Patriot Wealth - May 2019

Patriot Wealth - May 2019

MAY 2019

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A TRIBUTE FOR MOTHER’S DAY:

ONE OF THE BEST ADVENTURES MY MOM AND I SHARED

As everyone gears up for their annual Mother’s Day celebration, I can’t help but feel both grateful for who my mom is as a person and nostalgic for one of the best times we ever spent together: a 5-day trip exploring the beautiful country of Ireland. It wasn’t just our first time visiting Ireland; it was the first time either of us had ever been to Europe. Growing up, I remember taking several family road trips, but due to all of our busy schedules (including my frequent weekend hockey games), we never really had the opportunity to take long international trips. Needless to say, my mom and I were both excited for the experience. We flew to Dublin and spent four days there before traveling to the west side of the country. I can’t pinpoint which part of the trip was my favorite: the intricate architecture and endless activities of the metropolitan area or the overwhelmingly green landscape of the rolling countryside. Still, here are some of the definitive high points. While in Dublin, my mom and I toured the official Guinness brewery, which felt like a necessity, regardless of your stance on the frothy dark Irish stout. We ended the tour at the top of the building, where there was a circular room with windows roundabout. That way, visitors could enjoy a nice glass of Guinness while soaking in a sensational view of the city. I have to say: Guinness tastes completely different in Ireland than it does here in the States. It’s undeniably tastier! While Mom and I each got one glass, I ended up finishing most of hers. Before traveling to the west side of the country and Killarney, we also paid a visit to the Jameson distillery for a tour, tastings, and a nice dinner. Once we got to the rural side, we found many fun activities to try. They were wildly different from what we had experienced in Dublin. For example, we visited a local

farm, and I had my first experience milking a cow! If you’re not used to the process, it can be somewhat strange. I eventually got the hang of it, but I still walked away reveling in its peculiarity. The rest of the trip was spent appreciating more of the local architecture and Gothic cathedrals (like St. Patrick’s, which is pictured) and indulging in various pubs’ signature bangers and mash recipes. For our final evening in Ireland, we got tickets to attend a fancy dinner and ball. Unfortunately, the night before, I tried out some Irish oysters. While they were tasty in the moment, they certainly derailed our plans to attend the ball. Now that I think about it, I still haven’t had oysters to this day! Food poisoning aside, this adventure was exciting and memorable for many reasons, but I still consider the most important part to be that I got to enjoy it with my mom. To my mom, and all the other hardworking and phenomenal moms out there, Happy Mother’s Day!

–Wes White

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.

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LEAVING A LEGACY OF GIVING MAKING CHARITY A PART OF YOUR ESTATE PLAN

Your estate plan is far more than just a set of documents. It’s a declaration of what you find most important and a roadmap of the legacy you’d like to leave. Not only does a proper estate plan ensure that your loved ones will be taken care of when you’re gone, but it also allows you to make an impact on the wider world through charitable giving. Many avenues exist for making planned gifts to nonprofits, but here are some of the basics on how to make giving a part of your plan. NAME A CHARITY IN YOUR WILL The most basic way to give to a charity is by naming it in your will. Simply name the charitable organization you wish to support among your beneficiaries, and specify the assets you wish to give. If estate or income taxes are a concern, ensure your chosen organization is

a 501(c)(3) nonprofit. These are the charities the IRS deems tax-exempt. MATCH THE ASSETS TO THE CHARITY Almost all charities will accept cash bequests, though it is always a good idea to notify an organization about what you are planning to give. Smaller philanthropies may not accept complex assets, such as stocks or real estate. On the other hand, some charities may specialize in specific assets. For example, if your home is considered a historic site within your town, you may want to gift it to a preservation society so that it stays properly maintained. DECIDE HOW TO GIVE There are different ways to structure a charitable bequest, giving you the flexibility to make sure your estate planning goals are met. If you have a set

sum of money or a particular asset you wish to leave to a charity, you can make a specific bequest in your will. However, if you want to ensure your loved one’s needs are met before giving a portion of your estate to charity, you can make what’s known as a residuary gift. With a residuary gift, once debts have been paid off and your other beneficiaries have received their bequests, a specified percentage of your remaining estate will go to a charity of your choice. OTHER AVENUES Depending on your income level and the kinds of assets in your estate, more complex means of making a planned gift may be available to you. Talk to your estate planner to see if creating a charitable trust or establishing a foundation is the right move for you.

PUTTING A PRICE TAG ON YOUR HEALTH THE MONETARY BENEFITS OF TAKING CARE OF YOUR BODY

We’re constantly told how important it is to maintain a healthy lifestyle, but when the modern world, with its fast-food commercials and streaming services, tempts you toward the sedentary life, it’s easy to justify putting your health on the back burner. Thankfully, the monetary benefits of maintaining your health may provide the perfect incentive. Consider this: A recent Johns Hopkins Bloomberg School of Public Health study determined that a 40-year-old who shrinks from obesity to being merely overweight could save an average of $18,262 in health care costs for the remainder of their life. Moreover, if that same person maintains a healthy weight, their average potential savings grows to over $31,000. In addition to

Likewise, procrastinating on dental checkups and cleanings could result in bigger complications later on, which will require more time spent out of the office. LESS RETIREMENT RISK In a roundabout way, taking good care of your body bolsters your potential to save for retirement. If your health declines to a point where you can no longer work, both your income and everything you’ve managed to save for retirement can be drastically affected by mounting medical expenditures. BETTER HEALTH HABITS Smoking is the classic example of a poor health habit that drains the wallet. For example, a pack of cigarettes costs between $5–$14, which means that frequent smokers could be spending upwards of $2,000–$5,000 or more a year if they are going through a pack a day. Smokers also pay higher premiums for health, disability, and life insurance. By focusing on your health, eliminating harmful habits, and employing preventive care, you may be able to improve your self-confidence and quality of life. You may also be able to reduce expenses, enjoy more of your money, and boost your overall financial health. That’s a win-win all-round.

saving on health care costs, here are a few other ways health habits can affect your bottom line.

FEWER MISSED DAYS Making sure you schedule regular

preventive appointments with your doctor and dentist can potentially reduce losses. For example, even minor illnesses can leave you stuck at home, potentially missing out on several days’ worth of work.

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We are in the “age of the side hustle.” With soaring rent prices and student loan debt plaguing former students, millions of people have begun looking for side jobs (colloquially referred to as “hustles,” or gigs) to supplement their income. In fact, according to a CNBC survey, the gig economy has increased 27 percent more than traditional jobs in the past two decades. However, just because these side hustles are growing in popularity doesn’t mean they all lead to good money. It’s important to know what you’re getting yourself into before joining in on the gig economy, here are three points to keep in mind. 3 POINTS TO REMEMBER WHEN PURSUING SUPPLEMENTAL INCOME YOUR ROLE IN THE GIG ECONOMY TAXES. You already know that you’re required to pay taxes on any income you earn, but even if you work for smaller sums, paid in cash or not, you’re still legally obligated to report it. Additionally, if you expect to pay more than $1000 in taxes on your side hustle, the IRS may require you to make quarterly estimated tax payments. TIME. One of the most appealing aspects of side hustles is flexibility. Being able to work when you want to is perfect for people with fluctuating schedules. However, once you’re in charge of your own work schedule, time can easily get away from you. For example, anyone working with other people also spends time dealing with customer service problems, like hounding clients for invoices and making requested changes to submitted work, among many other issues. Make sure you charge enough to cover most of these unpleasant surprises. UPFRONT COSTS. They say “no risk, no reward,” but you can find a side hustle that doesn’t involve buying pricey supplies or tools. For example, many digital jobs, such as writing content, graphic design, or web development, fall into this category. Streamlining your work while keeping costs low are two of the most important things to remember if you’re considering a side job. While side gigs make up a significant portion of our current economy, there’s a lot to consider if you or someone you know is thinking of trying to earn some supplemental income. Have any follow-up questions? Don’t hesitate to let us know!

SHRIMP SAUSAGE SKEWERS

INGREDIENTS

Inspired by PaleoLeap.com

Creole Seasoning Ingredients

• 1/2 pound raw shrimp, peeled and deveined • 1/2 pound cooked sausage, cut into 1-inch pieces • 2 zucchini, cut into 1/2-inch cubes • 2 tablespoons extra-virgin olive oil • Wooden skewers, soaked in water for 30 minutes

• 2 tablespoons paprika • 1/2 tablespoon garlic powder • 1/2 tablespoon onion powder • 1/2 tablespoon cayenne or chili powder • 1/4 tablespoon dried oregano • 1/4 tablespoon dried thyme

DIRECTIONS

1. Heat your grill to medium-high. 2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well-cooked (6–8 minutes).

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INSIDE THIS ISSUE

A Tribute to Mother’s Day: An Amazing Trip to Ireland! PAGE 1

Making Charity a Part of Your Estate Plan PAGE 2

The Monetary Benefits of Good Health PAGE 2

Shrimp Sausage Skewers PAGE 3

The Age of the Side Hustle PAGE 3

How to Travel Sustainably PAGE 4

GO GREEN

GET OUT THERE WITH THESE ECO-TOURISM TIPS

Vacations can come with great expense, and not just for your bank account. According to a 2018 study published in Nature Climate Change, travel accounts for 8 percent of global greenhouse gas emissions. Cut through the greenwashing and do your part to lessen these emissions by traveling sustainably. TRAVEL GREEN When possible, trains, hybrid buses, and carpooling are great alternatives to larger, more environmentally intrusive travel methods. Large cruise liners are detrimental to oceans,

laundry, and they struggle to reduce energy because guests leave their lights and televisions on. However, many luxury resorts, woodsy cabins, and even entire countries have opted to make eco-tourism easier. If you’re looking for a region of the world committed to preserving nature, look no further than Iceland, Finland, and Sweden, which are ranked the three most environmentally friendly places in the world. Picchu are some of the world’s greatest wonders, but Earth itself is pretty breathtaking. Check out natural attractions while hiking or camping in preserved forests, or soak up all the Caribbean has to offer by snorkeling, scuba diving, sailing, kayaking, canoeing, and paddleboarding. When you’re mindful of your surroundings and remain unobtrusive, there are endless outdoor activities you can explore. Some locations even partner with environmentally conscious organizations you can donate to or volunteer with. DO GREEN Man-made attractions like the Egyptian pyramids and Machu

and airplanes emit large amounts of toxins into the air. However, you can cruise and fly with the earth in mind. Some cruise lines are working to reduce their impact by installing more eco- friendly lighting and materials, and flight experts recommend using “green” airports, choosing fuel-efficient airlines, staying longer, and traveling less. If anything, it’s an excuse to extend your European vacation!

STAY GREEN Where you stay impacts the environment as much as how you get there. Hotels use copious amounts of water for bathing and

Opt for a green vacation and know that while you relax, the earth is getting a little relief too.

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