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LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPont Wealth Solutions and The Law Offices of DuPont and Blumenstiel, 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.
23 MAY
Do Your Investments Complement These Changes? THE STOCK MARKET IS CONSTANTLY EVOLVING!
Today, it’s easy to snap a picture or record a video to capture and post memories. Just slide your phone out of your pocket, backpack, or purse, go to the camera icon, and click away! To us, this method is the norm, but it wasn’t always like that. If you lived back a decade or more, you personally know what it’s like to live without smartphones that have state-of-the- art camera quality. Perhaps you remember the good
ol’ days of carrying camcorders, Polaroids, and disposable cameras. If you wanted to take a picture, you would snap a photo on a Polaroid and shake the film for the image to appear or wait as your film got developed from your disposable camera. In addition to that, if you wanted to store your video so you could watch it on the TV later, you’d have to burn it onto a VHS tape and insert it into a VCR.
“However, as businesses and the
portfolios are being managed based upon rules that were developed at a time when people traded stocks and bonds on a stockroom floor. But now, with more global businesses and technology, how the market operates has changed. Today, stock exchanges occur through computers and fiber optic cable. What originally took days, hours and minutes, happens in a blink of an eye.
stock market evolve, many people still use practices
and methods from a decade or so ago.”
As you can imagine, it wasn’t as simple as “one click” back in the day — it took many steps to view
and keep videos and photos. But as technology advanced throughout the years, we quickly found new and easier ways to capture and share our memories. However, with continuously evolving technology, we must find ways to adapt to the changes. If you saw someone trying to insert a VHS tape into their MacBook or trying to find a way to upload a picture to social media that they took on a Polaroid or disposable camera, you’d think it was absurd!
However, as businesses and the stock market evolve, many people are still being told to follow old rules of phony diversification, over-reliance on buy and hold strategies, and out- dated tax planning. These strategies aren’t responsive or suitable in the current and future market. You may be exposed to excessive risk in your investments if you’re still working out of the old paradigm.
So, this begs the question: How do we fix and address this issue?
The same can be said about how and what you invest in.
It’s imperative that you work with someone who can provide you with independent investment guidance and has access to a wide range of tools to nurture your financial future not a limited set of tools that they are influenced to sell you. Assisting you as you take steps to keep more of your wealth is one of the pillars in my pursuit as I march to positively impact one million people. If you would like to look at your investments to see how you can incorporate more complete diversification into them, please don’t hesitate to call me.
Let’s say you had a time machine and returned to Manhattan in the 1950s. As you walk around the town and notice the breathtaking buildings surrounding you, you’d see that American businesses owned almost every building. But if you walked those same streets today, many of those buildings and businesses are owned by foreign organizations and industries. In the 1950s and earlier, America was known as the leader of the free world. But as we evolved and more companies hit the market, we now have global trade, conflict, and competition.
The problem is that most people’s life savings is being managed based upon strategies built in that era. A majority of people’s investment
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What is your role at DuPont and Blumenstiel? I started working here in February of 2022 as a receptionist, and since then, my responsibilities have grown. My typical workday includes answering incoming phone calls and helping callers in whatever way I can. This could be scheduling their first estate planning appointment or simply transferring the call to another member of the team who can best help them. When I’m not managing the phones, I am printing, preparing, and mailing any documents that need to be sent out, assembling estate plan folders, and helping to prepare estate plan documents before signing. What is something most people don’t know about you? One thing that most people don’t know about me is that I am in the process of creating a small hobby farm/homestead for my family. My husband and I closed on a 5-acre property recently, and we’re very excited to get started! My goal is to create products SHELBY CLARK, RECEPTIONIST STAFF SPOTLIGHT:
that I can share with the community by using the resources I have at home. I currently have horses, goats, chickens, and pigs. We are also creating a large garden and hope to eventually have an active beehive to support it. What would you say to someone thinking about
creating an estate plan?
I would say just do it! Before working here, I never put much thought into estate planning, but after seeing the sense of peace that families feel after signing their documents, I realized I need to take care of my estate as well. I don’t want my two sons to worry about what mom or dad would want down the road.
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YOUR FINANCIAL ADVOCATE with Greg DuPont
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What to Do With My 401(k)? I’m Changing Career Paths!
When a company hires you, you’ll most likely receive a 401(k). But you may be concerned about what will happen to these accounts if you change your career path. According to the Bureau of Labor Statistics, the average American changes jobs every four years. So, that means you could change careers several times throughout your life. So, how can this impact your 401(k)? Here are four options to consider. OPTION 1: LEAVE YOUR 401(K) WITH YOUR FORMER EMPLOYER. This will be a great choice if your employer has low fees attached to your 401(k) and quality investment options! However, leaving money in an old account has some cons. For example, you can’t add more money to the account or take out a 401(k) loan. OPTION 2: ROLL OVER YOUR 401(K) INTO YOUR NEW EMPLOYER’S PLAN. If your new job provides 401(k)s, rolling over your old 401(k) would be the best choice if your new employer has more investment options and low fees. Many people choose this route so they don’t have to manage multiple accounts. OPTION 3: CONSOLIDATE INTO AN IRA. An IRA gives you more control over managing your money and tends to have fewer restrictions than a 401(k). You can choose from two IRA options: a traditional IRA and a Roth IRA. If you choose the former, then your contributions are taxed when you
take money out during retirement. If you decide to go with the latter, you will pay taxes on your contributions now to avoid being taxed during retirement. OPTION 4: CASH OUT YOUR 401(K). Cashing out your 401(k) is the easier option but also the least beneficial. If you decide to cash out, you will be taxed and have an early withdrawal penalty. These penalties can go up to 10%, which is a big chunk of money you could use for other purchases. Because everyone has different goals and situations, it’s best to consult a financial advisor. You want to ensure you thoroughly understand each method’s pros and cons so you can pick the most beneficial option for you, your family, and your financial goals.
If you or someone you know is unsure about what to do with old 401(k)s, please allow DuPont Wealth Solutions to assist you. We will be happy to outline your options and help you find the best solution for you.
SUDOKU
SALMON CROQUETTES WITH DILL SAUCE
Inspired by Epicurious.com
This dish is light and refreshing, making it perfect for spring! The crispy salmon patties pair perfectly with the cool dill sauce dolloped on top.
INGREDIENTS
1 1/2 cups plain yogurt or fat-free sour cream
1 large white onion, finely chopped
•
•
1/4 cup Dijon mustard
4 large eggs, beaten
• • •
• • • •
6 sprigs fresh dill, chopped 2 14.75-oz cans salmon packed in water 4 celery stalks, finely chopped
1/2 tbsp salt 1 tbsp pepper 2 tbsp olive oil
•
DIRECTIONS
1. In a small bowl, whisk together yogurt, Dijon mustard, and dill to make the dill sauce. Set aside. 2. Drain the salmon, then remove and discard the bones and skin. In a large bowl, mix the salmon, celery, onion, eggs, salt, and pepper. Form the mixture into 8 patties. Coat a medium skillet with olive oil and heat it over medium-high heat. Cook the patties until browned on both sides, about 5 minutes per side. 3. Put a dollop of the dill sauce on top of each patty and serve.
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INSIDE
How Are Technological Advancements Similar to the Stock Market? PAGE 1 Spotlight — Shelby Clark
Our Podcast Episodes
Client Appreciation PAGE 2 4 Strategies for Old 401(k)s
Salmon Croquettes With Dill Sauce PAGE 3 3 Hotels to Visit for a Great Night’s Sleep PAGE 4
Oh, the Places You’ll Sleep! THE TRAVELING SLEEP TREND SHAPING HOTELS
sights, and fit in as much activity as possible. However, this left travelers completely exhausted. And as our culture continues to understand how important sleep is to our health, more people are prioritizing rest even while they’re away. But being a sleep tourist is about more than going to bed early and ensuring you get your recommended eight hours of rest. It’s about building your vacation around sleep. Some hotels even offer rooms tailored to sleep tourists, with amenities so popular that their sleep options have become regular offerings. So, if sleep tourism sounds like something you’d be interested in, here are three hotels that help you catch those z’s. PARK HYATT NEW YORK (NYC): This hotel features a “Sleep Suite” designed by Bryte, a company that uses AI to facilitate sleep.
The room touts an intuitive “Restorative Bed,” which adjusts to relieve pressure points and controls climate temperature throughout the night, according to each person’s needs. This suite also includes an array of soothing essential oils, a diffuser, and books about sleep. THE CADOGAN, A BELMOND HOTEL (LONDON): This hotel offers a “sleep concierge,” which boasts prerecorded sleep meditations and a pillow selection menu for every type of sleeper. Sleepers can even benefit from the hotel’s weighted blankets, scented pillow mist service, and their proprietary sleep tea. ZEDWELL (LONDON): The first ever “sleep-centric” hotel, Zedwell uses recycled materials to insulate every door, wall, and floor from sound. This hotel also purifies the air within the hotel and fills every space with ambient lighting.
If you’ve ever planned a vacation, you’ve probably picked a few key places to visit, like a museum, restaurant, or historic site. However, a new vacation trend is becoming increasingly popular: sleep tourism, where a traveler plans their entire vacation to get the best quality sleep during their time away.
Before, common goals for vacations were to eat delicious foods, stay up late to see the
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