McBeath Financial Group - September/October 2021

McBeath Financial Group - September/October 2021

SEPTEMBER/OCTOBER 2021

Financial Horizons Your Connection for Wealth, Lifestyle & Legacy

McBeathFinancialGroup.com 309.808.2224 We All Have Rules HOW MY RULES INFLUENCE VACATIONS AND MY PROFESSIONAL APPROACH

It felt great to get “back to normal” and enjoy summer vacations again this year! We were excited to make more memories, and we really enjoyed our family time, including a weeks-long stint spent at my family’s cabin at Long Lake near Park Rapids, Minnesota. Many readers may know this, but my family has been gathering at Long Lake for generations. In fact, my 98-year-old grandmother traveled to Park Rapids with her family for nearly 70 years. Sadly, she passed away shortly before this year’s trip. On June 30, we hosted a celebration of life for the woman who left an incredible legacy that includes past memories and future blessings at a place dear to our hearts. Currently, she has no less than eight descendants with cabin homes on the lake that will remain within the family. It was only fitting that many of us left her funeral and immediately began the 10-hour drive to the lake for family time together. For Robert, Jillian, and me, it has all that we need out of a vacation. It’s relaxing and quiet, but there’s just enough excitement for our daughter when we take her tubing or swimming on the lake. We’ve never been big beach goers during the summer; they can get too crowded! Instead, we prefer the quiet, calm waters of a rolling lake and the laughter of our daughter in the background. This year was another great addition to our memories at Long Lake. As is tradition, we also made sure to abide by our three sacred rules for vacations no matter where we were. We’ve each added our own rule, creating a set of guidelines just right for our family. (You’re welcome to steal these if you like!) Rule No. 1: Unlimited Ice Cream! Courtesy of my husband, this is the tastiest rule on the list! We make sure to indulge in copious amounts of this sweet treat during every vacation, and this year was no different. This year in Park Rapids, we were regulars at the Minnesoda Fountain as well as Dairy Queen. Rule No. 2: Lots of Snuggles! This one is all my doing. I created this rule when Jillian was a 5-year-old snuggle bug, and I wanted to make sure we never missed a moment. No matter where we go, the time we spend hugging and cuddling with our family is so special.

needed a recreation break from her hectic kindergarten schedule and responsibilities. She added this rule to our vacation must-dos as a way to ensure we have fun every day on our trips. We couldn’t agree more — on vacation, you have to grab as much excitement as possible and create memories that last a lifetime. Whether it’s as trivial as a vacation or as important as principles for how to live your life, we all have personal guidelines that point us in the right direction. Throughout my career, I’ve developed my own compass for my clients, including three rules for financial planning. Rule No. 1: Begin With an End in Mind. No one wants to run out of money in retirement — that’s a given. But what else is important to you? Do you want to travel or give back? Do you prefer to pass your wealth on to your children and live quietly? Having goals is essential to creating a road map that works for you. Rule No. 2: Collaborate. Your input on your financial plan is necessary to ensure your goals are met. I don’t expect you to be the expert in complex financial concepts. (That’s my job!) With your direct input about your priorities for your future and financial plan, I consider the growth and safety of your investments and can plan for market changes, taxes, inflation, and health care costs. Rule No. 3: Be Flexible. A financial plan is meant to be fluid. It’s not supposed to be a concrete, unchanging outline for your future. Life changes, tax laws, or market fluctuations may warrant updating a plan to stay on course. Therefore, it’s important to regularly monitor a plan to make adjustments as necessary and to measure its efficacy in meeting goals. By deploying these rules, I have found clients have a greater conceptual understanding of our process. Just as my family and I approach each vacation knowing we will gorge on sugar, snuggle together, and always find ways to have fun, I want each client to know that our work will begin with their goal, involve collaboration, and will always be moldable.

So, with that in mind, what are your personal rules?

—Krista McBeath

Rule No. 3: Only Have Fun! I mean, how can you go wrong with this rule? Jillian made this one up when she was just 6 years old and

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All Aboard the Espresso Express!

Meet These Life-Changing Handheld Coffee Makers

Why spend $7 on a cup of coffee when you can brew your own while traveling, hiking, and more? Here are

three ways you can prepare your own coffee — even espresso! — no matter where you are.

The Handpresso If you’re looking for the original portable espresso maker, then the Handpresso is for you. The design was developed in Europe and has sold over 400,000 units in France and abroad since its first unveiling in January 2008. Because it uses Nespresso pods, it’s easy to use and clean and makes an incredible cup of coffee anywhere you go. Also, it’ll fit perfectly in your cup holder, so you won’t have to worry about it bouncing around in the car while brewing. You can learn more at Handpresso.com .

The AeroPress Ever been so frustrated with brewing espresso in the States that you created your own espresso machine? That’s exactly what Alan Adler did with the AeroPress. Thankfully, he totally knocked it out of the park. And now with the AeroPress Go, it’s super convenient to make a classy cup of coffee anywhere you are. With over 350 provided microfilters, you’ll never have excess coffee grit. Plus, it’s designed to deliver a coffee with low acidity, which gives you a smooth flavor with very little bitterness. Check it out at AeroPress.com !

Any Classic French Press It’s true that some French presses are better for travel than others, but you can actually use any kind of French press for “instant” coffee while on the go. Just put your grounds in the pot, pour in your hot water (found at any gas station), and use the tight-netted plunger to press your coffee grounds to the bottom of the pot. It’ll get all the flavor out of your grounds (or even tea), and you won’t have to worry about spills. The best part is that French presses are very affordable, starting at $10–$20 on Amazon.

WHAT EXPERTS HAVE FAILED TO ADDRESS The Issue With Long-Term Care Planning

When planning for our futures, we often consider the ways in which our financial goals will meet our retirement needs and protect our heirs after we pass. Yet, most people often give little regard to planning for long-term care. With an aging population, it’s a cost and essential part of the financial planning process that must be considered. I’ll never forget speaking at the May 2017 McLean County Senior Living Expo. The sticker shock of the cost of senior living hung in the air as I laid out options for long-term care insurance. But the unfortunate reality for many people in that room was that their opportune time for preparing for long-term care had passed. Yes, for many, there were still some options available. But I could see the hopelessness in many of their eyes. Much of what they’d worked for was going to be drained away in their final years. And it wasn’t even entirely their fault! This was one of those key moments affirming my belief that the systematic retirement planning system failed to meet the needs of so many! How could it be that the professionals they paid to handle their money never told them to plan for this? Maybe their advisors just followed protocol to make sure they didn’t run out of money in retirement. Or maybe their advisor only dealt with their investments. Maybe they didn’t have a plan at all! Do you know what I see all too often from the standard industry advisor? A focus on portfolio growth, or strategies to avoid

market losses, while altogether leaving the back door open to several major risks to a client’s assets!

In short, retirement planning often fails to account for one of the largest risks to assets: long-term care expenses!

As AARP’s Nancy LeaMond writes, if someone were to turn 65 years old today, they would have a 70% chance of needing long-term care. As Western medicine helps us live longer, instances of chronic conditions that affect the elderly continue to grow, too, exacerbating the need for more comprehensive — and ultimately affordable — care. And, as LeaMond points out, nearly half of all U.S. adults ages 40 and older incorrectly believe Medicare can cover these expenses. Regardless of your goals, long-term care must be part of your financial plan. Retirement and estates are just two components of a much more diverse road map. Advanced wealth strategies can help you manage this. Please contact me today if you have any questions about how your plan accounts for these goals. Editor’s Note: This article is inspired by content within the coming book by Krista McBeath. Look for the fall/winter release of “The Multigenerational Wealth Wheel,” a systematic approach to leaving a legacy and transferring wealth to future generations

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The Right Investments for You! Investing Is Like Vacationing

SUDOKU

I hope you were able to escape somewhere fun this summer. It felt like a summer of possibilities, and our family took full advantage. We spent about three weeks total up at my family’s cabin on Long Lake in Minnesota, and it was the perfect vacation for us. I realize for some, three weeks at a cabin may sound like torture! Maybe it’s too boring, maybe there are too many bugs (I can agree with this one), or maybe you’d rather not part with your everyday luxuries for a minimalist lifestyle. Regardless of your reasons, if a monthlong adventure in the woods and near the lake doesn’t appeal to you, you would never book that vacation.

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So, why would you have the same approach when it comes to your investment plan?

Much like how planning the perfect vacation comes down to your preferences, the “right” investment plan is all about your goals and what you need your money to do for you. Take a “growth fund” and a “balanced fund,” for instance. You may have assumptions about each of these. You might assume that a growth fund has more risk attached to it, and that is will likely pay out bigger gains, whereas the balanced fund might offer less risk or lower fees. But that’s a gross assumption. Not all growth funds are going to be high-risk. And sometimes, I see balanced funds that have more risk and volatility than a growth fund. What is important is the make-up of the funds. The question isn’t, “Which portfolio is right?” You should be asking, “Which portfolio is right for me?” (Or what is your dream vacation, to keep the analogy going.) You can tailor your portfolio to suit your needs while potentially maximizing your gain, limiting your risk, and focusing on your personal goals. We achieve this by using cutting-edge software designed to determine what your ideal portfolio would look like. It’s completely adaptable as your life changes, but it can take some of the guesswork out of planning for your future. Stop forcing yourself into a cabin vacation if you would rather tour Europe. If you have questions about how this software is utilized in your portfolio, please reach out to me today. I’m happy to answer your questions.

“Happiness is an attitude. We either make ourselves miserable, or happy and strong. The amount of work is the same.” –Francesca Reigler

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I N S I D E

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3 Rules for Vacations (And Financial Planning!)

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A Handheld Coffee Maker Could Change Your Life Have You Considered Long-Term Care Planning? An Investment Plan to Fit Like Your Ideal Vacation

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Nothing to See Here: Mystery Spot Tourism

SOLUTION

Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC are affiliated. All content of this newsletter is for information purposes only. Opinions expressed herein are solely those of McBeath Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Copyright 2021 McBeath Financial Group.

Nothing to See Here A HISTORY OF THE MYSTERY SPOT

The most famous mystery spot is in Santa Cruz, California, but it has cousins in Oregon, West Virginia, and Michigan. Each one is inexplicable — drawing thousands of people every year to come and spend their tourist dollars. And for many, the whole thing is just one big hoax, designed to take in suckers and generate cash. Although Santa Cruz has the most visitors, it was “inspired” by the Oregon Vortex, which was a spot that had odd occurrences “documented” back to the early frontier days. From a mining office sliding off its foundation to the high presence of optical illusions, the Vortex was the home to some odd events. Naturally, the thing to do was build a structure there and start taking people’s money! It’s not a coincidence that these locations began to pop up at the same time as the average American got access to automobiles

— “roadside attractions” of all kinds have been the rage since people began to tour America by car, and it’s pretty clear that, real or not, these mystery spots fall into that category. That’s why many of them have updated over the years to suit changing tastes — such as the Michigan St. Ignace Mystery Spot’s addition of zip lines and other attractions. And unlike many other roadside attractions, mystery spots continue to draw attention. Something in the American psyche loves the idea of the paranormal; Google “Europe mystery spots” and you’re likely to discover lists of unique vacation destinations. Perhaps they recapture the “paradise is just over the hill” mystery that in part drove colonization of the American West. Or perhaps it’s all a bunch of hooey. The best way to decide, of course, is to visit one of these mystery spots for yourself!

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