Capital Advisory Group - June 2021

Capital Advisory Group - June 2021

THE WEALTH ZONE

June 2021

119 Old State Rd., Ellisville, MO 63021

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Don’t Let Scammers Trick You

With another tax season coming to an end, many of us are relieved it’s over. However, one group of people go into overtime when tax season ends: scammers and fraudsters. Why do they go into overtime after tax season? Well, many people are getting refunds and scammers want in on it. This year, however, scammers have been working even harder, due in part to many of the government assistance programs, such as the Payroll Protection Program (PPP), along with boosted unemployment assistance. Because individuals and businesses have been sent this “extra” money, scammers will do everything they can to get a piece of it. Scammers typically rely on phone calls (and to a lesser extent, emails) to take advantage of people. Once your phone number is in their system, they can keep calling until you answer — or block them. They keep calling because scamming is a numbers game. Eventually, they’ll call the “right” number: a victim who will hand over sensitive personal or financial information because they didn’t know any better. One of the most common scams is the IRS scam. The fraudster claims to be a representative or agent with the IRS and claim you owe money, and if you don’t pay up, you will be arrested. The lie can vary from call to call, but it’s all a lie. Nevertheless, scammers rely on fear tactics and owing the IRS is a serious accusation. Of course, the further you get into this type of call, the more “red flags” go up. When scammers demand money, they often demand payment in the form of a gift card (such as Apple iTunes or Google Play) or they may ask for a wire transfer. If a caller ever asks for either of these, you can bet it’s a scam. Unfortunately, even with all the red flags, people still hand scammers money. The Federal Trade Commission (FTC) reports that consumers lost over $3.3 billion to scammers in 2020. That tells us that scammers’ tactics — including fear of the IRS — continue to work. However, you can take a few steps to protect yourself, your family, and your money.

The IRS never calls. If you get a phone call out of the blue from someone claiming to be with the IRS, hang up immediately. You don’t need to waste your time. The IRS will NEVER call, text, or email you out of the blue. Should the IRS need to contact you for any reason, they will contact you by mail. If it’s really important, they’ll contact you by certified mail. Only after you’ve established initial communication with the IRS, will any supplemental communication be handled over the phone. By then, if you’re in this situation, you’ll know exactly whom you’re talking to. Mind your Social Security number. While many scammers use the IRS as their go-to, some may claim to be calling from other government agencies. Another popular one is the Social Security Administration. They may claim there is a problem with your benefits and they need your Social Security number or other sensitive information in order to fix the problem. Again, it’s a lie. The SSA will never cold call you. Just like the IRS, they’ll contact you by mail first. Be skeptical! The best way to protect yourself from these or any kind of scam is to be skeptical and stay rational. If you receive a strange call, text, or email, hang up or delete the message. The best thing you can do is avoid engaging with the scammer. Don’t let them use fear against you because it’s remarkably effective, and they can make you question yourself. If you aren’t sure if a call or message is legitimate, call the agency back using a known phone number for that agency — never call the unverified number back. If you’re like most people these days, don’t even bother to pick up the phone if you don’t recognize the number or it’s not in your contacts. Screen every call. That’s a good way of doing things! The best thing we can do is to never give these annoyances the time of day!

-Jeff and John Zufall

P.S. We now have a radio show! Stay tuned for more info on the new show, coming soon to KTRS 550 AM!

(636) 394-5524 1

Published by Newsletter Pro • www.NewsletterPro.com

According to ‘The Power of Moments’ by the Heath Brothers, Yes! Can ‘Defining Moments’ Be Created? Why do we remember our best and worst experiences and forget pretty much everything else in between? Why are we most comfortable when things are certain, but we feel so incredibly alive when we plunge into the unknown? These are the moments that stick with us — the moments that define us. They’re an organic part of the human experience, and they can’t be purposely created. Or can they? In “The Power of Moments: Why Certain Experiences Have Extraordinary Impact,” brothers Chip and Dan Heath seek to answer these questions and ultimately discern why specific moments can define us. They also explore whether those moments can be purposely created. According to the Heath brothers’ research, positive moments share four characteristics: elevation, insight, pride, and connection. When you look for situations in which you can foster those characteristics, you can create moments that you and the people around you will remember for years to come. “The Power of Moments” is great for anyone looking to leave a lasting impact on their employees or work team. Rather than have your next meeting be about unity — and leave your team grumbling about how that information could have been sent in an email — create a meeting that has, in the words of the Heath brothers, “drama, meaning, and connection.” You can’t bring your team together for a defining moment by just talking about unity; they have to experience it. While the characteristics the Heath brothers describe may seem a little vague at times, rest assured that “The Power of Moments” will give you a fantastic playbook for creating moments that define your team and stick with them. Check it out today!

As vaccination numbers continue to climb and experts gain a better understanding of COVID-19, more industries are adapting. Tropical resorts in Hawaii and the Bahamas have started to host visitors in “resort bubbles,” requiring travelers to complete a series of tests before full admittance. But are these travel options safe? That depends on your comfort level and a resort’s adherence to the rules. According to Forbes, each resort that offers this travel package may have different rules, but the gist of each experience is the same. Each resort still requires masks, unless the visitor is in their room, dining, drinking, sitting at the beach or pool, or swimming. Then, at check-in, sanitation and temperature checks are required. After the checks, tourists are directed to an on-site clinic, where nurses ask a few questions and perform a rapid COVID-19 test. Guests are then sent to their rooms, where they must await the results. If the test comes back negative, the tourist will receive a key card and can commence with their vacation. (Some resorts set the price of lodging so that if test results are positive, then the required flight home is part of the original cost, so it’s already paid for.) Other resorts require visitors to wear tracking bracelets for 72 hours upon arrival and a negative test result. After 72 hours and a second negative test, the guest is then permitted to leave the hotel grounds. This allows the hotel chain to track potential COVID-19 cases. These resort bubbles offer a potentially safe alternative for travel, but they don’t come without risks. A traveler could potentially contract COVID-19 while en route to the destination, and resorts that allow guests to leave the premises risk exposure. Furthermore, these precautions may not be 100% effective. However, if you are vaccinated, have COVID-19 antibodies, or feel safe to travel, resort bubbles offer a travel alternative that can be safer than traditional vacation stays. Perhaps no industry was hit harder during the COVID-19 pandemic than the travel and hospitality industry, but with the addition of resort bubbles, the travel industry looks to return to a new normal. Are ‘Resort Bubbles’ Safe? What You Need to Know Before Booking Your Tropical Trip

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WHEN DID YOU LAST REVIEW YOUR INSURANCE COVERAGE? Here's a day you don’t see often: June 28 is Insurance Awareness Day! You might ask yourself, What do I need to be aware of? Insurance isn’t the most interesting or engaging topic, but Insurance Awareness Day is a good excuse to do one very important thing: review your policies. Whether it’s a homeowner’s policy, life insurance, auto insurance, or business insurance, you want to know how you and your interests are covered. Many people are actually underinsured. They bought a policy 10 or 20 years ago but didn’t review the fine print. This happens all the time. They continue to pay the premiums year after year, but then one day when they need to actually use it, they discover their coverage wasn’t as extensive as they thought it was. A common example of this is in auto insurance. Policies can be confusing and there are many different options to choose from. Many drivers tend to opt for the cheapest they can get away with and maybe a few add-ons to meet state requirements. However, if they get in an accident, they learn after the fact that they don’t have enough liability coverage and have to pay far more out-of-pocket than expected. The Fine Print

Businesses run into similar problems. They often have general liability and other basic coverage but then skip other forms of coverage to keep costs down. One common form of insurance that gets looked over is cyber insurance. This protects against cyberthreats, such as >Page 1 Page 2 Page 3 Page 4

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