Take a look at our March newsletter!
MARCH 2023
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PATRIOT WEALTH
Leading by Example THE IMPORTANCE OF OPTIMISM IN PARENTING
I don’t think anyone wants to go through life with a dark cloud over their heads. National Optimism Month celebrates the benefits of a positive outlook. Research indicates that optimism isn’t necessarily an inherent personality trait; we can learn it through good habits. It’s something Rachel and I want to instill in our children. Optimism is essential to lead others, whether in business or parenting. Expecting good things and believing the best about people helps us guide them better. But we also have to lead by example. Being pessimistic and overly critical sets a tone for the people who rely on you, and they’ll reflect it back. My wife and I work hard to avoid getting worked up over small mistakes. Our oldest son, Noah, is only 3; he’s going to spill and break things. When he does, we tell him it’s okay but remind him to focus on being safer and more careful next time. Still, he has a bit of a perfectionist streak. It’s not uncommon for Noah’s teacher to say that he got really upset after spilling his water at school.
But by modeling a positive attitude, he’s starting to look at things differently. I’ve seen this approach pay off as he’s learning ice skating. When we started, he would tell me, “Dad, I’m not a very good skater.” I reminded him that I didn’t learn to skate until I was 12, and even then, I didn’t do well at first, either. “Everything takes practice, bud,” I tell him. “And you’re doing really well. If you fall, you get up and do better.” Just as I knew he would, he has started to improve. Noah is increasingly excited to go skating — and of course watch the Zamboni resurface the ice! He still needs my help, but he’s much better than when he started, and he’s doing excellent for a kid his age. Recently, he told me, “Dad, I’m getting a lot better.” It’s a small shift, but it’s gratifying to see Noah find confidence. It’s incredible to see what this little boy is becoming as he learns how to succeed in school, make friends, and improve his speech. I love watching him have fun, be happy, and have a positive outlook on his life.
I believe bad things are more likely to happen when we expect them — and if we want positive outcomes, we must maintain that vision and work toward them. You can fix most things in life and find a favorable aspect in almost any situation if you look for it. I try to minimize the energy I spend dwelling on negative things and use it to celebrate the positive. With any luck, I’ll teach my kids to do the same.
–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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WHY IS CREDIT IMPORTANT? It’s National Credit Education Month!
WHY ARE CREDIT SCORES IMPORTANT? Your score will show banks and other lenders that 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.
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 you getting more loans.
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.
plan in place, retirement can let you spread your wings in a way you never have before. Nothing else is holding you back, so you can decide what you want to do and who you want to be. Making retirement the best chapter of your life will look different for everyone, but doing so will require a growth mindset. A fixed mindset causes us to shy away from new experiences, interests, and abilities because they’re too complicated or frightening. However, a growth mindset starts from the premise that there’s always room for improvement and it’s never too late to learn something new. Still, finding passion and meaning in retirement can be difficult for many. So, where do you begin? Start by asking yourself some questions. When do you feel happiest? What have you always wanted to try? What would you do if fear wasn’t holding you back? And what makes you feel most fulfilled and purposeful?
If you struggle to answer, give yourself time to think. Those who still come up empty-handed may benefit from working with a therapist or life coach. While the two professions have different skills and purposes, both can help you become more introspective and discover what you are — or could be — passionate about. Throughout the process, it’s essential to keep an open mind. If you dismiss specific ideas immediately, ask yourself why and if they deserve additional consideration. Remember, too, that you won’t be good at everything right away. Everyone improves new skills as they practice — and you can still enjoy painting, for example, without being the next Rembrandt. The key to an exciting and fulfilling retirement is finding your passion and being willing to take a chance. Remember, you control your future and don’t have to spend it in a rocking chair unless you want to.
Retirement was once seen as a way for elderly people to live out their final days quietly. But human lifespans have gotten longer, medical care has improved, and we’ve started to rethink how our golden years can look. Retirement can be so much more than we’ve been led to believe, and Refired Not Retired Day on March 1 celebrates those possibilities. It doesn’t take long for many retirees to ask, “What now?” But the good news is that retirement can be almost anything. With more free time and a firm financial Finding Your Passion in Retirement FIRED UP
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Money matters. As financial planners, we’d be lying if we said anything else. But we also know there’s so much more to life than the balance of your investment accounts. Creating a solid financial future is essential, but it shouldn’t come at the expense of the many other ways we all find happiness. Redefining Wealth Day on March 15 was created by Patrice Washington, a finance expert with a bestselling book and popular podcast. Washington argues there are ways to be financially savvy without depriving yourself and that we should spend our lives chasing purpose, not money. She also points out that the intangible wealth brought to us by family, friends, and passions deeply matters. Taking a holistic view of wealth allows us to step back and consider what we care about most. Assessing our priorities helps us determine where and when we’re best off spending our money. Wealth provides a certain freedom level but doesn’t necessarily offer fulfillment. We generally find meaning in life elsewhere. Further, wealth means something different to everyone. A survey by Ally found that 54% of Americans consider $1 million to be the point at which a person becomes wealthy. Meanwhile, billionaire Elon Musk would scoff at that suggestion, and someone living in poverty would consider themselves newly rich with far less. There’s no one-size-fits-all answer to when you have all you need, and the solution will depend on your background, passions, and goals. Redefining Wealth THE ROLE MONEY SHOULD PLAY IN OUR LIVES
TAKE A BREAK
IRISH PANCAKES Inspired by TheKitchyKitchen.com
So, why chase someone else’s dream? Each person must determine what security means for them and weigh it against a need to make the most of life. The same levels of financial wealth are not attainable for everyone, so we should all examine what we need and don’t need. Where we’re directing our efforts may not be bringing us happiness. After assessing their relationship with money, many people become less materialistic, spending their wealth on experiences instead of objects. Many people have also become more generous and seen improved relationships. While financial wellness can make or break our futures, money is ultimately a tool to live the lives we want, not the end goal.
INGREDIENTS
• 2 cups all-purpose flour • 1/2 tsp baking soda • 1/2 tsp kosher salt • 1 tbsp white sugar • 1 large egg, beaten • 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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INSIDE THIS ISSUE
Why Optimistic Parenting Matters PAGE 1
Do You Know Your Credit Score? PAGE 2
Retired? Get Refired! PAGE 2
Irish Pancakes PAGE 3
Redefining Our Relationship to Wealth PAGE 3
The Best St. Patrick’s Day Celebrations in America PAGE 4
CHECK OUT AMERICA’S BEST ST. PATRICK’S DAY CELEBRATIONS Feeling the Luck of the Irish?
As we inch closer to the beginning of spring, nature around us is coming back to life. Soon, the grass and trees will return to their typical green hue if they haven’t already. Luckily, you don’t need to wait until April to see an abundance of green again. On March 17, we celebrate St. Patrick’s Day, and people across the country will dress in green to honor the occasion. Certain cities in the U.S. go big for St. Patrick’s Day. If you’ve never attended a St. Patrick’s Day parade or celebration, maybe this is the year. Here are three cities with St. Patrick’s Day celebrations worth checking out. CHICAGO, IL Nobody does St. Patrick’s Day quite like Chicago, Illinois. The entire city gets a makeover! This year, on March 11, Chicago will host its St. Patrick’s Day parade, which includes dyeing the Chicago River a beautiful shade of
color will fade within six hours, so make sure you get there early! Chicago’s St. Patrick’s Day Parade is also one of the biggest in the country. You’ll see floats, Irish step dancers, and much more. NEW ORLEANS, LA Once Mardi Gras concludes, all eyes are on St. Patrick’s Day in New Orleans, Louisiana. The city hosts a parade on March 11, and it’s always quite a spectacle. You’ll see the makings of Irish tradition everywhere, including cabbage, onions, and potatoes, so keep your head on a swivel. You can also head to the Irish Channel neighborhood on March 11 to attend an all-day block party. Plenty of green beer will be available at this event, so come ready to celebrate! NEW LONDON, WI Let’s say you want to do something slightly toned down but still exciting for St. Patrick’s Day. Then, you’ll want to check out New London, Wisconsin, for one of the country’s most unique St. Paddy’s Day celebrations. Leprechauns will change the city signs from New London to New Dublin. The city also puts on an Irish funeral parody in its annual downtown parade.
emerald green. They’ll start tinting the river around 9 a.m., and the
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