Take a look at our October newsletter!
OCTOBER 2023
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PATRIOT WEALTH
THE HOCKEY COACHES BEHIND MY SUCCESS WINNING STRATEGIES ON AND OFF THE ICE
One of the many things I learned from playing hockey is that a team is much more than the sum of its parts. Coaches are responsible for turning the group into a cohesive whole. Without a quality coach, most players will never reach their full potential, and a team has little, if any, chance of winning. I had many coaches throughout my youth sports career, but two stand out from my time on Team Carolina. Hockey wasn’t very popular in the South when I was growing up, and competitive players were geographically spread out. Our program included teens from North Carolina, South Carolina, and Virginia. Bill Cody and Ben Kirkland were responsible for molding us into better players who could take on the teams up north. Bill was from Alaska, and Ben was from Connecticut, so hockey was practically in their blood. They brought a lot of knowledge to the game, which can be hard to come by in the South. They were the perfect people to lead a developmental program of southern hockey players and prepare us for junior and collegiate hockey. Their ability to communicate with the players and referees always impressed me. One of the trickiest things about communication is how we all do it differently. Our cultural backgrounds and prior
Bill and Ben also excelled at understanding our goals and giving us the tools to achieve them. I played defense, and I wanted to be fearsome. Making life difficult for players on the other team required getting bigger and stronger. My coaches knew what type of player I wanted to be, and they set up a training regimen that worked. It helped improve my game and gave me a competitive edge in front of scouts. The two also genuinely cared about their players. Junior hockey opportunities would require us to move away from home at age 16, and Ben and Bill regularly stated that we were responsible for our actions on and off the ice. They helped me prepare for the challenging experience of relocating to Boston, attending a new high school, and living away from my parents and friends. Without their guidance, I don’t know if I would have had the discipline and maturity to succeed. On the surface, my work today as a financial planner and advisor couldn’t be more different than a hockey coach. But Bill and Ben knew how to motivate us, set clear and realistic goals, and give us the framework to succeed. I do something very similar with my clients every day. My work starts with understanding the client’s vision. Their plan shouldn’t be about what I think is best but what they want. Once I know their goals, I can create reasonable benchmarks to achieve them. As Bill and Ben worked closely with me, I also perform regular check-ins to ensure clients are still on track and want the same things. Helping my clients reach new heights requires fostering collaborative relationships, communicating clearly, and staying ahead of obstacles. Fortunately, Ben and Bill were great role models who taught me well.
experiences affect how we receive information from others. Using the same words, two people could hear two very different things. Ben and Bill knew how to adapt to our personalities and give us the instruction and encouragement we needed.
–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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A Greener Future for All EXCITING ADVANCES IN THE WORLD OF SUSTAINABLE ENERGY
Busting the Most Popular Smartphone Myths
The hunt for sustainable energy sources continues! Throughout the past two decades, we have seen countless efforts around the globe to develop more environmentally friendly energy practices. You may have noticed solar panels appearing on roofs around your community or watched news reports about wind turbines offshore. These are far from the only efforts organizations, governments, and individuals are making. Two large-scale sustainability projects were announced that could lead to a more sustainable future. SOLAR RAILWAYS In many areas of Europe, the best way to get from point A to point B is by train. Switzerland alone has a national railway network that stretches over 2,000 miles. A startup called Sun- Ways recently announced a plan to outfit Swiss railway lines with solar panels to generate power. Sun-Ways developed a specialized train car to lay down solar panels between the rails of the track using minimal labor. The company estimates that its solar panels can generate 2% of Switzerland’s annual
energy consumption. At the time of writing this article, Sun- Ways is still waiting for a sign-off from the Federal Office of Transport to proceed, as concerns have been raised regarding the durability and reflectivity of the panels. NEW WIND TURBINES Offshore wind farms are nothing new. They first appeared in 1991, but the technology has evolved immensely. The Spain- based startup X1 Wind has created a new floating wind turbine prototype that could change the entire industry. Located off the Canary Islands, the X1 floating turbine is more efficient and environmentally friendly than other turbines. The best news? In March, it generated its first kilowatt-hour of power, opening the door for further manufacturing. These are just a couple of the many sustainability projects recently introduced. As long as we continue to develop and discover environmentally friendly practices, we can look forward to a greener future for all.
THE STARK TRUTH ABOUT AMERICAN RETIREMENT PREPAREDNESS
At Patriot Wealth, we work daily to help our clients create a secure financial future. But those we assist with retirement planning are sadly in the minority. A 2023 report from Fidelity found that 52% of Americans are not prepared for a comfortable retirement, and other research indicates nearly half of baby boomers have no retirement savings at all. People know how crucial it is to plan for retirement, but that understanding doesn’t necessarily translate into action. An AARP study in 2022 found that 87% of Americans believe retirement is important, but only 42% feel prepared for retirement. That 45-point gap grew to 51 for those ages 60–69. So, why is there a disconnect? Planning for retirement on your own can feel overwhelming and frightening. Many Americans don’t understand their 401(k) plans or don’t work at jobs that offer them. Meanwhile, other financial obligations like student loans, caregiving, and the rising cost of living absorb many funds people would otherwise dedicate to retirement. There’s also a knowledge gap. Unfortunately, many people who attempt to plan for retirement do so poorly. Americans commonly underestimate their future living expenses, leaving
a shortfall. The expectation that you will spend less in retirement is usually unrealistic. Yes, you may have your mortgage paid and spend less money commuting, but inflation and medical costs more than make up the difference.
Research also indicates people underestimate how long they will live. While many people know the average American life expectancy is around 77 years, most don’t realize that a man who lives to 60 can expect to live to 82, while a 60-year-old woman is likely to live to 85. Misconceptions may make it more likely for people to under-finance their golden years. If you’re a current client of Patriot Wealth, you are likely on track for a successful retirement. (Still, call us with any concerns!) But are your friends and family? You most likely know some people among the unprepared 52%. We’d love to help them develop a financial strategy for the future and always appreciate your referrals. Remember, it’s never too early or late to begin planning for retirement; the best time to start is now.
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THE BEST HANDHELD MEALS IN TOWN Raleigh’s Taco Treasures
We all love Taco Tuesday, but that’s no reason not to enjoy the perfect handheld meal any other day of the week. National Taco Day on Oct. 4 falls on a Wednesday this year, and we’re not complaining. Most of us at Patriot Wealth would happily indulge just about any time you asked. It’s not difficult to find a decent taco in Raleigh, but finding a great one is another matter. Taco fan Wes White has shared some of his favorite spots to take your celebration to the next level. GYM TACOS If you haven’t previously thought of tacos as good pre- or post-gym food, it’s time to reconsider. Gym Tacos began as a popular taco truck before opening a permanent location in 2022. Whether you visit the version on wheels or firm ground, you’re in for a treat. This eatery offers outstanding and perfectly seasoned a la carte tacos alongside quesadillas, tostadas, and burritos. Don’t forget to check out the salsa bar at the brick-and-mortar location. GONZA TACOS Y TEQUILA Tacos are usually the perfect casual meal, but Gonza Tacos y Tequila adds a touch of class to comfort food. The quirky and vibrant ambiance has low lights, bright colors, and off-beat decor. But the food is the real star of the show with its bursting flavor, generous portions, and unique ingredient combinations. Either the downtown or North Raleigh locations are the perfect spot for date night, but you need not have an excuse to indulge. BARTACO This restaurant is a national chain, but it’s definitely a step above Chipotle. Bartaco has a breezy, modern vibe, and its menu is full of different flavor profiles. Stick to regular chicken, go vegan, or try something unique with the oyster or roasted duck options. Bowls and salads are also available if you’re somehow not in a taco mood. Be sure to order sides of guacamole and street corn to round out your meal — you won’t regret it. We hope you enjoy your upcoming Taco Wednesday. And if you think Wes got it wrong, he’s more than willing to try out a new spot or two. Drop him a line at Wes@PatriotWealthNC.com with your best recommendations.
TAKE A BREAK
The Best Chocolate Chip Cookies
INGREDIENTS • 2 1/4 cups all- purpose flour • 1 tsp baking soda • 1 tsp salt • 1 cup (2 sticks) butter, softened • 3/4 cup granulated sugar • 3/4 cup packed brown sugar • 1 tsp vanilla extract
DIRECTIONS
1. Preheat oven to 375 F. 2. In a small bowl, combine flour, baking soda, and salt. 3. In a large bowl, beat butter, granulated sugar, brown sugar, and vanilla extract until creamy. 4. To the creamed mixture, add eggs one at a time, beating until blended. 5. Gradually beat in flour mixture. 6. Stir in chocolate chips. 7. Arrange dough in rounded teaspoonfuls on ungreased baking sheets. 8. Bake 8–10 minutes or until golden brown. Cool on baking sheets for 2 minutes; move to wire racks to cool completely.
• 2 large eggs • 2 cups (12-oz
package) semi- sweet chocolate chips
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE How Wes’ Hockey Coaches Inspired His Success PAGE 1
PATRIOTWEALTHNC.COM PHONE | 919.322.4113
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
All Aboard the Green Energy Revolution PAGE 2
Why So Many Americans Aren’t Prepared for Retirement PAGE 2
The Best Chocolate Chip Cookies PAGE 3
Savor the Flavors of Raleigh’s Best Tacos PAGE 3
Personalized Vacations With AI PAGE 4
AI-ENHANCED TRAVEL: YOUR SECRET TO THE PERFECT ITINERARY
The feeling of excitement for an upcoming vacation can quickly turn into one of stress. After you purchase your ticket or plan your travel, you may feel so burnt out that scheduling day-to- day activities for said vacation feels impossible. Thankfully, helping you create an itinerary is where AI thrives. SO, HOW DO YOU USE AI TO HELP YOU PLAN A TRIP? The first step is to craft a prompt that will get the best response possible. To do that, ask your preferred AI platform questions in your native language. AI understands many languages, and your grammar and syntax when asking questions matter when looking for perfect results. The more grammatically accurate your sentence is, the more artificial intelligence can help you. Next, you need to be as specific as possible. Include all relevant information about your travel party when asking it to make plans for you, including if there are any kids, elderly travelers, pets, dietary restrictions, interests, or priorities because those factors will impact the results it gives you. You should also tell the AI software when it misunderstands you or gives you results that don’t match what you want. AI, like ChatGPT, uses large language models (LLMs) to learn from the
person interacting with it, so the back-and-forth of providing feedback helps it pinpoint your specific interests to give you better information. For example, you can provide this prompt: “Make me a travel itinerary for seven days in Rome with activities in less crowded areas that are accessible to elderly travelers.” Finally, double-check any of the information AI gives you. Most platforms can only access information available before 2021, so certain attractions, restaurants, parks, or other itinerary items may not exist anymore.
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WANT TO GIVE AI TRAVEL A GO? ChatGPT isn’t the only site you can use to plan your itinerary! You can try any one of the following AI software specifically created for travel:
• Tripnotes.ai • RoamAround.ai • Curiosio.com
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