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Mattson Financial Services - December 2019
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Mattson Financial Services June 2019 F I N A N C I A L S E R V I C E S , L L
F I N A N C I A L S E R V I C E S , L L C
616-514-3831
www.MattsonFinancial.com
December 2019
ARE YOU REALLY PREPARED FOR RETIREMENT? One More Thing to Consider
A s you sit by the warm fire and look out the window at the snowfall — perhaps with a cup of hot cocoa — consider the following question: Are you really prepared for retirement? Your trust is set up, your will is updated, and all of your retirement accounts are working just as you’d hoped. You know you have a steady stream of income for the rest of your life. What could possibly be left to worry about? There might be one thing. When many people set up a trust or draft a will, they do it with the mindset of “today.”They look to pass on their assets to their children as though those children will be living their lives the same way as their parents. But, more often than not, this won’t be the case. For me, I have a good 25–30 more years left on this earth, God willing. Today, my kids are in their 30s. When I pass on, my kids will likely be in their late 50s to early 60s. So, when I create a trust or draft a will, I have to consider where they will be when they’re in their 60s, not today. Their world will one day be completely different than it is today. By the time you pass, your beneficiaries may be getting ready for retirement or paying college tuition for their kids. There are many factors to consider. When we pass on our assets to our children or grandchildren, we want to make sure we aren’t putting them in a position of hardship by doing so. It’s something to look at from a legacy point of view. Here’s a good example. A caller from the radio show came to us with a question about his inheritance. He had just received a large sum of money and wanted to know how to defer this money. He didn’t want to receive it at that point in time. Why? His kids were getting ready to go to college and the caller needed to fill out the federal income form. His kids had applied for grants based on the family’s previous income status. As the new assets came into the fold, the gifter’s grandchildren would lose their grants. Tuition would have to be paid for by the family. Unfortunately, there was no provision set up to delay or hold off
the assets until a more suitable time, such as after the children had graduated from college.
In another instance, one client we’ve had for years came to us explaining that both of their sons were living on Social Security disability income. This was due to a hereditary disease running in the family. We explored passing on the client’s assets to their two sons, but this came with its own set of challenges. If the client simply passed on these assets in full, their sons would have the Social Security benefits revoked. They needed to look for ways to pass on their assets in such a way to not increase their income to the point that the benefits were revoked. It took some careful planning, but things like this are possible. These types of situations are common. I encourage you to look beyond your current scenario and into the future. Consider where your heirs will be in five, 10, 20, or 30 years. It’s wonderful that we’ve been blessed with assets we can count on today. But part of being a good steward is also taking into account how these assets will affect those we pass them onto. We certainly don’t want to cause any unforeseen hardships! It’s something to think about as you gather with your loved ones this holiday season. I hope you have a very merry Christmas! –Gary Mattson
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Do You Have a Story to Tell?
SHARE YOUR WISDOM IN A MEMOIR
Even more so, your life experiences can give valuable insights to readers of all ages and circumstances. That’s why biographies and memoirs are such popular genres — reading about real people helps others understand the world and how they can live in it. To get started, pick a theme. Ask yourself these questions, “What message do I want to leave with my readers? What do I want them to feel or understand by reading my words?” From there, select anecdotes that support your theme. Make sure they’re clear and cohesive. Then, write like you would a fictional novel or story. Show, don’t tell, and keep readers invested by having a narrative arc, whether it flows chronologically or jumps back and forth in time. Remember, this is not a time to air dirty laundry; it’s a time to reflect, grow, and share your experiences with the world.
The urge to leave behind a legacy is an inherent human instinct. Whether you accomplish this by raising children, building a successful company, or starting a charitable organization, the desire to share your wisdom should not go unfulfilled. If none of these options work for your lifestyle, writing a memoir may be a good option. A memoir not only tells your story but also passes on the wisdom you’ve gained from your many experiences and offers a unique perspective to inspire future generations. Writing can be a therapeutic exercise at a time when your life may be changing due to retirement or your kids growing up and leaving the house. And because personal reflection is a natural occurrence with age, writing a memoir can be the perfect way to spend your time. As you gain enough distance from life events to grow useful perspectives, the stage is set for self-discovery and transformation.
SUSAN FOWLER’S ‘MASTER YOUR MOTIVATION’
A Science-Based Approach to Achieving More
and competence.”When you measure motivation across these three factors, which are the result of rigorous academic research rather than folksy conventional wisdom, you unlock the power of motivation. It’s not hard to see how Fowler’s framework is much more actionable than traditional motivational techniques. Creating intrinsic motivation, especially for others, is a mug’s game, but defining choice, connection, and competence is much less ambiguous. If you have team members who you feel lack motivation, ask yourself if their jobs have these three essential traits. Do they have agency (choice) in their work? Do they generate meaning (connection) from what they do? Do they get a sense of accomplishment (competence) from doing something well? If you can’t answer all three of these in the affirmative, you can create a plan for increasing motivation that doesn’t involve empty metrics or meaningless rewards. If you or your team could use a proverbial kick in the pants, the solution might be to ignore those proverbs entirely. “Master Your Motivation” takes a refreshing look at what makes us strive for more. It’s a great addition to any leadership library.
“You have the power to change your behaviors,” says Susan Fowler, “but to be successful in changing, you need an evidenced-based framework for motivation and techniques for applying it.” In her new book, “Master Your Motivation: Three Scientific Truths for Achieving Your Goals,” Fowler synthesizes her decades of research into a guide that provides such a framework. In the process, she overturns countless widely held myths about what motivates us.
Fowler believes the traditional carrot-and-stick approach to motivation (a combination of reward and punishment to induce a desired behavior) results from our perception of motivation as being either intrinsic or extrinsic. “Simplifying motivations into two types presents a conundrum when you aren’t intrinsically motivated,” she writes. “Your only fallback position is extrinsic motivation.” In other words, just by thinking about
motivation as intrinsic versus extrinsic, you’ve already set yourself up to fail. To really motivate yourself and others, she argues, you need to think about motivation in different terms.
Thankfully for the reader, Fowler defines an alternative framework for motivation. In what amounts to the book’s thesis, she states, “To master your motivation, create choice, connection,
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‘A Beautiful Day in the Neighborhood’ Movie Event Saturday, Dec. 7 11 a.m. at Celebration! Cinema South Mattson Financial Upcoming Events MARK YOUR CALENDAR!
POTATO LATKES LAUREL’S FAVORITE
Inspired by The New York Times
Ingredients
• • • •
2 tsp kosher salt
•
2 large russet potatoes, scrubbed
1 tsp baking powder 1/2 tsp black pepper
•
1 large onion, peeled and cut into quarters
Safflower or vegetable oil, for frying
• •
2 large eggs
1/2 cup all-purpose flour
Directions
1. Using either a food processor with a coarse grating disc or the coarse side of a box grater, grate potatoes and onion. (If using a food processor, halve or quarter potatoes.) Once grated, wrap in a clean dish towel or cheesecloth to wring out as much moisture as possible. 2. Transfer to a mixing bowl and mix in eggs, flour, salt, baking powder, and pepper. 3. Heat a heavy-bottomed pan containing 1/4-inch of oil over medium- high heat. Use a heaping tablespoon to drop batter into the hot pan, working in batches. Use a spatula or spoon to form them into discs. Fry about 5 minutes per side, until deeply browned. 4. Transfer to a paper towel-lined wire rack to drain, and serve alongside applesauce and sour cream.
January No First Friday Event First Friday Event Friday, Feb. 7 12–3 p.m.
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
106.9 FM and 1300 AM Saturdays from 7 – 8 a.m. Sundays from 11 a.m. — 12 p.m.
F I N A N C I A L S E R V I C E S , L L C
3226 28th Street SE Kentwood, MI 49512 INSIDE THIS ISSUE
SPECIAL NOTICE to clients who are 70 1/2 or older: We are sending you a friendly reminder that you MUST take your required minimum distributions (RMDs) prior to year-end on Tuesday, Dec. 31, 2019. If you have any questions about your RMDs, please contact our office via email or phone as our team is here to assist you.
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Help Your Heirs Avoid These Unforeseen Hardships Tell Your Story and Share Your Wisdom A Better Way to Think About Motivation Potato Latkes Mark Your Calendar! Yurts: Glamping at Its Finest
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**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Advisor in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
Yurt Sweet Yurt
GLAMPING IN BEAUTIFUL LOCATIONS
The allure of the great outdoors calls to many, but pitching a tent and cooking over a fire isn’t for everyone. If that describes you, consider the yurt: a small, permanent structure often outfitted with electricity, plumbing, and other modern amenities. Expertly nestled in remote locations, they provide comforts of home in the midst of nature. Here are just a few around the United States available for rent. Treebones Resort, California For those new to the glamping scene, this is a great choice for an easy transition. With picturesque views of the Pacific Ocean, the Treebones Resort in Big Sur has an array of spaciously comfortable yurts to choose from. The resort has heated pools, a cozy lodge, and even a sushi bar. About an hour up the coastline, you can find a few shops, restaurants, and art galleries if you decide you’ve gotten your dose of nature for the day. Spruce Hole Yurt, Colorado Nestled in the San Juan Mountains about 10 miles north of New Mexico, this yurt is a snow-lover’s paradise. Skiing, snowshoeing, and hiking trails are plentiful in this backcountry location. At the end of
a chilly day, come home to comfy beds, cooking supplies, and decor made to feel like you’re camping — but with sturdy walls to keep out the cold. Falls Brook Yurts, New York For the glampers who truly want to get away, hike just under 1 mile into the woods of the Adirondack Mountains to discover rustic yurts beckoning you to cook over a fire or bundle up with a book. At night, the yurt’s domed skylight offers excellent stargazing. For those keen on winter activities, skiing and snowshoeing trails start right outside the front door. In the summer, enjoy hiking, fishing, and swimming.
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