tag:blogger.com,1999:blog-124778382024-03-06T22:15:28.537-06:00Mississippi MoneyNancy Lottridge Anderson, Ph.D., CFA, and her staff offer expert advice and personal service. We offer our services on an hourly or retainer basis for our clients. Our services include account management, stock and economic research, retirement planning, and 401k slate analysis. We manage investment accounts of any size and tailor the portfolio to meet your specific needs. For clients of ours, we are available to help with any financial situation you face.Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comBlogger1236125tag:blogger.com,1999:blog-12477838.post-26751116925170888742023-12-04T14:26:00.000-06:002023-12-04T14:26:00.485-06:00All About Beneficiaries<p><i> The following blog post was written by Dierrah McInnis. </i></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Who will get your stuff when you die? If you haven’t decided, the State will decide for you. Let’s start with some basics:<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif;">Question 1: </span></b><span style="font-family: "Times New Roman", serif;">What is a beneficiary?<u><o:p></o:p></u></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Beneficiaries are individuals or entities who are designated to receive your assets. You can have a beneficiary on a life insurance policy, a trust, an IRA, or a 401(k). You can also have beneficiaries <a name="_Int_YZmVSUea">on</a> bank accounts and brokerage accounts. Any accounts that don’t have a designated beneficiary will go through your will or will be divided according to State law.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Your will should also designate beneficiaries. It is the fall back for any accounts without specific beneficiary designations.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif;">Question 2:</span></b><span style="font-family: "Times New Roman", serif;"> Do I need to have a will?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><span style="color: red; font-family: "Times New Roman", serif;"> </span><span style="font-family: "Times New Roman", serif;">Yes. Even if you list specific beneficiaries on every account, the will covers personal property and other assets that may not have designated beneficiaries. The will is the back up for accounts that may be missing beneficiary information. </span><span style="font-family: "Times New Roman", serif;"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Not only does a will allow you to name beneficiaries, <a name="_Int_oiP3Aw8X">it</a> also allows you to appoint a guardian for any minor children, name someone to handle your final affairs, and designate special <a name="_Int_Gb8gEyMe">bequests</a>. A will is subject to probate, which refers to a legal process that validates the will and oversees the distribution of assets. On the other hand, accounts with designated beneficiaries bypass the probate process. Remember, accounts with a designated beneficiary supersede your will.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif;">Question 3:</span></b><span style="font-family: "Times New Roman", serif;"> What is the difference between primary and a contingent beneficiary?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">A primary beneficiary is an individual or entity that is first in line to receive all the assets in an account upon the death of the benefactor. A contingent beneficiary is an individual or entity that is second in line if the primary beneficiary is no longer living or can’t be located. You can also name more than one beneficiary and specify the division of assets<b>.<o:p></o:p></b></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></b></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif;">Question 4:</span></b><span style="font-family: "Times New Roman", serif;"> What does the terms per stirpes and per capita mean?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">The <i>Latin</i> word per stirpes means “by branch”, which refers to every person down a family tree beginning from another person. For example, if a primary beneficiary has passed away, their share of the assets would be distributed equally among their children. Usually, this option has to be specified on a form or in your will.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">The word per capita means “by the heads”, which refers to assets being distributed equally among all living primary beneficiaries. For example, if a primary beneficiary is deceased, their share is not passed down to their descendants but instead distributed equally among the remaining primary beneficiaries. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Which option you choose will have a significant impact on how your assets are inherited. Choose wisely.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif;">Question 5:</span></b><span style="font-family: "Times New Roman", serif;"> How often can my beneficiaries change?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">You may change your beneficiaries as often as you like. We believe you should review your beneficiaries at least once a year, especially if you have a major life event, such as marriage or the birth of a child. All it takes is a phone call, and we'll start the paperwork, get you to sign it, and wait for the changes to take effect!<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">And now for a beneficiary nightmare story from Nancy...<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">I am the youngest of 3 children. My mother died in 2021, but my 94-year-old father is still alive and well. My sister died five years ago, and it has been my parents’ wish to pass on her share of their assets to her 3 girls (see per stirpes above).<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">I am the executor of my dad’s will, but we decided to put beneficiaries on each of his certificates of deposit. In doing so, we hoped to quickly and easily pass on his assets upon his passing. Two years ago, I gathered my nieces’ information, and we made arrangements at the two banks where he had accounts. Recently, we sold his house and needed to add beneficiaries to the new CD. This was our task during the Thanksgiving holidays. We thought it would be a breeze since the bank already had all the beneficiary information. <a name="_Int_LJIrs1nv">Boy,</a> were we wrong!<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">We went to a local branch of a long-established Coast bank and found NONE of the CDs had my neices’ names on them. Only my brother and I were listed as beneficiaries. OK, so let’s add them. Seemed easy enough, right?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Except this bank would only allow 4 total names on any one account (one owner and 3 beneficiaries). What?!? I explained State law. I stared at them disapprovingly. I huffed, and I puffed. They wouldn’t budge—said it was a new bank policy. Frankly, I think it was a lack of imagination in their technology department.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">I thought of a workaround. What if we put my deceased sister’s name back on that account and marked the “per stripes” box? The branch manager said, “What is that?” I couldn’t believe my ears. Maybe we should send her the full text of this blogpost?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">We were stuck. Finally, the only alternative was to remove ALL the beneficiaries and allow these assets to go through the will. This means it will take longer for my dad’s heirs to get their portion, and I will have to be the one administering all the details.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">After a couple hours at this unnamed bank, we decided to head to bank number 2. We walked in the door and made our request. We needed to check the beneficiaries on the 2 CDs at this bank. There were several workers there—2 at front desks—but the only person with access to beneficiary information had just left the building. Another WHAT?!?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">We could only leave my name and number on a notepad and ask for a call back. Seems efficient, right?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">And, yes, they DID call back. All 5 beneficiaries were on the 2 CDs. Whew! We could actually follow State law at this bank. The only problem is that the allocation was wrong, with each getting equal amounts versus a third going to my 3 nieces. This required a second trip to the bank on Friday morning to get new paperwork signed.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;"> </span></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">The moral of the story? Don’t bank at the big, established Coast bank? Maybe. At the very least, check your beneficiaries on every account each year. Understand how account registrations can change inheritance. Talk to your elderly relatives about their wishes and make sure accounts are set up to match those wishes. If all else fails, consult an attorney.</span></span></p><p><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">Getting it right while they’re still with you is much easier than dealing with a tangled nightmare of heirs after the funeral. </span></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-55403249113894298362023-10-23T15:03:00.000-05:002023-10-23T15:03:54.221-05:00Paying the Price for Bad Advice<p> <b>The most important question you can ask when hiring a financial advisor is, “How are you paid?”</b></p><p>From day one, we at New Perspectives committed to being a fee-only advisor. That commitment has resulted in clients who trust that our advice, as fiduciaries, is centered on their needs and not our bottom line. Our client is the ONLY one who pays us which ensures that their interests align with ours. </p><p>In the financial industry, there are 3 models of payment for advice:</p><p></p><ul style="text-align: left;"><li>Commissions</li><li>Fee-Based</li><li>Fee-Only</li></ul><p></p><p>With the commission model, compensation varies depending on the product/investment recommended. Lucrative (for the salesperson) commission-rich products such as annuities and insurance products may not be in the best interest of the client. While commission brokers are required to disclose that compensation, it is often buried in a prospectus or some other fine-print contract. Most clients do not know what they are paying. In some cases, payment comes off the top. In other cases, it comes in smaller, annual increments that impose penalties on clients who move their funds before full payment has occurred. </p><p>Your “advisor” is being paid by someone else to do something that may not exactly be in your best interest. Commission brokers typically are NOT fiduciaries. They are held to a different standard called suitability. That means they only need to show the recommended product is suitable, even though it might not be the best product in that situation. It is a system rife with conflicts of interest.</p><p>The fee-only model is clear. Clients are required to sign a contract with costs detailed. In this case, clients may pay an hourly fee or they may pay based on a percentage of their assets that the advisor manages. Mainly, we charge a management fee of 1% of assets managed, but we still conduct some consultations under the hourly arrangement. The percentage of assets model aligns our interests with those of our clients. When our clients’ portfolios increase, our compensation increases.</p><p>Expect fee-only advisors to be Registered Investment Advisors operating as fiduciaries. This is the highest standard in the business and requires these advisors to put their clients needs above their own.</p><p>The fee-based model is a hybrid one, further clouding the picture of compensation. These advisors charge a fee for their advice, but they also recommend commission products. As long as these advisors steer clear of commission products in accounts where they also charge fees, they are operating like fee-only advisors. In some cases, they may offer commission products to a set of clients who are not under a management arrangement.</p><p>For any client, the ultimate goal is to find an advisor who adds value to your financial situation. That means getting sound advice that isn’t weighed down or tainted by hidden fees. That means having an advisor with expertise in all areas of the financial picture—investments, tax policy, estate issues. It also means having someone you can trust to put your needs first. For us at New Perspectives, the fee-only arrangement fits our values and our belief that giving our clients the best advice makes for good long-term relationships.</p><p>So ask the question, and understand how your advisor is being paid. No one should ever pay the price for bad advice.</p><p><br /></p><p><br /></p>Nancy Anderson, Ph.D., CFAhttp://www.blogger.com/profile/13993044498727307243noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-12563136421071116292023-03-23T16:19:00.005-05:002023-03-23T16:19:52.603-05:00Is your money safe?<p>With the collapse of Silicon Valley Bank and Signature Bank of New York in recent weeks, you may be wondering if your deposits at any bank are safe.</p><p>The short answer is probably yes.</p><p>In the wake of the collapse of those two banks, the Federal reserve, Treasury and FDIC came together with very strong support of depositors nationwide. Tighter regulation in the past decade has generally led to safer banks, but no bank could withstand the extraordinarily high level of withdrawals that SVB and Signature faced in their final days.</p><p>The past weeks brought two significant changes to support depositors:</p><p>The first thing that was done to support depositors was an expansion of FDIC insurance. FDIC insurance exists to ensure depositors that they will always have access to their money, even if their bank fails. The current limit of <a href="https://www.fdic.gov/resources/deposit-insurance/faq/index.html">$250,000 per depositor, per FDIC-insured bank, per ownership category</a> covers most individuals. What the crisis at SVB revealed was that companies that may keep millions in the bank are still at risk, and that puts their employees payroll and vendor payments at risk. FDIC extended insurance to all depositors in that case.</p><p>Will they do this again for your bank? Maybe so - Treasury Secretary Janet Yellen is very careful with her words, but does say <a href="https://www.bloomberg.com/news/articles/2023-03-21/yellen-says-us-will-intervene-if-needed-to-protect-smaller-banks">they will provide similar support</a> for other institutions when there is a risk of contagion. </p><p>The second thing that was done to support depositors was an expansion of lending between the banks and the Federal reserve. Banks do not always have all of the cash they need to meet deposits on hand, so they sometimes borrow cash from other banks. Commonly, they use secured loans, posting high quality assets as collateral in exchange for the cash they need. The newly established <a href="https://www.federalreserve.gov/monetarypolicy/bank-term-funding-program.htm">Bank Term Lending Program</a> offers more generous terms for banks to borrow from the Federal Reserve. The bank puts off Treasuries or other qualifying assets and receives cash to meet withdrawals.</p><p>Banks are in the business of managing risk mismatches. They must keep savings and checking accounts immediately accessible at all times with great surety. However, they make loans that are not due back immediately, or are to borrowers of less than certain credit. The Bank Term Lending Program is designed to help banks manage the maturity mismatch that has been exacerbated by the sharp rise in rates and corresponding decline in value of bonds.</p><p>We expect our banks to be safe, but risks still do exist. If your deposits exceed FDIC insurance limits, you may consider other cash-like investments like Treasuries. The <a href="https://www.intrafinetworkdeposits.com/why/press/how-to-protect-your-money-from-a-bank-collapse/">IntraFi network also offer</a>s deposit swapping, allowing your bank to divide your deposit between other insured banks, without you having to go open accounts yourself.</p>Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-87608398232096888642022-07-28T14:53:00.005-05:002022-07-28T14:53:55.053-05:00Do You Have Enough Home and Auto Insurance?<p><i> The following blog post was written by our interns, Mauria Ferrell and Brady Gray.</i></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Do you have enough insurance to cover your home or car if something unexpected were to happen tomorrow? Today we are going to look at the homeowners and auto coverage and help you determine if you would be covered. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">When starting to talk about insurance, there are some basic concepts you should understand. Your policy has a regular premium to keep your insurance in effect and your deductible is the out-of-pocket expense that you will have to pay in the event of a claim. Generally, having a higher deductible would mean having to pay more out of pocket before the insurance kicks in. The advantage to that is it would result in lower monthly premium payments while lower deductibles would make your monthly premium payments larger. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Have you reviewed your homeowner’s policy lately? If not, it may be crucial that you update it. Make sure you are insured for at least 80% of whatever it would cost to replace your home so your insurer will pay out appropriately. If your home is not insured for correct amount, it may cost you more out of pocket if an unforeseen event occurred. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">A straightforward way to estimate your home’s value would be to take the market average per square foot and multiply that by your home’s square footage. For example, if your home is 2,500 sq. ft. and the market average per square foot is $150, then your home would be worth about $375,000. Therefore, your homeowner’s policy should cover at least $300,000. It is also important to note that external structures, such as sheds or fencing, may not be covered within most policies. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Next, we’re going to look at auto insurance. Do you know your states requirements for auto insurance? In the event of an accident in Mississippi, your limits for bodily injury are $25,000 per person, with a maximum of $50,000 for bodily injury per incident. It also covers up to $25,000 if you damage another person’s property. It may show up on your auto policy as $25,000/$50,000/$25,000. One important thing to remember is that you should not have auto coverage that exceeds your car’s value. Some car insurance companies offer tracking devices that <a name="_Int_EqIFXIJE">monitor</a> <a name="_Int_lxVAL91I">your</a> driving, giving you a discount based on how safely you drive. Knowing you are fully covered should an accident happen, can ease your peace of mind. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">It is a good idea to consider purchasing liability coverage with higher limits. Remember, if you are at fault in an accident, liability coverage will only pay up to your limits of insurance. You will be responsible for any damages over that amount. Most insurers will offer an umbrella policy that can give you much higher liability coverage that can cover your home and your automobile on top of your existing coverage. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">We’ve all heard the commercials about bundling your home and auto insurance to help save money. According to a study from InsuranceQuotes.com, combining home and auto insurance saves the average consumer 16.1% on their premiums. Combining your insurance has many advantages. With just one insurer for multiple policies, it will be easier to keep track of your accounts. If there is an incident that damages both your home and vehicle, some insurers will only make you meet one deductible before it pays out. If your insurance wasn’t bundled, you'd need to pay two deductibles to two different companies.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">The best way to know if you’re fully covered is to hire help from an independent licensed insurance agent. Shop around for different offers and be sure to consult a financial advisor.</span><span style="font-family: Calibri, sans-serif;"><o:p></o:p></span></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-13874400446979432442022-06-30T09:34:00.004-05:002022-06-30T09:34:29.217-05:00Should I Pre-Pay for My Funeral and/or Final Arrangements?<p>The short answer to this question is yes - paying for or arrange your funeral in advance will save your family from a lot of trouble, confusion and financial worry at time when they are not ready to handle it. </p><p>The major reason for planning your financial future is to benefit your family. Making arrangements for your final expenses should be part of that. Not the most pleasant of tasks, but vital nonetheless. For full disclosure: I was a caregiver for multiple family members for 13 years in total. My husband is a funeral director. I worked in a hospital/healthcare facility for 15 years. I feel very strongly about everyone having their final wishes in order. I once heard an exercise guru say "Your good health is a gift you give others." So true. Also a gift is making a difficult time easier. Also, let me encourage you not to wait until your golden years to plan for your final wishes. Many people don't live to see their golden years. Death is a part of life and life happens to us all.</p><p>First, many funeral homes sell policies or trusts. These are considered insurance and most are regulated by the insurance commissioner. You may have a funeral home that your family normally uses. Or maybe you've never stepped foot inside one. Either way, choose a funeral home whose contracts are regulated by the insurance commissioner because, should the funeral home go out of business or should you decide to use another one, you want to make sure your policy/trust is transferrable to any facility your family chooses.</p><p>Second, ensure that you are locking in today's prices (preferably discounted) in your policy/trust contract. Why? Because prices will only go up in the future. So, if the funeral you want costs $10,000 today, and your policy/trust discounts it to $7,000, then you pay (or make payments on) the $7,000. Once you've paid your $7,000, you are covered. So, if you die in 20 years, when the same funeral you want then costs $20,000, you don't owe anything else. You don't pay the difference. It's done. Plus, your family doesn't have to worry about how to pay for it.</p><p>Third, if you choose to set aside money or to purchase a life insurance policy to cover your funeral expenses, be sure these funds will cover everything on your wish list. Your wish list will probably cost more in the future than the amount you plan for today (see above paragraph). Also, ensure that the funeral home you choose will take assignment, if you are using a life insurance policy. Some funeral homes will not take a payment plan on charges incurred at-need, and they require payment in full at the time services are rendered. Some life insurance companies will take time to send your family a check. If your family is trying to have your funeral and get you to your final resting place, they don't have time to wait for the life insurance company to get around to paying them. It's important to remember that funeral homes are businesses, too, not charitable organizations. A harsh fact, but still a fact. </p><p>Fourth, be aware that many items or services we see at funerals are outside charges that are unrelated to the funeral home and their scope of responsibility. Examples would be: Flowers; vault and graveside set up; specialized cosmetology (if you prefer that your regular beautician prepare your hair and makeup, this is an outside charge); opening and closing of the grave/burial plot; decorative urn; musicians and singers for the service; clergy; family transportation. You can also expect additional outside charges if you die out of your home state, or if you plan to be buried in a state that is not your state of residence. </p><p>Finally, however you decide to handle your final expenses, perhaps the most important thing is to make your wishes known. Tell your family. Give written instructions to your funeral home of choice. Leave a file of instructions in your home to be read upon your death. Please do not include your funeral instructions in your will, as your will is likely to be read much later than your funeral - then it's too late to carry out your wishes. Make sure someone knows what you want and how you intend for them to pay for it. During such a difficult, emotional time, this will be a great gift to your family. You are taking the burden of business away from them and just allowing them to grieve as they need. What a great legacy!</p><p><br /></p>Chanda Roberts Davishttp://www.blogger.com/profile/06013680934376327106noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-91020079680037862732022-06-30T09:31:00.001-05:002022-06-30T09:31:17.826-05:00HELOC vs Cash Out Refinance<p><span style="font-size: 12pt;"><i><span style="font-family: inherit;">The following blog post was written by our interns, Mauria Ferrell and Brady Gray in response to a question we received on a recent Money Talks show. You can listen to the episode <a href="http://moneytalks.mpbonline.org/episodes/money-talks-mortgages-2022" target="_blank">here</a>. </span></i></span></p><p><span style="font-family: inherit;"><span style="font-size: 12pt;">If you need money to consolidate debt or for any other financial goals, there are ways you can access money from the value of your home. Two of the most common ways to pull equity out of your home are through a home equity line of credit (HELOC) or through a cash out refinance.</span><span style="font-size: 12pt;"> </span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">A home equity line of credit or HELOC is a line of credit that is tied to your home as the second loan on the property. You are able to take the money out as needed. Think of it as an on-demand loan. HELOCs often come with a floating interest rate tied to the prime rate plus whatever the bank is charging. This could pose an issue for some borrowers as your monthly payment will almost always be different. <span style="background-color: yellow;"><o:p></o:p></span></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">HELOCs work similarly to a credit card by letting you borrow as much as you need, whenever you need it, as long as you do not exceed the set limit. Most banks loan up to 89.99% of the value of the property minus any existing loans. Be sure to shop around at different banks because HELOCs often come with different terms based on the lender. Banks have different borrowing terms, usually around 60 months for HELOCs. When the term is up, you can pay off the loan completely or apply for a new HELOC. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">It is important to remember that this is by no means a conventional mortgage. Lenders have discretion on who they loan to but there is a <a name="_Int_ahZdV0Kc">general criteria</a> that borrowers must meet. Some common requirements are a credit score of at least 700, and a debt-to-income ratio that is under 45%.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">When using a cash out refinance, you are refinancing your home to free the equity you have already paid into the home. In this process, you would take out a new mortgage to replace your current mortgage. Let’s take a $500,000 home that has a remaining mortgage balance of $250,000 as an example. You could do a cash out refinance for $400,000 paying off the old mortgage and leaving $150,000 in your pocket. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Applying for a cash out refinance may be a little harder than getting a HELOC because you are getting a new mortgage instead of a second mortgage. Applicants should have a debt-to-income ratio of 36% or less and have a credit score of no less than 700 and as it increases you will get a better interest rate. Also, it is important that you need to have at least 20% equity in the home to qualify. This type of home equity loan offers fixed interest rates and longer terms creating an easier payback schedule. Keep in mind that closing costs are higher for cash out refinances. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Deciding which loan is better for you can be hard. Home equity line of credit (HELOC) is a second mortgage that requires an additional monthly payment. Banks are usually more lenient because it won't require appraisal under a certain amount. Cash out refinance replaces your original mortgage with a new loan that is greater than what you currently owe. Interest rates for cash out refinance <a name="_Int_LpWkFMpm">are</a> typically higher than HELOC because with cash out refinance you are paying back more interest. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: normal; margin: 0in 0in 8pt;"><span style="font-size: 12pt;"><span style="font-family: inherit;">Keep in mind that all banks are going to have different requirements and terms, so be sure to find the option that works best for you. Also, consult a financial advisor to see what fits your needs!</span><span style="font-family: Calibri, sans-serif;"><o:p></o:p></span></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-91316944265971482412022-06-30T09:30:00.000-05:002022-06-30T09:30:55.941-05:00When Should I Take Social Security?<p><span style="font-family: Calibri; font-size: 11pt;">Finally, after a lifetime of working, you are beginning to think about retirement. Congratulations! You made it!</span><span style="font-family: Calibri; font-size: 11pt;"> </span><span style="font-family: Calibri; font-size: 11pt;"> </span><span style="font-family: Calibri; font-size: 11pt;">Oh happy day!</span><span style="font-family: Calibri; font-size: 11pt;"> </span></p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">Or maybe your situation is different. You are approaching retirement age, but you love your job. You built your business. You are not ready to hand it over to the next generation. You are enjoying the fruits of your labor. It's not time yet, is it? </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"> </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">These scenarios and so many others may apply to your situation. Whatever your feelings about approaching retirement, every working person is faced with the same question: When should I take social security? The answer? It depends.</p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"> </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">There is no one-size-fits-all answer to this question. First, take a look at your overall picture. Hopefully, you have enough saved to support your preferred lifestyle in retirement, but many people do not. How much of your income will social security represent? The larger the percentage, the more importance assigned to the question. </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"> </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">Your first step should be creating an account at <a href="http://www.ssa.gov" rel="nofollow" target="_blank">www.ssa.gov</a> to be able to view your working credits and see how much your social security payment will be each month, and the different amounts available at different ages. Generally, the longer you wait, the bigger the reward.</p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"><br /></p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">Your second step is to look at what you have versus what you will need. Will your income be enough to sustain you in retirement? If you have enough retirement income without social security, then it makes sense to delay your social security check and let it grow as much as possible. Is there a big difference in the amount you would draw initially versus the amount you would draw if you waited? If so, another good reason to wait. Will you continue to work in retirement? If so, postpone your social security benefit. </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"> </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">However, if you need to retire sooner, or if delaying would not increase your draw amount significantly, or if your spouse's income is the greater - these may all be reasons to take your social security now. Plus, in the future, if you are the surviving spouse with the lower social security amount, you may be able to draw your spouse's social security upon their death. If any of these scenarios would apply to you, it may be time to draw your check!</p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;"> </p><p style="font-family: Calibri; font-size: 11pt; margin: 0in;">As with any season of life, your income, expenses, upcoming changes in lifestyle, anticipated needs, etc., are all factors when it comes to deciding whether or not to take your social security now or delay it. Not just one answer is right for everyone. Still have questions? Your financial advisor can help you navigate the questions, and you can set sail for your retirement securely!</p>Chanda Roberts Davishttp://www.blogger.com/profile/06013680934376327106noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-50042633866461178772022-06-27T13:45:00.000-05:002022-06-27T13:45:04.772-05:00Saving and Paying for College: A Guide for Parents and Their Kids<p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;"><i>The following blog post was written by our interns, Mauria Ferrell and Brady Gray.</i></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Saving for college can be a very stressful process, especially if you aren’t using the tools to your advantage. Today, you will learn about different ways to save for college, and you can pick the one that makes the most sense to go with your financial life.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">When discussing saving for college, you have probably heard about 529 college savings plans. 529 college savings plans are tax advantaged investment accounts that let you save and invest for your child’s education. They work very similarly to a Roth IRA. You are investing “after-tax” (after Federal taxes – states may offer a state tax benefit for savers) money, but it grows tax free, and you can withdraw it tax free when paying for higher education expenses. Each state has its own 529 plan that may offer unique tax advantages.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">It is important to know that money in 529 plan can only be used for what is considered qualified education expenses. While this might sound very limiting, in actuality, this money can be used for almost all college costs. It can be used to pay for everything from tuition to housing to computers. For more information on what is considered a qualified expense, search on your college or university’s website to find the cost of attendance. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Mississippi has their own college savings plans through the treasurer’s office. They are the Mississippi Affordable College Savings Plan (MACS) and the Mississippi Prepaid Affordable College Tuition Plan (MPACT). Each of these plans have different advantages to offer.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-family: inherit;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">The </span><a href="https://treasury.ms.gov/for-citizens/college-savings-mississippi/for-parents/learn/macs/" style="color: #954f72;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">MACS</span></a><span style="font-size: 12pt; line-height: 18.399999618530273px;"> plan is a savings account that anyone can open for a particular beneficiary, and you only need $25 to get started. Mississippi taxpayers may deduct up to $10,000 from their state income taxes for deposits. The deposits can be invested, or just saved as cash if the beneficiary is closer to college age. The growth is tax free as long as it is used for qualified education expenses.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-family: inherit;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">The </span><a href="https://treasury.ms.gov/for-citizens/college-savings-mississippi/for-parents/learn/mpact/" style="color: #954f72;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">MPACT</span></a><span style="font-size: 12pt; line-height: 18.399999618530273px;"> plan is much different. The main advantage to this plan is that it allows you to lock in today’s tuition rates and begin paying in advance. The sooner you open this account, the less your payments will be. Contributions to this plan can also be used to lower your state income tax.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">Overall, these are two great plans offered by the state of Mississippi. Talk with a financial advisor to see if this is an appropriate account for you and to see how much you should be saving.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">If these are not an option for you, there are other grants and scholarships to consider. Unlike loans, scholarships and grants do not have to be paid back. There will be many scholarships offered by the college your child wants to attend and most of them will require essays. Most scholarships are awarded for academic and athletic achievements, extracurriculars, and community service and will require essays. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-family: inherit;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">The main difference between scholarships and grants is financial need. Grants take into consideration the family’s financial situation. The most well-known grant is the Federal Pell Grant. By filling out the </span><a href="https://studentaid.gov/h/apply-for-aid/fafsa" style="color: #954f72;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">FAFSA</span></a></span><span style="font-size: 12pt; line-height: 18.399999618530273px;"><span style="font-family: inherit;">(Free Application for Federal Student Aid), the government grant programs award money based on their financial need. The current maximum Pell Grant is worth $5,775. The amount they get from the Pell Grant is not affected by any other financial aid they are awarded. The FAFSA must be filled out every year for your child to receive grants or loans.</span><span style="font-family: Calibri, sans-serif;"><o:p></o:p></span></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-36397397206621515382022-06-14T14:58:00.001-05:002022-06-14T14:58:17.061-05:00How does the Federal Reserve work?<p><i> The following blog post was written by our interns, Mauria Ferrell and Brady Gray. This is Part 2 of their series on the Federal Reserve.</i></p><p class="MsoNormal" style="line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="line-height: 18.399999618530273px;"><span style="font-family: inherit;">As we talked about in Part I, the Federal Reserve is a central bank. They have a process they use to control the amount of money in the economy. The Fed can “create” money by giving commercial banks money to lend out to consumers. On the other hand, they can take money away from the banks, resulting in higher borrowing costs and effectively “destroying” money. The Fed is constantly trying to find a solution to keep our economy stable. It’s a continuous cycle that never ends.<span style="font-size: small;"><o:p></o:p></span></span></span></p><p class="MsoNormal" style="line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="line-height: 18.399999618530273px;"><span style="font-family: inherit;">Right now, they are trying to destroy money. During the pandemic we saw record low borrowing costs. That paired with fiscal policies of the government has created high inflation that we are seeing today. The Fed is trying to combat this inflation hike by destroying money and making the cost of borrowing higher. <o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="line-height: 18.399999618530273px;"><span style="font-family: inherit;">The Fed uses three main tools when conducting monetary policy. They are reserve requirements, open market operations, and the discount rate. They are used to grow or shrink the economy. Reserve requirements are the amount of cash that a bank must have on hand at any time. Open market operations refer to the practice of buying and selling U.S. Treasury securities. The Fed relies mainly on open market operations because this is how they purchase or sell bonds. The Federal Reserve also sets the discount rate also known as the Fed funds rate. It is charged to banks for the short-term loans they take from the Federal Reserve Bank.</span><span style="font-family: Calibri, sans-serif; font-size: 12pt;"><o:p></o:p></span></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-91522879153259173662022-06-03T15:35:00.000-05:002022-06-03T15:35:05.715-05:00What is the Federal Reserve?<p><i><span style="font-family: Calibri, sans-serif; font-size: small;">The following blog post was written by our interns, Mauria Ferrell and Brady Gray. This is Part 1 of their series on the Federal </span><span style="font-family: Calibri, sans-serif;">Reserve.</span></i></p><p><span style="font-family: Calibri, sans-serif; font-size: 12pt;"><br /></span></p><p><span style="font-family: Calibri, sans-serif; font-size: 12pt;">The Federal Reserve is the central bank in the United States. They are in charge of regulating the financial system across the nation. The Federal Reserve was created to facilitate healthy economic growth, while managing to keep inflation and unemployment rates low.</span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">So, what is a central bank? It is the bank at the center of the financial system across the United States. It is your bank’s bank. Our central bank is run by 7 board members that are appointed by the president and confirmed by the senate. The board members purpose is to conduct monetary policy. Also, it is good to know that there are 12 districts that hold </span><a href="https://www.federalreserve.gov/aboutthefed/federal-reserve-system.htm" style="color: #954f72;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">12 Federal Reserve Banks</span></a><span style="font-size: 12pt; line-height: 18.399999618530273px;"> across the country.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">Other countries have central banks that operate similar to ours. Some have their differences when it comes to things like managing growth and influencing value of currency in their nations. For example, the European Central Bank gives their market early notice before they make any changes to interest rates. Also, they try to keep the annual growth in consumer prices below 2 percent, unlike the Fed. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">Monetary policy refers to the measures taken by the Federal Reserve to achieve economic stability. Their goal is conduct monetary policy in a way that influences the economy to have stable prices, inflation, and employment. They want to make sure the financial system is healthy and that they are doing what is in our best interests. They do this by overseeing and managing the financial industry across the nation.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 16.866666793823242px; margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 18.399999618530273px;">They have the power to influence the nation’s supply of money. Stay tuned for Part II of the series as we will discuss how all of this happens.<o:p></o:p></span></p>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-29032118020614993662022-05-25T15:17:00.001-05:002022-05-25T15:35:25.221-05:009.62% return guaranteed? Not so fast!<p><i style="caret-color: rgb(34, 34, 34); color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.199999809265137px;">The following blog post was written in collaboration with our interns, Brady Gray and Mauria Ferrell.</i></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">"I Bonds" have been in the news lately as a high yielding perfectly save savings vehicle. Do you need them in your portfolio? Let's talk about it.</span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">A Series I Savings Bond is a savings bond issued by the U.S. Treasury. The interest it pays is determined by two things: a fixed rate for the life of the bond and the inflation rate calculated twice a year. Once you purchase the bond, it will earn interest for 30 years, unless you cash out of it before then. </span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">As of May 23rd 2022, the current fixed rate on I Bonds is 0%. The inflation rate is 4.81% for six months, or 9.62% annualized. The interest is a combination of a fixed rate and an inflation rate. If purchased before November 1st, 2022, the interest rate will stay at 4.81% for the first six months that the bond is held. An individual can buy up to $10,000 worth of bonds annually and you can purchase an additional $5,000 with your tax refund. There are a few ways to exceed this limit, but for all practical purposes, this is the limit.</span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">Before you purchase an I Bond there are some things you should know. You must own the bond for at least 5 years to receive all of the interest. You can cash out the bond after one year, but if you do, you will pay a penalty of the last 3-months' worth of interest. For example, assuming the inflation rate stays at 4.81% for the second six months if you purchase a bond today and cash out after 12 months, your net interest rate will likely be 7.22%, since you have the 3-month interest penalty. This is an excellent rate on any savings! If inflation drops to 0%, your 5 year return will be limited to the initial 4.81% - the equivalent of a 0.94% annual interest rate. This is not a great interest rate.</span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">I Bonds are guaranteed and have a tax-deferred inflation adjusted interest. While the fixed rate is currently 0%, you are guaranteed to preserve your purchasing power, as measured by CPI, when you invest in these. You can buy up to $15,000 in per person, per calendar year, including electronic and paper bonds. If you have a trust or an LLC, you may be able to buy even more through those entities. They accumulate interest, and you can cash them in during retirement to make sure you have safe, guaranteed investments available. </span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;">What could go wrong? Keep in mind, the interest paid out on these savings bonds is based on two things: a fixed rate and inflation. The fixed rate is 0%, so if inflation does not stay high, you may end up with a sub-par interest rate overall. If inflation continues to stay high – you’ll be a genius. Over the past 10 years, the inflation rate paid out has bounced around, but mostly stayed below 1%. For what it is worth, the market expectation for inflation over the next five years is 2.8% but you can get a five year CD yielding 3.2%.</span></p><p></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">Series I Savings bonds are a perfect hedge against CPI, but is that what you need? The limitations on purchasing and withdrawing must be considered. If you are looking for cash back fast, then this investment is not for you. If you have an extra $10,000 laying around and you are willing to wait at least 5 years to cash out, then this would be a good investment for some safety cash. For smaller portfolios or cash needs that are shorter than 5 years, accessibility, not inflation protection, may be a bigger concern. For cash needs that are much longer than 5 years, you may want to look towards investments, like stocks, which historically have a good chance of exceeding inflation.</span></span></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">We always recommend that people have cash on hand to handle emergency needs and this may be an interesting part of that long-term cash portfolio. While the withdrawal restrictions do not make it ideal for a true emergency, over time, you can build up a reasonably accessible account that may beat the rate you get at the bank right now. If you like chasing down the highest savings on an online account – you’ll love I Bonds!</span></span></p><p></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;">When is the trade off worth it? We ran some numbers, and currently, savings accounts are awful. While you can't beat daily access without penalty, we would need to see interest rates go sky high to make them worth it if the inflation rate stayed at 9.62% over the next five years. CDs, on the other hand, can be found with decent rates, above market inflation expectations. If the inflation rate returns to about 1.5% - <a href="https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_iratesandterms.htm">higher</a> than it has been over the last few years, a CD at 3.2% is more attractive.</span></p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-LsBaCMhsKrsWgfx1bov7JyRrOnyqbn4Ddrt546KxfwBrbcQ-2A2BqSv5mwy_ozdZhrsszyioZ74B1ULVdhU-R-YRHlbWYAVQSaZLij_X6tA3RyMg_Ox2aM8DgVvK7L6RFFnGm1JExySmOLduNCCa58QTfQRkNnAveHk2uHA7l2RGj-Ckxw/s2557/Picture1.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1856" data-original-width="2557" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-LsBaCMhsKrsWgfx1bov7JyRrOnyqbn4Ddrt546KxfwBrbcQ-2A2BqSv5mwy_ozdZhrsszyioZ74B1ULVdhU-R-YRHlbWYAVQSaZLij_X6tA3RyMg_Ox2aM8DgVvK7L6RFFnGm1JExySmOLduNCCa58QTfQRkNnAveHk2uHA7l2RGj-Ckxw/w640-h464/Picture1.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">This compares a CD at 3.2% to inflation declining to 1.5% after the first year.<br />Scenario 2 compares inflation at 9.62% for five years to a savings account increasing to 18%! <br /><br /></td></tr></tbody></table><p></p><p><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="color: #222222;"><span style="caret-color: rgb(34, 34, 34);">Treasury Series I Savings Bonds are not for every portfolio. The current interest rate and government guarantee are VERY attractive features right now, but you have to consider this in the context of your entire portfolio and financial life. The decision to invest is less a matter of speculating on inflation rates, and more a matter of considering your future needs. If you do want to invest, open an account directly at <a href="https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm">TreasuryDirect.gov</a> to get started.</span></span></p>Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-72527999556016049232022-05-19T15:29:00.004-05:002022-05-19T15:46:35.783-05:00The Economy and the Stock Market: How are They Related? <p><i><span style="font-family: inherit;"> The following blog post was written by our interns, Brady Gray and Mauria Ferrell.</span></i></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">What is the economy and what is the stock market and what do they have to do with each other?<o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">The economy is all of the goods and services in the US. We measure the economy in terms of Gross Domestic Product (GDP) which is the dollar value of all of those goods and services. <o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">The stock market is where the buying and selling of shares of publicly held companies takes place. A stock is a share in ownership of a company. Companies allow people to purchase stock so that they can get the capital they need to invest in new projects or machinery. Just over half of the U.S. population owns some stock. The stock market is forward looking: The price moves reflect how investors feel about the future of these companies based on economic expectations.<o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">So, how do we measure the economy and the stock market’s performance? It is important to remember that they do influence each other, but they are not the same thing.<o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">When looking at the economy we generally consider 3 key indicators. These indicators are the unemployment rate, consumer price index, and gross domestic product (GDP). If GDP is rising, that means the economy is growing. A falling GDP indicates that companies are producing fewer goods and people may lose their jobs. A recession is generally defined as a decline in GDP over two quarters – a shrinking economy. <o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">As far as stock market performance, there are many indexes that follow the overall direction of the market. For instance, the S&P 500 tracks the performance of the top 500 largest publicly traded companies. While there are thousands and thousands of stocks out there, the stocks in this index represent a very large portion of the market’s overall value.<o:p></o:p></span></p><p br=""></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">How are the stock market and the economy related? When GDP is growing, individual businesses <a name="_Int_B87rCgeN">are</a>producing more and expanding. A rising stock market is usually aligned with a growing economy and leads to greater investor confidence, which leads to more buying activity. When consumers buy more, businesses produce and sell more goods and services. All of this results in a higher GDP.<o:p></o:p></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><o:p><span style="font-family: inherit;"> </span></o:p></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;">While the economy and the stock market are different, they influence each other in various ways. The stock market alone is not an indicator of economic health, but good economic health can positively influence the stock market. We use key indicators like GDP, consumer price index, and unemployment rate to tell us the true health of our economy. So, next time you go to invest in the market, keep in mind how the market and the overall economy are working together.</span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><i style="text-align: center;"><span style="line-height: 16.866666793823242px;"><span style="font-family: inherit;"><br /></span></span></i></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><i style="text-align: center;"><span style="line-height: 16.866666793823242px;"><span style="font-family: inherit;"><br /></span></span></i></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><i style="text-align: center;"><span style="line-height: 16.866666793823242px;"><span style="font-family: inherit;">The graph below shows the total value of the stock market as a percentage of GDP (FRED).</span></span></i></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; line-height: 18.399999618530273px; margin: 0in;"><br /></p><iframe allowtransparency="true" frameborder="0" loading="lazy" scrolling="no" src="https://fred.stlouisfed.org/graph/graph-landing.php?g=Pgy4&width=670&height=475" style="height: 525px; overflow: hidden; width: 670px;"></iframe>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-88523240530777485792022-05-19T11:39:00.000-05:002022-05-19T11:39:23.513-05:00What is money?<p><span face="Calibri, sans-serif"><i><span>The following blog post was written by our interns, Brady Gray and Mauria Ferrell, in response to a question we received on the radio this week. You can listen to the full show <a href="http://moneytalks.mpbonline.org/episodes/money-talks-in-the-news-may" target="_blank">here</a>. </span></i></span></p><p><span style="font-family: inherit; text-indent: 0.5in;">Money, by definition, is anything that is accepted as a form of payment in exchange for goods and services in a particular region. The official currency in the United States is the U.S. Dollar (USD) and its value is guaranteed by our federal government. Cryptocurrencies, however, are not backed by any nation’s government. This can make Cryptocurrency more volatile and riskier in general. It is important to understand that the Federal Reserve is the central bank in the U.S., and it controls how money moves, known as monetary policy.</span><span style="font-family: inherit;"> </span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit; text-indent: 0.5in;">The U.S. Dollar and the amount of money in circulation is controlled by the Federal Reserve. This along with adjusting interest rates is referred to as monetary policy. The Federal Reserve actively analyzes the state of the economy and creates or destroys money as needed. Now, when they say “destroy”, it does not mean literally shredding up paper bills. They can take money out of circulation by changing short-term interest rates and by adjusting bank’s reserve requirements. Both of those actions will decrease or “destroy” money. On the other hand, if they wanted to “create” money, or increase the supply, they would just do the opposite. For instance, we saw towards the beginning of the pandemic, record low interest rates and stimulus payments from the federal government. Note that stimulus payments were not part of monetary policy, but rather a form of fiscal policy controlled strictly by the federal government. Very low interest rates encouraged spending in the economy. Many Americans bought new homes, cars, and other things while the cost of financing was at record low levels. Today we are seeing effects of those past events. The economy started to grow at never-before-seen levels and the policies did not change in time. Inflation is currently at 8.3% as of April 2022. Inflation is the term used when the purchasing value of money decreases. </span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit;"> </span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit; text-indent: 0.5in;">Another form of currency that has recently surfaced over the past decade is cryptocurrency. It is not specific to one country or region, nor is it backed by one. Instead, crypto uses a technology called blockchain. Blockchain is a specialized system that records all transactions made with cryptocurrencies. It utilizes several computer systems across the world to keep accurate records. As I mentioned before, cryptocurrency is generally riskier due to the fact that there are many unknowns. How do we know for certain that a coin holds the value that it claims it does? It is a great question; any many people wonder the same about the U.S. Dollar. They think that a U.S. Dollar may not have value because it is no longer backed by the gold standard of the 1960s. The difference here is that the U.S. Dollar is backed by our federal government. A one-dollar bill is recognized by everyone across the world as a ligament currency that holds its value of one dollar. With cryptocurrency, you have to believe that a specific coin is worth the amount shown. No one can prove or assure you the value of that coin. </span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit; text-indent: 0.5in;"><br /></span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit; text-indent: 0.5in;">Can we consider cryptocurrency money? Let's look at what happened with Terra. Terra is a "stablecoin," which is a cryptocurrency that is intended to have a fixed value, typically $1. Given </span><span style="text-indent: 0.5in;">their</span><span style="font-family: inherit; text-indent: 0.5in;"> intended stability, they are meant to provide more reliable store of value and medium of exchange. Terra's recent downfall however </span><span style="text-indent: 0.5in;">lets us</span><span style="font-family: inherit; text-indent: 0.5in;"> know that cryptocurrencies are not quite ready to be considered money. </span></p><p class="MsoNormal" style="line-height: 18.399999618530273px; margin: 0in;"><span style="font-family: inherit; text-indent: 0.5in;"><br /></span></p><div class="cb-widget" data-asset-symbol="UST" data-asset-id="05120843-11c1-5b66-9df2-395db6d7ed6b" data-period="year" data-show-chart="true" data-show-stats="true" data-locale="en" data-country="US" data-base="USD" data-slug="terrausd"></div><script async src="https://widget.coinbase.com/embed-v1.3.js"></script>Meredith DeLaunehttp://www.blogger.com/profile/08456596486886911543noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-11349055192702467622022-05-11T12:24:00.002-05:002022-05-11T13:05:46.511-05:00Priceless Knowledge<p><span face="Calibri, sans-serif">My dad will be 93 in August. Finally, he agreed to use his cane regularly since his balance and agility have suffered. Other than that, he manages fairly well. He still drives. He cooks. He handles his own finances… with a very tight fist!</span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">Last year, my mother passed away. During her decline, I began questioning my father about their finances. I asked him for a list of assets and income. He said he’d give those to me, but he never got around to it. I needed those numbers to have discussions about their care and living arrangements, and I AM a financial advisor. It’s what I do, but I was having trouble helping my own family.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">Every family is different, but most have a difficult time leaping from the all-knowing, all-providing parent to the new relationship that requires dependence on a grown child. Money is an intimate subject, and some families just aren’t good at broaching that subject. Some parents may be embarrassed by their lack of resources. Some may just be concerned about giving up control.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">But broach it we must. Generally, I encourage clients with grown children to begin eking out details about their financial lives. The older the parent, the more important it becomes to share information. And maybe not all offspring need to know everything, but the full picture should be known by at least one person.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">If you are the grown child of an aging parent, how do you encourage your parents to share financial information? Schedule a quiet time to talk. Don’t ambush them at Thanksgiving. Make it a time outside of the big family gathering. Tell them you want to learn about their situation and offer any help they may need. Give them time to gather details about all accounts. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">Whatever they put in front of you, keep your surprise to yourself. For many grown children, it’s a shock to see their blue-collar parents’ sizable portfolios. Yes, you may express admiration for their fiscal management. And you should probably make sure they understand the purpose of those funds is to care for themselves, not to leave money to family. But, of course, they will still want to do that.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">And if the list is meager, be calm and straightforward. Their funds may limit their choices in old age, and everyone should be realistic. Get educated about assistance options—Medicaid, Veteran’s Benefits, etc. The better you are at researching options and processing forms, the better off they’ll be. Don’t assume assistance will happen automatically. Somebody has to make it happen, and it will probably be you.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">My dad finally gave up the list. Opening the door allowed us to have honest discussions about what would be best for him. I think it was a relief for him to finally share that information. I know it was a relief for me as we began planning for the “what’s next” part of his life. He went through the legal paperwork to name me as power of attorney. He began consolidating and simplifying his accounts.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">This week, we moved him into assisted living. After my mother’s death, he recognized the risks of living alone. A minor fall shocked him into action. He also recognized the need for more social interaction. Because I knew his financial situation, I could help with this transition knowing it was sustainable. He’s still paying his own bills and handling all his own financial decisions, but I know he’ll be okay. That knowledge is priceless.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p>Nancy Anderson, Ph.D., CFAhttp://www.blogger.com/profile/13993044498727307243noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-48960175023189173322022-04-29T10:57:00.002-05:002022-04-29T10:57:51.567-05:00Talking to Kids About Money<p>At New Perspectives, we're passionate about financial education. We love to be a part of helping individuals and families to navigate the complexities of markets, the economy, and understanding the role that individual choice can play in helping to shape one's financial future. </p><p>When it comes to talking to kids about money, when is the right age to start? Children as young as age 3 have the ability to understand some basic money concepts - as long as they are presented at the appropriate level. </p><p>Check out the graphic below for some guidelines regarding which money ideas to teach children at different ages. If you would like additional resources, give us a call! Who knows - maybe <i>you</i> could be the one to put your child, grandchild, or other loved one on the road to financial security and success!</p><p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoeN7aofAM6qABd4ioQ-2bU5VY4ue_pvnC6i-9Eea_DmPWfsiOzpjtx_8mgtpaBorLyIn94S2TSnfeJGPWP2RLt3Q6d5cJ48QoAseDZVNbNML2CNXW9eLk-VBYIZZdpsncPy1kLbxsogwO5sWUBWnPglK-5GzBcTF3jEo1uBPVhUr9n8zSW84/s1662/Money%20as%20You%20Grow%20Milestones%206.20.21.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1662" data-original-width="1284" height="885" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoeN7aofAM6qABd4ioQ-2bU5VY4ue_pvnC6i-9Eea_DmPWfsiOzpjtx_8mgtpaBorLyIn94S2TSnfeJGPWP2RLt3Q6d5cJ48QoAseDZVNbNML2CNXW9eLk-VBYIZZdpsncPy1kLbxsogwO5sWUBWnPglK-5GzBcTF3jEo1uBPVhUr9n8zSW84/w685-h885/Money%20as%20You%20Grow%20Milestones%206.20.21.jpg" width="685" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p><br /></p><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><p></p>Laura Herringtonhttp://www.blogger.com/profile/02123869474061869133noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-40095295306185279182022-02-25T12:46:00.020-06:002022-04-21T12:31:07.968-05:00CFA 18th Annual Forecast Dinner (worth the wait!)<p> The CFA society of Mississippi hosted its <a href="https://www.youtube.com/watch?v=12pA5GEnJZo&t=1160s" target="_blank">18th Annual Forecast Dinner</a> at the Country Club of Jackson on February 24, 2022. After postponing the event last year due to Covid restrictions, we were anxious to hear what our experts had to say! As usual, the event did not disappoint. Financial advisors, clients, faculty, and students had the opportunity to reconnect with old friends and meet new ones over a delicious meal served with festive libations. The highlight of the evening was a truly compelling discussion about what our panelists predict for the behavior of the financial markets in the upcoming months. </p><p>Going into the event, there were a number of things on our minds. We were awakened that morning to news of Russia invading Ukraine. With inflation fears looming and the after-effects of Covid still taking center state, we were hoping for some reassuring words from our panelists.</p><p>Speakers were <a href="https://www.manulifeim.com/retail/ca/en/landing-page/portfolio-management/biography/michael-j-scanlon-jr" target="_blank">Michael Scanlon</a>, Managing Director and Portfolio Manager at Manulife Investment Management; <a href="https://mebfaber.com/about/" target="_blank">Mebane Faber</a>, Co-Founder and CIO of Cambria Investment Management; and <a href="https://www.assetpreservationadvisors.com/ken-woods" target="_blank">Kenneth Woods</a>, Chairman of Asset Preservation Advisors. <a href="https://www.mc.edu/faculty/u/eduardo" target="_blank">Dr. Eduardo Marcelo</a>, Professor of Finance and Dean of the School of Business at Mississippi College, moderated the event. </p><p>Michael Scanlon's overall message: expect more muted absolute returns and a lot more volatility. Michael manages a balanced 60:40 stock/bond portfolio and believes that this balanced approach is still appropriate for the majority of investors. He also believes that US companies are still attractive, giving particular mention to the healthcare and tech sectors. </p><p>Mebane Faber seems to favor holding a market-weighted portfolio that tracks the entire world in proportion to the underlying assets' market capitalizations. As the US is currently about 60% of market cap, he suggests that many investors increase their foreign holdings. Relative to foreign markets, the US has done well lately. Over the long term, however, the odds that the US will outperform the rest of the world are about 50:50. </p><p>Because Kenneth Woods is a fixed-income specialist, his focus was more on bonds. He noted that investors should be in shorter term bonds right now as we are anticipating the Fed to raise rates throughout this year. He spoke of the possibility for an inverted yield curve - an indicator that recession could be looming - but also pointed out that the demand for long term US bonds is still healthy.</p><p>All three panelists named inflation as a large concern going forward, though the "significant inflation" that's "here to stay" is referring to inflation in the range of 3-4% - a much more palatable rate than what we've seen in the last few months. The panelists also touched on current geopolitical events, noting that international shocks (like the Russian invasion of Ukraine) will inevitably shake the markets in the shorter term. Over the longer term, however, market prices will reflect the health of the companies and the economies that they represent.</p><p>The most interesting takeaway for me was how different each of the panelists' predictions were for the behavior of the markets going forward. When asked where the S&P 500 will be one year from now, their answers ranged 36%! Nancy reminded us that it is precisely when prognosticators all fall in line with their predictions that markets are at greatest risk. Opinions that range broadly, rather, are indicative of a healthy market environment - and diverge they did!</p><p>I thought that the panelists were well-chosen and was delighted that the conversation remained accessible throughout. I strongly encourage each of you to listen to the program - we'd love to hear <i>your</i> thoughts!</p><br /><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="322" src="https://www.youtube.com/embed/GpJblAu7hPA" width="561" youtube-src-id="GpJblAu7hPA"></iframe></div><br /><div style="text-align: center;"><br /></div>Laura Herringtonhttp://www.blogger.com/profile/02123869474061869133noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-60133700661808108562022-02-08T20:01:00.002-06:002022-02-08T20:01:50.139-06:00February 8, 2022 Money Talks: Social Security<p><i style="caret-color: rgb(34, 34, 34); color: #222222;"><span style="font-family: inherit;">This episode of <a href="http://www.mpbonline.org/" style="color: #319df6; text-decoration: none;">MPB's</a> Money Talks originally aired February 8, 2021 and is available online at <a href="http://www.mpbonline.org/moneytalks/" style="color: #319df6; text-decoration: none;">http://www.mpbonline.org/moneytalks/</a></span></i></p><div>This week, our radio guest was Shawn Mercer, a District Manager from the Social Security Administration. Shawn is an expert on all matters regarding Social Security and this show is always a favorite with callers.</div><div><br /></div><div>As it is also tax time, we noted that the Social Security Administration sends out a special tax form, the SSA-1099 for everyone who receives benefits. Shawn always encourages people to sign up for an account at <a href="http://SSA.gov">SSA.gov</a>, where they can access all of their information and answer most questions.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEi6bwvo1Vssq1VYmtvAsD9sTtLXPeOl0yWs9fg7v7JVQHW8x9UDLc8N7xspAacdcOfrxIqPLjBlJnXcYOICWFhhZqdySeIDl-Q5OeyE6G7LgdB8Y0X-D4kqrrxTSokuigbVP3buI2oM-sX19GB0gjH_KrN9Z2gyDuVrAdWKL64IXQE18SwATg=s800" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="494" data-original-width="800" height="198" src="https://blogger.googleusercontent.com/img/a/AVvXsEi6bwvo1Vssq1VYmtvAsD9sTtLXPeOl0yWs9fg7v7JVQHW8x9UDLc8N7xspAacdcOfrxIqPLjBlJnXcYOICWFhhZqdySeIDl-Q5OeyE6G7LgdB8Y0X-D4kqrrxTSokuigbVP3buI2oM-sX19GB0gjH_KrN9Z2gyDuVrAdWKL64IXQE18SwATg=s320" width="320" /></a></div><br /><div><br /></div><div><br /></div><div>We got a lot of excellent calls, and I've reformatted them here. Almost all of the answers were provided by Shawn Mercer.</div><div><br /></div><div>Q: Several years ago I went on disability for 3 years. Started a work program to get back not workforce. Got a letter saying I would be removed from disability but continued to receive checks for almost a year before they stopped. About a month or so after, they sent a bill for $25,000. Now getting close to retirement. How will this affect him when I get to retirement age?</div><div><br /></div><div>A: If there is an outstanding debt, SSA will try to collect. They are taking tax return as there is not a regular payment. You can start receiving benefits though. You can negotiate a payment when you plan to take retirement benefits. There is no interest on the debt.</div><div>https://www.ssa.gov/work/</div><div><br /></div><div>Q: Could you talk a little bit more about getting off of disability? That is a somewhat common and frustrating situation.</div><div><br /></div><div>A: For most people there are all kinds of work incentive programs with a 9 month trial period. The way it should work is that in the 9 month period, you report what you make, and that doesn’t affect your disability payments. After 9 months, benefits should terminate and any additional that you receive will be owed back. Lots of communication back and forth and lags are common in this process. </div><div><br /></div><div>Q: I'm looking at early retirement at 62. What is maximum I can make in income, net or gross? Do I pay SS taxes on that amount?</div><div><br /></div><div>A: Earnings limit goes up each year, $19,560 this year. That is gross wages, or net self-employment income. You will continue to pay SS (payroll) taxes on those wages. Your earnings could actually go to increase your benefit payments if they replace one of your highest 35 years of earnings. More information on this can be found <a href="https://www.ssa.gov/benefits/retirement/planner/whileworking.html">here</a>.</div><div><br /></div><div>For more detail on what sounds towards this limit, see <a href="https://www.ssa.gov/pubs/EN-05-10069.pdf">this helpful brochure</a> from the Social Security Administration:</div><div><div></div></div><blockquote><div><div>If you work for someone else, only your wages count toward Social Security’s earnings limits. If you’re self-employed, we count only your net earnings from self-employment. For the earnings limits, we don’t count income such as other government benefits, investment earnings, interest, pensions, annuities, and capital gains. We do count an employee’s contribution to a pension or retirement plan, however, if the contribution amount is included in the employee’s gross wages.</div></div></blockquote><blockquote><div><div>If you work for wages, income counts when it’s earned, not when it’s paid. If you have income that you earned in one year, but the payment was made in the following year, it shouldn’t be counted as earnings for the year you receive it. Some examples are accumulated sick or vacation pay and bonuses. </div></div></blockquote><blockquote><div><div>If you’re self-employed, income counts when you receive it — not when you earn it — unless it’s paid in a year after you become entitled to Social Security and earned before you became entitled.</div></div><div></div></blockquote><div>Q: My husband died in 2016 and I took widows benefits. I am at full retirement age (FRA) now, but waiting until 70 to take her own. Another widow was told they don’t do that anymore.</div><div><br /></div><div>A: If your benefit on your record is higher, they will allow you to change over to the higher benefit. For some individuals they would never have a higher benefit. Case by case basis - you will still get the higher one you are entitled to. The earliest you can take widow/widower benefits is age 60, and that benefit increases each year as you wait. If you are over age 62, look at your own record first, then look at any other benefits that might be available.</div><div><br /></div><div>Q: I'm really concerned about what representative for SSA will talk me into or not tell me? I will be retiring at 70.</div><div><br /></div><div>A: At SSA we are not telling you anything other than what the benefits will be. We are often asked “what is the best time to retire?” but we cannot really answer that. They cannot tell you the best age, but can tell you what your benefits will be at different ages. If you are retiring at 70, no need in waiting past then, it will not increase after age 70. Nancy emphasized that the decision to retire and the decision to take SS benefits are not the same thing. It doesn’t have to be! If you can afford to wait until 70 you will maximize that lifetime income! Making that decision is the job of you and a financial planner - not the Social Security Administration.</div><div><br /></div><div><div>Q: I found answers to all of my questions online! What would be a reason to go into office? If you can get answers and file claims on website, what is reason to go inside?</div><div><br /></div><div>A: There are more complex issues that may need to be handled in person. Currently office are closed, but dire need and critical needs can come in. People with no SS number. Sometimes there is an anomaly with a claim filed online that something is needed, extra ID verification. Also doing phone appointments, as not everyone has internet!</div></div><div><br /></div><div><div>Q: I have been drawing disability for 5 years and am now 60. If I goes back to work, how many hours, how much can I make? When she turns 62, does it change to retirement benefits automatically, or does she need to file?</div><div><br /></div><div>A: If you go to work, contact your local office to see how much you are making. To be eligible for disability benefits, a person must earn less than the <a href="https://www.ssa.gov/oact/cola/sga.html">Substantial Gainful Activity</a> threshold, which is about $1,350/mo. You will need to report your earnings monthly to your local social security office. Just as outlined to the previous caller, there is a nine month trial period where you can earn over $1,350 and still receive benefits.</div><div><br /></div><div>Disability benefits do convert to retirement but that happens at full retirement age - automatic if you are still taking benefits. Disability is unreduced benefit at FRA based on what she had earned so far. If she stopped and got off disability, she would be able to delay until 70. Until then, earnings are subject to the substantial gainful activity amount. </div></div><div><br /></div><div><div>Our last question was not about Social Security:</div><div><br /></div><div>Q: Husband and I are both retired. We both have IRAs. Can a nursing home take all or part of our IRAs for medical bills?</div><div><br /></div><div>A: Nancy explained that the nursing home does not take your money, but you may be required to spend down assets. This may have been a reference to Medicaid - which has income and asset limits for those receiving benefits. Some assets may be subject to recovery by Medicaid. Rules here may vary by state, but if you are taking RMDs from your IRA, it may be considered to be in "payout" mode, and the balance would not be considered an asset, while the withdrawals would be considered income. You may want to talk to an elder law attorney.</div></div><div><br /></div><div>The last sneaky hint that Shawn dropped was that you shouldn't carry your card around! You may need it sometimes for financial accounts or ID, but most people will not need to carry it around with them. It is unfortunate that they are in a wallet sized format. Do not laminate them either!</div><div><br /></div><div style="text-align: left;"><i>Don't forget to tune in or subscribe to Money Talks at 9 AM every Tuesday on Mississippi Public Broadcasting, or online at <span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="caret-color: rgb(34, 34, 34); color: #222222;"><a href="http://www.mpbonline.org/moneytalks/" style="color: #319df6; text-decoration: none;">http://www.mpbonline.org/moneytalks/</a>. This episode is available online.</span></i></div><div><i><span face="Arial, Tahoma, Helvetica, FreeSans, sans-serif" style="caret-color: rgb(34, 34, 34); color: #222222; font-size: 13.199999809265137px;"><br /></span></i></div>Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-87784461035003629082021-12-28T15:08:00.000-06:002021-12-28T15:08:42.422-06:00A bit of New Year’s housekeeping…
<p class="MsoNormal"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;">New Year’s is my absolute favorite holiday. Typically
by the last week of December, I’m still very much wrapped up in the holiday
spirit, but the stressful part of Christmas is behind me. Some years we’re
blessed with that cooler Mississippi winter weather which adds a little extra
magic to that year-end holiday feeling. Many of us still have a few more festive
days left before transitioning back into our everyday routines. </span></p>
<p class="MsoNormal"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;">I love New Year’s because I enjoy reflecting on the
year that is coming to a close. Even more than this, I love the anticipation and
the planning for the year ahead: what goals to set for the upcoming year, what
trips to plan, what new adventures to pursue! Planning for the new year can
mean many different things, but most people would probably consider financial
planning to be an important piece of that puzzle. I wanted to offer up a few
end-of-year/beginning-of-year financial housekeeping items for consideration:</span></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;">Think
about your saving and spending goals. Did you receive a raise/cost-of-living
adjustment in 2021? If so, have you planned for how it will fit into your
financial picture? You may wish to allocate a portion of any pay increase you
received to your employer-sponsored retirement plan, your Roth IRA, or other
retirement savings. You may wish to allocate a portion towards other savings
goals – a vacation fund or new car fund, for example. It may be that nothing
would make you happier than donating even more to that charity or organization
that’s so dear to your heart. Whichever the case, now is a good time to put
some deliberate thought into how you would like to use any additional funds now
available to you. </span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>Look into any changes made to retirement
account contribution limits. For 2022, the 401k/403b contribution limit has
increased to $20,500. For those ages 50 and older, an additional $6,500
catch-up contribution can be made. Traditional IRA and Roth IRA contribution
limits remain unchanged at $6,000, with a $1,000 catch-up contribution for
savers ages 50+.</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;">It
may be time to schedule a portfolio review. With each passing year, life
continues to come at us full speed – our environments are constantly changing,
and we may need to adjust our financial plan or our stock/bond mix to be more
in-line with current life circumstances. Do you need to increase your savings,
or perhaps (lucky you!) your spending? Would a Roth conversion save you money
over the long-term? A meeting with your financial advisor could help you to
answer these questions and more. </span><!--[if gte mso 9]><xml>
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Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
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<![endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Feel free to give us a call at 601-991-3158 or visit our website <a href="https://www.newper.com/">https://www.newper.com/</a>. We’re always happy
to discuss your options with you!</span></p>
<p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman",serif; font-size: 12pt; line-height: 107%;">Consider
your legacy. Think about financial moves you can make now to help positively
impact your family, your community, and/or the broader world. This could
include beneficiary updates, college planning for children or grandchildren, or
gifts to charitable organizations and other worthwhile causes. You have the
power to make a difference!</span></p>
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bright, joyous, and blessed new year! See you in 2022!</span></p>
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<![endif]-->Laura Herringtonhttp://www.blogger.com/profile/02123869474061869133noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-13220255873628108272021-11-19T11:04:00.003-06:002021-11-19T11:04:54.335-06:00How and WHY are you buying Bitcoin?<p>Recently, a Bitcoin Futures ETF has been approved for trading on US stock markets. This represents just another way that you can get exposure to the price movement of Bitcoin as a US investor. Here are just a few:</p><p>The first and most "pure" way to access Bitcoin is to own and hold it directly. You can purchase through an exchange, like Coinbase or Gemini, who will hold it in an account, or "hot wallet." This wallet has a unique "address" and a private key which only you know. While anyone can see your address (so that they can send you more Bitcoin!) your private key is what makes it yours only. Keeping it in the hot wallet on an exchange is simplest, and most familiar to those who now brokerage accounts already. This is a little different from the "cold wallets" discussed later.</p><p>Maintaining a wallet can be difficult for some. As this is a new technology, most people will likely need a good bit of help getting started on this sort of system. Interacting with the broader crypto-economy will likely have more steps and complications than other methods. Much like buying stock directly from a transfer agent, you have direct ownership, but less convenience than using a broker.</p><p>A crypto broker or exchange will allow you to hold crypto in an account that they secure and monitor. This typically offers convenience and features that are not available for a wallet. Much like having a stock brokerage account, you can view your holdings in one place, buy, sell and transfer with ease. There are even regular stock custodians like Interactive Brokers or Robinhood that allow you to trade some crypto within a traditional stock brokerage account.</p><p>Stepping away from the actual coins, there are several ways to get exposure to the price swings of bitcoin without actually holding the coins yourself.</p><p>The new <a href="https://www.profunds.com/funds/bitcoin_strategy.html">ETF from ProShares, BITO, tracks Bitcoin futures</a>. Futures are contracts to buy a commodity, in this case, a digital commodity, at a later date. If a contract is only a few days or weeks away, the value of the contract will generally be very close to the value of the underlying commodity. This can be a way to get the same general exposure, but it isn't perfect. As new contracts are purchased, there will often be price discrepancies due to the dates of the contracts maturity, regulatory issues or supply and demand.</p><p>For short term trades, this is probably an acceptable way to get exposure to bitcoin price changes. Over time, however, the price discrepancies can add up to significant slippage.</p><p>In the US, there are no ETFs or Mutual Funds that own Bitcoin directly - yet. There is, however, a trust that trades over the counter that almost anyone can buy called the <a href="https://grayscale.com/products/grayscale-bitcoin-trust/ ">Grayscale Bitcoin Trust, ticker GBTC</a>. Since the trust holds nothing but Bitcoin, the underlying value will accurately reflect the value of Bitcoin, less a fee. However, since the trust trades freely with no arbitrage mechanism, it can trade at a significant premium or discount to the value. As I write this, for example, Bitcoin trades at $60,264 and there are 0.00093361 Bitcoin per share of the trust. This implies a trust value of $56.26, yet it last traded at $47.07 - a discount of over 16%! While this means that you can buy Bitcoin on the cheap right now, there is no promise that you will ever be able to sell the trust for 100% of its value. Grayscale offers a series of trusts like this that offer exposure to many aspects of the crypto economy!</p><p>Another similar fund is the <a href="https://www.bitwiseinvestments.com">Bitwise Crypto "index fund" BITW</a>. Accredited investors can buy this at intervals directly from Bitwise, allowing them to buy</p><p>Why can't Americans have a Bitcoin ETF - after all, <a href="https://www.purposeinvest.com/funds/purpose-bitcoin-etf">Canadians have one</a>! Each ETF has to be approved by the SEC, while I do not know their thinking, I suspect that the reliability of pricing and trading is a top concern, as ETFs must have an arbitrage mechanism to keep their price close to their value. As evidenced by the wild swings in the premium or discount of the existing funds, this may be a top concern.</p><p>We can step away from trying to get direct exposure to the price of the coin, and try to profit from the growing crypto economy instead. There are <a href="https://finviz.com/search.ashx?p=BLOCKCHAIN">many companies</a> that participate in mining, trading or using bitcoin in some way. You can even buy <a href="https://ark-funds.com/funds/arkw/">ETFs</a> that specifically look for those companies. The idea is that as bitcoin becomes more important and more widely used, these companies should profit from that increased activity. There are even major companies like Square, PayPal or Robinhood that let users hold and trade Bitcoin. While they profit from other lines of business, they certainly are exposed to the crypto-economy.</p><p>Lastly, I would be remiss to not bring up the company <a href="https://finviz.com/quote.ashx?t=MSTR">Microstrategy, Ticker MSTR</a>. This is a software and technology company that started buying Bitcoin to hold on their balance sheet. They currently have about <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q3-2021_microstrategy-earnings-presentation.pdf">$7 Billion of Bitcoin</a> and the entire company is with $8 Billion. They still do carry on with their normal business and they have debt on the balance sheet, but there is interesting exposure to Bitcoin nonetheless.</p><p>Mechanically, the steps that you take to invest in bitcoin are still a little less familiar than investing in stocks. Some of this complexity may remain a feature of the crypto-economy as security and self-custody remain fundamental aspects of Bitcoin. Some of that will change, but just like investing in stocks, there will be many ways to gain exposure to the price movements of Bitcoin.</p><div><p>Importantly, if you want to invest in Bitcoin, you have to consider why, and what the best way to gain that exposure is. For instance, if you want to trade the price swings, the new Futures ETF may work well within your current trading account. If you believe in the long term transformational power of Bitcoin, maybe a self-custodied, cold wallet is most appropriate. Popular cold wallets like Tenor or Ledger keep your coins out of your "hot" exchange wallet for more security. If you think that the crypto economy will keep growing, but don't know what coin will be best, there are funds of crypto-adjacent companies you can invest in.</p></div><div>Bitcoin, the broader crypto-economy and it's derivatives are very new and changing very rapidly. Nothing in this post is or should be construed as a recommendation to purchase or invest in bitcoin or any related investments. If you have independently arrived at the conclusion that crypto investments are aligned with your values and goals, this may be a useful guide for determining how exactly to make that investment.</div>Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-36926405629863841482021-11-19T08:44:00.001-06:002021-11-19T08:44:54.415-06:00Your Spending and Your Values<p style="text-align: left;">As an opinionated personal finance expert still in my 30’s, I absolutely had to respond to this:</p>
<blockquote class="twitter-tweet"><p dir="ltr" lang="en">What do you wish you knew financially in your 20s and 30s?</p>— Elliott Appel (@ElliottMAppel) <a href="https://twitter.com/ElliottMAppel/status/1449778393235533832?ref_src=twsrc%5Etfw">October 17, 2021</a></blockquote> <script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
<p>Growing up, I was always a saver. I collected my pennies, nickels and dimes to open a savings account when I was in kindergarten. I quickly learned to value earnings from work. My parents paid me to do extra chores and supported me when I got a job bagging groceries when I was 15. From a young age, my dad had planted the seed of interest in investing when he told me that foundational tale of my sister owning shares of The Coca-Cola Company. </p><p>Suffice to say, when I was in my late teens, and certainly by my twenties, the basics of sound personal finance were as natural to me as breathing. I’ve worked hard, been frugal with my spending and careful with my saving.</p><p>The one thing that I didn’t quite understand was value.</p><p>Values are those characteristics, qualities and principals that you are willing to pursue harder and stand up for longer. Values go beyond addressing your basic needs, they go beyond your relationships. Your values define your very being. When your actions and lifestyle are in alignment with your values, you are living your best life. When they are out of alignment, you may notice feeling uncomfortable or just not quite right.</p><p>If you value something - you should be willing to spend your time, energy and money to pursue it.</p><p>As someone who is generally frugal, there have been times that spending an extra dollar pained me. However, there have been missed experiences that now pain me - even though I saved many more dollars. That is not to say that I have not spent and enjoyed my money at all, but I look back and ask myself why I didn’t spend a few extra dollars to eat at a fascinating top rated restaurant or avoid an adventurous weekend outing.</p><p>My life savings at age 25 were a tiny part of my overall financial picture. Most of the money I would ever have had not even been earned yet! Had I spent every penny that I had then, I would have bought myself incredible experiences that I would still treasure today. I did make the right decision to save that money, but my mistake was in not identifying what would be important to spend it on.</p><p>Could I have corrected this? A deep and honest assessment of my values would have helped. I was halfway there - I did not spend frivolously on things I did not appreciate. I was intentional about the time I spent, the home I bought, the investments that I made. On the other hand, I missed out on opportunities that would have brought me great joy and fulfilment, my money accrued with no realistic expectation of being spent.</p><p>I don’t regret saving my money - I do regret not spending on things that are more important than that money.</p><p>There is a balance, of course. At any age, having emergency savings is important. You should be able to save a dollar off of even your very first paycheck. The trick, however, is knowing what the highest and best use for that dollar is. </p><p>Through the years, I have helped clients identify and understand their deepest values. I have seen people transformed by saying yes to an opportunity that they truly valued, or no to a part of their lifestyle that didn’t align with those values. I have showed them how they can spend on the things they truly cherish, living a more bountiful and more financially secure life because of it. Further, I have studied the very concept of values and the conversations that bring them to light.</p><p>Money is more important than simply having it. Money is an expression of all of the work we have done to earn it. It is the result of our patience in waiting for it to grow. It is the gift of those who came before us and left something for us. Yes, it takes money to eat, drink and keep a roof over our heads, but it is how we do those things that is truly important.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">I'd go back and say that saving aggressively is very important, but while you are very likely at the lowest income of your career, experiences and friendships can be your best investments.</p>— Ryder Taff (@jrtaff) <a href="https://twitter.com/jrtaff/status/1450083038034120710?ref_src=twsrc%5Etfw">October 18, 2021</a></blockquote> <script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script><p>We can't get back the misspent dollars of our youth and exchange them for experiences and investments we still cheris. We can make sure that our future spending is in the right place. Take time to think about their values. A guided conversation with your advisor can help draw those out. Have those conversations. Spend and live in a way that aligns with those values - live your best life!</p>Ryder Taff, CFAhttp://www.blogger.com/profile/09428854729066563858noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-32723731196634868162021-11-19T08:44:00.000-06:002021-11-19T08:44:45.292-06:00Insurance Series - Post 3: Home Base <p>Our home is the physical center of our lives. It shelters us. It houses our possessions. It's where we spend time when we have no where else to be. It can even be where we put together a family baseball game! Many of us are buying, remodeling, building or have dreams of doing these things. All of these are investments of our time, energy, money, and future. But, are they adequately protected? Maybe not.</p><p>Most people believe house insurance has but one question: Do you have it? Yes? Ok, I'm good to go. But, are you? I realize it's not leisure reading to sit down with your homeowner's insurance policy and read through it. It's not a novel. It's more of a gameday playbook you should be familiar with. It can be understood. But, it helps to have some coaching and practice. </p><p>There are pieces to a homeowner's policy that you should educate yourself about.</p><p></p><ul style="text-align: left;"><li>Do you know how your insurance company will determine what to pay on a claim?</li><li>If you remodel your home, you may need to increase your insurance coverage. Did you know that if something happens to your newly remodeled home, your insurance company may deem your home underinsured and would pay less in the event of a claim?</li><li>Your homeowners insurance protects your other assets too. If your dog gets too excited and accidentally injures someone on your daily walk, does your policy adequately protect your savings and investments?</li><li>Or, maybe you are considering a pool for next summer. How will that affect your coverage? Or if you do put together that family baseball games and someone gets hurt, are you covered? </li></ul><p></p><p>If you can't answer these questions, or you do not feel thoroughly confident in your home insurance facts, now is the time to change that! Visit your trusted insurance agent, then schedule time with someone at New Perspectives. While we do not sell insurance, we can help you decide the coverage that best protects your home, your peace of mind, and your financial future. So, you can feel SAFE at your home base!</p>Chanda Roberts Davishttp://www.blogger.com/profile/06013680934376327106noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-23341766803120781192021-11-10T15:19:00.001-06:002021-11-10T15:19:23.617-06:00Chicken Little<p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">The sky is falling! The sky is falling!<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">Or is it?<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">We just got the latest numbers on inflation. The data show that inflation increased 6.2% for the 12 month period ending in October of this year. That’s WAY beyond the historical average of 3% annually and stirred up the inflation ghosts of the 80s. While we take inflation pressures seriously, we find there are some mitigating factors here and some variables that mean these numbers will moderate.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">First, this is being measured against the twelve months ending in October, 2020, when we were, mostly, in pandemic mode. Much of the twelve months from November, 2019, through October, 2020, were spent in full or partial lockdown. That means we are measuring from a low point. The previous inflation rate for that period is 1.2%, much lower than the historical average.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">And what determines prices? Supply and demand. And we have some weird things going on for both sides of the equation.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">On the supply side, we our seriously bogged down. Factories are trying to gear back up to full steam. Ships are backed up at ports. There are not enough drivers to deliver goods. There is a multitude of variables contributing to the mess, but it’s not permanent. Gradually, we will see the chain unkink, but, right now, inventory levels are low. Want the hottest Christmas toy? You’re going to pay big bucks.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">And what of the demand side? We’ve all been hunkered down, spending less and accumulating more. As my mother used to say, “The money is burning a hole in our pockets.” And we’re not just buying stuff. Now, we are buying experiences—booking travel like there’s no tomorrow.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">More people chasing fewer goods/services. It’s a recipe for classic inflation. But will we keep spending like drunken sailors? Probably not. Things will slow down. We’ll get it all out of our system and settle back into normal patterns.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">And what about the biggest cost of business? Labor. Well, we are waiting to see how this pans out. Yes, the labor market is tight, and wages are increasing. Will they stick? In some cases, yes. In areas with a lot of turnover, maybe not.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">Ultimately, we believe prices will moderate, but don’t expect to go all the way back down to earth. For the last decade, inflation has been in the 2% range or less. We expect it to go above historical levels in the next year or two and hover in the mid 3% range. That’s highER inflation but not HYPER inflation.<o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">So, when it comes to inflation, it’s a little cloudy, but we don’t think the sky is falling.<o:p></o:p></p>Nancy Anderson, Ph.D., CFAhttp://www.blogger.com/profile/13993044498727307243noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-68122924881008021252021-10-27T11:58:00.005-05:002021-10-28T20:26:49.101-05:00Why might you not hire us?<p>A prospective client asked me the other day to tell them why they might <i>not</i> want to hire us as their financial advisors. I thought that was such an interesting question that it kept resurfacing in my mind over the next several days. Had he asked me to tell him what value we could provide, well, I'd have probably a dozen or so ready answers. As a financial expert, I like to think that everyone needs good financial advice, but what kind of person genuinely should not hire an expert? That's such a great question that it deserves a thoughtful response. Here are a few potential replies:</p><p><b>You absolutely love DIY investing (and you're good at it).</b> My first thought was of the staunch do-it-yourselfers. If you're one of these guys, you love investments so much that you will happily spend hours digging into the details surrounding a particular stock or bond, a specific fund or market sector, or a distinct investment strategy or even a series of investment strategies. You will have read enough of the right things to understand how the market works and where to invest your money to achieve pretty decent returns. You will pore over statements looking for where you may can eke out a few extra fractions of a percentage point. You'll watch the market throughout the day, make slight adjustments to your portfolio here and there, and will generally come out doing pretty well. The caveat? Despite all of the hours you put in (and despite how much fun this can be), there will be missed opportunities for realizing value. <br /></p><p>The trouble is, investing and financial management may not be your day job. For us it is. While I do enjoy a day off and a vacation from time to time, our staff are more than capable of keeping things running smoothly. We provide continuous service, even when you decide that you don't want to handle it anymore.</p><p>There's also tremendous value in having an objective, outside perspective on your finances. Money is a very personal and often emotional business to navigate. Even the most logical and stoic among us can get tripped up by our emotions and our biases and may find ourselves making financial choices that are not ultimately in our own best interest. A professional advisor whom you trust can help here. </p><p><b>Your wealth is income, fixed and you are pretty satisfied with your life</b>. You have a known, fixed source of income, and the money it will generate is enough to meet your needs and wants throughout the remainder of your life. If you have truly maximized your wealth and well being, you may feel pretty well set.</p><p>What value can we add as financial advisors? For one, we can help you with not just your investments, but rather with the whole financial planning process. We can help you to take a step back and look at the various pieces of your financial life as a whole: income, expenses, insurance, tax strategy, investing, retirement planning, gifting, and estate planning. What we hope to do for each client is to help him or her craft a life that is enjoyable, sustainable, and in line with that particular client's values. </p><p><b>You enjoy doing the research to see if a particular bit of advice applies to you</b>. Not only do you understand and enjoy investing, you enjoy all of the other pieces of the personal finance puzzle. You've read the <a href="https://www.irs.gov/pub/irs-pdf/i1040gi.pdf">instructions to the 1040</a>, the <a href="https://www.sec.gov/Archives/edgar/data/1533523/000119312519220499/d781982ds1.htm">WeWork S-1</a> and a few annuity contracts. Nothing makes you happier than to spend hours researching all of the minutia related to your financial situation, weighing the pros and cons of various options, and choosing and implementing the best course of action. If this is you, you're your own financial planner. Congratulations!<br /></p><p>For many people, this may be where we provide the most value. Even for the most curious puzzle solver, an objective third party can help with research and help you confirm that your decisions are appropriate and free from hidden risks. We can also help with many of the details that may be overlooked or just unknown by the DIY investor. With a combined 40 years of experience, we are knowledgeable across a wide variety of personal and financial circumstances. In addition to this, products, services, and regulations change regularly and we work diligently to stay on top of these changes. </p><p>I tell my clients all of the time that all of the knowledge that I have is available to the public, there are no secrets and no magic. The trick is getting the right information. With so much out there, the vast majority of what you read online is either inappropriate for your situation or directly harmful to you. I see too often thoughtful, well educated people making great decisions that simply are not appropriate for their situation or goals. Having a professional on your team, who's interests are aligned with growing your wealth is valuable for any level of involvement.</p><p><b>You have high return expectations</b>.
We are investment advisors. Nancy and I are CFA charterholders. We
have spent years studying, exploring and participating in financial
markets. We are finance nerds. From all of our knowledge, I can tell you
exactly one thing for sure: the future is uncertain. That means that
when you reach for higher return, you are taking higher risk. If your expectations for your portfolio are significantly higher than market returns, we may not be able to help you.<br /></p><p><b>You are so focused on keeping costs "low" that you are willing to lose sight of the bigger picture.</b> Some people are extremely cost-conscious. They cringe at the thought of paying management fees, advisory fees, even hourly fees. If the thought of handing over $1,000 in fees makes you feel sick to your stomach, I completely understand! I've felt that way plenty of times myself. What I don't want you to do, though, is hold onto that $1,000 but miss learning about and taking advantage of a tax strategy that could save you, oh say, $90,000. That's not good math.</p><p>As Warren Buffet says - "price is what you pay, but value is what you get."</p><p>Helping you to increase the number on your balance sheet is great, but we like to think that our value is broader than that. We connect your portfolio with
your values and goals. When the market turns, we have calculated that as
a risk that you can bear. When you are depending on your portfolio for
income, we take care to keep the money you need tomorrow available and
safe from the near-term swings of the stock market. We help you and your family to live the life you envision with minimal stress, worry, and hassle. It's difficult to put a price on that.</p>Laura Herringtonhttp://www.blogger.com/profile/02123869474061869133noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-9781629047857706472021-10-21T17:35:00.002-05:002021-10-21T17:35:49.908-05:00Insurance Series Post 2: Medicare Week!<p style="text-align: center;"><span style="font-size: large;"> Calling all Medicare enrollees or potential enrollees!</span></p><p style="text-align: center;"><br /></p><p>Please remember Medicare Open Enrollment began on October 15th and continues through December 7th. If you are currently eligible for Medicare, or will be soon, this is the time to make changes to your coverage or plan your future coverage. </p><p>Not sure you are eligible? Generally, you are eligible for Medicare at age 65 and if you have paid Medicare taxes for 10 years of your working life. </p><p>When can you enroll initially? Generally, three months before the month of your 65th birthday; during the month of your 65th birthday; and three months after the month of your 65th birthday.</p><p>A few basic facts about Medicare:</p><p></p><ul style="text-align: left;"><li>Original Medicare covers hospital visits, inpatient (Medicare Part A) and outpatient (Medicare Part B). You receive Part A automatically, but must elect and pay for Part B, which covers doctor visits, radiology/lab tests, etc., in addition to outpatient visits.</li><li>Original Medicare will NOT cover all your expenses. You will be responsible for a portion. If you don't already have a Medicare supplement policy, Open Enrollment is the time to get one! Medicare supplement policies (Medigap) will help pay for expenses that Original Medicare will not cover.</li><li>Original Medicare and Medicare Replacement Policies are NOT the same. Please read your policy carefully to understand what is covered.</li><li>Overnight hospital visits are not always inpatient visits. Ask your doctor or nurse if you are inpatient or outpatient (this can also change during a hospital visit). This will help you understand how Medicare and any other insurance will pay.</li></ul><div>Have questions? Call us! We can help you navigate your health insurance coverage! </div><div><br /></div><div>How can we help?</div><div><ul style="text-align: left;"><li>If you are enrolling in Medicare or are interested in changing your Medicare coverage</li><li>If you have questions deciding which Medigap policy you need</li><li>If you need assistance in deciphering your Medicare explanation of benefits</li></ul><div>We are happy to help with these questions and more!</div></div><div><br /></div><p></p>Chanda Roberts Davishttp://www.blogger.com/profile/06013680934376327106noreply@blogger.comtag:blogger.com,1999:blog-12477838.post-84151295400190141912021-09-29T10:30:00.000-05:002021-09-29T10:30:59.961-05:00Insurance Series - Post 1: More Than a Mystery<p>I love mysteries, and yes, that includes murder mysteries. Many times on tv, to solve the whodunit, you only have to follow the money - insurance money. Who benefits from a big life insurance? Probably not the butler!</p><p>Do you have life insurance? Do you need life insurance? The answer is, maybe. Everyone's situation is different. Life<span style="background-color: white;"> insurance should be used as a tool, not a retirement plan</span>. Life insurance should be used as protection to replace lost earnings due to the death of a loved one.</p><p>Generally, there are two types of life insurance: Term and Whole Life.</p><p>A Term (temporary) policy should be a tool to replace the earnings your family depends on, and you would have collected had you lived and worked. Term policies generally should cover you through your working life. Ideally, you would have enough money/investments/savings in reserves to take you through retirement. For example, if you are 45 years old, with a spouse and children at home, and you are the family breadwinner, you may want a 20 year term life policy to replace your income for the remainder of your working life, and ensure your family's lifestyle will not be altered financially upon your death. Term policies are usually very affordable, especially when purchased at a younger age, because younger people are not expected to die.</p><p>A Whole Life Policy is a permanent policy that you pay for your whole life. Some people are more comfortable to buy a whole life policy, because it will follow you through retirement, and it will build a cash value over time. These policies can eventually be cashed in, borrowed against, or may result in a larger benefit for your survivors. However, these premiums are usually more expensive. You might be interested in a whole life policy if you have a dependent (maybe a disabled family member) who will need additional financial support should you pass away during your retirement years, and they are dependent on your retirement income for their needs.</p><p>There are numerous variations of these two policies. To determine what best fits your needs, talk to your favorite insurance agent to see what is offered, then sit down with the New Perspectives staff to decide which best fits in your overall financial picture and future plans. We can help you solve the insurance mystery!</p>Chanda Roberts Davishttp://www.blogger.com/profile/06013680934376327106noreply@blogger.com