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F I N A N C I A L S E R V I C E S , L L C
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March 2018
What toWatch for When Diversifying Your Portfolio A Solid-Gold Strategy
It’s no secret that a diversified portfolio is an important part of preparing for and living in retirement. As part of the process of diversification, you may be considering commodities like silver and gold. There’s a lot of information out there on holding gold. During inflationary times, it can be a great commodity to have. When inflation is down, gold tends to see mediocre returns. Like any other area of the market, there’s a certain amount of back-and-forth. Regardless of this, many companies want you to incorporate gold into your portfolio. When done correctly, this can be a relatively safe option, but some companies out there don’t do it in a secure way. They may actually be committing fraud, doing you and your portfolio a major disservice. What do I mean by this? Recently, there’s been a big push to get people to include gold in their IRAs. You may have seen the advertisements on TV or heard them on the radio. As a result, a lot of people have been turning some of their assets over into gold. The problem is, there are
some companies advertising “gold IRAs” that don’t actually have gold in any way, shape, or form. They aren’t really converting your assets into gold holdings. If you are thinking about converting some assets to gold — or you currently have gold in your IRA — verify the status of your account’s holdings with the third-party administrator (the person/company managing your IRA). Make sure your accounts are in order. It’s critical to do your homework to ensure the company you’re working with actually has gold. To avoid potential scams, always do business with a credible advisor who has insurance to protect you from fraud and other sketchy transactions that could harm your portfolio. I’ve said it many times before: We don’t know which company will come out as the next Enron or which company will fall into the trap of short-term thinking. We don’t know which company is currently falsifying their books to make themselves look better than they really are. We don’t know if a commodities trader is running a scam until victims come forward.
This is where the importance of a diversified portfolio comes into play. Whether you want to incorporate gold or other commodities into your portfolio, diversifying your holdings will mitigate the risk of losing your entire investment in one fell swoop. At Mattson Financial Services, we always have one party serving as custodian, another party serving as portfolio manager, and yet another party serving as your registered financial advisor. We have our own checks and balances in place to facilitate proper investing, to watch for risks, and to help you navigate the financial world. All you have to worry about is enjoying a happy, healthy retirement. If you have further questions about commodities and your portfolio, don’t hesitate to give us a call. We’re happy to answer those questions and make sure your financial future is on the right track. –Gary Mattson
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Prepare Your Kids for Financial Independence
Your children turned to you for support all their lives. When they were 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 both of your futures.
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.
CONSIDER THE COSTS
THE TALK
A study by Merrill Lynch and AgeWave found that, on average, parents over 50 gave their children a total of $6,500 a year. When you 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.
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.
EXTREME OWNERSHIP: How U.S. Navy SEALs Lead and Win
Gary and Laurel are no strangers to “Extreme Ownership” and employing these winning leadership strategies. They have even interviewed one of the authors, Jocko Willink, on their radio show. Effective leadership is the most important key to success, and to say that “Extreme Ownership” will empower you as a leader is an understatement. Jocko Willink and Leif Babin use their experiences as former U.S. Navy SEALs to provide a backdrop for their views on leadership. Their stories drop you right in the middle of the action, both on the battlefield and within the confines of corporate America, in order to teach you invaluable leadership lessons. The book is divided into three main points and designed to make it as easy as possible for you to apply extreme ownership in your own life.
are no bad teams, just bad leaders. They use examples from the battlefield and the boardroom to show that all failures can be traced back to poor leadership.
LAWS OF COMBAT
Simplify, prioritize and execute, and decentralize command. Applied to an office setting, these combat strategies show how simplifying plans and organizing priorities will improve your operational efficiency. While there is a need for clearly designated leaders, junior leaders must be empowered to make their own decisions — and their own mistakes. To drive their point home, Willink and Babin provide a plan for how to implement and sustain the concepts of extreme ownership. They highlight the importance of decisiveness and show you how to create planning checklists that enable your team to operate like one fluid unit. SUSTAINING VICTORY
“Extreme Ownership” differs from other leadership books by emphasizing that there can be no leadership where there is no team. Its main points revolve around the importance of teams, not just individuals. Leaders who embody extreme ownership don’t just take the blame for mistakes — they own them.
WINNING THE WAR WITHIN
Leaders are responsible for everything and everyone within their purview. Willink and Babin make the bold assertion that there
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Conflict resolution is never easy work. One wrong move can trigger the fault lines in an already complicated relationship. On the other hand, nothing good comes of allowing an unresolved problem to fester. Finding common ground is a must, even when it’s difficult or painful. We’ve provided resolution practices for both internal and external affairs so that you can be ready to handle any conflicts that come your way. 3 SKILLS YOU NEED TO RESOLVE YOUR NEXT CONFLICT “Good Leaders Ask Great Questions,” a book written by leadership guru John Maxwell, lays out the foundational concepts behind any effective conflict resolution session. Ask questions. If communication is a two-way street, then conflict resolution is a highway. Asking a great question starts the flow of communication. “Why?” is often the easiest and best question to start with. “FiveWhys”by Sakichi Toyoda is a method that you can use to untangle any issue. According to this principle, you can get to the heart of the matter within five times of asking why. Understanding and articulating the core of your issue will help you create a win-win scenario. SEEK FIRST TO UNDERSTAND
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.
CREATE AWIN-WIN
In a win-win scenario, your conflict is resolved in a way that satisfies all involved parties. Ensure a win-win by taking these steps.
This simple and delicious one-pot recipe is perfect for a weeknight. It only requires about 15 minutes of hands-on work, but will taste like you spent all day building flavors. It’s a hearty comfort food that’s sure to delight eaters of all ages. LAUREL’S BRAISED CHICKEN AND SPRING VEGETABLES
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Acknowledge the issue
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Find common ground
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Understand all sides
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Attack the issue, not the person
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Develop a mutual plan of action
Ingredients
COMPROMISE IS KEY
• 1 tablespoon olive oil • 8 small bone-in chicken thighs • 1 cup low-sodium chicken broth • 12 radishes, halved
• 4 large carrots, cut into sticks • 1 tablespoon sugar • 2 tablespoons fresh chives, chopped • Salt and pepper
Most conflicts come from emotional wounds, and those wounds need to be healed. The only way to truly find a solution for both parties is to find mutual compromise. If you are coming from a place of understanding and working toward a win-win, then compromise is a natural stepping stone to conflict resolution. If you aren’t, compromise may just be a way to put a patch on the problem instead of actually solving it. Successful conflict resolution resides in these three ideals, and all of them require emotional intelligence. A certain degree of self- awareness and empathy is the foundation of finding solutions. When these traits are combined with understanding, an effort to find a win-win situation, and willingness to compromise, you’ll find your conflicts resolved in an effective, equitable manner that will maintain relationships for a lifetime.
Directions
1. Heat olive oil in a large saucepan or Dutch oven over medium-high heat. 2. Season the chicken with salt and pepper. Brown in pan for 6–7 minutes per side. 3. Remove chicken from pan and scrape off excess fat. Add broth and stir in radishes, carrots, and sugar. 4. Return chicken to pan, placing on top of vegetables. Gently simmer with lid on pan for 15–20 minutes. Finish with chives.
[Recipe inspired by Real Simple]
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What to Watch Out for When Diversifying Assets
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Don’t Be the Family Bank Book Review: ‘Extreme Ownership’ Conflict Resolution Is More Than Just Compromise Braised Chicken and Spring Vegetables
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Amelia Earhart’s Legacy
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**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Adviser in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC, and Lakeview Financial Group, LLC are affiliated companies.
Up in the Air
THE LEGACY OF AMELIA EARHART
There are plenty of figures worthy of remembrance duringWomen’s History Month. From literary pioneers like Mary Shelley and Emily Dickinson to civil rights heroes like Rosa Parks and Daisy Bates, inspiring legacies abound. But few of those women’s stories end with a question mark. To this day, the story of famed pilot and women’s rights advocate Amelia Earhart remains shrouded in the clouds. Her life was defined by a rare combination of curiosity, conviction, and courage. Earhart became a nurse during the GreatWar, taught aeronautical engineering at Purdue, and was an avid feminist in the post-suffrage era. On top of these accomplishments, Earhart became the famous aviator we remember today. Since her twin-engine Lockheed Electra disappeared over the Pacific Ocean during the last leg of her historic 1937 flight around the world, the Earhart legacy has been defined by mystery. For decades, historians and
enthusiasts have batted around theories about the fate of the intrepid pilot. Just last summer, on the 80th anniversary of her disappearance, a History Channel documentary claimed to have found the truth. The TV documentary “Amelia Earhart: The Lost Evidence”made a media splash when investigators claimed to have uncovered a photograph of Earhart and her navigator, Fred Noonan, alive in the Marshall Islands. According to their narrative, Earhart and Noonan survived an emergency landing in the Japanese-occupied islands, only to languish as prisoners of war.
Cold water was poured on this theory shortly after. A copy of the same photograph was found in the Japanese National Archives with the date 1935, which was two years too early for the photo’s subjects to be Earhart and Noonan. People’s enthusiasm to solve the mystery of Earhart’s disappearance will persist for years to come. But this month, as we celebrate the accomplishments of women throughout history, it’s important that we set aside the mystery of Earhart’s death to honor her vibrant life. She blazed a trail for women in science, aviation, and beyond, leaving a legacy as boundless as the sky.
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