Wealth From Wisdom September 2018

Wealth From Wisdom September 2018

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September 2018

Building Partnerships Amy Constable on Learning and Growing

At Cornerstone Wealth Management Group, a lot of the work we do is with our partners. It takes a lot of coordination between ourselves and our partners to ensure we’re all on the same page when it comes to serving clients. I work with Cornerstone’s partner offices, much like Bonnie Bailey who was featured in the July 2018 edition of our newsletter. I generally work closely with our partners’ operation staff. In addition, when new partners come on board, I help get them trained on all the different tools and technology we use and get their teams up to speed on our platform. As part of this, I help with their hiring and training processes. When someone new steps in, I work closely with the new hire to ensure seamless integration. I’ve been with Cornerstone for six years. Before taking on the role working with our partners, I had assisted our advisors right here at Cornerstone. This included opening accounts, keeping accounts up to date, and many administrative duties. In short, Cornerstone is a place where I can learn and grow professionally. I got into financial services when I was in high school. You could say it all started with a school project. At the beginning of the school year, each member of the class picked a

But what makes working at Cornerstone (and the financial

industry, in general) so incredible is how dynamic it is. Things are in constant motion. I’m always learning something new, whether it’s about a new Cornerstone partner, a new tool, new regulation, or literally anything else impacting the industry on a day-to-day basis. Cornerstone itself is a great place to be. I’m surrounded by a great team of people who are supportive of one another. They’ve worked hard to foster a positive culture, making it fun inside and out of the office. Speaking of having fun outside of the office, I love to cook and bake. I’m known for my eclairs, something not many people attempt on their own. During family gatherings, my eclairs are always a big hit. I also play the piano. I grew up with a piano, though as I got older, I didn’t keep up with it nearly as much as I would have liked. Lately, I’ve been trying to change that. Playing the piano is a great stress reliever and a great way to focus my mind.

stock to follow through the end of the year. We monitored activity to see whose stock would do best. As it turned out, my stock pick ended the year up the most. The teacher told me I had a future in finance.

At 17, I got my first job with a financial services firm. With

graduation coming up, I was going to school part time while working full time. This put me in a really good position moving forward. Working with this firm, I learned about the business and the financial industry at large. I enjoyed it and made a career out of it. Well, my teacher was right! Here I am and I’m loving every minute of it. As a very detail-oriented person, I love just about everything finance-related. I even love helping family and friends with their own finances.

Amy Constable

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A Guide to Picking a Post-Career Hobby New and Rediscovered Passions in Later Life

A side from financial concerns, the No. 1 question that most impending and recent retirees struggle to answer is how they will fill up all their time. While spending time with family and relaxing are priorities for most folks entering the post-career chapter of their lives, these aren’t enough to fill up the bulk of your newly acquired free time. Cultivating a hobby is a great use of your time at any age, but especially during retirement. As Dick Van Dyke once said, “To me, retirement means doing what you have fun doing.” Here are three questions to help you discover a hobby that’s right for you. Do you have a dormant passion? Work has a tendency to put our other interests on the back burner. Maybe you painted for pleasure during college but put the canvas away to focus on your career. Perhaps you were once a chess fanatic, and today you find your board gathering dust from lack of use. Now is the perfect time to rediscover those once-beloved activities.

What have you always wanted to do? Discovering new hobbies is just as rewarding as rekindling old ones. Have you ever heard about a pastime and thought, “I’d love to do that, if only I had the time”? Former NFL quarterback Drew Bledsoe opened a winery after retiring from football. While you probably don’t have the financial resources of a professional athlete, there’s nothing stopping you from pursuing a newfound passion at the same velocity as the footballs Bledsoe threw. especially when you have the time and energy to devote to it. Many older adults find that giving back to the community adds meaning and purpose to their lives. The best way to figure out how to donate your time is to think about a cause dear to your heart. From there, find a reputable organization that supports said cause, and see what you can do to help. Is there a cause you want to support? Volunteer work can be incredibly fulfilling, the wealth. They have to make crucial decisions, and they need to know just how prepared their adult children or other heirs will be to handle this inherited wealth. The older generation is genuinely concerned. The numbers tell a story. About 70 percent of family money will vanish by the end of the second generation. Then, by the end of the third generation, about 90 percent of that money will be completely gone. A lot of it comes down to poor planning and irresponsibility. That is to say, the heirs were not good stewards of this money. This is why it’s so important to consider if your intended heirs maintain the same values you do when it comes to caring for and preserving your legacy for generations to come. You need to know where your heirs stand before including them in your will or a trust.

Retirement is the perfect opportunity to throw yourself head-first into something you’re passionate about. So what are you waiting for?

Questions to Ask the Next Generation Are You and Your Heirs Ready for the Transfer ofWealth?

Over the next 30 years, about $30 trillion will be passed down from the baby boomer generation to their children and grandchildren — Generation X and the millennials. As this transfer of wealth begins, a lot of families have questions, particularly members of the family who accumulated

Do they possess the financial education and knowledge to handle this transfer of wealth and legacy? How well do they handle their own finances? What are their attitudes toward saving, spending, and investing? Multigenerational education and wealth planning is an area that your wealth advisor is well-equipped to address. They can provide you with valuable advice and guidance moving forward. Many advisors will meet with heirs on a one-on-one basis and as a family unit. They may even provide more formal training to your heirs to help them prepare to be more prudent stewards of your family’s wealth. The more prepared you and your family are for the transfer of wealth, the more likely it is to be properly managed for generations to come. Ask questions and know where your family stands.

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Social Security Mistakes That Could Cost You Big Highlights From ‘Wealth From Wisdom Radio’

Surprising Things You Don’t Know About Social Security That Could Cost You a Small Fortune Over $10 billion in Social Security benefits go unclaimed every year. A lot of this “lost” money comes down to people not doing their due diligence. Sometimes it’s an advisor passing along bad advice to their client. Sometimes it’s the Social Security recipient not getting all the information they need to make smart decisions about the benefits. In the Wealth From Wisdom Radio podcast dated June 9, 2018, host Ron Carson, along with Paul West, discuss the things people don’t realize about Social Security — and how it’s costing people big. One thing you have to remember is that Social Security benefits were never meant to be 100 percent of anyone’s income but for many, they are.

At one point in time, Social Security was meant to make up about 40 percent of an individual’s income after retirement, but today, many people don’t realize this and fail to plan accordingly. They look at it as more of a catchall. Part of the deeper problem, however, is that people avoid talking about it. Then they make default financial decisions that may not necessarily apply to their situation. This default decision-making can end up becoming a huge mistake for a lot of people who end up missing out on a lot of money. One way to alleviate this is to sit down with a financial professional to talk about Social Security in detail. Have a conversation about getting the most out of Social Security to avoid making major mistakes that will cost you. You have to think about Social Security

holistically and in terms of the rest of your life. To go along with that, you have to think about timing. Too many people get advice to take the money as soon as they can, and depending on your situation, you can end up losing out on tens of thousands of dollars, if not more. There was a time when, if you made a bad call on your Social Security benefits, you could do it over. That is no longer the case. If Social Security represents more than 40 percent of your income and you make a bad call, that mistake can have a ripple effect on your entire financial life, and ultimately, your lifestyle.

For more on these costly mistakes, head over to WealthFromWisdomRadio.com .

Sudoku

Late-Summer Panzanella

INGREDIENTS •

•

2 red bell peppers, seeded and cubed 1/2 red onion, thinly sliced 1 cucumber, sliced into rounds 20 basil leaves, chopped

1 small loaf French bread, cut into 1-inch cubes (6 cups) 3 tablespoons extra-virgin olive oil 2 large tomatoes, cubed

• •

•

• • •

•

Salt, to taste Vinaigrette

INSTRUCTIONS 1. In a large sauté pan, set to medium-low heat and add olive oil. Add bread and 1 teaspoon salt, tossing often, for 10 minutes or until toasted. 2. In a large bowl, mix vegetables and herbs. Toss in bread and your favorite vinaigrette and mix again. 3. Serve immediately or allow to sit up to 30 minutes for the flavors to meld together.

Answer on page 4

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Sudoku Answer

INSIDE

• Building Partnerships With Amy Constable PAGE 1

• What Have You Always Wanted to Do? PAGE 2

• Are You Ready for the Transfer of Wealth? PAGE 2 • Are You Making Major Social Security Mistakes? PAGE 3

• Late-Summer Panzanella PAGE 3

• Have You Heard About Mauritius? PAGE 4

Marvelous Mauritius A Secret Island of Adventure

Adventure Awaits Looking for fun in the sun? Start your trip to Mauritius with a hike up the lush Lion Mountain, or take time to snap a photo of the Seven Coloured Earths, where volcanic soil has created sand dunes of seven distinct colors. And what’s a trip to an island without the beach? Beautiful coral reefs surround Mauritius, keeping sharks away from the pristine beaches. Island guests and locals can fearlessly scuba dive around the brilliant reefs, swim with dolphins, kite surf, and find lots of other ways to enjoy the warm ocean waters. Walk Through History More than a tropical escape, Mauritius is an island full of history and culture, so there are plenty of opportunities to learn about the island’s layered past. You can visit one of the historical rummeries or explore Mauritius’ two UNESCO World

Heritage Sites. You can also check out Aapravasi Ghat, the Immigration Depot, and Le Mourne Brabant. Taste the Memories A day spent playing on an island is always better with great food. Influenced by its French, Creole, Indian, and Chinese heritage, Mauritius offers a vast menu of delicious dishes to try, from curry to dim sum. And the rich soil and bountiful ocean provide more than enough fresh fruit and seafood to go around. Despite its amazing vacation potential, Mauritius is all but unheard of to people in the United States. This means travelers can find amazing five-star resorts at unbeatable prices! With this in mind, isn’t it time you got to know the island of Mauritius?

Just over 1,000 miles off the southeastern coast of Africa in the Indian Ocean lies the small island of Mauritius. The island is often overlooked by the rest of the world. Most people are more likely to have heard of the island’s most famous extinct occupant, the dodo bird, than the island itself. This is shocking when you discover how much fun there is to be had in this tropical wonderland.

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