Patriot Wealth - July 2021

Patriot Wealth - July 2021

JULY 2021

PATRIOTWEALTHNC.COM PHONE | 919.322.4113

PATRIOT WEALTH

And Finding Freedom in Your Retirement CELEBRATING INDEPENDENCE DAY

Happy Fourth of July! With a name like Patriot Wealth, you can imagine we strongly value our country, the freedoms we enjoy, and our nation’s military members who continue to defend those rights. When it came to establishing this firm, we wanted to ensure those values were part of its founding. This holiday symbolizes a lot of ideas. It’s the culmination of the fight our Founding Fathers waged for freedom and a celebration of our nations’ independence. But it’s also about independence. For the U.S., it was about real liberation from the British, but this concept of independence is something we as Americans are privileged to establish in our own lives — however that may look for each of us. It’s the American dream, if you will. In a manner of speaking, that’s the very point of smart proactive planning. One of our favorite quotes from Bill Bachrach perhaps says it best, “The future will come whether you plan for it or not. Will you have the future you want or the future that happens to you by default?” Maybe retirement independence for you means the freedom from having a job. Maybe it means having the freedom to travel more or visit with your family. The work we do today in the retirement planning process establishes what it will look like for you. The challenging part is that it’s a decadeslong process. Financial planning and preparing for retirement doesn’t happen overnight! Staying committed to that vision of independence you have created while “rolling with the punches” of a regularly fluctuating market can be challenging.

However, at Patriot Wealth, we have the tools and expertise you need to help you stay focused on your goals.

A big component of this is the software we use. RightCapital is a favorite among our clients — and for good reason. It offers a comprehensive breakdown of your plan in action today and what it’s projected to look like in 10, 20, or even 30 years. And it doesn’t stop when you retire. The planning continues into retirement. The software serves as a map, helping us navigate where you are now and adjusting to where you want to be. Retirement isn’t “one-size-fits-all.” That’s the other component to independence. We enjoy helping you discover what your ideal retirement looks like and helping you plan for it. The retirement process can be a lot to manage, and it’s often filled with anxiety, especially as you approach retirement age. We’re here to guide you through that transition. The best part about our jobs is sitting across from each of you (COVID-19 pending) and hearing about your dreams and goals. We love putting together a plan that is going to actively move you toward your future. And when we see it all come to fruition, it doesn’t get much better than that! We relish in those moments, too.

Retirement may be all about independence and finding the lifestyle that best suits you. But you don’t have to do it alone.

Have a very happy and safe Fourth of July!

– Wes White, Austin Kobilka & Rick White

These articles are designed to provide general information on the subjects covered. They are not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

PATRIOT WEALTH | 919.322.4113 | P1

WHAT WILL HAPPEN TO CRYPTOCURRENCY IN THE U.S.?

REGULATORY UNCERTAINTY IN THE U.S. Although criminal usage of cryptocurrency is rather miniscule today, how do you resolve issues with ransomware? One rule proposed by the U.S. government would require anyone holding crypto in a private digital wallet to undergo identity checks if they make a transaction of $3,000 or more. Many believe, however, that this isn’t a long-term solution. Jesse Powell, the CEO of Kraken, the world’s fourth-largest digital currency exchange, told CNBC that the U.S. is more “shortsighted” than other nations and “susceptible” to the pressures of incumbent legacy businesses, like banks, that “stand to lose from crypto becoming a big deal.” Technically, the Securities and Exchange Commission (SEC) regulates most crypto, but even Hester Pierce, a commissioner of the SEC, says, “We’ve seen other countries take a more productive approach to regulating crypto. Our approach has been to say no and tell people [to] wait … we need to build a framework that is appropriate for this industry.” In some ways, crypto is profitable like the stock market is, except you can also use it to purchase goods and services. While this regulatory framework isn’t clear just yet, the longer it takes to establish, the more the American public, like you, might lose out on these multibillion-dollar markets.

Even if you’re not familiar with cryptocurrency, you’ll notice one thing about its market trends — it has been trending higher and higher in the past decade. Then suddenly, in mid- April this year, Bitcoin and other cryptocurrencies plunged significantly in value. That’s because the U.S. government has started the conversation it’s been putting off for some time: Should cryptocurrencies be regulated and, if so, how? Here are some reasons the discussion needs to move forward. CRIMINAL USAGE OF CRYPTOCURRENCIES Is cryptocurrency still popular with criminals? A blockchain >Page 1 Page 2 Page 3 Page 4

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