Wealth From Wisdom's online newsletter for June 2018
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June 2018
Of Fathers and Sons John Saunders on Life’s Next Steps
A company may offer a great upfront salary and benefits, but what does that look like in six months? A year? Five years? Is there room for advancement?” about a 401(k) for the very first time. And with each offer, he has to ask what each company expects out of him, and what he expects out of each company. A company may offer a great upfront salary and benefits, but what does that look like in six months? A year? Five years? Is there room for advancement? college. But with offers on the table right away, he’s in a position not a lot of people get to be in. As I give him advice, I remind him he’s in a very fortunate place in life. He has almost no major responsibilities — no wife, no kids, no debt — so he can jump on just about any opportunity and come out okay. I’m excited to see my oldest son take these next steps into the larger world. My younger son will be in a similar position in no time. They’re spreading their wings, which also makes every moment together all the more precious. Before I know it, they both be focused on building their careers and building their lives. It’s a big change, but one we’re all getting ready to make together. All of these details can be overwhelming, and not just for someone fresh out of
My dad has always been a big influence in my life. I think of him as my mentor and counsel. I seek a lot of advice from him on a number of topics and consider him one of my best friends. I feel that, as I’ve gotten older, I’ve come to see him more as a friend rather than just a father — though he’s still very much that father figure. As my sons get older, my goal is to be there for them whenever they need me. This May, my oldest son graduated from college and, right out the door, he left school with several job offers on the table. Just before graduation, he was already navigating these uncharted waters, thinking hard about what he’s going to do next, but unsure of what exactly that “next” would be. You could say he’s traded one learning experience for another.
In the weeks leading up to graduation, the two of us spent a good amount of time talking about those next steps. I’ve been able to help him navigate this new world and share some of my own insights. As a computer science major and programmer, he is going to hit the ground running, but I’m here to give him any guidance he might need along the way, one step at a time. Above all, I really want him to enjoy what he does, no matter what job offer he ultimately takes. But there are still plenty of other things to take into consideration. Graduating is one thing, but thinking about a starting salary and benefits package is something else entirely.
He’ll be making the transition to his own health insurance and thinking
– John Saunders
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Improve Cognitive Function in Minutes
How Meditation Helps You Maintain Brain Health
M editation has often been touted by New Age gurus as a way to find inner peace and stillness. But what if meditating could reduce the effects of aging on your brain? According to research, taking a few minutes out of your day to meditate may improve cognitive function. As meditation’s popularity has spread, so have studies of the practice. The results of 100 studies examining the cognitive effects of meditation all show evidence of improvements in psychological and cognitive functions. Some of the results are intuitive, such as how meditation helps us deal with stress. But other results are incontrovertible, such as scans showing that meditation causes structural changes in the brain. For people facing age-related changes like memory loss, the results of these tests are especially relevant. The studies point to evidence that meditation can strengthen certain areas of the brain — the prefrontal
cortex, the hippocampus, and the amygdala — that weaken as we age. The Prefrontal Cortex Your prefrontal cortex thins with age, which is associated with decreased cognitive function in your later years. However, meditation may reduce this age-related thinning. Dr. Sara Lazar, a neuroscientist specializing in the effects of yoga and meditation on cognitive and behavioral function, reports that long-time meditators don’t show a decline in the thickness of the prefrontal cortex. The Hippocampus Your hippocampus helps you process and form new memories, and it’s very sensitive to stress. In fact, research shows that your
correlation between meditation and a higher concentration of gray matter in the left hippocampus. The Amygdala Often called the fear center of the brain, the amygdala is triggered by stressful situations. But unlike the hippocampus, which shrinks in response to stress, the amygdala has been shown to become denser. In one study, people who attended mindfulness meditation classes showed a smaller stress response in brain scans compared to those who did not attend the classes. Meditation may help to decrease the density of the amygdala and therefore increase your ability to handle stress. Of course, in addition to these benefits, there’s a good chance that five minutes of meditation each day will simply make you feel better. People who meditate report an increase in overall well-being. Why not give it a try? Private Foundations are charitable organizations created and funded by a donor as a trust or a nonprofit organization, which is designed to achieve one or more specific charitable functions. Rabbi Trusts are set up by corporations to support nonqualified, deferred compensation plans for selected executives. Irrevocable Life Insurance Trusts, or ILITs, are used to shelter an insurance death benefit from estate taxes and can provide liquidity to pay estate taxes and settlement costs. Credit Shelter Trusts allow married couples, who may have to pay estate taxes, to reduce those taxes by taking full advantage of state and federal estate tax exemptions.
hippocampus will shrink in response to stressful situations and chronic stress. The remedy? Meditation. Dr. Lazar’s study showed a positive
A TRUST FOR EVERYNEED 10 Common Types of Trusts
As you know, there are two categories of trusts: revocable and irrevocable. That said, there are many types of trusts that can fall under both categories. Each type is designed to help you meet specific objectives. Here are some examples of commonly used trusts: Survivor’s Trusts are created by an individual during their lifetime to provide for a surviving spouse, domestic partner, or other loved one. There are many different types of Survivor’s Trusts including, but not limited to, Family Trusts, Bypass Trusts, and Credit Shelter Trusts.
descendants.
Special Needs Trusts ensure that any supplemental or living expenses not paid by other sources are paid over the course of a disabled person’s lifetime. SNTs may also be set up with the disabled person’s own funds to provide for supplemental medical or living expenses. Charitable Remainder Trusts are irrevocable trusts with both income and remainder interests. Income is paid to designated beneficiaries for a certain term or lifetime. The remainder interest is paid to qualified organizations as specified in the trust document when the trust terminates. Charitable Lead Trusts are irrevocable trusts that generate a potential income stream for one or more charities of the donor’s choice, with the remaining assets eventually going to family members or other beneficiaries.
Guardianship Trusts protect and handle the assets of minors.
Generation-Skipping Trusts, also called GSTs or Dynasty Trusts, provide distributions for the benefit of a child for life, with the remainder continuing on for the grandchildren or more remote
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What’s the Deal With Blockchain and Bitcoin? Highlights of Wealth From Wisdom Radio
What is blockchain? It’s a question on a lot of people’s minds. You’ve probably heard the word tossed around more and more often. It’s often paired with “bitcoin” and “cryptocurrency,” but it’s easy to get lost in the jargon. This edition of Highlights from “Wealth From Wisdom Radio” is all about blockchain. In the podcast, Ron Carson and Paul West answer this question, and they bring on two special guests: Aviad Haimi-Cohen and Nathana O’Brien Sharma, experts in the field of blockchain and cryptocurrency.
than the internet. Before blockchain technology, it was very easy to copy digital information (ones and zeroes). After you made a copy, you would be left with two indistinguishable digital objects. With blockchain, digital objects have unique identities. When you make a copy, you know it’s a copy — or more importantly, everyone knows it’s a copy. The technology allows cryptocurrency to function like cash. You can make simple and secure transactions that have a level of anonymity. However, that anonymity can increase depending on the currency, whoever is behind it, and many other variables. Transactions can be tracked, but it’s not as simple as glancing at a ledger to see who exactly is doing what. Today, there are over 1,000 cryptocurrencies or “coins” that rely on blockchain technology. Of these, there
are only 10 or so that are really worth thinking about, such as bitcoin. As it stands, blockchain technology isn’t fully accessible to the ordinary person without a computer or programming background. Over time, this will change and it will ultimately become accessible to just about everyone. It’s already moving ahead full-steam in the business world. Companies like Maersk and Walmart have used blockchains to streamline many of their internal processes. To learn more about blockchain technology and what it means to you, be sure to visit WealthFromWisdomRadio. com and listen to the podcast from April 14, 2018. If you have questions, you’ll find answers.
So, what is blockchain? First, it’s about security and transparency.
Fundamentally, it lets you give a unique signature to a digital object (which can be anything from a document to a financial transaction). Second, it’s something you should pay attention to, if you aren’t already. It may very well become bigger
Sudoku
Father’s Day Chili Lime Chicken Wings
INGREDIENTS
• • • • •
1/4 cup honey
1/4 cup soy sauce
• •
4 pounds chicken wings 1 stick unsalted butter, softened 1 1/4 tablespoons Thai red curry paste
1 lime, halved
Extra-virgin olive oil Kosher salt and freshly ground black pepper Chopped cilantro for garnish
•
•
INSTRUCTIONS 1. Heat oven to 425 F.
2. Rinse wings under cold water and pat dry. Season liberally with salt and pepper, and drizzle with olive oil. Roast on a baking sheet for 25 minutes or until skin becomes crisp and brown. 3. Blend butter, red curry paste, honey, and soy sauce in a large mixing bowl. 4. Toss wings in butter mixture. Squeeze lime juice on top, transfer to serving plate, and garnish with cilantro.
Answer on page 4
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Sudoku Answer
INSIDE • Of Fathers and Sons PAGE 1
• How Meditation Can Help the Aging Brain PAGE 2
• What Kind of Trust Is Right for You? PAGE 2
• What’s the Deal With Blockchain and Bitcoin? PAGE 3
• Father’s Day Chili Lime Chicken Wings PAGE 3
• Cut Down on Flight Costs With This Simple Rule PAGE 4
The Best Time to Book a Flight SaveBig onAirfareWithThis SimpleRule
In case you haven’t noticed, traveling is expensive. It can feel like you’re signing away your soul when you sit down to plan a vacation. But when it comes to flights, there’s good news: They’re getting cheaper! According to a 2017 report published by online travel company ODIGEO, long- distance trips across Europe fell 7 percent last year. Luckily, the same trend is reflected in North American airlines as they engage in a price war to woo a growing base of ultrafrugal travelers. Still, a $600 summer flight to Honolulu isn’t exactly pocket change. What’s worse, flight prices are slippery; CheapAir.com’s 2017 Annual Airfare Study determined that the fares for any given trip go up or down an average of 71 times, about $33 each shift. When you purchase your flight is
nearly as important as where you’re going. But how do you choose a booking window that will maximize your savings? According to the CheapAir.com study, in which they evaluated 921 million airfares, the best time to book is 21–105 days in advance of your flight, on average. If you want to get even more specific, try to book 55–75 days out, and book on a Sunday. Many travelers swear by Tuesday and Wednesday bookings, but as Condé Nast Traveler reports, Expedia and the Airlines Reporting Corporation say that Sunday is the way to go, based on data from billions of flights. Tuesday and Wednesday are usually the cheapest days to actually fly though. The CheapAir.com study also pinpoints the absolute best windows for specific seasons: 54 days for winter trips, 75 days for spring,
76 days for summer, and 45 days for fall. Of course, these are averages, but if you stick to these rules and check fares regularly on sites like Kayak.com, SkyScanner.com, Momondo.com, and on the handy app Hopper, you can rest easy knowing you’re getting close to the best price possible.
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