Mattson Financial Services April 2019
F I N A N C I A L S E R V I C E S , L L C
616-514-3831
www.MattsonFinancial.com
April 2019
How Will You “Pay It Forward” to the Next Generation?
I recently had the opportunity to sit down with a sixth-generation business owner. During our conversation, we talked about their legacy and what they hoped to leave to the next generation. Many people feel they are not rich enough or do not have enough assets to develop a lasting legacy. The truth is that the legacy is about passing on so much more than just about money and assets. Take my own mother as an example. At 90 years old, she wrote letters to each of her children, detailing what she felt about each child, some of her fondest memories, and how she feels about their individual accomplishments.
you started with $250,000.
Then the next generation does the same, and so on and
so forth. They continue the legacy even after you’re gone, and while this approach isn’t going to make any single family member wealthy, it gives the current generation something significant to pass on. It’s an approach that encompasses the “pay it forward” attitude. When my wife and I were recently in Florida, we experienced that attitude firsthand. We pulled in line at a drive-thru, and as we arrived, I let another car go ahead of us. When we got to the window, the cashier told us the person in the car ahead had paid our bill in full. Not wanting to have the courtesy end with me, I chose to pay for the car behind me. I have no idea where it stopped, but I do know there were a lot of happy people that day —myself included. I left the drive-thru with a smile on my face. When it comes down to our legacy, the greatest gift we have to give is ourselves and our actions. It’s more than just money, property, or other assets. It’s our memories and the example we set for our kids, grandkids, and those yet to come. As you go forward, think about what you intend to leave the next generation and those you love most. Even as you go about your day, think about the people behind you in line or in traffic. What kind of legacy do you want to leave behind? –Gary Mattson
These letters are to be handed to my siblings and opened upon her death. As it happens, I’m the child she entrusted these letters to.
In many respects, these letters are a representation of her legacy. Part of her legacy was being our mother and it’s her way of keeping that legacy alive after she’s gone. I have no doubt we will cherish these letters.
Many of my own clients don’t have millions of dollars saved or tucked away in their retirement accounts. They are conservative investors who work hard to save money over time. When you don’t have significant savings, you may feel you won’t have much left to pass on to the next generation. If this is a concern, there are a few things to consider. For instance, $250,000 can be turned into a significant sum later on. With $250,000 in an IRA with 5 percent return, you can set yourself up to leave your children or grandchildren some money. Here’s a possible example: If you only take out the required minimum distributions (RMDs) after age 70 1/2, you would be left with approximately $1.3 million to leave to the next generation, assuming
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REVISITING A CLASSIC
‘THE MAGIC
In this issue we’re diving into an old classic that helped define the modern personal development genre and has helped millions of readers improve their lives. “The Magic of Thinking Big” flew off shelves when it was first published in 1959, propelling author David J. Schwartz from university professor to foremost authority on motivation. But does his seminal work still hold true 60 years later? Is there still magic in letting yourself think big in the 21st century? In a word, yes. The lessons in “Thinking Big” are broad, but their wide applicability is also what makes them timeless. While today, many authors and motivational coaches — from “influencer” culture to “growth hacking”— focus on whatever is new and shiny, Schwartz focuses on the fundamentals. This can make the opening chapters in “Thinking Big” feel excessively familiar to those who have read other personal development books. The power of positivity and self-confidence
may have been groundbreaking ideas back when Eisenhower was president, but today they’re a given. While this may make some of Schwartz’s ideas feel old hat to modern audiences, the essence of what he wrote in 1959 still rings true today. In fact, one could argue that several core concepts of this decades-old work are even more applicable today. A running theme in Schwartz’s book is the incomparable benefit of treating people like people. While many personal and business dealings hinge on the power of a handshake, there’s something refreshing about the common human decency of Schwartz’s outlook. So many motivational works today focus solely on personal reflection —“Thinking Big” reminds us that there is great power in simply being good to other people. Perhaps the largest takeaway today’s readers can find here is to take on more and think bigger. “Thinking Big” is replete with real-world success stories of people doing precisely that,
THE MANY WONDERS OF OMEGA-3S
One Little Pill That Can Do Your Body Good
Because fish oil is said to improve everything from heart health to chronic dry eye, it may sound a bit like, well, snake oil. But this brilliant little supplement packs a big punch, especially for older adults. Heart Health Benefits The omega-3 fatty acids docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) have been shown to support heart health in multiple ways. The Mayo Clinic cites research suggesting that higher levels of EPA are associated with a reduced risk of congestive heart failure in older adults. Studies also report that people with moderate to severe hypertension typically see a positive effect on their blood pressure if they regularly take omega-3s. Joint and Eye Benefits Omega-3 fatty acids can reduce pain, stiffness, and swelling associated with osteoarthritis and other joint disorders by lubricating the joints and acting as an anti-inflammatory. As we age, our ability to produce tears diminishes. Fish oil’s lubricating and anti-inflammatory properties also make it a great treatment for and defense against chronic dry eye. Cognitive Function Benefits Several studies have concluded that regularly consuming omega-3 fatty acids can help maintain cognitive function. While research shows no cognitive recovery in extremely elderly subjects who already suffer from dementia, evidence indicates that taking fish oil on a regular basis may prevent or postpone the onset of cognitive decline. Omega-3
consumption may also improve the quality of life for individuals suffering from depression or anxiety at any age.
Which Omega-3 Supplement Is Right for Me? If you eat fatty fish several times a week every week, you may already get enough omega-3s, but it can be difficult to get a therapeutic dose of fish oil from food alone on a regular basis. A fish oil supplement can provide additional fatty acids. Look for an ingredient list that specifically shows EPA and DHA; some brands use misleading labeling that only shows the total amount of fish oil rather than the actual omega-3s. Recommendations vary, but most sources indicate that a dosage of 1,000–2,000 milligrams (1–2 grams) of combined EPA and DHA provides benefits. If the smell or “fish burps” bother you, choose enteric-coated capsules, which dissolve in the small intestine rather than the stomach. Omega-3 caps also come in vegan options sourced from seaweed and algae.
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The 2 Most Common Ways Criminals Steal From Seniors
OF THINKING BIG’
from students collaborating to solve supposedly impossible problems to wounded paratroopers making their way across the mountains
AND HOW TO SPOT THEM
of Burma toward safety. Whether you’re dusting off an old copy or picking it up for the first time, this classic is still worth a read in 2019.
Scamming older adults has become big business. According to the American Journal for Public Health, an estimated 5 percent of seniors are hoodwinked by criminals every year, and that statistic is thought to be a steep underestimate since somany scams go unreported. To stem the tide of seniors unknowingly giving $36 billion to scammers annually, it’s important for retirees and their loved ones to get savvy on the subject. Here are the two of the most common scams older folks fall prey to— and how to avoid them. Advanced Fee Fraud The most common con in 2017 and 2018 was the classic“You’ve won a sweepstakes!”scam. Victims are told they’ve won some exorbitant amount of money, but they must pay a fee to receive the prize. After the“fee”is paid, victims receive a fake check in the mail, but by the time it bounces, the scammers are gone and they’ve taken the money. If you ever receive a contract from an unknown entity out of nowhere, you should start seeing red flags. Unless you remember entering a contest, there is no chance you’ve won something. And it’s vital to understand that it is never safe to give out financial information over the phone or via email. Computer Software Service Fraud This type of scam is slightly more sophisticated. First, a hacker will call a victim and claim to be a member of a tech support teamor an employee from a trusted company like Microsoft or Apple. Then, they’ll tell the victim there is a problemwith their phone or computer and that if they cooperate with the“tech support”representative, they can sort it out. They may also ask you to install a piece of software on your device or provide credit card information to“validate your software.” The fact is that well-known tech companies will never send unsolicited emails to ask for your personal or financial information, and they definitely won’t ask you to install some shady software on your computer. If you ever receive a call out of the blue from“Microsoft,”hang up the phone immediately. The first step to stopping these criminals in their tracks is to be aware of their tactics. With these tips in your arsenal, you’ll be able to defend yourself and your bank account effectively.
ROASTED RADISHES WITH RADISH GREENS NIKKI’S FAVORITE
Radishes start showing up in droves during the spring and summer months, but all too often we only eat the bulbs raw on salads and discard the greens. This recipes bucks both of those trends, with the radishes being roasted alongside their green tops.
Ingredients
•
3 bunches radishes with greens attached 2 tablespoons extra-virgin olive oil
• • •
Salt and pepper, to taste
2 tablespoons unsalted butter
•
2 tablespoons fresh lemon juice
Directions
1. Heat oven to 500 F. While heating, trim radishes and wash greens. Pat both dry using a paper towel. 2. In a large ovenproof skillet, heat oil over high heat until shimmering. Season radishes with salt and pepper, add to skillet, and cook until lightly browned, about 2 minutes. Transfer entire skillet to oven rack and roast for 15 minutes. 3. Once removed from oven, return skillet to stove. Over medium heat, stir in butter and add greens. Cook until they are wilted, about 2 minutes. 4. Finish with lemon juice and additional salt if desired. Serve immediately.
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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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3226 28th Street SE Kentwood, MI 49512 INSIDE THIS ISSUE
SAVE THE DATE! APRIL 5 — FIRST FRIDAY EVENT FROM 3–6 P.M. AT OUR KENTWOOD OFFICE APRIL 15 — SHRED DAY, DETAILS BELOW! MAY 3 — FIRST FRIDAY EVENT FROM 3–6 P.M. AT OUR KENTWOOD OFFICE
How Do You Envision Your Legacy?
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Discover ‘The Magic of Thinking Big’ The Many Wonders of Omega-3s
Roasted Radishes With Radish Greens 2 Tactics Criminals Use to Steal From Older Adults
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Shred Your Personal Documents!
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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 Advisor 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.
Don’t Toss ‘Em …
Celebrate the end of the tax season with us! Shredding your personal documents can help prevent identity theft. In an effort to help you reduce clutter and avoid identity theft, you and a friend are invited to join the Mattson Financial Services team for Shred Day 2019!
While watching your documents get pulled apart, have a pulled pork sandwich lunch on us!
Monday, April 15 | 10 a.m. to 1 p.m. Mattson Financial Services
Bring your old documents, financial records, tax forms, and other paper materials (at least 7 years old) and shred ‘em up!
3226 28th Street SE Kentwood, MI 49512
Suggested items to bring include: • Documents with Social Security numbers, birthdays, PINs or passwords • Banking documents and other financial information • Leases, contracts, or letters with signatures
Lunch provided
• Pre-approved credit card mail and applications • Medical or dental bills • Travel itineraries • Used airline tickets
RSVP to 616-514-3831. We look forward to seeing you there!
Investment advisory services offered through Mattson Financial Services, LLC, a Registered Investment Advisor 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.
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