Lenox Book of the Month: Free to Focus by MichAEl Hyatt

Lenox Book of the Month: Free to Focus by Michael Hyatt

Get more done and get your life back.

Productivity is about getting the right things done.

New York Times Bestselling author, Michael Hyatt, has created a total productivity system that's much more than endless box checking. Proven by over 25,000 professionals, this system helps overwhelmed leaders achieve what matters most so they can succeed at both work and life. 

In his latest book, Free to Focus, you'll discover how to ...

  • Redefine your work so it works for you

  • Filter your tasks and commitments

  • Cut out the nonessentials

  • Eliminate interruptions and distractions

  • Set boundaries that protect your focus and drive results

  • Leverage your time and energy for maximum productivity

  • Build momentum for a lifetime of success



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Lenox Non-Profit of the Month: Magnified Living

Lenox Non-Profit of the Month: Magnified Living

Lenox Non-Profit of the Month: Magnified LivingWho We Are:

Magnified Giving is a 501 © 3 educational organization founded in 2008 by Roger Grein, a recognized leader in the philanthropic community. Our mission is to educate, inspire and engage students in philanthropy, touch the hearts and minds of teens, lighten the concerns of others, and magnify the impact of philanthropy. Magnified Giving seeks to “develop tomorrow’s philanthropists today”. Currently, Magnified Giving operates primarily in Greater Cincinnati and Northern Kentucky, with five additional partner schools in Cleveland (3) and Indianapolis (2).

What We:

Do: Magnified Giving partners with schools and provides a philanthropy training curriculum that engages students in the process of identifying and assessing a broad range of charitable organizations and directly engaging with local charities. As the process concludes, the students select a charity to receive a grant from Magnified Giving. The grants are awarded in a series of ceremonies that provide the students an opportunity to be a witness to what they have learned and experienced, and to hear how the grant they have awarded will impact the lives of others.

Why We’re Important:

To Date, Magnified Giving has worked with more than 19,500 students to grant more than $700,000 in funding to hundreds of charities in the communities where the students live. Magnified Giving magnifies the impact of our donor’s funds, as we provide grants to local charities through a process that inspires junior high and high school age students to become lifelong givers.  For our students, the lifelong impact of philanthropy education is visible and how their lives and charitable engagement have been forever enhanced is evident in our communities as a result.

How We Serve the Community:

Magnified Giving, through its student-guided grant process, provides direct funding to hundreds of charitable organizations that provide a diverse range of services to the community. To date, this funding has exceeded $700,000, however the impact goes well beyond the funds granted. Magnified Giving is creating future generations of philanthropists that will go on to better serve their communities and have hearts for giving, sharing and caring. While we can measure how many schools have our program, how many students have participated, how many charities have benefited and how many dollars have been granted, we can’t measure the many benefits yet to be realized through the lives of those whose hearts and minds have been forever changed. The ripple effect is powerful.

How You Can:

Help: Magnified Giving helps our student participants understand that they are called to share their time, talent and treasure with others. In the same way, we need the time, talent and treasure of our community to support our impactful student philanthropy program.  Financial donations provide the funds for the grants and help us broaden our reach to more schools and students. Many volunteers have helped us by sharing their gifts in many and diverse aspects of our operations and are welcomed. Many of our opportunities are listed on our website.

Magnified Giving 9940 Reading Road, Cincinnati, Ohio 45241 513-733-9727 www.magnifiedgiving.org Social Media: @magnifiedgiving         

Executive Director:  Kelly Collison Email: kelly@magnifiedgiving.org

Director of Advancement: Carey Kuznar Email: carey@magnifiedgiving.org

Director of Programs: Alison Kaufman

Board Chair:  Roger Grein

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Financial Life Strategies for Dual-Income Families

Financial Life Strategies for Dual-Income Families

Financial Life Strategies for Dual-Income Families

7 tips for building and managing wealth and life.

 

If you’re part of a dual-income family, you know there are both advantages and disadvantages. The two incomes can provide you opportunities to create wealth and establish financial freedom beyond what most single-earner families are able.  However, with both of you working and sometimes both traveling, life can feel like a constant time crunch marked by an overwhelming load of responsibilities, especially if you have little kids.

 

You don’t want to forego your chance to make money, build and manage your wealth, but you also don’t want to miss out on family time, fun and the chance to enjoy life.

 

Here are 7 strategies every dual-income couple should consider.

 

FINANCIAL LIFE

1.   Max out your 401k: You can contribute up to $18,000 per year if you are under age 50 and up to $24,000 if you are over 50. Additionally, many companies offer a company match. It’s a triple win – you can save for retirement, get matching contributions from your employer, and enjoy the tax savings. If you don’t have access to your 401k, you may be able to contribute to an IRA and deduct the contribution on your taxes.

 

2.   Consider deferred compensation: The majority of people are in the highest tax bracket during their working years, and then their tax bracket lowers considerably in retirement. If your company has a deferred compensation program, it’s a great way to manage your income while you are working and delay taxes until you are in a lower tax bracket. This strategy typically allows higher limits for putting money aside than a 401k, and you don’t need to wait until age 59-½ to access your monies. 

 

3.   Understand how your benefits work: Many large companies offer robust employee benefits that employees simply don’t understand or don’t take time to learn about and access. Make sure you are contributing to your Health Savings Account, Flexible Savings Accounts or other flexible benefits program. Doing so can provide you access to certain benefits at a pre-tax rate, which can save you anywhere from 15%-50%, depending on your tax rate. 

 

4.   Put a safety net in place: In today’s economy, it’s likely you will change job 10 to 20 times during your lifetime. Make sure you have an emergency cash fund in place (6 to 12 months of after-tax expenses) to give you a cushion for when you need to make a change. Also, make sure you have disability and life insurance in place for the unexpected. 

 

5.   Save for college.  College expenses have increased on average twelve-fold over the last 30 years. A great way to save for college and have the savings grow tax-free is a 529 Plan. Parents and grandparents can, individually or as a couple, open and contribute to a 529 Plan for each child. Depending on where you live, you may also get a deduction on your state taxes. In Ohio, contributing to a 529 can get you a tax deduction of $2,000 per child.

 

FAMILY LIFE

6.   Outsource what you can:Cleaning help? Grass cutter? Chauffeur for the kids? Meals delivered to your door?  Yes, please. When you look at how much you earn, it’s often less expensive to outsource the work you don’t love to do (both financially and emotionally) than to use your time to try to do it all yourself. 

 

7.   Treat yourself: It’s easy to get stressed out day-to-day with the endless things to do, both at home and in your career.  Block a day at least once a quarter to take a day trip, get a massage, have a date with your spouse, meet friends for lunch, or read a book, relax and not worry about what else gets done.

 

REMEMBER –– The earlier in your careers that you put these and other wealth management strategies in place, the even greater your potential for building wealth as you allow the time-value of money to work to your advantage. We’d love to tell you more. 

 

 

 

At Lenox, we assist our clients in all aspects of their financial life –– career years through retirement years –– wealth creation, wealth management and wealth impact.  Have a question?  Need some specific guidance or information?  Please let us know. It would be our pleasure to help you Fund A Life You Love™.

 

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

 

Call us for a complimentary 1-hour review.  Call 513.618.7080 or visit www.lenoxwealth.com to Fund a Life You Love.

 

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

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MAY 2019 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

MAY 2019 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

MAY 2019 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

Current P&G Stock Outlook:

  • As P&G remains above $100 per share, continues to deliver top and bottom line growth, and speculation grows regarding a stock split, we anticipate the stock price will move towards $110 to $115.

  • In response to Procter & Gamble’s (P&G) quarterly earnings announcement, which beat Wall Street estimates on both the top and bottom lines, the stock proceeded to fall by $2.85/share from $106.03 to $103.16. This was a surprise to us.

  • We are increasing our 12-month price target from $98/share to $105/share.

  • We believe the stock’s recent run is more attributable to investors anticipating a stock split versus the company’s fundamentals.

  • The stock could benefit further from ongoing collaboration between Nelson Peltz and David Taylor, corporate and staff headcount reductions, organizational changes, a trade agreement being struck by the US and China, the Federal Reserve minimizing future rate increases, and continued improvement in analyst stock reports and price guidance.

  • Wall Street analysts, who forecasted a price target of $94.21/share last quarter, have once again increased their average 12-month price target by nearly $7 to $101.12/share. This marks three consecutive quarters where the average analyst price target has risen considerably.

Highlights of P&G’s Quarterly Results:

  • Third quarter Fiscal Year (FY) 2019 produced revenue of $16.46 billion, exceeding Wall Street expectations of $16.37 billion.

  • P&G delivered impressive total organic sales growth of 5%, driven by a 2% lift in volume growth, 2% lift in pricing, and 1% lift in positive mix.

  • First quarter Core EPS rose 6% over the same period last year to $1.06, exceeding analyst estimates of $1.03 per share.

  • Organic Sales increased in four of five business units, and eight of ten global categories. The company had organic sales growth in 100% of their geographic regions, most notable was China with impressive 11% organic sales growth, after a 15% gain in Q2.

  • Beauty increased 9% versus the prior year period. Beauty continues to benefit from strong growth in their premium brands.

  • Fabric & Home Care, P&G’s largest business unit, grew organic sales by 7% compared to the same quarter last year. 

  • Baby, Feminine and Family Care increased organic sales growth by 2% versus the year ago quarter.

  • Grooming’s organic sales posted a 1% decrease in the third quarter.

Fiscal Year 2019 Guidance:

  • The company finally increased the guidance for FY 2019 organic sales to 4%, reflecting the results of the three previous quarters.

  • They reiterated FY 2019 guidance for Core EPS growth of 3% to 8%. From our perspective, this range is excessive and may reflect management’s ongoing concern over certain Board relationships, or the outside possibility of a reserve for a major restructuring in FY 2020.

  • For FY 2019, the company expects to pay over $7 billion in dividends and repurchase up to $5 billion of outstanding common shares.

  • During the call, Jon announced a best in class effective tax rate of approximately 15%. The company has not identified the tax savings in the forecast, or how they will redirect the proceeds to increase shareholder value. In our opinion, we believe this is an opportunity for Jon Moeller to provide increased transparency and build credibility with shareholders who would like more clarity on this part of the guidance forecast.

Understanding our $105 Price Target:

Fundamentals versus Stock Split

  • Although we believe P&G’s stock price will continue higher in anticipation of a possible stock-split, the fundamentals suggest a $105 per share valuation makes sense. Post-split, we would anticipate a pull-back, and for the stock to lag for 12 to 24 months.

 

Nelson Peltz and Trian Partners will bring Shareholder Point of View to the Board and Management

  • Nelson and Trian have a strong track record of adding value for shareholders and holding management accountable.

  • We believe Trian has the potential to bring an additional $20 per share in value to the price of the stock over the next three to four years. An argument can be made they have already added $20 to $25 per share.

 

Organization Structure Changes

  • The company, primarily driven by Nelson Peltz, is focusing on driving more accountability. These changes include shifting 60% of corporate overhead and reporting lines to the direct business units and opening the hiring process for more external candidates.

  • We believe the results are beginning to reflect this new organization structure. 

 

Macroeconomic, Political, and Competitive Risks

  • P&G notes increased volatility and continues to identify several key risks that they have not taken into consideration in their guidance: Trade negotiations, significant strengthening of the US dollar, further rising commodity prices, continued political and economic volatility (Brexit, French business confidence), significant deceleration of market growth rates, and increased competition on higher margin products.

The above material is not investment advice and should not be relied upon by any person in making financial investment decisions.  The price of P&G shares may go down in value and at no time reach the above listed Lenox price target.  Any persons reading these materials should not take any actions without first contacting their investment and tax advisor.

Past Performance is not indicative of future results.

This newsletter is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox Wealth adviser if you would like additional information.

Source: P&G Earnings Release 04/23/2019.

GET SERIOUS ABOUT RETIREMENT PLANNING Give Yourself These 5 Advantages of Working with a Financial Advisor

GET SERIOUS ABOUT RETIREMENT PLANNING

Give Yourself These 5 Advantages of Working with a Financial Advisor

If you’re not a plumber by trade, you’re probably not the best person to fix a broken pipe.  If you’re not a roofer, you likely aren’t the best choice for figuring out that annoying leak.  And clearly, you know not to trust anyone other than a licensed and experienced physician to oversee your health.

So why is it then that some people, without any financial planning education or experience, think they have what it takes to create and handle their own retirement plan?  

Time to give yourself every retirement-planning advantage.

You may feel that since you made your money, you should be in charge of it.  At Lenox, we couldn’t agree more –– everyone should knowhow much money they have, how much they’ll need for retirement, where and how their money is being invested, and if every moneysaving advantage is being applied to their finances in order to optimize their retirement.  

We believe wholeheartedly in our clients having full ownership and transparency of their financial retirement plan.  But, we also want you to have the knowledge, tips and strategies that come with being immersed in the financial services industry for decades.  This includes the questions to ask, the watch-outs to avoid, and the steps to initiate as early as possible in life to work toward the retirement of your dreams.  

Further, in today’s complicated world, the financial goals, stability and future you seek to attain for yourself and your family should not be left to not knowing, not understanding or to chance.   It’s your retirement.  Give it the same level of professional attention you give to other parts of your life. There’s always something new and valuable to learn.  Stay ahead of the game with the advice of a financial planner.

A financial planner such as your Lenox registered investment advisor can help you:

1)  Assess your financial well-being.   Your financial planner will help you navigate your assets, liabilities, income, insurance taxes, investments and estate plan.  He or she also will help you understand and adjust to changes in laws and regulations that can affect your retirement.

2)  Set realistic financial and personal goals to help you “Fund A Life You Love” at every age and stage of life.  At Lenox, we help you live life in the present and still save for tomorrow.

3) Create a plan to meet your retirement goals by identifying opportunities and building on personal strengths throughout life.  At Lenox, we show you how to turn your personal strengths into financial strength.  It’s a key advantage that we bring to the table.

4) Keep your emotions in check with regards to the market and its volatility.  Most investors struggle with making emotional decisions during market downturns and upturns. A financial advisor can provide the important levity needed at such times.

5) Develop tax strategies to make sure they maximize the dollars you accumulate and get to keep in your “nest egg”.

Remember, you’ll spend a good part of your life earning and saving money.  Let us help ensure that your finances are managed properly and that your assets go to work for you and your loved ones!

IMPORTANT:  When shopping for a financial advisor, there are two types, each held to different legal standards. Registered investment advisors (RIAs) are legally bound to serve as fiduciaries, which means they must put the client’s interests first.  By comparison, brokers are allowed to recommend products that pay them commissions or other sales incentives, provided they feel the products suit the client’s interests.  Do your homework and make sure you are comfortable that your choice of financial advisor is motivated only by your best interests and they must put the client’s interests above their own.

 

It’s your tomorrow. Call us for a complimentary review.

Call 513.618.7080 or visit www.lenoxwealth.com to Fund A Life You Love. 

 

 

Important Disclosure:  This material presented by Lenox Wealth is for informational purposes only.  It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Investments in securities and other investment products entail risk, including the risk of loss.

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Lenox Non-Profit of the Month: Freestore Foodbank

Lenox Non-Profit of the Month: Freestore Foodbank

 

Freestore Foodbank-Popping Up to Build Healthier Communities

The challenges around healthy food aren’t just about the cost. For many individuals and families, it is difficult to get to the grocery store or food pantry where healthy food is available.  Some people don’t have reliable transportation. Others, especially seniors in our community, have difficulty carrying heavy bags of groceries over a long distance. 

That’s why Freestore Foodbank created Produce Pop Ups. Through this program, Freestore Foodbank distributes fresh fruits, vegetables and other produce directly to the neighborhoods that need it most. 

“Being able to take our Produce Pop Ups to neighborhoods really cuts down on the transportation issues,” says Kurt Reiber, President and CEO of Freestore Foodbank. “It also allows us to distribute food at more opportune times so more families can take advantage of them.” 

Through the Produce Pop Up program, Freestore Foodbank delivers nutritious fruits and vegetables to a pantry, school, church or other community organization.  These community partners are easily accessible to the people in that neighborhood.

Volunteers work to get the produce set out on tables for the families in need who will come to receive food. Hungry neighbors then walk through and choose the fruits and vegetables they need for their families. 

 

Thanks to the generosity of our community, Freestore Foodbank can continue to work toward innovative solutions that provide nutritious produce directly to the people who need it most. If you would like more information on our Produce Pop Up program or find out how to get involved, please visit freestorefoodbank.org  

Lenox Gave Back! Our team at Lenox spent an afternoon at the Freestore Foodbank sorting 7282 pounds of food and creating 386 Power Packs. An afternoon well spent!

 

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THE POWER OF SELF-IMPROVEMENT The discipline and competitive edge you can control.

THE POWER OF SELF-IMPROVEMENT

The discipline and competitive edge you can control.

“Always dream and shoot higher than you know you can do. Do not bother just to be better than your contemporaries or predecessors. Try to be better than yourself.” ― William Faulkner 

 

All of us have times when we are driven “to achieve and to attain” –– whether that means to earn more, learn a new skill, stay current in our field, or to stay physically fit, be a better golfer, better photographer, better parent, a better whatever. 

At Lenox, we maintain thatlifelong achievement requires lifelong self-improvement.  Getting better at something demands personal commitment. In the words of one business leader, “The only real form of improvement is self-improvement.”  It’s another way of saying that no one is going to get you to “better” other than yourself.  Self-improvement is a discipline that each of has in our own hands.  It’s the competitive edge we can control.   

Choose your path to self-improvement.

There are many ways to go about self-improvement –– seminars, podcasts, classes, coaches, trainers, and so on.  However, one of the easiest and simplest is reading, a practice that we follow at Lenox for staying in the know and constantly improving our own skill sets and capabilities.  Not just reading about financial planning and wealth management but across a variety of subjects.  We consider it one of the best tools for getting and staying ahead of the pack, whatever one’s industry.

To that point, we repeat here an excerpt that we posted last year from an article in the Ageist weekly newsletter entitled “Stop relying on your experience.” 

            “Read. Read. Read.  Now more than ever.  The currency of our time is knowledge, not experience, not past achievement, not money.  The people most at risk in our    world are those who do not learn.  The smartest people I meet read obsessively.  This has been true for millennia but now even to stay average and       not get left in the dust, we need to be bringing into our brains valuable,             actionable information constantly.”  www.agei.st

There’s no shortage of reading material available.  Amazon, the leader in all book sales in the U.S., offers more than 20,000 titles on self-improvement.  There is literally a topic for every person and every interest.

At Lenox, we feature a favorite book each month on our website.  A favorite of ours is “Put Your Dream to The Test” by John Maxwell, internationally-known author and publisher.  It’s an exceptional look at why some people dream and realize their dream but others never do. It starts with ten honest, straightforward questions.

For a full listing of our favorite books, click to http://fundalifeyoulove.com/reading-list/  We’d also love to hear your favorites.  What are you thinking about, doing and reading to constantly learn and to improve your life and give yourself the competitive advantage?

If it sounds like we want to be your champions – we do–– with financial planning and life planning advice and guidance to help you live the best life you can with peace of mind.

Fund A Life You Love... we live it and want our clients to experience it as well.

 

 

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1 hour review.  Call 513.618.7080 or visit www.lenoxwealth.com to Fund a Life You Love.

Past Performance is not indicative of future results.

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

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LENOX Book of the Month: Launch by Jeff Walker

LENOX Book of the Month: Launch by Jeff Walker

LENOX Book of the Month: Launch by Jeff Walker

"Launch" will build your business---fast. Whether you have a business or you want to start one, this has a roadmap for you.

Jeff Walker has been creating hugely successful online launches and once he started teaching his formula to others, the results said it all.

"Launch" is the treasure map into the world of digital entrepreneurs.

This could be the book you are looking for.

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THE CHANGING FACE OF CORPORATE AMERICA How to prepare for what lies ahead.

THE CHANGING FACE OF CORPORATE AMERICA

How to prepare for what lies ahead.

 

“Major U.S. corporation purchased by global giant.”

“Longstanding Fortune 500 retailer soon to close its doors.”

“XYZ consumer goods leader to break into three smaller companies.”

Most every week, there’s a new headline and a new story about the changing face of corporate America. Big companies in particular continue to go through a reset of sorts as they rethink, resize and reposition themselves to meet consumer needs in today’s very different global marketplace. 

The result is a churning of roles and a feeling of uncertainty that’s affecting people at all levels across a multitude of industries.  Is this you?  If so, is it your quest is to find both career and financial security in this “who knows what’s next” environment.

What should you be thinking about?

Amidst closings, takeovers and company reconfigurations, where do you as a loyal employee fit into the picture?  Should you stay or should you go?  If the latter, what is your exit strategy?  Where are your best new career options and how do you prepare for them now while still employed?  What about the retirement benefits that you likely have accumulated?

Who’s in your corner?

Everyone’s talking about the company, but who’s looking at the impact on you, your family, your financial planning and your future?  Who’s identifying opportunities for you to come out financially stronger, more secure in your career, and happier from a family and life planning perspective?  

What to get busy doing now.

This may be the perfect time to engage the guidance and networking power of a trusted financial advisor who also specializes in career coaching –- an experienced individualwho can help get you past the fear and paralysis and guide you to positive and productive next steps, such as…

  • Assess Your Job Security.  Does your job add more value inside your company or outside your company? There may be opportunities within your area of expertise that are more valuable outside your company than inside.

  • Rethink Your Current Career.  Should you relaunch your current career or pursue an entirely new direction? If you leave your current field, what will you do next?  How do you go about exploring new opportunities while still taking care of day-to-day family and financial responsibilities? 

  •   Position Yourself for Your Strongest Future.  Who can identify your strengths and key  you into your strongest assets?  How do you gain the knowledge and confidence to turn your personal strengths into financial strengths?  

If you’re wondering who’s looking at the impact of corporate change on you, 

your family and your future, we are at Lenox.  We help you get ready for what’s next.

We understand the many directions in which you can feel torn and the angst that comes with feeling out of control when it comes to your career and financial future.

We guide you through challenges wherever you are in your career and whatever life-stage decision you face.  Our goal is to help you with wealth creation and wealth management to optimize not just your portfolio, but also your life. This can mean life-changing transformations, where we show you how to get where you want to be. 

It’s your tomorrow.  Call us for a complimentary review.  

Call 513.618.7080 or visit www.lenoxwealth.com to Fund A Life You Love.  

Please contact your investment and tax advisor prior to making any decisions. 

Past Performance is not indicative of future results.

This post is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

 

 

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TAX AND BUSINESS RECORDS– WHAT TO KEEP AND FOR HOW LONG?

TAX AND BUSINESS RECORDS– WHAT TO KEEP AND FOR HOW LONG?

3 rules to follow for peace of mind.

Here again in the midst of tax season, we are rudely reminded of the stress and time-devouring challenge of locating missing canceled checks, bank statements, sales receipts, or records of other financial and business activity, all of which may be needed to properly file our tax returns.  

Whether you’re the type who organizes your documents routinely throughout the year or you’re loathe to even think about such matters until April 15thnears, you eventually have to face what tax and business records you need to produce, which ones you need to keep and for how long.  

What kind of records should you be concerned with?

Most people’s lives are filled with paperwork –– bank statements, canceled checks, bank deposit slips, investment statements, contracts and agreements, sales receipts for major purchases, insurance policies, real estate records, property tax statements, mortgage agreements, medical records, prior tax returns, and on and on.   All of these can impact your tax liability which means all are important to hold onto for some amount of time, be it in hard copy or electronic format.

Procrastination is not a solution.  

For peace of mind, don’t put off proper management of tax and business records.  Not having what the federal, state and/or city tax agencies require can cost you both time and money.  Instead, get acquainted with the basic rules and then dig deeper into any new or special regulations that may pertain to your specific business or industry, geographic location or family situation.  Proactively tackling recordkeeping is one of the best favors you can do for yourself.

We offer the following guidance as to what records to save and for how long.

Rule #1:           

Follow IRS rules to the letter.  If you are self-employed or are a small business owner, go to https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records and save their single-page summary entitled “How long should I keep records?”

Rule #2:           

Ask your accountant or financial advisor to provide you a comprehensive list of what personal and business-related records to save and for how long. 

Rule #3:           

Develop your own system for saving and filing important records throughout the year. There are a number of books, videos and websites about making document storage easy and doable, whether your preference is hard copy or electronic.  Take tips from the pros and make them your own.  Then watch how much smoother your document search will be next tax season.

 

At Lenox, we assist our clients in all parts of their financial life, not just in managing their portfolio.   Have a question?  Need some specific information?  Please let us know.  Knowledge is one more way we can help you FUND A LIFE YOU LOVE.

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1-hour review.  Call 513.618.7080or contact us hereto Fund a Life You Love.

 

 

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Lenox Non-Profit of the Month: The Karen Wellington Foundation for LIVING with Breast Cancer

Lenox Non-Profit of the Month: The Karen Wellington Foundation for LIVING with Breast Cancer

Lenox Non-Profit of the Month:

The Karen Wellington Foundation for LIVING with Breast Cancer

KWF is not your ordinary cancer foundation. Nope. Not at all. Their focus is on FUN. Fun NOW, to be specific. They  put FUN on the calendars of women and families LIVING with breast cancer – women with calendars full of chemo and radiation treatments, doctors’ appointments, tests, treatments and worries. Not-fun-stuff. Their Recipients are special ladies and families who are not done LIVING yet. KWF sends them on family vacations, and provides relaxing spa days, dinners out, concerts, road trips and other FUN-ONLY activities .

KWF is friend-fueled, FUN-focused and, make no mistake about it, Girl-powered! They’re a growing group of friends in 10 chapters throughout the US. Friends who know how to have fun and, more importantly, get excited about giving FUN to others.

What started as Karen's dream to send one family each year on a special vacation once she beat cancer has blossomed! Over the past ten years KWF has sent more than 465! special ladies on important vacations, provided more than 225 spa days and countless other crazy gifts of FUN. In 2018 alone, they sent 102 families on vacation and provided 63 spa days! They hope to do even more in 2019.
They rely on the generosity of people to donate a week a year of their vacation homes or timeshares, airline miles or cash. Their Giving Committee leverages this generosity, connects the dots, and makes some magic happen. Before it’s too late. #FunNow!

How Can You Help?

NOMINATE a woman LIVING with breast cancer for some FUN:

www.karenwellingtonfoundation.org/nominate

LEARN more about US:

www.youtube.com/watch?v=1dURc-rGFAM&t=2s

Our Website:

www.KarenWellingtonFoundation.org


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End of Year Email Pic.jpg
 

 

Past Performance is not indicative of future results.

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Who pays your Financial Advisor?

Who pays your Financial Advisor?

Who pays your Financial Advisor?

Why you should care and what you need to know.


You might be thinking that it doesn’t matter who pays your financial advisor. We feel strongly that it does. In fact, understanding the source of your advisor’s income is one of the most important things to know when selecting a financial advisor. Here’s why.

Your advantage in choosing a financial fiduciary as your advisor.

At Lenox, we are financial fiduciaries –– which means our priority is always to put our clients’ interests first.

Legal Definition of fiduciary relationship *

A relationship in which one party places special trust, confidence, and reliance in and is influenced by another who has a fiduciary duty to act for the benefit of the    party — called also confidential relationshipfiduciary relation

Lenox is paid a fee based on the account value, and as such, the advisors at Lenox strive to access, and bring forth, what we believe to be the finest of products and opportunities from a wide range of offerings for the benefit of each client.

Fiduciaries make decisions based solely on each client’s success.  Incentivized by neither products nor special promotions, they are beholden to no one but you (their client) and what’s best for you, your family, your financial goals and success.

At Lenox, we believe our clients are never unsure as to where our interests align. Our revenues mirror your accounts.  If your accounts increase, so do our revenues. If your balances decrease, our revenue also decreases.  We have every reason in the world to work very hard for your financial success. 

We believe an independent business model brings an independent opinion. We believe you can trust us never to stray from our Fiduciary Relationship with you.

*Definition of fiduciary relationship from Meriam-Webster Online Dictionary

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1-hour review.  Call 513.618.7080 or visit Contact Us to Fund a Life You Love.


Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Financial Life Guidance

Financial Life Guidance

Financial Life Guidance

The right online tools can help you create and commit to a financial plan.

Setting up and sticking to a financial plan is getting easier all the time, thanks to technology that simplifies the developing and monitoring of everything from day-to-day activity to long-term goals.

What kind of financial guidance are you seeking?

Where are your greatest interests and concerns?  Wealth creation?  Wealth management?  Savings?  Budgeting?  Education costs?  Retirement?  Career change?  Increasing your income?  Leaving a legacy? 

Our online tools make your financial plan accessible and interactive 24/7.

At Lenox, we are proud to team up with United Capital to bring you their leading-edge tools you can access online to put your financial plan in motion and track your success. 

The process is easy.  Discover your personal attitudes towards money.  Identify the values and goals that determine your financial choices.  Understand trade-offs in making investment decisions. Explore questions such as, “What do you want your life to be like?” and “Do you have the resources to live the life you want?”

Among our tools are enjoyable and eye-opening exercises for both individuals and couples, such as Money Mind®, Honest Conversation®, Investment Viewfinder, Guidecenter, a Priority Action List, and the Financial Control Scorecard®.   All are intended to help you create and commit to a financial plan that makes sense and builds both personal wealth and happiness, whatever your life stage or income.

 

At Lenox, we help guide you to smart money moves at every stage of life.  We align life planning, career planning and personal financial planning to help you attain what matters most to you. It’s one more way we help you FUND A LIFE YOU LOVE™.

If you’re ready to discuss financial, career and life planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow. Call us for a complimentary 1-hour review.  Call 513.618.7080 or visit Contact Us to Fund a Life You Love.

 

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Financial Planning - Stop Talking About It, Start Doing It

Financial Planning - Stop Talking About It, Start Doing It

Financial Planning - Stop Talking About It, Start Doing It

“Someday” is today when it comes to financial planning.

Put the 5-minute rule to work with your money and your future.

Many of us have dreams about what we want out of life, in particular what we’ll do when we have more money.  The home we’ll buy.  The vacations we’ll take.  The leisure activities we’ll enjoy. The charities we’ll support.

Dreams are great.  Achieving them is even better.  And it takes planning to do so. How do you intend to reach your dreams?  What income will you need?  To what net worth do you aspire?  What’s your financial plan to get to where you want to be?  And if you don’t already have a financial plan, why not?

Stop talking about what you’re going to do... and start doing it

Time waits for no one.  No more excuses about why you haven’t gotten around to establishing a financial plan.  It won’t happen on its own.  You can talk about it, or you can do it. And, there’s no time like the present to set up a financial plan for the near and long term.

The idea behind using the 5-minute rule to create a financial plan is simply to start doing something... even jotting down a list of what’s important to you.  No more “I’ll get to it someday.”  You could have already started the task in just the time it took you to think about it. 

Make “someday” today.  Take charge and intentionally think about and imagine the financial future you want, whatever your age, income level or stage of life currently... and get started.

At Lenox, we are your advocates to help make happen what’s important to you.

Unlike most financial services firms, we start with you, not your portfolio.  We help you use your strengths and talents to “Fund A Life You Love”.  One of our unique tools is to take you through an Honest Conversation®, an enjoyable and eye-opening exercise that prompts great discussion about what matters most to you, individually or as a couple.  The results help us create not just a financial plan but a life plan for you.  It’s what makes Lenox different.  And it’s what makes financial planning doable, actionable, comforting and confidence-building.

If it sounds like we’re your champions, we believe we are. You deserve financial planning that helps you live the best life you can with financial peace of mind.  We work to help you do just that. 

Fund A Life You Love... we live it and want our clients to experience it as well.

 

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1 hour review.  Call 513.618.7080 or Contact Us to Fund a Life You Love.

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

LENOX RECOMMENDS - ARTICLES THAT CAUGHT OUR EYE MARCH 2019

LENOX RECOMMENDS - ARTICLES THAT CAUGHT OUR EYE MARCH 2019

LENOX RECOMMENDS

ARTICLES THAT CAUGHT OUR EYE MARCH 2019

 

EVERYDAY LIFE

10 Harmless Mind Tricks that make People Like You

Why are some people so likeable? And, why do you naturally feel a connection with another? Could be body language and how they sense you react to them.

 

 

WORK PLACE

7 Things that Make Great Bosses Unbelievable

Great bosses change us for the better. What are those characteristics and why do they make a difference?

 

 

TAXES

6 Red Flags that can Trigger a Tax Audit

Ever wonder what caused you to have your taxes audited and your neighbor never does? Here are some things that may be looked at more closely.

 

 

DID YOU KNOW?

6 Overlooked Home Upgrades that are Totally Worth It!

What makes a house incredibly comfortable, making you feel pampered? Not necessarily the jacuzzi! Can you guess?

 

 

RETIREMENT

The Big Difference between Retirement Planning and Financial Planning

Ever wonder why these 2 types of planning tend to be put in different boxes? Retirement Planning and Financial Planning are not the same things. Each plan looks at very distinct areas of your life.

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Get Busy Building Real Wealth.

Get Busy Building Real Wealth.

Get Busy Building Real Wealth.

5 steps that may help you attain the financial future you envision.

Yes, you can do it.  You can build real wealth.  Wealth building isn’t just for those born with money.  Wealth building can be for anyone who makes it a priority.  Here are 5 steps to help you build the wealth that can lead to the financial future you envision.

1.      Imagine a future even better than your past.

What would life look like if you had the career you desire, the income and lifestyle of your dreams?  This exercise isn’t a matter of daydreaming.  It’s about the simple premise that you have to “see” your future before you can plan for it.  Write down what you envision for a future even better than your past.  Keep your vision handy.  Stick it in your purse or wallet.  Refer to it regularly.

2.      No more procrastination.

Start today.  In fact, start this minute to make wealth building a priority.  Wealth creation will take a lot longer or perhaps never come to fruition if it’s always something you’re going to get around to after you buy this thing or go on that vacation or move to some other city.  Every day and every financial decision count when it comes to solidifying your financial future.

3.      Stop being your own worst enemy.

Block out every negative thought in your head that’s holding you back from wealth building.  For example, “I can’t give up the job I have or forego the security of a paycheck.”  Perhaps instead you should be focused on how to pursue your real strengths in life and find the career that will bring you both greater income and personal happiness.  Or, “I’ll never get my family to be more disciplined about spending and saving.”  We think you can if you work together to think about the rewards all of you can ultimately share.  Negativity gets you nowhere.  Think positive.  Stay positive.

4.      Establish a financial plan.

Get the expert advice of a financial advisor to help you create a financial plan that’s “real” for you and your family.  Start with small steps.  A few, easy changes initially in financial behavior can make a big impact not only on your bottom line but also on motivating you and your loved ones to take additional steps to building wealth.

5.      Have the guts to stick to your plan.

The goal of your financial plan is not to deprive you or your family of happiness or to be so frugal that it becomes a source of ongoing contention.  The goal is to create a plan that allows you to stick to it and still enjoy life.  Your role is to have the guts to stay true to the plan.  If that means postponing making a major purchase or buying a bigger home, or putting off that big vacation for a while, then have the discipline to do so.  If you’re feeling tempted to stray from your plan, first sit down and figure out the impact of your actions on the long-term success of your financial plan, and let that determine whether or not you proceed.  Or, consult with your financial advisor who should always be willing to help guide you in such decision making.

At Lenox, we believe that wealth building is for anyone and everyone who commits to it.  And we’re here to help you discover your own, best personal path to create the wealth and the better tomorrow you envision.

Let us help you Fund A Life You Love®.  We live it and want our clients to experience it as well.

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1-hour review.  Call 513.618.7080 or visit Contact Us to Fund a Life You Love.

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Lenox Book of the Month: Known by Mark Schaefer

Lenox Book of the Month: Known by Mark Schaefer

Lenox Book of the Month: Known by Mark Schaefer

Can anybody become known? There is a distinct advantage to becoming known in your field. KNOWN is the first book to look at this, and helps provide a way to be successfully the digital age.

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Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

THERE ARE 3 MONEY MINDS®.  WHICH ARE YOU? PROTECTION.

THERE ARE 3 MONEY MINDS®. WHICH ARE YOU? PROTECTION.

THERE ARE 3 MONEY MINDS®.  WHICH ARE YOU?

Are you like Kate?  She’s a PROTECTION Money Mind.

It’s a fact.  All of us have a Money Mind®.  Our Money Mind is determined by how we think and feel about money which, in turn, affects every financial decision we make in both our personal and work life. There’s no getting around these inherent and dominant feelings we hold inside.  Instead, it’s important to understand and acknowledge them.

 

Which Money Mind® are you?

There are three distinct Money Minds –– Happiness, Commitment and Protection.  Which are you?  It’s time to find out.

If you haven’t already done so, click below for our MONEY MIND® Analyzer –- the quick online exercise that helps you take control of your financial future.

Simply answer a few quick questions, and our Money Mind® Analyzer tells you what your primary influence in life is and, thus, your dominant Money Mind.  In just minutes, you’ll gain insights you can use for a lifetime. 

 

Kate took the Money Mind® Analyzer.  She’s a “Protection” Money Mind.

Check out the report Kate received.  Think of all the ways she can use this information to establish a financial plan, make financial decisions, set up a budget, understand her priorities about spending, saving and risk taking, and to better align her financial attitudes with her spouse, family and business associates. 

 

The innovative Money Mind® Analyzer is one of many powerful tools that we bring you as part of our Financial Life (Fin Life) experience.  We believe that knowledge and self-understanding are some of the best ways to help you build and manage wealth for a lifetime.

At Lenox, we work closely with people of all ages to help guide you in every aspect of your financial life –– from understanding your attitudes about money, to wealth creation, wealth building, wealth management, career planning and coaching, funds for education, retirement planning, working through financial hurdles, and more.  In every instance, we start with you, not your portfolio to help you FUND A LIFE YOU LOVE™.

If you’re ready to discuss financial, business, career and life planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow. Call us for a complimentary 1-hour review.  Call 513.618.7080 or Contact Us to Fund a Life You Love.

Kate is a made up representative client and does not represent any specific Lenox clients.

 

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

 

Lenox Non-Profit of the Month: First Step Home

Lenox Non-Profit of the Month: First Step Home

Lenox Non-Profit of the Month: First Step Home

VISION

First Step Home is the premier substance use disorder treatment agency for women while they live together with their children.

MISSION

To help women break the cycle of addictions and abuse so that they can become self-sufficient and provide a safe, nurturing environment for their children

FIRST STEP HOME FACTS

  • Founded in 1993, First Step Home is the premier addiction center for women in Greater Cincinnati. 

  • We are the first treatment center in the region to allow women to live together with their children, up to the age of twelve, as they recover from their substance use disorder.

  • First Step Home has 11 buildings, including a 24/7 Residential Treatment Center and eleven buildings surrounding the main treatment facility, all within a three-block radius.

  • Lastyear First Step Home nearly 400 women entered treatment at First Step Home. Approximately 50% of those women were pregnant and opiate addicted.    

  • Our agency treats up to 400 women per year and provides clients with access to mental health care, primary care, prenatal care, medication-assisted treatment services (MAT), case management services, on-site child care for those in Residential Treatment, transitional housing services and trauma-informed group and individual therapy.

  • The organization now has about 45 people on staff and serves up to 400 women in eleven buildings in a campus-like setting close to the main treatment facility.

  • Recently, 14 of our 16 women in residential treatment are pregnant and addicted. Meanwhile, taking opioid medications early in pregnancy can cause birth defects and serious problems for the infant and the mother. (CDC)

  • About 18 women die every day of a prescription painkiller overdose in America. (CDC, 2018) 90% of the women we serve are opioid addicted. 

The most effective ways to treat drug use disorders include:

  • Promotion –offering entire continuum of behavioral health services to addicted women

  • Prevention – delivered to prior to disorder appearance to prevent drug misuse and abuse especially in school aged children

  • Treatment – for women diagnosed with substance use disorder

  • Recovery – support individuals ability to live productive lives and help with long term abstinence and recuperation.

  

MATERNAL ADDICTIONS PROGRAM

The Maternal Addiction Program is a curriculum-based program that addresses the holistic and treatment needs of pregnant women. These needs include medical care, mental health care, individual and group treatment for their addictions, medicated assisted treatment, and advanced skills development around mothering, nutrition and regaining their sense of worth. All of these services will be directed towards opiate-addicted women as this particular class of women has seen a dramatic increase in the number of pregnancies at induction. The Maternal Addiction Program has the potential to save the county and the state tens of millions of dollars in reduced medical costs for babies born to addicted women that have to be placed in neonatal intensive care unit for extended periods of time.

 

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Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.

Your Adult Kids vs. Your Retirement

Your Adult Kids vs. Your Retirement

Your Adult Kids vs. Your Retirement

An All-Too-Common Dilemma in Family Finances

Should you help your adult kids financially or feed your own retirement?

It might feel great to help your adult kids financially, but at what risk to your retirement or peace of mind in later years?  It’s a dilemma many families face.  One that can affect the parents’ financial security as well as the parent/child relationship.

Temporary Help vs. Long-Term Support

While most parents are willing to help their adult kids in the event of an emergency (injury, illness, job loss), it can become financially devastating for parents to provide ongoing financial support for months or years. An example might be continued credit card debt, or lack of interest by the adult child in seeking a job and, thus, becoming increasingly dependent on his/her parents.

The Risk to Your Retirement

Are you already helping your adult kids financially?  If so, how is it affecting your retirement plan?  Have you made the proper adjustments in terms of monies you will be able to set aside by retirement age, or will you be working longer than planned to recoup funds?  If not planning to work longer, have you adjusted your desired retirement lifestyle to reflect the lower-than-expected net worth?  Worse yet, are you already retired and withdrawing monies from your fixed retirement savings to help fund adult kids?

The Risk to Your Relationship

If you feel that your adult kids are doing everything they can to work through their financial challenges, then helping them can be easier to accept.  However, if you feel they are not giving it 100% and you’re being taken advantage of, then it’s time to reassess the situation before lasting harm is done to your relationship.   

5 Suggestions for Families to Follow

1.    Set ground rules upfront.

If possible, before any money is offered, have a conversation about expectations and set rules in advance in terms of the maximum amount, timeline of support and payback terms.

2.    Determine if the financial assistance will be a gift or a loan.

If you choose to consider your financial support a gift, then it might be best not to attach restrictions to it or use it as a means to manipulate your adult kids.  Instead, make it free and clear, no strings attached.  On the other hand, if you decide to make your financial support a loan to your child, then formalize the agreement with an official document signed by all parties.

3.    Look at the long-term ramifications.

If handing out large amounts of money to grown kids jeopardizes your retirement plans or causes you to be dependent on your kids in later life, no one will be happy.  Play out the ramifications in an honest and open discussion as a family to put the various outcomes into perspective.  Envisioning future results of a current action can lead to better decisions in the present.

4.    Ask the advice and guidance of a fiduciary financial advisor.

Do not leave it to chance how financial assistance to adult kids will affect your retirement and your family’s future.  There are too many unknowns that can occur.  For instance, if the assistance is a loan, what happens if your child fails to repay?  What if the child you’re helping continues to ask for more money beyond the initial amount?  If you have more than one child, will you be able to give each of them the same level of financial assistance, if needed?  What is the role of your child’s spouse?  A financial advisor can help you set up an account that puts strict parameters around funds available which, in turn, helps to protect your retirement savings.

5.    Let your financial advisor help take the emotion out of family finances.

Lending money to an adult child can feel like tough love made even tougher because you’re dealing with another adult, no longer your young child.  Allowing your financial advisor to serve as an intermediary can help to minimize the emotion inherent to any family finance situation.

 

At Lenox, we work closely with families to guide you through the twists and turns of life from both a financial and a day-to-day living perspective.  Things happen.  We understand.  We have families of our own.  You can trust us to align life planning, retirement planning and personal financial planning to help you attain what matters most to you and your family in the here and now and for the future. It’s one more way we help you FUND A LIFE YOU LOVE™.

 

If you’re ready to discuss financial, career and life planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow. Call us for a complimentary 1 hour review.  Call 513.618.7080 or Contact Us to Fund a Life You Love.

 

Past Performance is not indicative of future results.

 

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.