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How to Stress Test Your Financial Plan Like the Super Rich

March 27, 2018

The Super Rich (those with a net worth of $500 million or more) who have family offices typically engage a sizable lineup of professional advisors to help them create and implement financial plans. To help ensure those plans are both state-of-the-art as well as in line with their needs and wants, many of them regularly “stress test” these plans.

Here’s why you should join them in that effort—even if you’re not nearly as wealthy.

Asking “What if?”

Stress testing financial plans can be a very smart way to help make certain that the plan will deliver as promised. The fact is financial plans that might look great on paper all too often prove to be much less impactful once they are implemented. It is not uncommon for there to be unintended consequences that can even derail one’s agenda.

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January/February 2018 – Retirement Strategies Newsletter

March 5, 2018

Inside This Issue:

  • Savorez – A Must Try!
  • The Bookshelf
  • Sandy’s 5 Star Cider!
  • Saving Fuel in the Winter
  • Maintaining Winter Health
  • Upcoming Events in Wilmy
  • Winterize Your Home

Savorez – A Must Try!

If you’ve been reading our newsletter for a long time, you know that I’ve never used this space to hock restaurants. We are fortunate to have many wonderful restaurants in the Wilmington area, but I don’t fancy myself a food critic, in part, because I can only come up with so many sophisticated ways to say “Yummy!” It takes more than superior food to encourage me to write about a restaurant; it takes a level of personal bonding beyond taste and presentation. And that is exactly why this is the first time I’m writing about a restaurant.

I got the idea for this article when one of our favorite restaurants, Savorez, was named the top new restaurant in North Carolina by Buzzfeed and Yelp. And it’s ours, all ours, Wilmington! Are we lucky or what? Take that, Raleigh! Savorez is a charming little 36-seat restaurant at the corner of Chestnut and 4th Street in Downtown Wilmington. Its flavor palate is Central American, but you need only an appreciation for a good meal and the slightest touch of adventure in your soul to be delighted with Savorez. The staff is so friendly and upbeat that it doesn’t take long to feel like family (kind of like Mel’s Diner on a gourmet level).

Their regular menu is simple and delicious (Sam and David favor the Gatos Tacos while I ask for a spoon to capture every bit of the delicious sauce in the Langousta Y Coco—lobster ceviche), but you can never go wrong with one of the specials. It is with the specials that they exercise their creativity and allow their imaginations to soar. If you see a special you like, order it! You may never see anything quite like it again. Their cocktails are just as creative and unique.

We’re there a lot and, in fact, our family celebrated New Year’s at their first (annual, I hope) New Year’s Champagne Dinner. A great time was had by all. And the food was —you got it— yummy. And, of course, champagne!

The owner and chef of Savorez is Sam Cahoon (his father, coincidentally, is Larry Cahoon, a marine biology professor at UNCW, whom I’ve seen at a number of GenX forums advocating for our clean water). As a general rule, I can only see Sam’s torso through the narrow window into the kitchen, but he obligingly stepped out so I could take a picture. He has such a nice natural smile that I only needed to take one shot and it was just perfect.

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Three ‘Spy Secrets’ That Can Protect You, Your Family and Your Business

March 4, 2018

Imagine yourself in a vintage tuxedo, sipping a “shaken, not stirred” martini as you make eye contact across the bar with a beautiful secret agent who is about to covertly hand you a dossier with information that will help prevent World War III.

Okay—that’s almost certainly never going to happen to you. But you can use some of the same strategies employed by professional spies and operatives to prevent criminals from harming you, your family and your company.

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Understanding Retirement: Five Steps to Plan with Confidence

January 15, 2018

There was a time when people looked forward to retirement as a time for relaxation. But planning for the financial future is anything but relaxing for many people nearing retirement in the current economic climate. According to a 2016 PwC survey, just over half of Baby Boomers see their top financial concern as not being able to retire when they want to. That kind of uncertainty compounds the stress that many people often face with trying to save and invest enough money for retirement.

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Smart Ways to Build a Moat Around Your Wealth

December 15, 2017

Have you taken steps to protect the assets you have worked so hard to build?

Chances are, you know someone who has been sued. Maybe that someone is you.

The fact is, your enviable position as a successful person comes with a major downside: You’re a potential magnet for lawsuits—which may very well be frivolous and unfounded—and other attacks that can wreak havoc on your financial health.

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What Happens to Our Digital Assets After We Pass Away?

November 15, 2017

So, you’ve crafted a plan for how you want your wealth, possessions and other assets to be distributed after you die. But what happens to your digital assets—online bank and investment accounts, social media profiles like Facebook and LinkedIn, and access to shopping sites like Amazon and Ebay?

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It was a Dark and Stormy Night…

October 16, 2017

David has relinquished his writing privileges this month to me, his wife, Sandy. He’s nursing a little headache right now, bless his heart, for reasons that will soon become evident and having nothing to do with the stock market. Anyway, after years of generic autumn harvest articles, we thought we’d be a little more proactive this October.  We decided to do a little ghost hunting.

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Maintaining Marital Bliss Through Your Retirement Transition

October 15, 2017

Compromise is a key component in any happy marriage. It gets couples through the many roadblocks that life places in the path of a long-term, committed relationship. And while the ability to negotiate and reevaluate throughout the long haul goes a long way, even the strongest partnership can find itself buckling under the stress of retirement. The hopes and dreams of a what a life in retirement will look like can change over the course of a marriage. Couples who had previously expressed shared notions of what they want in their retirement may find themselves going in different directions when a life of work finally ends. Many couples who have had decades of marital bliss with little discord find themselves stressed and unhappy when retirement finally comes.

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Hurricanes and Tornadoes in Your Financial World

September 15, 2017

My wife Sandy and I sat huddled in the dark; the wind outside howled as if a freight train was going by. It was the fall of 1984, our first hurricane experience in Wilmington. Hurricane Diana raged outside for 2 days, it was the first major hurricane to hit the U.S. East Coast in nearly 20 years. Sandy and I made all the classic preparations: uselessly taping masking tape to all the windows and stocking up on water, batteries, bread, ice and—of course—beer. We had plenty of advance warning because, even 30+ years ago, there were satellites, radar, airplanes, weather buoys, and other means of assessing and informing us of a potential crisis.

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Financial Literacy from Childhood to Adulthood

August 31, 2017

As a parent and a financial advisor, it has always been important to instill the value of financial knowledge and to encourage other parents to teach their children to understand the fundamentals of good financial decision making.

Unfortunately, lessons in money management can fall by the wayside and by the time kids are starting to make their own money choices they do not have the tools to avoid costly mistakes.

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