Your College Student is Heading Off to College. What is the big learning?

Your College Student is Heading Off to College. What is the big learning?

Your College Student is Heading Off to College.

What is the big learning?

How to live on your own, manage your time and pay your bills.

 

Parents want to provide their college-age son or daughter a credit card for needed expenses and emergencies only, and then are surprised at the bills their child is able to pile up in a short time.  This can be tough on a family’s finances and especially the parent/child relationship.

 

The solution?  Make “budgeting” and “money management” a key part of getting kids ready for college.

 

Below is some financial help for parents and their college students –- financial lessons to start now, even if your student is already halfway through their college career.

 

Budgeting and money management for college students

3 MUST DO’s:

(1)    Insist they put together a budget.

(2)    Allow them to create their own budget. Be available for any questions (or tears).

(3)    Put the budgeted money in one checking account that your student manages.

 

STEPS TO ACCOMPLISHING THE MUST-DO’s:

·         Have your student brainstorm the expenses they will incur: Tuition, Room and Board, Clothing, Entertainment, Travel, Club Dues, Sports Dues, etc.

·         Have them research and guesstimate the dollars what dollars will be spent

·         Break them into semester or quarter budgets so they learn as they go

·         Expect push back, tears, and frustration as they put together their budget. Quietly, ask questions and guide them when they are stuck.

·         Decide who owns the budgeted money in their account.  Is it funded by you, by them, by a scholarship, or a little bit from all?

·         Trasfer the dollars to an account that is managed by your student

·         Do NOT step in and save them; they will figure it out, even if they need to get a job or loan to make it work.

·         They can do it!

 

The life-long lessons learned

Many life-long lessons are learned when a child is responsible for the dollars they spend in college

 

·         How to do a budget

·         How to open a bank account

·         How to pay your own bills

·         How to apply and manage a credit card or debit card

·         How to manage a budget

·         Creative ways to live within your means

·         How to make choices

·         Ways to make money to fill the gap

·         How to apply for a scholarship

 

And the greatest learning of all that they will receive?  How to handle their finances when they get out of college and for the rest of their lives.  And with any luck, maybe with very little to no debt.

 

What a sense of achievement and empowerment!

 

Budgeting and money management for college students can be a powerful lesson for the whole family.  Job well done! 

 

 

 

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.

 

 

 

 

LenoX Book of the Month: The New New Thing by Michael Lewis

Ever wonder where the next “big idea” comes from? In the weird glow of the dying millennium, Michael Lewis set out on an adventure i through Silicon Valley to find the world’s most important technology entrepreneur. He found this in Jim Clark, a man whose achievements include the founding of three separate billion-dollar companies. Lewis also found much more, and the result―the best-selling book The New New Thing―is an ingeniously conceived history of the Internet revolution.

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

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

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

Current P&G Stock Outlook:

·     We are raising our 12-month price target from $105 per share to $119 per share. 

·     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 jump by $4.41/share from $116.00 to $120.41.  

·     The company’s fundamentals have been strong, but we believe there has been additional upward pressure on the stock from investors rotating into the Consumer Staples sector and increasing speculation of a P&G stock split.

·     There are numerous factors we see supporting the stock price over the intermediate term including: current momentum, ongoing collaboration between Nelson Peltz & David Taylor, corporate & staff headcount reductions, organizational changes, an attractive dividend, the Federal Reserve cutting interest rates, potential decline in the U.S. Dollar, and continued improvement in analyst stock reports. 

·     Wall Street analysts that cover P&G had forecasted a price target of $101 per share after the previous quarter’s results and have yet again increased their average 12-month price target, this time by $22.62 per share to $123.62 per share.  This marks four consecutive quarters where the average analyst price target has risen sharply, reflecting increased confidence in management and the board.

Highlights of P&G’s Quarterly Results and Fiscal Year (FY) 2019:

·     Fourth quarter Fiscal Year (FY) 2019 produced revenue of $17.094 billion, exceeding Wall Street expectations of $16.856 billion.

·     For Q4 FY 2019, P&G delivered impressive total organic sales growth of 7%, which represents their strongest quarter in over a decade. This was driven by a 3% lift in volume growth and 3% in pricing.

·     Q4 Core EPS rose 17% over the same period last year to $1.10, exceeding analyst estimates of $1.05 per share. 

·     Beauty increased 8% versus the prior year period. Beauty continues to benefit from strong growth in their premium brands, particularly in developing markets.

·     Fabric & Home Care, P&G’s largest business unit, grew organic sales by 10% compared to the same quarter last year.  

·     Baby, Feminine and Family Care increased organic sales growth by 5% versus the year ago quarter. 

·     Grooming’s organic sales posted a 4% increase in the fourth quarter. 

·     For FY 2019, Organic Sales grew in nine of ten global categories. This growth was broad based with all 15 of the largest markets equal to or ahead of FY 2018.  

Fiscal Year (FY) 2020 Guidance:

·     FY 2020 guidance for organic sales growth ranges from 3% to 4%. The company expects all-in sales growth of approximately 3% to 4%. The company expects foreign exchange to continue to drag on sales but will largely be offset by a positive impact from acquisitions and divestitures.

·     P&G FY 2020 guidance for Core EPS growth is 4% to 9%. 

·     P&G FY 2020 guidance for cash usage includes $7.5 billion for dividends and $6 to $8 billion in direct share repurchases. For reference, FY 2019 included $7.5 billion in dividends and $5 billion of direct share repurchases.

·     P&G also noted various factors that could be headwinds during FY 2020. This includes deceleration of market growth rates, significant currency weakness, commodity cost increases, and geo-political disruptions and economic volatility. 

·     P&G expects an effective tax rate of 17% to 18% in FY 2020.

Understanding our $119 Price Target:

·      Sales Growth, Profitability, and Total Shareholder Return

§ We remain optimistic P&G will exceed revenue guidance for FY 2020 based on recent performance. P&G plans to extract another $10 billion in costs through reducing overhead, lowering material costs, and increasing manufacturing and marketing productivity. 

§ We also note the projected increase in cash returned to shareholders. P&G announced a 4% dividend increase after the third quarter results. They also provided guidance for $6 to $8 billion of additional share buybacks in FY 2020. 

·     Fundamentals versus Stock Split

§ Although we believe P&G’s stock price could continue higher in anticipation of a possible stock-split, the fundamentals suggest a $119 per share valuation. If the stock were to split, we would anticipate a modest pull-back, and the stock to lag for 12 to 18 months. 

§ We believe P&G has benefitted from a sector rotation into defensive stocks, which makes it even more attractive given the current global environment. It offers investors global exposure and strong cash flow in a low interest rate environment. 

·     Nelson Peltz and Trian Partners has brought a 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. Although it isn’t clear what amount of credit can be attributed to Trian, there has been a significant increase in both the company results and the stock price over FY 2019. 

§  Last quarter, we stated Trian had the potential to bring an additional $20 per share value. At this point, you look at Trian’s entry point and the upside they have captured, and question when Trian will begin to reduce some or all of their investment.

·     Organization Structure Changes

§ The company continues to drive 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.

·     Macroeconomic, Political, and Competitive Risks

§ P&G notes increased volatility and continues to identify several key risks that they have nottaken 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 07/30/2019.

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Lenox Book of the Month: Dare to Lead

Lenox Book of the Month: Dare to Lead

Lenox Book of the Month: Dare to Lead

by Brené Brown

Four-time #1 New York Times bestselling author Brené Brown has spent the past two decades studying the emotions and experiences that give meaning to our lives, and the past seven years working with transformative leaders and teams spanning the globe. She found that leaders in organizations ranging from small entrepreneurial startups and family-owned businesses to nonprofits, civic organizations, and Fortune 50 companies all ask the same question:

How do you cultivate braver, more daring leaders, and how do you embed the value of courage in your culture?

In this new book, Brown uses research, stories, and examples to answer these questions in the no-BS style that millions of readers have come to expect and love.

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What are you doing to prepare for retirement?

What are you doing to prepare for retirement?

What are you doing to prepare for retirement?

See our 13-point “Retirement Checklist” for getting retirement-ready.




Whether retirement is still decades away or just a few years down the road, you should be planning for it now.  Waiting too long to begin preparation can sabotage the dreams you envision for your retirement years. 

 

The fact is, retirement planning goes hand in hand with career planning, with each stage of life having an impact on the other.  This reality has spurred people as young as in their 20s and 30s to start thinking about and planning for retirement, and to take advantage of 401k or other retirement savings plans that oftentimes weren’t even available for prior generations. 

 

Starting early to save money for retirement and continuing to do so faithfully is one of the smartest strategies to follow for attaining the retirement of your dreams.

 

But, there are other equally important things to think about.  At what age should you retire?  Just because your friends plan to retire at age 62 or 65, is that the best age for you, from a financial, emotional and physical health standpoint?   What do you want to do with your free time, and what is the associated cost?  Have you determined a retirement budget?  How much money will you need for day-to-day expenses and where will it come from?  Do you plan to seek part-time employment?  How will such income be taxed?  Are you set with health insurance and Medicare supplemental coverage?  When should you start claiming social security? 

 

Because you don’t want to waste a minute of your retirement years, it’s critical to think ahead, plan ahead and to be prepared as best you can to have the time of your life in retirement. Our Lenox financial advisors are here to help you do just that.

 

We offer the “Retirement Checklist” as a great starting point for your retirement planning –– one more way we help you Fund a Life You Love™. Click here to download.

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At Lenox, we assist our clients in all aspects of their financial life –- career years through retirement years –– not just in managing their portfolio.  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.

 

Lenox Non-Profit of the Month: Cincinnati Community ToolBank

Lenox Non-Profit of the Month: Cincinnati Community ToolBank

The mission of the Cincinnati Community ToolBank is to serve community-based organizations by providing tools, equipment and expertise to empower their most ambitious goals. Since its inception in 2012, the ToolBank has empowered nearly 400 partner agencies on roughly 16,000 projects, eliminating cost barriers to tools and equipment across a broad spectrum of community issues. More than 246,000 volunteers & individuals have been empowered with #ToolsForChange valued at more than $7.4 million dollars!

When a volunteer decides to give their time and talents to an organization it is critical that they feel as though their time was valued and the experience was meaningful. Oftentimes, an organization will have the volunteers interested in helping them and they will have projects or job tasks that volunteers could help them complete. This could be anything from maintaining that facility grounds, to bigger cleaning or painting projects. But often times they do not have enough tools to equip a larger group or the funds to purchase tools.  

Before the ToolBank opened, organizations would often times look to their staff or volunteers bring tools from home. They may also spend time trying to get them donated or borrow them from other organizations.  Sometimes they would be successful but if not, the end result is a volunteer, that is eager and ready to work, standing around wondering what else they could be doing. Since every volunteer is a potential future donor, there’s nothing worse than a volunteer feeling like their time wasn’t meaningful or valued. In this case you’ve not only lost out on free labor but a potential advocate for your organization. 

Currently, no other program exists in the Cincinnati area that lends tools to nonprofits. The Cincinnati ToolBank aims to remove barriers for nonprofit organizations enabling them to think big and perform larger and more frequent service projects. The Cincinnati ToolBank has proven to be a unique and much-needed resource for our service and volunteer community and has had a tremendous impact, helping nearly 400 nonprofit agencies by providing them with quick and reliable access to an inventory of high-quality tools. 

Our member agencies often express that their concerns about tools & supplies on service projects are budget related. To give an example, Claire Long, Gorman Heritage Farm's volunteer coordinator, placed her first tool order with the ToolBank. The tool order was for their annual Sunflower Festival event and was, from our perspective, fairly modest, consisting of only 100 hand pruners, 25 safety cones, six safety vests, and four two-way radios. However, after a quick tour of the ToolBank and seeing the abundance of resources available and the low cost to borrow these items, Claire quickly realized there was so much more she could accomplish back at the farm with our assistance. 

"Because of the ToolBank, Gorman Heritage Farm is able to take on larger projects around the farm. We are now able to equip more volunteers, school groups, and corporate volunteers than ever before," she said. "By borrowing tools from the ToolBank, we have been able to increase our volunteer capacity by 48 percent in just one year." 

In 2016, 56 volunteer groups assisted the farm. In 2017, the farm hosted 107 workgroups, nearly doubling its project capacity. The farm was able to equip over 950 volunteers with blue tools to help dig 50-foot swales in the orchard, install miles of new fencing, remove invasive honeysuckle and, of course, cut thousands of sunflowers.

The ToolBank depends on the support of the community to be able to provide our services to our local nonprofits. With only three and a half employees, YOUR involvement is critical. There are several ways that you can get involved with the ToolBank!

DONATE - Your donation is critical to the success of the ToolBank’s tool lending program. Cash allows us to buy (at discount) large quantities of industrial grade “like” product making it safer, efficient and easier for volunteers and first responders to operate over extended hours of use. The ToolBank has also created an Amazon tool wish list for items that have been in high demand. Items range in price and are currently under $100.

VOLUNTEER - Whether you are a handyman or have never picked up a tool, we have a position for you. There are many ways you can volunteer at the ToolBank and we gladly welcome individuals and groups (up to 15+) to volunteer their time with us. We are actively looking for volunteers to support our tool lending program by pulling tool orders, completing simple repair tasks, assisting with large events at the ToolBank. We are also seeking for administrative assistance with data entry, Salesforce management, special events, and much more! Click here for more information on volunteering

ENGAGE YOUR COMPANY – The ToolBank hosts three signature events each year, “Banking on Our Community” one-day, hands-on volunteering event, with local banks and accounting firms and their clients assisting a selected local nonprofit organizations. “Building on Our Community” that partners with local contractors and their employees for a day of service with one of our nonprofit partners. Finally, the ToolBank hosts its annual “Haunted Hammers & Ales”, a fundraiser at MadTree Brewing Company that supports our Tool Lending Program. Each event has sponsorship opportunities as well as volunteer engagement opportunities for your corporate teams. For more information about how you can engage your company, please email Lauren.Hall@ToolBank.org.

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Lenox Book of the Month: Who Are You Really and What Do You Want?

Lenox Book of the Month: Who Are You Really and What Do You Want?

Lenox Book of the Month: Who Are You Really and What Do You Want?

by Shad Helmstetter, Ph.D.

Bestselling author Dr. Shad Helmstetter reveals the difference between people who succeed in their lives - day after day - and people who don't. He discloses three underlying breakthrough concepts that are foundational to successful personal and professional growth in each of us. He discovered that when the three concepts are combined, they virtually guarantee success.In an easy-to-follow program that takes the self out of self-help, Dr. Helmstetter shows the reader how to use these breakthough concepts to lose weight and improve physical fitness, increase income, build self-esteem and self-confidence, improve family and relationships, reduce stress, and become more organized and in control.

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Life is full of transitions

Life is full of transitions

Life is full of transitions

How a little help can get you through “what’s next”!


Life is full of moving parts, changes and challenges.  Some planned.  Others a complete surprise.  Some you navigate with ease.  Others can throw you for a loop and leave you wondering what just happened.  Even if the transition is positive, it can feel overwhelming. 

 

Look for a sounding board.

This is a good time to have a sounding board –– the ear, thoughts and guidance of professionals who have experienced what you’re going through and who can lend real-world direction.

 

At Lenox, we help you plan for and manage your financial life and all of its moving parts.  We help you formulate key questions to be asked, strategically explore and review opportunities, consider ramifications of decisions, avoid pitfalls, and more.

 

Real-world examples of how Lenox can help.

 

Switching careers.  Lenox advisors can assist you with decisions and compensation packages.

 

Purchase or LeaseLenox advisors can advise if a car purchase or lease is better for you and your financial goals. 

 

Building a New Home.  Lenox advisors can work with you through the difficult decisions related to building a new home or home renovations

 

New Business HiringLenox advisors can discuss hiring and employment options for your business and advise how best to establish good relationships with your employees.  

 

Life Insurance.  Lenox advisors can offer advice concerning life insurance products, and what is best for your financial situation and your family. 

 

Life happens –– the good, the bad, the wins and the losses.  It’s how you handle the transitions that matters.  Let us help.

 

 

 

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.

Look ahead 5 to 10 years or more

Look ahead 5 to 10 years or more

Look ahead 5 to 10 years or more

What are you working toward?  And why?


“With a growing family, the expenses seem endless.  We’re not spending money on anything extra right now –– if we did, we’d never reach our college or retirement savings goals.”

 

“I feel like I’m racing to achieve this magic number ($ amount) so that we can retire and not worry about running out of money.”

 

“My wife and I both have good jobs and work constantly but still don’t seem to get ahead.  We’re not even sure what our financial goals should be, or how to get there.”

 

“We’re supposed to have this huge chunk of money saved for retirement by the time we turn 60 or so.  That all sounds good, but we still need to live day to day. Where’s the balance? 

 

If any of these scenarios sound familiar, you’re in good company.  We often hear these types of sentiments from people of all income levels who are trying to juggle their financial here and now with the future.

 

The angst is real and it spans generations. This from a young female executive who just turned 40, “Seems like financial comfort comes only after you’ve reached your savings and education and retirement goals, then you can finally relax and do what you want to in life.”  And this from a gentleman nearing retirement, “I couldn’t wait to retire and now I’m wondering if I do so too soon, both for financial reasons and for staying involved.”

 

Look ahead –– what are you working toward?

 

A magic number for some day? Then what? How many of life’s moments have you sacrificed in getting there?

 

What if, instead, the magic (however you define it for yourself and your family) is not just a number but includes your ability to weather the financial challenges of education and other costs, prepare for the unexpected, wind up with the financial security you seek in retirement, and manage to live life to its fullest all along the way?

 

Sound like a better goal to be working toward?  We think so, and it’s what we help you do. We call it FUND A LIFE YOU LOVE®.

At Lenox, we assist our clients in all aspects of their financial life –- career years through retirement years –– not just in managing their portfolio.  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.

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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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.