t be expected to know how ongoing support is affecting your finances if you haven’t talked to them about it.” If you can help them understand how the change will impact them and maybe even help them plan for it, you can open up that conversation and reduce tension around it. Instead of looking at the end of financial support as a loss, frame it as an opportunity. It’s an opportunity for your child to find financial independence, and while the journey can be rough, it will benefit everyone in the long term.

Y our children turned to you for support all their lives. As babies, you provided them with food and shelter, and throughout their childhood, you guided them and led by example. But if you’ve continued to provide them with financial support into their adulthood, the lifestyle shift that comes with your retirement might come as a surprise to both of you. If your children are still dependent on you for financial support, it’s important to have a conversation about what might change with your retirement. It’s time to consider how your well-intentioned support will affect your retirement plans. Consider the Costs A study by Merrill Lynch and Age Wave found that, on average, parents over 50 gave their children a total of $6,500 a year. When you

AWill or a Trust What Document Best Fits Your Needs?

For many people, both a will and a trust can be useful. A will serves to ensure that property and assets are passed to a beneficiary according to the owner’s wishes. The will is drafted to meet state laws. Trusts are valuable in mitigated estate taxes and related legal challenges. They generally specify how and when property is distributed, again according to the individual’s express wishes.

and the terms of title deeds. A will provides legal clarity.

Expedite the legal process. It is faster and

Appoint and outline powers of an executor. Writing a will allows you to decide who will oversee and manage distribution of your estate. Designating a trustworthy and impartial executor provides peace of mind that both the terms of your will and your wishes will be honored. Appoint a guardian for minor children. Your will serves as a legal guiding document for the care of minor children in the event of the death of both parents. Specify funeral wishes. When you establish your funeral wishes in your will, this reduces stress on loved ones and ensures your wishes will be honored.

less costly to settle an

estate with a valid will in place. It helps reduce unnecessary legal fees which, in turn, help protect the value of property and assets passed to your beneficiaries. Reduce stress and heartache for loved ones. This point cannot be stressed enough. A will that clearly outlines your wishes for funeral arrangements and property distribution reduces confusion and family disagreements during a stressful and emotionally difficult time for family members. Next month, we’ll dive into the specifics of a trust and how it both contrasts and complements a will. •

This month, let’s focus on the will. A will helps to do the following:

Ensure your possessions are distributed according to your wishes. If you die without a will, the law decides how your estate will be distributed. Although some property will automatically be passed to a spouse or child, exact distribution depends on the value of the property

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Will Your Savings and Investments Be There in Retirement? Highlights of Wealth From Wisdom Radio

If you’re retired or planning on retiring in the coming years, you might be facing a big problem: generating adequate retirement income. That’s the topic of this edition of Wealth From Wisdom Radio, dated Oct. 21, 2017. Here are a few highlights from the show hosted by Ron Carson and co-hosted by Paul West. It should go without saying that your ability to turn your savings and investments into income will ultimately dictate your retirement lifestyle. This ability can be the difference between having nothing and having everything you’ve dreamed for your post-work life. The problem a lot of people fear and many people experience is running out of life savings too soon. There are factors today that retirees 40 or 50 years ago didn’t have to think about. People are living longer

and the stock market is doing well. These can be monumental challenges for people trying to make the most of their savings. The old go-to options of yesterday are gone. Pensions are all but history for most people. Rates on CDs and savings accounts are all but a joke. Bond yields aren’t much better off either. And we also may have a fully valued stock market, though we really have no way of knowing. These are problems a lot of people are facing. So, what are the answers? Believe it or not, you have a surprising number of options available to you that you may not be aware of. You can live the retirement you dreamed of. You don’t have to settle. Of course, it does take work.

would happen if your income is cut dramatically, say by 50 percent? Think of this a worst-case scenario. Could you live? Would you be sustained? This isn’t an exercise you necessarily need to try, but think about. If you determine you can’t live a sustained life, you need to find a way to protect yourself in case something like this happens. This is something you need to bring up with your wealth manager or financial advisor. They can help you figure out what you need to do. For more insight into this critical issue, head over to wealthfromwisdomradio. com or fire up your favorite podcast app and get ready to take notes!

One step you can take is to evaluate your perception. For instance, what

ZESTY ZUCCHINI ENCHILADAS

Sudoku

For a lighter take on enchiladas, go carb-free by swapping tortillas for zucchini!

INGREDIENTS •

• • •

2 teaspoons cumin

4 large zucchini

2 teaspoons chili powder 3 cups cooked, shredded chicken 2 cups shredded cheese 1 can enchilada sauce

1 tablespoon olive oil or ghee 1 large onion, chopped 2 cloves garlic, minced

• •

• •

INSTRUCTIONS 1. Heat oven to 350 F. In a large skillet, heat oil. Add onion, garlic, cumin, chili powder, and salt to taste. Stir to combine. Add chicken and 1 cup enchilada sauce. 2. Use vegetable peeler to thinly slice zucchini. Lay out three slices, slightly overlapping, and spoon chicken mixture on top. Roll the zucchini “tortilla” and place on baking sheet. Repeat until all zucchini and chicken is used. 3. Cover the enchiladas with remaining sauce and sprinkle with cheese. Bake 20 minutes, and enjoy!

www.CornerstoneWealthGroup.com | 3

Adapted from delish.com.

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INSIDE • Chase Your Goals PAGE 1

• Don’t Be the Family Bank PAGE 2

• Why a Will Is So Important PAGE 2

• Be Ready for the Financial Challenges of Retirement PAGE 3

• Go Carb-Free for Dinner PAGE 3

• The 3 Best Places to See Beautiful Flowers PAGE 4

EARTH’SMOSTBEAUTIFUL

Flower Displays

Spring is here, which means flora will soon be in full bloom. Flowers can be an easy pick-me-up or a great way to add color to your home, but some people take their flower obsession to the next level by planning botanical-themed vacations. Here are some of the most impressive gardens and flower displays in the world. Holland, most famous for its tulips, always draws visitors at the first sign of spring. One of its most famous destinations, Keukenhof, located in Lisse, is among the world’s largest flower gardens. The park is 79 acres and boasts approximately 7 million flowers each year. This colorful garden is open annually from mid-March The Netherlands

to mid-May, but mid-April is the ideal time to see the tulips.

the many wildflowers decorating Anza- Borrego Desert State Park. The various native species are often seen weaved together to form a colorful carpet over any barren patch in the park, which is located just two hours from San Diego. In addition to flowers, visitors often spot bighorn sheep. Wildflower blossoms vary in intensity each year, but they typically begin to bloom in late February or early March. Next time you’re planning a spring trip, consider visiting one of the world’s most beautiful flower displays. No green thumb required.

Washington, D.C.

Besides the monuments and historic buildings, one of the biggest attractions in Washington, D.C. is the cherry tree blossoms. Travelers who visit the Tidal Basin during the spring can witness 3,000 trees, which were a gift from Tokyo in 1912, flaunt their beautiful pink blossoms. The best time to see the spectacle is from the end of March through the end of April.

Anza-Borrego Desert State Park

Desert lavender, flowering cacti, pygmy poppies, and rock daisies are just a few of

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