Cortburg Speaks Retirement

Leaving Your Family a Legacy

December 09, 2020 Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® Season 2020 Episode 13
Cortburg Speaks Retirement
Leaving Your Family a Legacy
Chapters
0:00
Introduction
0:56
Leave your Family a Legacy
2:58
Week on Wall Street
6:48
Weekly Tax Tip
8:46
Healthy Lifestyle Advice
10:18
Green Living Idea
11:38
Quote of the Week
12:03
Conclusion
Cortburg Speaks Retirement
Leaving Your Family a Legacy
Dec 09, 2020 Season 2020 Episode 13
Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

Cortburg Speaks Retirement

Cortburg Speaks Retirement / Investment in Stock Market, Financial Planning, Retirement Planning, Money Management

1.Educational Update = Leaving Your Family a Legacy
 
2. Week on Wall Street


3.Tax Tip =  What's in a password?

4.Healthy Lifestyle Advice = Practice Mindfulness Everywhere you Go

5.Green Living Idea = Energy Savings Tips for Cooking during the Holidays

6. Quote of the Week

Show Notes Transcript Chapter Markers

Cortburg Speaks Retirement

Cortburg Speaks Retirement / Investment in Stock Market, Financial Planning, Retirement Planning, Money Management

1.Educational Update = Leaving Your Family a Legacy
 
2. Week on Wall Street


3.Tax Tip =  What's in a password?

4.Healthy Lifestyle Advice = Practice Mindfulness Everywhere you Go

5.Green Living Idea = Energy Savings Tips for Cooking during the Holidays

6. Quote of the Week

INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Hello and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   On this episode, I am help you leave your family a legacy, recap last week on Wall Street and how to protect your passwords online.  I will also give you tips to keep your mind healthy and energy saving tips for cooking during the holidays. 

 

 1st – weekly educational update
Leaving your Family a Legacy


A family legacy can have multiple aspects. It can include much more than heirlooms. It may also include guidance on what to do with the gifts that are given. 

What are your “legacy” assets? Financially speaking, a legacy asset is something that may outlast you, something that might produce income or wealth for your descendants.

To help these financial legacy assets endure, an appropriate legal structure may be necessary. The goal is to have a structure that may permit reasonable management of the legacy assets – not just five years from now, but long into the future as well.

For example, imagine that 40 years from now you have 12 heirs to the company you’ve founded. Would you expect all 12 heirs to manage the company together? 

Probably not. Some of those heirs may not be old enough to handle such responsibility. Others may be reluctant or ill-prepared to take on the role. 

Values are also crucial legacy assets. Early on, you can communicate the importance of honesty, humility, responsibility, compassion, and self-discipline to your children and grandkids. These virtues can help young adults do the right things in life and guide their financial decisions. Your estate strategy can articulate and reinforce these values, and perhaps, link your children or grandchildren’s inheritance to the expression of these qualities. 

Make sure to address the basics. Is your will up to date? How about the beneficiary designations on your retirement accounts? Creating a trust may be a smart move. But remember, a trust involves a complex set of tax rules and regulations. Before moving forward with a trust, consider working with a professional who is familiar with the rules and regulations.   

Think about the legacy you are leaving. Your thoughtful actions and guidance could help your children and grandchildren enter adulthood with good values and a promising financial start.

 

2nd – Week on Wall Street 

Stocks marched higher last week on an improving outlook for the passage of a fiscal stimulus package. 

The Dow Jones Industrial Average rose 1.03%, while the Standard & Poor’s 500 tacked on 1.67%. The Nasdaq Composite index gained 2.12% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, gained 0.78%.[i],[ii],[iii]

A Record Week for Stocks

After opening the week with moderate losses amid rising COVID-19 infections, stocks turned higher as investor sentiment was buoyed by the resumption of fiscal stimulus negotiations. As lawmakers discussed various proposals, stocks managed to grind higher.

A better-than-expected jobless claims report on Thursday added fuel to the market rally, but the gains evaporated in late-day trading following news by a major pharmaceutical company that it would be slowing its rollout of the vaccine due to logistical challenges.[iv]

A disappointing jobs report on Friday did not keep investors from bidding stocks higher as the week came to a close, sending the Dow Jones Industrials, S&P 500, and the NASDAQ Composite indices to record high closes.[v]

The Start of Holiday Shopping

The start of the holiday shopping season provides important insight into the state of the economy and overall consumer confidence. In response to the pandemic, consumers avoided in-store visits over the Thanksgiving weekend. This translated into a 22.4% decline in spending from last year’s levels.[vi]

However, spending prior to the Thanksgiving-to-Sunday period surged 65.7% from a year earlier, thanks to large retailers introducing Black Friday-like deals as early as mid-October.[vii]

Of course, the pandemic has led to an acceleration in shopping online. Cyber Monday sales jumped 15.1% over last year’s levels as consumers spent almost $11 billion, making it the largest U.S. online shopping day ever.[viii]

 

THIS WEEK: KEY ECONOMIC DATA

Wednesday: Gross Domestic Product (GDP), Job Openings and Labor Turnover Survey (JOLTS).  

Thursday: Consumer Price Index (CPI), Jobless Claims.

Friday: Consumer Sentiment.

Source: Econoday, December 4, 2020

The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

 

THIS WEEK: COMPANIES REPORTING EARNINGS

Monday: Coupa Software (COUP)

Tuesday: Autozone (AZO), Mongodb, Inc. (MDB), Chewy, Inc. (CHWY)

Wednesday: Campbell Soup Company (CPB), Slack Technologies (WORK)

Thursday: Lululemon Athletica, Inc. (LULU), Adobe, Inc. (ADBE), Broadcom (AVGO), Costco Wholesale Corp. (COST)

Source: Zacks, December 4, 2020

Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

 

3rd – weekly tax tip
What’s in a Password?

One of the best ways to keep your data safe online is to have a strong password. The IRS shares some tips on how to create and protect your passwords:

●       Your password should be a minimum of eight characters. The longer, the better.

●       Your password should include a combination of letters, numbers, symbols, and special characters. 

●       Don’t include personal information, including names of family members or pets, identifying information about where you live, or other personal details. 

●       Don’t use the same password for everything. 

●       Substitute special characters and numbers for common letters to make your password more difficult to guess (ex: @ for a, ! for i, 8 for B, etc.).

●       Be aware of scams asking for your password and never tell people your passwords.

If you find yourself forgetting your passwords, a tool like LastPass can help. This tool encrypts your passwords, so they stay safe and can be downloaded on your computer. It will remember your passwords, so you don’t have to.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov[ix]

 

4th – healthy lifestyle advice
Practice Mindfulness Everywhere You Go

We know how important it is to take care of our bodies, but it’s equally (if not more) important to take care of our minds. During this holiday season, it can feel impossible to take some time to meditate, but practicing mindfulness doesn’t have to be a huge, involved process and a time-consuming task. With the rise of mindfulness apps, you can take as little as 5 minutes and enjoy the benefits of taking care of your brain. Some top mindfulness apps include:

●       Calm

●       Headspace

●       10% Happier

●       The Mindfulness App

 

There are countless other apps available, or you can search for quick mindfulness exercises on YouTube. All you need to create some space in your head is a quiet spot and a smartphone. Take some time away from the hustle and bustle of the holiday season and practice mindfulness with these easy apps. 

Tip adapted from Developing Good Habits[x]

 

5th – Green Living Idea
Energy-Saving Tips When Cooking for the Holidays

If you’re preparing a big meal for the holidays, consider your kitchen habits to save energy and money! Here are a few energy-saving tips to use when cooking:

●       Switch on the oven light to check on your baked goods instead of opening the oven door. When you open the door, you let out a lot of heat, forcing the oven to use more energy by having to heat back up to the set temperature.

●       Speaking of ovens, cook your food on the top rack of the oven, when possible. When the food is closer to the heating element, it can cook 20% faster. 

●       If you need to thaw frozen items, throw them in the fridge. The cool air coming off the frozen food will help the fridge cool down, hence using less energy. 

Tip adapted from Money Crashers[xi]

 

6th – quote of the week

“If you think you’re too small to make a difference, try sleeping with a mosquito.” 

- Dalai Lama

 

Make sure to visit our website, www.CortburgRetirement.com.  Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Retirement Specialist and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational update.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.


[i] The Wall Street Journal, December 4, 2020
[ii] The Wall Street Journal, December 4, 2020
[iii] The Wall Street Journal, December 4, 2020
[iv] The Wall Street Journal, December 3, 2020
[v] CNBC, December 4, 2020
[vi] CNBC, November 30, 2020
[vii] CNBC, November 30, 2020
[viii] CNBC, December 1, 2020
[ix]https://www.irs.gov/newsroom/strong-passwords-help-keep-tax-data-safe  [x]https://www.developgoodhabits.com/best-mindfulness-apps/  [xi]https://www.moneycrashers.com/electronic-e-waste-recycling-disposal-facts/  

Introduction
Leave your Family a Legacy
Week on Wall Street
Weekly Tax Tip
Healthy Lifestyle Advice
Green Living Idea
Quote of the Week
Conclusion