DuPont Wealth - September 2020

LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPontWealth Solutions andThe Law Offices of DuPont and Blumenstiel, blending original and curated content, and is intended to educate the general public about investing, finance, estate planning, personal injury, and small-business issues. It is not intended to be legal or financial advice. Every situation is different. The information in this newsletter may be freely copied and distributed as long as the newsletter is copied in its entirety.

20 SEP

WORRIED ABOUT YOUR CHILD’S FUTURE COLLEGE EXPERIENCE?

SO AM I! What will college education look like in the upcoming year? With the existence of many colleges in peril over the pandemic, it feels like everyone is waiting eagerly to find out. I’ve alluded in past newsletters that my daughter had been in the process of finishing her last year of high school. By the time you read this newsletter, my daughter will be starting her first year of college, and as a bright, young woman, she has always looked forward to her college experience. Yet, among all of the usual uncertainties about the college experience lies another: Will she be able to attend classes in person, or will she be forced to spend her entire semester in her dorm room? At this point, we don’t know. For better or worse, though, we’re not alone. According to the Chronicle of Higher Education, which is tracking about 1,150 colleges, as of July 14, only around 56% of universities are planning for the upcoming school year to be in person. The rest? Twenty-nine percent are planning for a hybrid model of in-person and virtual learning, 9% are planning for exclusively virtual learning, 4.1% are considering their options, and 1.6% are still waiting for more COVID-19 news. My daughter’s campus has a hybrid plan. First-years and seniors will be allowed to live on campus, so they can preserve the key elements to their beginning and ending college experience (even though it’ll still be entirely different). All of her classes are staying on track, but whether it’s in person or virtual is entirely case-by- case. Her semester will even be on a “fast track,” ending right at Thanksgiving instead of a few weeks later. Still, imagine walking into your college dorm room and being stuck with your roommate all day while taking virtual classes. My daughter was very lucky to meet and befriend her roommate beforehand, so at least they already get along before moving in together. I don’t know if any of the other ways of handling the pandemic are better or worse, but I do know that, from stories of students losing progress on their degrees due to colleges going bankrupt, I’m glad they’ll be having my daughter in person for some of the time. It’d be nice to be compensated for the amount of online learning, but it doesn’t seem like that’s an option for many universities. From the 56% of universities having in-person semesters this fall, the

decision was based more on economic survival than people may think. Refunds on room and board are already threatening schools with not only a budget crisis but also a complete shutdown. Apparently, real estate costs don’t go away with virtual learning. While a few private colleges, like Williams College, are offering tuition reductions between 10%–15% during their online transition, my daughter (and many other students across the U.S.) are experiencing no difference in the cost of their education.

That’s really tough.

Interactions with professors and students are, arguably, an invaluable part of the learning experience, which is why it’s a great thing to focus on to get through this time. I encourage students to reach out to each other virtually. Put in real effort to connect with others despite the distancing. Because, really, the friendships are what you remember most about college. You can’t replace an in-person interaction, but you can certainly strike up a conversation with professors and classmates and see how they’re holding up. It might not feel completely natural at first — like how it’s a little unusual to befriend a future roommate months before moving in — but these can feel like surreal, unnatural circumstances.

Starting a chat with a stranger, whether the connection lasts a day or a lifetime, can make it less lonely for you, too.

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4 Decades of Earth, Wind & Fire’s ‘September’ WHAT HAPPENED ONTHE 21ST NIGHT OF SEPTEMBER?

“Do you remember the 21st night of September?”

“I learned my greatest lesson ever in songwriting from him,” Willis recalled in a 2014 interview with NPR, “which was never let the lyric get in the way of the groove.” The groove is why “September” has stood the test of time, right from that very first lyric. For decades, people have asked Willis and members of the band about the significance of Sept. 21. As it turns out, there isn’t much beyond the sound. “We went through all the dates: ‘Do you remember the first, the second, the third, the fourth …’ and the one that just felt the best was the 21st,” Willis explained.

In 1978, Maurice White of the band Earth, Wind & Fire first asked this question in the song “September,” a funky disco song that quickly topped the charts. While disco may be dead today, “September” certainly isn’t. The song is still featured in movies, TV shows, and wedding playlists. On Sept. 21, 2019, the funk hit was streamed over 2.5 million times. It’s no wonder that the Los Angeles City Council declared Sept. 21 Earth, Wind & Fire Day. The story behind “September” is almost as enduring as the song itself. It was co-written by White and Allee Willis, who eventually became a Grammy- winning songwriter and Tony nominee. But before any of that, Willis was a struggling songwriter in Los Angeles living off food stamps. When White reached out and asked Willis to help write the next Earth, Wind & Fire hit, it was truly her big break. White and Willis proved to be excellent songwriting partners, but they clashed over one key element of the song: the nonsensical phrase “ba- dee-ya,” which White included in the chorus. Throughout the songwriting process, Willis begged to change the phrase to real words. At the final vocal session, Willis finally demanded to know what ba-dee-ya meant. White replied, “Who cares?”

The truth is that nothing happened on the 21st night of September — except a whole lot of dancing.

THIRD THURSDAY

SEPT. 17 To Be Announced

OCT. 15 Ghosts, Ghouls, and Your Money

Lots of people want to stab their loan officer in the days before closing on a property, but no one ever does it. Until now, that is, as Greg and Mike arrive at the scene of the baffling crime to try to make sense of the bizarre murder. A wide-open conference room door, broad daylight, and a man somehow stabbed in the middle of it without anyone seeing who did it gives both of them an uncomfortable sense of déjà vu. They know that the best thing to do is leave the crime solving to the police. Exploding warehouses and murderous clowns are hard things to forget. Of course, on the other hand, there’s no harm in poking around and asking a few questions, right?

OCT. 15 Being Thankful for Your Finances ... and the End of the Electoral Season

Join us at noon on Facebook Live or catch the podcast at ThirdThursday30.com.

MARCHTO 1 MILLION UPDATE Current count for the March to 1 Million: 344,612

Check out the entire chapter, catch up on prior chapters, and perhaps learn a few things at DandBLaw.com or Bit.ly/EscrowCh2 .

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HAS COVID-19 IMPACTED YOUR RETIREMENT CONFIDENCE?

A June survey conducted by the Transamerica Center for Retirement Studies found that 23% of workers, both unemployed and employed, are no longer certain they can retire comfortably following the COVID-19 pandemic. And, due to the CARES Act, around 22% of survey respondents said they have taken or plan to take a loan or withdrawal from a 401(k) or other workplace retirement savings account — just so they can pay their living expenses like their mortgage, rent, or food during the pandemic. For people considering doing the same, it’s important to remember a couple of things! One, the CARES Act doesn’t actually mandate that a workplace retirement plan has to allow hardship withdrawals for those impacted by COVID-19. It is up to each individual plan administrator whether or not they will allow withdrawals. Two, the rules about who will qualify for these withdrawals if allowed by the plan are as follows: being diagnosed with COVID-19, having a spouse

or dependent diagnosed with COVID-19, or experiencing a layoff, furlough, reduction in hours, inability to work due to COVID-19, or lack of child care because of COVID-19. Keep in mind that even though there is no 10% IRS penalty for withdrawals from workplace retirement plans, income taxes will still be due on the money withdrawn, which can be paid to the IRS over a period of three years if needed. The withdrawn money can also be returned to the plan over three years with no taxes! Experts remind people that those taking withdrawals need to follow all rules or they will have to pay income taxes on the money withdrawn and owe the 10% penalty. Retirement planning is one of our focus areas, and DuPont Wealth Solutions is here to help you as well as your family members and friends! Just give us a call at (614) 408-0004.

WORD SEARCH

EASY STUFFED SWEET POTATOES

Inspired by EatingWell.com

INGREDIENTS

• •

4 medium sweet potatoes 1 15-oz can black beans, drained and rinsed 2 medium tomatoes, diced

• • • •

1 tsp coriander

3/4 tsp salt

1/4 cup sour cream 1/4 cup fresh cilantro, chopped

• • •

1 tbsp olive oil

1 tsp cumin

DIRECTIONS

1. With a fork, prick each sweet potato a few times. Microwave the potatoes on high 12–15 minutes, or until cooked through. 2. In a microwave-safe bowl, combine the beans, tomatoes, olive oil, cumin, coriander, and salt. When the potatoes are done, microwave the mixture on high for 2–3 minutes. 3. Cool potatoes slightly, then cut each potato open lengthwise. Pull the halves apart to create space to spoon the warm bean salsa inside. 4. Add a scoop of sour cream to each potato, garnish with cilantro, and serve!

ASTER AUTUMN CHILLY COLORFUL

EDUCATION FOOTBALL HARVEST LABOR

LIBRA SAPPHIRE SEPTEMBER SQUASH

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INSIDE

Thinking About Your Child’s Future College Experience? PAGE 1

The Truth Behind the 21st Night of September ‘Third Thursday 30’ Schedule PAGE 2

Has COVID-19 Impacted Your Retirement Confidence? Easy Stuffed Sweet Potatoes PAGE 3

Streaming Services Change Entertainment PAGE 4

ENJOY YOUR FAVORITE FILMS EARLIER The way we watch our favorite shows and movies has changed drastically in recent years and even more so this year. With the pandemic impacting the world, people found themselves stuck inside their homes looking for new sources of entertainment, and many found exactly what they were looking for through the numerous streaming services available to us. The pandemic made time for people to watch their favorite shows again and again, and it also changed the way businesses, such as Disney and Universal Studios, release their movies.

Throughout the spring, many movies were released early and some skipped theater showings all together. “Trolls: World Tour” was released through video-on-demand and earned nearly $100 million in rental fees on its April 10 debut, grossing far more than the first “Trolls” movie debut in 2016. Other movies, such as “Onward” and “Frozen II,” were released early on different digital platforms for purchase or rent. One of the most anticipated early releases under this new system is “Hamilton.”This hit Broadway show has drawn thousands of people to the theater since its debut in 2015. A stage performance of “Hamilton” was filmed in 2016 in just over three days. The resulting movie creates an opportunity for everyone to see the show, whether or not they were able to catch it live on stage. Disney bought the rights to the film last year and announced this February that it would be released on Oct. 15, 2021, in theaters.

However, due to the pandemic, Disney decided that what people needed most was something they could enjoy, even if they couldn’t leave their homes. On May 12, the studio announced the film would be available to stream on Disney+ starting on the July Fourth holiday. “Hamilton” fans and those who’ve never seen the play are thrilled to watch the film 16 months in advance of the originally scheduled release. Streaming services have changed how people consume their entertainment, and the pandemic has changed how streaming services offer it. Both changes are helping people get through these difficult times.

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