Campbell Wealth Management December 2017

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CampbellWealth.com • (703) 535-5300 • 700 S. Washington St. Suite 220, Alexandria, Virginia 22314

Change Your Life in the New Year L a st month, I celebrated my 52nd birthday. As the day came and went, I started thinking about all the things • Check in with those people every couple of weeks. Share your progress and make it a regular conversation. I had gained washboard abs. But I did not achieve my company’s growth goals.

I’ve wanted to do, but never did—at least, not yet. I also started to think about what I tell clients. I always talk about creating bucket lists and setting goals. And to my kids, I say that anything is possible. I want to give you the same guidance that I have given to so many of my family and friends. It comes down to this: You can do anything you put your mind to. You can achieve anything, be anything, and accomplish anything. But you need to have your mind set on those accomplishments. Build a plan and then commit to following it. As the new year quickly approaches, start thinking about the things you want to put on your bucket list. Then look for ways to accomplish those listed items. It’s all up to you. Here are a few thoughts to help you get started. • Plan to hit some BIG goals—don’t just limit yourself to small objectives. • Tell as many people as you can about what you’re trying to achieve. Your friends and family can help hold you accountable.

While we didn’t hit $100 million in assets, we had grown by over $50 million in new assets — growth I was happy with. However, because I hadn’t hit all of the goals I had set out to accomplish, there had to be a consequence. The Friday it was all over, I went to my barber and said, “Shave it all off.” To be honest, this was probably the most fun I’ve had in incorporating goal setting with family, health, and business. It taught me several important lessons, but it also taught my three kids about action, commitment, and following through with commitments. This holiday season, I hope you will take this story to heart and plan to accomplish some big things in your own life. You can take this as a challenge. And please, lean on me and the team at Campbell Wealth Management for support in your endeavors. This could very well change your life. From all of us at Campbell Wealth, we wish you and your family a wonderful holiday season, a merry Christmas, a happy Hanukkah, and all the best in the new year. We are incredibly thankful for the trust you put in us and look forward to serving you in the coming year.

• Allow yourself little rewards when you achieve your goals, and stick to small personal consequences when you don’t. • Set big rewards for hitting your larger goals, but have equally sizeable consequences for not reaching them. • Finally, when your plan is in place, stick to it! A few years back, I followed this advice and set three main goals. 3. Grow the company by $100 million in assets. My hope was to accomplish these objectives in 90 days. I got to it and emailed about 80 people. I told them about my goals and then kept in contact with each of them every two weeks. As part of the promise to myself, I told them that if I hit my goals, I would get a new boat. If I did not hit my goals, I would shave all the hair off my head. After working toward my goals for about 120 days (it went a little long) and based on all the things I had accomplished, my wife and kids agreed that I was the best husband and father. 1. Be the best husband and father. 2. Have washboard abs.

Kelly Campbell

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The Benefits of Ride-Sharing for Older Adults

According to the Community Transportation Association, 26 million older adults rely on others for transportation. Between the lack of autonomy and the fear of being a burden, this dependency often leads to a decreased quality of life. Most seniors don’t want to call a loved one every time they need a ride, and public transportation is often a hassle at best. Recently, ride-sharing services like Uber and Lyft have offered older adults an alternative way to get where they want to go.

reach out to a tech-savvy friend or family member. Odds are they’ve used these services themselves. If you need help getting in and out of the vehicle, Uber even offers a special service called uberASSIST. Drivers in this program have special training and offer door-to-door assistance. Newer companies designed specifically for seniors, like SilverRide and Lift Hero, are expanding into new regions all the time. Ride-sharing offers a number of benefits to older adults who don’t want to rely on a friend or loved one for transportation. Have a medical appointment? Getting there has never been easier. Looking to take a walk somewhere that requires a short drive? You can ride-share there and back. Going out for a bite to eat? With the touch of a button, you’ll soon be on your way. Ride- sharing offers increased independence, security, and efficiency, which far outweighs most other transportation alternatives. You might think of mobile technology as an industry aimed largely at younger generations who live their lives on their phones. Ride-sharing services, however, can offer just as much benefit to you as to those rowdy 20-somethings. If you need a quick, affordable ride, give these apps a shot.

If you’ve never tried ride- sharing before, here’s how it works. Using an app on your phone, you set a pick-up and drop- off location. In just a matter of minutes, a driver is at your door, ready to travel to your destination. Payment is automatically linked to your phone, so you don’t need to worry about having cash on hand. If you need help setting up the app,

3 Retirement Money Mistakes Are You Making These Blunders?

When you’re enjoying your hard-earned retirement, the last thing you want to worry about is having less money than expected. One month you’re living the life, and then the next, your cash flow is crippled. It happens with remarkable frequency, and it often comes down to a few simple mistakes — things that are easy to overlook if you’re not paying attention. Here are three big money mistakes to watch out for.

LIVING YOUR ACCUMULATION-PHASE LIFESTYLE When you were working, you lived a certain way. Perhaps you were willing to spend a little more on your home, cars, and vacations because you knew you had a steady and reliable income. Then you retired, but you continued to spend like you were working. Even for a well-planned retirement with extensive savings, this can be problematic. Plans are ideal versions of what we want to happen, not necessarily what will happen. You need to reprioritize, and you may need to scale back your lifestyle to get the most out of your savings. SKIPPING REQUIREDMINIMUMDISTRIBUTIONS Once you hit age 70½, you must take required minimum distributions (RMDs). The only exception is if all your retirement savings are in a Roth account. Often, retirees skip taking RMDs because they continue to live with a saving mindset. Alternatively, they may have other sources of income and feel the RMDs are unnecessary. Regardless, not taking RMDs comes with a penalty: a 50 percent tax on the amount you didn’t withdraw. If your RMD was $5,000, you would be out $2,500.

NOT PREPARING FOR FUTURE TAXES It’s not uncommon for your taxes to go up when you retire. However, improper planning can send those taxes higher than anticipated. For example, if you decide to rely on a 401(k), a traditional IRA, or both, you may find yourself stunned by what you owe the IRS. Pair that with taxes associated with Social Security benefits and your tax bill may send you into shock. Speak to your retirement advisor and CPA to learn how to mitigate your taxes and avoid any surprises.

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The Rightsizing Retirement Revolution Are You Financially Prepared to Leave the Workforce?

A recent Google consumer survey reported that almost 50 percent of the baby boomer generation has less than $1,000 in their savings accounts. According to a report by the Economic Policy Institute, the average boomer has a nest egg of about $8,178 per year for a 20-year retirement, and 41 percent of the generation has no retirement savings whatsoever. But, despite these troubling statistics, retirement is feasible for nearly all of us. It just requires a bit of “rightsizing.” As opposed to downsizing, rightsizing implies that you’re moving into a monetary space that’s right for you, rather than sacrificing aspects of your life for something cheaper. With rightsizing, nothing matters more to the financial success of your retirement, regardless of the breadth of your budget, than carefully managing your spending. Seems obvious, right? But according to an Employee Benefit Research Institute report, 46 percent of retirees actually increase their spending after leaving the workforce. In order to prepare for retirement, you need to start living below your means as soon as possible and develop habits that will last until long after you’ve left the workforce. And no, this certainly doesn’t have to

be a grim process. You don’t need to give up the things you love to do or purchase. It simply means taking a hard look at your surroundings, your possessions, and your spending. Are you sticking around in a house much larger than you need, simply because it’s full of old stuff ? It might be time to jettison the junk lying around and give your mind — and your budget — some wiggle room. What do you actually need in your life? And how much of your spending is simply to impress others? These are tough questions, but if you want to have a fulfilling, 20-year retirement, they’re absolutely essential things to consider. If you really want to zero in on your expenses, use an app like Mint or iFinance that imports your banking >Page 1 Page 2 Page 3 Page 4

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