Tale a look at our newsletter this month.
JANUARY 2019
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RETHINKING RESOLUTIONS The Importance of Environment
This may come as a surprise to some of you, but I have a bone to pick with New Year’s resolutions. It’s not that I don’t believe in setting long-term goals or that people shouldn’t try to improve themselves — after all, helping people do these things is what my job is all about. However, it’s because of this experience that I can’t help but feel many people — myself included — approach these yearly resolutions in the wrong way. Traditional New Year’s resolutions frame major life changes as being a matter of willpower. Whether your goal is to lose weight or cut back on your spending, you may often think of these shifts as being purely about personal choice and self-control. But when it comes to accomplishing something as monumental as changing deeply rooted habits, relying on yourself to change at the drop of a hat is a recipe for disappointment. The numbers back me up. The University of Scranton researched the completion rate of New Year’s resolutions as well as they could, relying largely on self-reporting volunteers. They found that only 8 percent of Americans accomplish their resolutions each year. I don’t know about you, but I wouldn’t want to play those odds. So how can you rethink resolutions to make them more successful? Attempting to answer this question for myself, I picked up a book that has been making a lot of waves in the business community:
“Willpower Doesn’t Work” by Benjamin Hardy. A Ph.D candidate in organizational psychology, Hardy’s core thesis is that altering your surroundings is the first step to reaching your goals. If you really want to change yourself, you need to change your environment first. Anyone who has raised children can relate to this. No matter how much you impart good morals to your kids, and no matter how willful they may be, if they hang out with the wrong crowd long enough, they’ll eventually pick up some of those behaviors. Sure, maybe 8 percent of those kids has what it takes to not give in to social pressures, but the truth is most people — not just kids — are affected by their environments. Take your standard “health kick” resolution. People resolve to lose weight but neglect to remove temptations from their fridges. They continue to eat with friends and family who aren’t on a diet and fail to adapt their daily schedules to make room for exercise. To really make a habit stick, the people and environment around you need to positively reinforce that change. This applies to finance as well. So often, friends, family, and societal expectations can negatively influence your spending habits. Some feel like they have to drive a car as nice as their next-door neighbor’s or take the same lavish vacations as their relatives regardless of their own financial
reality. Social pressure, in particular, is a huge factor. Many parents feel like they have to bankrupt themselves just to send their kids to college debt-free. So how do you change your financial environment for the better? You can’t exactly cut out toxic social pressures from your life the way you can clean out sugary, processed foods from your fridge. But you can make sure you’re in contact with positive influences. That’s why we value personalized relationships here at Financial Architects. Beyond helping you build a financial framework to reach your long-term goals, we’re always there to answer questions and provide insight. Maybe paying for 100 percent of your children’s tuition just isn’t realistic, and that’s okay. We’re here to help you parse those difficult decisions and help you find the best route for you and your family. If you’re struggling with those resolutions at the outset of the year, consider this your Get Out of Jail Free card. When it comes to willing yourself to personal improvement, the numbers just don’t add up. Instead, you can resolve to spend more time with those who make a positive impact on your life and start changing your environment for the better.
Here’s to a bright new year,
–Chris Cousins
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How a Strong Financial Strategy Can Last a Lifetime
A SOUND STRATEGY RATHER THAN A PRODUCT
Do you have a laundry list of to-do’s that keep getting pushed to the bottom of the list? They might be those things that “need to get done” at some point but aren’t a huge priority “right now.” Having them on the list is more of a reminder than an actual to-do. Americans lead hectic lives, and it seems like there is never enough time to do all of the things you plan on doing until there is some urgency involved. For a lot of people, creating a financial strategy has likely been on their list for a while. Your financial situation is a very important aspect of your life, but too often, it’s eternally pushed to the bottom of the to-do list. Why is that? Well, it takes time. Time that many people feel they don’t have when it’s not a priority. Most people essentially want a financial “easy” button like the one they’ve seen on TV commercials. People want quick answers and a convenient solution. But there’s one major problem — easy isn’t always good . A big trend in the wealth services industry today is the reliance on products as being the sole solution to your problems. A product cannot solve problems as well as a strategy can. Products continuously become outdated, and new ones quickly replace the old products. This process continues over long periods of time. Most advisors are trained to use products as solutions, and many times, they fail to look at the whole picture. These products are created to appease the masses, current trends, and financial problems in society. THE PROBLEM WITH FINANCIAL PRODUCTS
You and your family have unique circumstances, situations, goals, and dreams that determine your financial position. But take a moment to think about your next-door neighbor and your neighbor across the street. Chances are their financial position is vastly different. A financial “easy” button would not be able to provide a one-size-fits-all solution for you and your neighborhood that would bring you all success. Don’t get me wrong — financial products do have their place, but they aren’t stand-alone solutions. Only through a strategy can substantial efficiency gains be made. Rather than focusing on products, Financial Architects focuses on strategy through decision integration and coordination. Many times, problems can be solved without the use of specialized products. By coordinating financial decisions and taking a holistic approach to your unique situation, there is the potential for thousands to be saved in waste and inefficiency. But putting together a financial strategy is not necessarily easy. It takes time, expertise, and deliberate effort. Administering a holistic financial strategy may potentially produce better results, but there is no big red “easy” button to fast-track the process. So consider moving “build a financial strategy” a little higher up on your to-do list. Take the time to work with a Financial Architect on a strategy that will last a lifetime. The money saved by taking the time now will be worthwhile later on!
“It’s supposed to be hard. If it were easy, everyone would do it.” –Tom Hanks in A League of Their Own”
The information contained in this newsletter is derived from sources believed to be accurate. You should discuss any legal, tax, or financial matters with the appropriate professional. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities offered through The O.N. Equity Sales Company, Member FINRA/SIPC (www.FINRA.org/ and www.SIPC.org). Investment Advisory Services offered through O.N. Investment Management Company and FAI Advisors, Inc. Financial Architects, Inc. and FAI Advisors, Inc. are not subsidiaries or affiliates of The O.N. Equity Sales Company or O.N. Investment Management Company. We have representatives currently registered in the following states: AL, AZ, CA, CO, DC, FL, GA, IL, IN, LA, MD, ME, MI, MN, MS, MO, NC, NJ, NV, NY, OH, OR, PA, SC, TX, VA, WA, and WI.
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Take A Break
SOCIALLY SECURE Social Media Reminders for Parents
Social media has been making the world smaller than ever. The distance among cross-country relatives and friends shrinks with each post or Skype call. And instant updates from loved ones are particularly valuable during the holidays. That Christmas morning video call means Grandma and Grandpa get to see their grandkids in their new holiday outfits, but so can online predators. According to digital and safety experts, half of the photos filtered onto the darknet are stolen from parents’ social media accounts. If these predators are privy to your photos, they’re also able to snag your location and other sensitive information, putting you and your children at physical risk as well. On a less disturbing note, social media content is permanent. Even after you delete a post or a photo, it leaves a digital footprint that could follow your child throughout their education and could even affect job interviews or future relationships. It’s still possible for you to foster a sense of privacy in the digital age, but it’s important to respect what your child deems private information. After all, it’s their future. Consider these rules before you share. 1. Ask your child’s permission. If they can speak, then they can speak for themselves. Children love to see photos of themselves, but they may also be aware of what they are and aren’t comfortable with, even at a young age. 2. Limit the nudity. Everyone loves a beach day, but think twice before posting swimsuit or skinny-dipping pictures. Opt to post safer photos, like the family posing prior to fun in the sun. 3. Check your settings. Your privacy settings may be exposing your family to more people than you know, and if you feel the need to share every minute of your child’s day online, making these settings airtight will protect your children and their reputations. 1. Tinybeans.com is a secure photo-sharing website for parents of babies and young children. The digital photo album app allows you to share photos with only the people you choose. 2. Create a separate, secure group on Facebook. Family, friends, or coworkers in closed groups can still fawn over their little ones in a personal, safe setting. Despite the dangers your digital life can elicit, you don’t have to avoid the digital world completely. Social media is still a great tool for families to stay connected, as long as you take precautions. Go ahead and brag about your kids online — just be safe and considerate of your child’s wishes. Consider some of these safe alternatives to regular public posting:
Solution on page 4
Winter is the height of citrus season, so it’s a perfect time to experiment with oranges and lemons. Roasting the fruits concentrates their flavor and makes the skins edible, creating a blast of flavor for this winter salad. INGREDIENTS CITRUS AND AVOCADO SALAD
• 1 blood, cara cara, or navel orange, sliced 1/8-inch thick and deseeded • 1 Meyer or regular lemon, sliced 1/8-inch thick and deseeded • 4 tablespoons olive oil, divided
• 1/4 small red onion, thinly sliced • 2 tablespoons fresh lemon juice • 1 bunch arugula • 1/2 cup fresh mint leaves • 1 avocado, cut into wedges • Salt and pepper, to taste
INSTRUCTIONS
1. Heat oven to 425 F. 2. In a rimmed baking sheet, toss citrus slices with 1 tablespoon oil and season with salt and pepper. Roast citrus until lightly charred and caramelized, about 10–15 minutes. Let cool. 3. Meanwhile, in a large mixing bowl, combine onion and lemon juice. Season with salt and let sit for 5 minutes. 4. Add citrus, arugula, and mint to onion mixture. Drizzle with remaining oil, season with salt and pepper to taste, and toss thoroughly. 5. Add avocado, combing very gently to not crush avocado.
Inspired by Bon Appétit
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Inside This Issue 1 | Rethinking Resolutions
2 | How a Strong Financial Strategy Can Last a Lifetime
3 | Socially Secure
3 | Citrus and Avocado Salad
4 | 3 of the World’s Greatest Winter Sport Destinations
3 of theWorld’s Greatest Winter Sport Destinations WHO’S READY FOR SOME POWDER?
WHISTLER, BRITISH COLUMBIA, CANADA
ST. ANTON, AUSTRIA
The sound of the first carve through fresh powder is the anthem of all winter sports enthusiasts. Here are three of the world’s best places to experience that powder you’ve been craving all year.
If you want a great location for next year’s Christmas card photo, there’s no better place than the Tyrolean Alps. Nestled in a valley between perfectly molded mountains, the Austrian landscape provides a beautiful backdrop for your winter excursions. The densely wooded areas and the bright reflection of the snow frame the vibrant town that’s just waiting to be explored. When you’re ready for world-class runs, hop in one of the 11 gondolas and zip down the hills that hosted the 2001 Alpine World Ski Championships.
A destination that looks like a cross between a Nordic paradise and Olympic- level runs, Whistler is filled with true magic, winter activities, and a town that captivates the senses. When you see the mountains of British Columbia, you’ll understand why they hosted the 2010 Winter Olympics. The location’s beauty is only part of your stimulating experience, because every curve of fresh powder makes your pupils dilate. Once you’re done flying down the hill where Bode Miller took the bronze, head over to the winter wonderland of the old Olympic Village for a cozy night in a picturesque town.
BRECKENRIDGE, COLORADO
John Denver’s anthem “Colorado Rocky Mountain high” is about the freedom he felt here. Where there are great mountains, there’s even better snow. The ski resort boasts five peaks, 187 trails, 34 lifts, four terrain parks, and a renowned cross-country trail. After a day on the slopes, head into the town of Breckenridge for dining and activities that ditch the glitz and glamour of Vail or Aspen and take you straight to the heart of fun.
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