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YOUR FINANCIAL ADVOCATE 25 MAY
THE MILLION DOLLAR QUESTION
How Far Does a Million Really Go Today?
In an era when a million dollars might seem like the ultimate financial goal, it’s important to take a closer look at what that really means today compared to the past. May 20 is National Be a Millionaire Day — which may inspire dreams of luxury and financial freedom, but as we’ve come to find, being a millionaire isn’t what it used to be. Do you remember the book “The Millionaire Next Door”? Published in 1996, this book emphasizes the power of saving and the magic of compound interest. It provided stories of regular people who, through smart financial habits, saw their wealth grow without any flashy investments or high-stakes risks.
Fast forward to today, and things have shifted. What once seemed like a lofty sum might only feel like a stepping
stone to financial security. Inflation and changes in the economic environment have eroded the purchasing power of a million dollars. Let’s dive into the numbers a bit. If we adjust for inflation, the value of a million dollars in 1996 is roughly half of that today. That puts a whole new perspective on reaching that seven-figure milestone. It’s no wonder many of us find the concept of being a millionaire today less exhilarating than it once was.
“Most of my clients are technically millionaires, but does that designation carry the weight it once did?”
complexities of today’s economics, recognizing the limitations of what that money can do, and planning for the future.
As we think on this, it’s clear that achieving this status is more common than in 1996, but it also comes with greater complexity. Back then, the “millionaire next door” might not have needed to rely heavily on their savings for daily living. Today, however, the situation is quite different. The challenge for modern millionaires is not just reaching that milestone but managing it effectively to ensure it lasts — potentially for up to 30 years of retirement. This is where we come into play. We specialize in helping you navigate these complexities to ensure your wealth not only reaches but exceeds your financial goals and provides security and comfort for the long term.
In my practice, it’s clear how these economic changes impact our perceptions and realities of wealth. Most of my clients are technically millionaires, but does that designation carry the weight it once did? Not quite. Many express concerns about whether their savings will get them through their retirement years, especially as they start to draw down on those funds. The idea of taking out $100,000 annually from a million-dollar nest egg is daunting; the math simply doesn’t work as comfortably as it once might have.
So, what does it mean to be a millionaire today? It’s more than just having a million dollars in the bank. It’s about understanding the
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JULIA DUPONT CLIENT EXPERIENCE OFFICER STAFF SPOTLIGHT:
HOW LONG HAVE YOU BEEN WORKING AT THE LAW FIRM, AND WHAT DO YOU DO HERE? I started working for DuPont & Blumenstiel in 2017 at the front desk. Since then, I have transitioned to working more directly with the attorneys and clients on estate plans. My day usually consists of many meetings with our clients. I help out with all aspects of the estate planning process, from the very first meeting to the signings. I’m also responsible for many back-office duties including HR, accounting and staff training. WHAT IS THE MOST REWARDING PART OF YOUR JOB? I find it very rewarding to be able to help families every day that are having
a hard time. Sometimes people don’t like to come here because they think estate planning is scary. Other times, especially during probate litigation, people come to us after a tragedy has happened in their family. I’m thankful to have the opportunity to support them in whatever situation they might be in.
anything happen to you. It’s one less thing your family has to worry about.
WHAT WOULD YOU SAY TO SOMEONE HESITANT ABOUT CREATING AN ESTATE PLAN?
I also want to let our clients know that many employers these days offer legal services as part of their employee benefits. If that is something that you have, I recommend that you take advantage of it. You can usually get a whole estate plan done for very low cost to you.
I would say just get it done. A lot of times people are hesitant because they don’t want to think about what happens when they die. But, it only takes a couple hours of your time to gain that relief of knowing that you have your documents in place should
WE APPRECIATE YOU
WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?
We want to use this space to express our gratitude to the following members of the community who have recently
EPISODE 45: “ How to Build a Winning Team: Insights from Greg DuPont”
left us a review or have referred someone to our care. Thank you!
EPISODE 44: “ Mastering Real Estate Valuations: Insights From Taylor Vick, CFA”
Paul Stickley Chuck Kamine James Gennert
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Top Strategies for Effective Debt Consolidation Streamline Your Finances
Managing debt can be intimidating, especially if it spirals out of control. However, with the right tools and approach, you can get it under control and keep your finances in a good spot. Let’s take a look at some strategies that aren’t just fluff — they truly work! THE SNOWBALL METHOD Similar to building a snowman, the snowball method involves starting small and gradually building up. List all your debts from smallest to largest, no matter their interest rate. Focus all your extra funds on the item with the smallest debt while making minimum payments on the others. Once the smallest is taken care of, roll that payment amount into the next smallest debt. THE AVALANCHE METHOD If you’re someone who likes to tackle the large mountains first, the avalanche method
multiple credit cards, transferring all your balances to one card with a lower interest rate can reduce the amount of interest you pay each month. BUDGETING WITH THE ENVELOPE SYSTEM If digital is not your style and you’re more of a tactile person, try the old-school envelope system. Divide your cash for the month into envelopes categorized by expenses like groceries, entertainment, and debt repayment. Once the money in an envelope is gone, that’s it until next month. SEEKING PROFESSIONAL HELP This is where we come in! Consulting with a financial advisor can provide personalized advice tailored to your specific situation. Remember, we are always here to offer
focuses on paying off debts with the highest interest rates first. It might not give you the quick wins of the snowball method, but it’s a great strategy for minimizing the amount of interest you pay in the long run. CONSOLIDATION WITH A BALANCE TRANSFER This is for those who like to streamline everything into one place. If you have
guidance and point you in the right direction! We’re a phone call away!
SUDOKU
SILKY CHOCOLATE MOUSSE
Inspired by TheKitchn.com
This light, airy chocolate mousse is flavorful and requires only two ingredients. It’s the perfect easy-to-make treat for a weeknight or special occasion.
INGREDIENTS
1 1/2 cup heavy cream, divided 1 cup milk chocolate or dark chocolate chips (6 oz)
Optional garnish: grated chocolate, crushed nuts, toffee, or brittle
• •
•
1. In a microwave-safe bowl, put 1/2 cup of cream in the microwave for 1 minute. 2. Stir in chocolate and let sit for 5 minutes, then whisk until smooth. 3. In a separate bowl, beat the remaining 1 cup of cream with a hand mixer or whisk until soft peaks form. 4. Set aside 1/2 cup of whipped cream for topping, and continue whipping the remaining cream until stiff peaks form. 5. Gently fold whipped cream into the cooled chocolate mixture in batches, mixing until combined but still light and fluffy. 6. Spoon into four ramekins or glasses, and refrigerate for at least 1 hour before serving. 7. Top with reserved whipped cream and garnish if desired. DIRECTIONS
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YOUR FINANCIAL ADVOCATE A publication of Advocate Wealth Solutions, blending original and curated content, and is intended to educate the general public about investing, finance, estate planning, personal injury, and small-business issues. It is not intended to be legal or financial advice. Every situation is different. The information in this newsletter may be freely copied and distributed as long as the newsletter is copied in its entirety.
INSIDE
What a Million Really Means in Today’s Economy PAGE 1 Staff Spotlight: Julia DuPont Our Podcast Client Appreciation PAGE 2 Debt Management Tools That Really Work Silky Chocolate Mousse PAGE 3 Europe’s Hidden Paradise: The Hawaii of the Atlantic PAGE 4
A Journey Back in Time
ESCAPE TO THE AZORES
If a trek through timeless volcanic landscapes dotted with crater lakes,
beauty offers plenty of outdoor activities, from kayaking to hiking. The climate is subtropical, with year-round temperatures ranging from 57 to 71 degrees Fahrenheit. Religious festivals and traditional holidays abound on these predominantly Roman Catholic islands, an autonomous region of Portugal. Beyond that, however, the islands’ culture, dialect, and cuisine vary widely. The largest island, São Miguel, is home to numerous hot springs and Europe’s only two tea plantations. An emblematic nature area, Sete Cidades, includes the famed Lagoa Azul (blue lagoon) and Lagoa Verde (green lagoon). Numerous healing hot springs in Furnas offer opportunities for wellness and relaxation seekers. Ilheu de Vila Franca, a flooded crater islet accessible from the southern shore of São Miguel, offers
waterfalls, and hot springs, plus access to awe-inspiring marine life sounds inviting, the Azores may be the vacation spot for you! The Azores are an increasingly popular tourist destination, often called “the Hawaii of Europe” for their remote mid- ocean location and volcanic origins. The archipelago encompasses nine major islands 1,000 miles off the coast of Portugal and is one of the best whale- watching sites in the world. Visitors should plan their trip from the end of April to the beginning of May to view larger migratory species, such as the blue whale. The rocky shorelines of the Azores ascend as high as 7,713 feet atop the Ponta de Pico on the island of Pico. The islands’ untamed
exceptional visibility of unique marine life, plus snorkeling, swimming, and cliff diving.
Wine lovers will enjoy the island of Pico, where vintners produce the islands’ complex volcanic wines. The Azores Wine Company offers tastings, tours, and overnight stays. The island of Santa Maria has the only white-sand beaches in the region. And Faial Island’s bountiful hydrangea gardens have earned it the nickname “The Blue Island.” Foodies will also enjoy famous local foods, including octopus stewed in wine, kale soup, fried mackerel, and fresh yogurt and cheeses. Taken together, the Azores have something to delight any traveler.
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