Build wealth doing what you love.

Build wealth doing what you love.

Build wealth doing what you love.

No time like the present to pursue the career of your dreams.

In America’s current job market where there are more jobs than people to fill them, it’s not only easier to find a job but to find one you want.  It’s a job seeker’s market.  Employers are vying for talent. Opportunities abound across most every industry.  There’s no time like the present to pursue the career of your dreams, and to transition from doing a job to doing the work you love.

So, what’s holding you back? 

Fear of failure?  Inertia?  Negative reaction from family or friends?  Lack of support from your spouse?  Feeling ingrained where you currently are employed?  Lacking the confidence or energy to make a change?  Fear of going out on your own?

All are legitimate emotions to experience.  But none are worth enduring unnecessarily or serving as hurdles to the better future you envision, especially in today’s robust business climate.  You have to get beyond the concerns to get on with life as you want to live it –– that is, finding fulfillment in your career, enjoying greater happiness in how you spend each day, and building wealth doing what you love.

You can do this. Lenox can help.

First questions to ask yourself... “What work would you love to be doing that you aren’t doing?” “What field would you enthusiastically switch to if that door opened for you?”

Answer these from your heart, and you’ll be on your way to defining what we at Lenox call your “life purpose”.  And, what if we were to help you take steps to discover how to turn your life purpose into something you act on and achieve.  Something you live.  Something you love. The something you’ve always wanted to be and do becomes your new life work.

Getting clients unstuck and helping them generate income and wealth doing what they were meant to do in life is one of our greatest joys at Lenox. 

Step #1 is to find out “who” you are.  Science can help.  There are quick and proven assessments that reveal this information, specifically how we think about and react to things if we had no other factors affecting us in life.

The Kolbe A® Index, for example, measures what’s known as our conative strengths –- the actions we take that result from our natural instincts.  Simply put, “what makes us tick”. People who learn this about themselves and then build on their instinctive interests learn to position themselves for greater success, wealth and happiness. 

StrengthsFinder® is a simple assessment to help uncover our inherent talents and develop them into strengths.  Having this information can change the way we look at our self, the world around us, and guide us to doing what we naturally do best. 

Kolbe and StrengthsFinder are two of the most powerful life-building, wealth-building tools that we’ve seen have a remarkable impact on our clients –– self-discovery tools that help to turn your personal strengths into financial strengths. 

If you’re already happily building wealth doing what you love, kudos to you.  Job well done.

If not, give us a call.  Why let another day, week or month go by without taking advantage of your inherent talents and today’s marketplace opportunities to attain the career that lets you truly love your work, not just go to work.

If it sounds like we’re here to help at Lenox, we are.  It’s why “we start with you, not your portfolio”, building on your natural interests and inner strengths to help you FUND A LIFE YOU LOVE®.

We can’t wait to tell you more. 

 

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: Freestore Foodbank's Fresh Produce Initiative

LENOX Non-Profit of the Month: Freestore Foodbank's Fresh Produce Initiative

LENOX Non-Profit of the Month

Freestore Foodbank's Fresh Produce Initiative

Bringing Fresh Produce to Communities

As Freestore Foodbank works to solve the critical issue of hunger for the 273,060 food insecure residents of our region, increasing access to fresh fruits and vegetables is essential.

“I wish I could have fruit and vegetables at every meal,” said a visitor to our Food Room at the Customer Connection Center. “My daughter has high cholesterol. My food stamps just barely cover the basics and there is nothing left for fresh food.” 

Over 45% of low-income residents in the 20 counties we serve live more than one mile from the nearest supermarket, making it challenging for people to access healthy foods. Freestore Foodbank is working with our community partner agencies, including Power Pack and School Pantry sites, to increase the amount of produce available. 

“Most of our clients don’t have transportation and its $10.50 round trip to take the bus to the closest grocery,” said Kim with MercyWorks/LightShine in Clermont County. “The food we provide sustains them. We have a lot of elderly residents and children who need access to healthy food.”

Pop-up produce mobiles bring at least four varieties of fresh fruits and vegetables to communities across the tristate. These distributions are provided at no cost to our partner agencies and offer up to 20 pounds of produce to each family.

Freestore Foodbank is also using pop-up produce mobiles to deliver fresh fruits and vegetables directly to school sites in order to reach children and their families. This is especially important for School Pantry sites without refrigeration. Some School Pantry sites are planning to offer these pop-ups monthly; others will request them in conjunction with a specific event, like parent-teacher conferences or arts night.

“One thing I’ve noticed is that when your budget is low, you don’t buy produce,” said Cathy, one of our School Pantry site managers. “Unfortunately we don’t have a lot of storage, so we are now getting pop-up produce mobiles every month, and we distribute everything! Our parents love the produce! They always ask when it’s coming again.”

To find out more about how Freestore Foodbank is working to solve hunger or to see how you can get involved, visit www.freestorefoodbank.org.

Freestore2.png

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.

Establishing a financial plan can’t wait for “someday”.

Establishing a financial plan can’t wait for “someday”.

Establishing a financial plan can’t wait for “someday”

Make it a priority TODAY.  Here’s how.

Young people, whether single or married, can be among the most frequent of procrastinators when it comes to establishing a financial plan.

That financial plan you’ve been putting off to do “someday” needs to get pushed up to the top of your priority list.  Getting around to it later is potentially hurting your financial stability and wealth creation long term and/or causing financial stress that could be avoided altogether.

So, why the procrastination? 

You may feel you’re not yet at an income level that allows you to have any significant savings, let alone a financial plan.  You might feel you have all the time in the world to create a financial plan.  You may not think of yourself as financially savvy and, thus, feel intimidated by the thought of contacting a financial planner.  Or, you might just have other priorities.

A word to the wise... none of these reasons is good enough to wait any longer. 

Financial planning

Start today to think about, establish and commit to a financial plan.  Here’s how.

Believe in yourself and your future. Wherever you are in your career and whatever your income, if you want a better tomorrow, it’s up to you to make it happen.  In a recent article posted online at ladders.com, entitled... The most important life-changing habit in 2 words: START NOW... author Thomas Oppong writes, “Many people consistently hold back and waste precious time. The only way to get ahead is to overcome that state of mind.  Start.  Every single day.  Start and then restart. It doesn’t matter if you fail.”  In other words, don’t wait for some miracle to happen or for someone else to take charge of your financial future.  Believe in yourself, and start today to establish your financial plan.

Find a financial advisor who also believes in you.  There’s a long-held belief that you have to make a lot of money to get the attention of a financial planner.  That’s not the case at Lenox, where “we start with you, not your portfolio”.  We are your advocates first and foremost.  We believe in you and help you discover and use your inherent strengths and talents to Fund a Life You Love®.  One of our unique tools is to take you through an Honest Conversation®, prompting great discussion about what is important to you, or if you are a couple, what is important to each of you individually and as a couple.  From this, we create a financial plan that is relevant, actionable and doable because it is about you and what you consider to be your personal happiness.

Let no excuse get in your way.  Forget the naysayers who say a financial plan isn’t important at this stage of your life... or that you’ll never stick to it... or that all financial advisors are alike... and on and on.  It’s your money.  It’s your financial future.  No one else should be allowed to determine your success.

Start small.  Doing something is better than nothing at all.  You don’t need grandiose ideas to set a financial plan in motion.  You just need to get started.  Once begun, the bottom line results, peace of mind and comfort that come with having a financial plan can be somewhat addictive, meaning you want to keep it going. 

Understand the time value of money.  If you need further motivation to stay true to your financial plan, take a few minutes to look at the time value of money.  There are numerous charts online to show you how your wealth can grow via this compounding of money over time.  Go to https://www.msn.com/en-us/money/tools/timevalueofmoney to see for yourself.  It’s an instant discipline builder.

Cut yourself a little slack now and then.  Yes, a financial plan requires discipline, but it should not be dreaded or feel like a life sentence.  The right plan for you should get you on track for your income level and lifestyle and show you how to stay on track to meet your lifetime goals.  Remember, the goal at Lenox is to help you Fund a Life You Love®.  If that means traveling or pursuing a hobby or buying a business or whatever your interests, let’s include those things in your financial plan.

Visit and revisit your financial plan.  Life changes and so might your financial plan.  It most likely won’t be a one and done.  That’s a reality that should feel very freeing to you. Tweaks and adjustments will occur, inspired by family, career and other commitments.  That’s a good thing and a discussion that your Lenox financial planner will initiate with you on a regular basis.

If it sounds like we’re here to help, we are. You deserve financial planning that helps you live the best life you can with financial peace of mind.  We help you do just that.  Now, let’s get started on your financial plan.

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.

LENOX November Book of the Month: Dare to Lead by Brene Brown

LENOX November Book of the Month: Dare to Lead by Brene Brown

LENOX November Book of the Month

Dare to Lead by Brene Brown

Title and status do not define a leader. A leader is anyone who takes the time to see the potential in people and ideas, and helps to develop that potential.

Brown writes, “One of the most important findings of my career is that daring leadership is a collection of four skill sets that are 100 percent teachable, observable, and measurable. It’s learning and unlearning that requires brave work, tough conversations, and showing up with your whole heart. Easy? No. Because choosing courage over comfort is not always our default. Worth it? Always. We want to be brave with our lives and our work. It’s why we’re here.”

Encouraging read for us all!

dare to lead

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.

OCTOBER 2018 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

OCTOBER 2018 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

OCTOBER 2018 OUTLOOK ON PROCTER AND GAMBLE CO. (P&G)

Current P&G Stock Outlook:

  • In response to P&G’s quarterly earnings announcement, which beat Wall Street estimates on both the top and bottom lines, the stock jumped by $7/share from $80.24 to $87.30.

  • We are increasing our 12-month price target from $91/share to $94/share.  In the event P&G outperforms again in the second quarter, and provides additional signs of a sustainable turnaround, we anticipate increasing our price target once again.

  • The stock, even with the recent runup in price, continues to represent good value, relative to the overall market. This conclusion is based on a combination of the 3.3% dividend yield and the increasing probability the company is finally showing the benefits from its past restructuring programs. We are also hopeful that Nelson Peltz, the Board, and David Taylor will be more collaborative in terms of bringing bigger ideas and holding management accountable to improving results short-term.

  • Wall Street analysts, who forecasted a price target of $82.08/share last quarter, have increased their average 12-month stock price target by a whopping $6 plus to $88.42/share Analyst forecasts now range between $78/share and $100/share, still indicating disagreement between “the experts” on the company’s outlook and valuation.

  • We believe David Taylor has bought himself more time, and we continue to believe if Nelson Peltz, David, and the Board collaborate, good things will happen for the business and the share price.

 

Highlights of P&G’s Quarterly Results:

  • P&G quarterly sales gains marked their strongest performance in five years, driven primarily by volume growth, product innovation, and a healthy U.S. economy.

  • First quarter FY 2019 produced revenue of $16.69 billion, exceeding Wall Street expectations of $16.46 billion.

  • P&G produced total organic sales growth of 4%, driven by a 3% lift in volume growth.

  • First quarter Core EPS rose 3% over the same period last year to $1.12, exceeding analyst estimates of $1.09 per share.

  • Organic Sales increased in four of five business units, and nine of their ten product categories, led by Beauty with a 7% increase versus the year ago period. P&G grew organic sales in 12 of their 15 largest markets in Q1.

  • Fabric & Home Care, P&G’s largest business unit, grew organic sales by 5% compared to the same quarter last year. 

  • After declining organic sales growth during 2017, Grooming made a comeback by growing organic sales by 4%. This was attributed to product innovation, investments in direct-to-consumer programs, and increased pricing in some markets.

  • Baby, Feminine and Family Care was the lone segment to produce negative organic sales growth, down 1% versus the year ago quarter. This was driven primarily by poor performance from the Luvs diaper brand.

Fiscal Year 2019 Guidance:

  • The company maintained Fiscal Year 2019 guidance for organic sales growth ranging between 2% and 3%.

  • P&G lowered the range for FY 2019 all-in sales growth to -2% to 0%, reflecting foreign currency headwinds of -3% to -4%.

  • They reiterated FY 2019 guidance for Core EPS growth of 3% to 8%. From our perspective, this is a very broad range and reflects a combination of management’s conservatism and uncertainty in the current environment.

  • For FY 2019, the company is forecasting dividends of $7 billion and share repurchases up to $5 billion.

  • As pointed out last quarter, we anticipate a significant increase in after-tax cash flow due to corporate tax reform. The company has not identified the tax savings in the forecast or how they will redirect the proceeds It to increase shareholder value. In our opinion, we think this is an opportunity for Jon Moeller, CFO, to provide increased transparency and build credibility with institutional and retail shareholders who would like more clarity on this part of his forecast guidance.  

 

Understanding our $94 Price Target:

  • 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

    • Longer term, call it 3-4 years, we believe Trian has the potential to bring an additional $30 to per share in value to the price of the stock. Its arguable, they have already brought $10.

  • Continued Cost Cutting

    • P&G continues to extract another $10 billion in costs, focused on reducing overhead, lowering material costs, and increasing manufacturing and marketing productivity. It is not clear how much of this cost savings will drop to the bottom line, given increased transportation costs, rising raw material costs, unfavorable mix, lower pricing, and volatile foreign exchange.

  • Macroeconomic, Political, and Competitive Risks

    • P&G identified several key risks that they have not taken into consideration in their guidance: Significant strengthening of the US dollar, further rising commodity prices, continued political and economic volatility, significant deceleration of market growth rates, and increased competition on highest 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 10/19/2018

Meet Jay Lame

Meet Our Wealth Advisors

Jay Lame, CFP®

Wealth Advisor


At Lenox, we make it our focus to engage and serve a highly robust and diverse clientele –– men and women of all ages, young couples just starting out to those with growing families, young entrepreneurs to established business professionals, leaders of start-ups to longstanding founders exploring succession planning, divorcees, retirees, family legacies, and others.  When we say that “we start with you, not your portfolio” to FUND A LIFE YOU LOVE®, we mean it.  Every client is important and valued.

 

With clients representing this broad brushstroke of society, our services and interests must do the same. We are confident that we have on staff the wealth advisors and fiduciary financial planners with the expertise and heartfelt interest to help you with your financial services needs wherever you are in life –– wealth creation, wealth management, wealth impact. 

 

Meet Jay Lame, CFP®


Let us introduce you to Jay Lame, next-generation advisor who has a strong talent for connecting with any person, anytime, anywhere. Jay’s love of all people and his Certified Financial Planner (CFP) designation have allowed him to understand his clients’ needs and aspirations and draw the roadmap that will allow them to meet each of their goals.

cincinnati-wealth-advisor-jay-lame.jpeg

 

In his own words...

            What three words best describe you?

            Charismatic

            Positive

            Approachable

 

What I like best about my role at Lenox

I love to take an item that can cause such stress for families – finances – and leverage it as a tool that people can use to enhance their lives.

 

Best advice I ever was given

Our attitude towards others determines their attitude towards us.

 

What does “Fund a Life You Love” mean to you?

Fund a Life You Love means people are doing the things they love. Our clients are people who live their lives to the fullest – great careers, great families, great hearts. Our role is to make sure they can do those things. This can be the young couple looking to purchase their first house, or grandparents wanting to help their families with their education, and every stage in between.  We work together to set the goal, and then we draw up the steps we need to take to make that goal happen. The best part in funding a life you love is that it evolves with each goal you hit, and once we get it right, it multiples many times over.

 

Background


A principal at Lenox, Jay’s focus is serving as a Wealth Advisor to clients from all ranges of life. Jay has a natural ability to hear what’s most important to clients and use his judgment and knowledge to ensure we meet their goals. Jay loves to track each client’s priorities and ensure we take the steps to get these priorities in optimal shape.

 

Jay joined Lenox in 2014, first as Client Services Manager. During this time, one of his priorities was ensuring Lenox had the advanced systems in place to execute against the vision Lenox advisors designed for their clients. Jay transitioned to a Relationship Manager in 2015. He received his Certification in Financial Planning in 2016.

 

Prior to Lenox, Jay was a Commercial Associate at Fifth Third Bank, where he worked with Middle Market Businesses and Commercial Real Estate groups to ensure optimal financing was in place as these companies made significant investments in their businesses. 

 

Jay is a Cincinnati native and a St. Xavier High School graduate. He graduated from the Carl H. Lindner Honors-PLUS program at the University of Cincinnati with a Bachelor of Business Administration in Finance, Entrepreneurship and International Business in 2013. Jay has served his fraternity, Sigma Alpha Epsilon, in various leadership roles both as an undergraduate and a graduate.

 

Jay and his wife Ali live in Hyde Park with their 8-month-old golden retriever Louie.


Want to discuss your financial services needs with Jay?  Contact him at 513.618.7080, or email jaylame@lenoxwealth.com

  

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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 RECOMMENDS--   ARTICLES THAT CAUGHT OUR EYE OCTOBER 2018

LENOX RECOMMENDS-- ARTICLES THAT CAUGHT OUR EYE OCTOBER 2018

LENOX RECOMMENDS

ARTICLES THAT CAUGHT OUR EYE OCTOBER 2018


INTERESTING INITIATIVES

 

EXCLUSIVE: Former P&G executive shares $26M plan to draw manufacturing to Uptown


Rich Kiley has a big idea and one that could change the  people and product work environment in the Cincinnati area. Check out CoMade.

 

 

BUSINESS

 

P&G JAS 2018 Results: "A very strong quarter" ?



A objective look at the P&G quarterly results from a P&G alum.

 

 

 

LEARNING




190 Universities just launched 600 free online courses. Here’s the full list.




Interested in some additional learning? Lots of options out there- and most for free!

 

 

PERSONAL GROWTH





THERE ARE 3 TYPES OF PROCRASTINATORS—HERE’S HOW TO FIGURE OUT WHICH YOU ARE





Hmmm…I guess I will get that done….well, maybe tomorrow. Why do I do that- take a read and find out!

 

 

 

INTERESTING

 

This Machine can make Gallons of Fresh Drinking Water right out of Thin Air






Can you imagine how this machine could change areas of the world by pulling water out of thin air? This could be life-changing in today’s world.

 

 


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.

 

529 Plans - The Basics

529 Plans - The Basics

529 Plans - The Basics

What you need to know about these tax-advantaged ways to save for college.

Whether you already have children or you’re planning to start a family someday, the sooner you start to put money away for college, the better.  That’s why we encourage you to learn all you can about 529 plans, a college savings plan created to help families save for education expenses and get a tax break in doing so.

 

Here are some 529 plan basics that every family should know.

 

What is a 529 plan?

According to the U.S. Securities and Exchange Commission, a 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” were added to the Internal Revenue Code (IRC) in 1996.

 

How do 529 plans work?

  • 529 plans offer tax and financial aid benefits to the person funding them (account holder). Earnings in 529 plans accumulate on a tax-deferred basis and distributions are free from federal and state income tax when used for qualified education expenses.

  • 529 plans are offered/sponsored by states, state agencies or educational institutional agencies. All 50 states and the District of Columbia sponsor at least one 529 plan. 

  • You can invest in any state 529 plan, not just that offered by the state in which you reside.  Also, the student (beneficiary) is not required to attend a school in the state where the plan was opened.

  • You can change the named beneficiary of a 529 plan at any time.  However, if you change it to someone other than a family member, there may be tax implications.

 

Are there different types of 529 plans?

Yes, there are two types: Prepaid Tuition Plans and Education Savings Plans.

  • There are important differences between the two types –– fees, certain restrictions, expenses, investment options, to name a few.  (For details, ask your Lenox financial advisor, contact your 529 plan sponsor, or visit www.sec.gov.)

  • You can find out more about a particular 529 plan by reading its offering circular. The National Association of State Treasurers created the College Savings Plan Network, which provides links to most 529 plan websites. 

 

How can 529 plan savings be used?

  • A 529 plan can be used to save and pay for higher education costs –– tuition, room and board, computers, and other qualified expenses. The plan also may be used to pay for up to $10,000 annually for K-12 tuition. 

  • In most cases, your 529 plan can be used to cover expenses at any qualified college or university.  There are more than 6,000 qualified colleges and universities in the USA and an estimated 400+ eligible outside the USA –– most anywhere federal financial aid   is accepted. (Check with each individual plan for its list of qualified schools.)

 

Who can open and contribute to a 529 plan?

  • Parents and/or grandparents can open a 529 plan and be the account holder for a student (beneficiary).  (See our prior blog, “Grandparents and 529 Plans” for information on why parents instead of grandparents might want to be the plan’s account holder.)

  • You can even open an account before a baby is born, opening it in your own name and   transferring it once the baby is born and has a Social Security number.

  • Anyone can contribute to a child’s 529 plan –- aunts, uncles, other family and friends –- which makes the 529 a good idea for birthday or holiday gift giving.

  • The account holder will want to name a successor as you would with any other assets in the event of death or inability to continue as account owner.

 

How is your money invested?

  • Generally speaking, 529 plan contributions are invested in mutual fund-based investments.  Some plans also offer FDIC-insured banking options. 

  • You can typically choose from planned portfolios or create your own investment options.

  • To see which investment options are best for you, check with your financial advisor. 

 

Let us know how we can help.  Lenox professionals are here to explain 529 plan fundamentals and to help guide you in your plan selection and investment options.  Give us a call at 513-618-7080.

  

At Lenox, we work with families to help guide them in every aspect of their financial life –– from education funding, to generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

 

401(k) Plans – Understanding the Basics

401(k) Plans – Understanding the Basics

401(k) Plans – Understanding the Basics 

Our quick primer on this retirement savings vehicle, whatever your age.

If maximizing your retirement savings is a priority, and you’re looking for a little motivation to establish and/or get more involved in your 401(k) plan no matter what your current age, consider these findings from a recent Wall Street Journal report entitled “The Unprepared––A Generation of Americans is Entering Old Age the Least Prepared in Decades”.

                                                “Unprepared”, Geoffrey Rogow, WSJ, August 7, 2018

 

            “More than 40% of households led by people aged 55 through 70 lack sufficient resources    to maintain their living standards” in retirement.”  

 

            “Households with 401(k) investments and at least one worker aged 55 through 64 had a median $135,000 in tax-advantaged retirement accounts as of 2016, according to the latest calculations from Boston College’s center.  For a couple aged 62 and 65 who retire today, that would produce about $600/month in annuity income for life, the center says.”

 

 

The why behind 401(k) plans

In 1978, the United States Congress authorized a tax-law change that ushered in 401(k) plans, retirement savings vehicles provided/sponsored by employers.  Such plans allow employees to reduce their taxable income by placing their own pre-tax dollars in a 401(k) account (aka a “defined-contribution account”).  The goal then and now has been to encourage and help people build their retirement funds.  A dual goal back in the late 1970s was to supplement the pension payouts employees often received in those days.  Since then, however, many companies with their pension funding squeezed by economic cycles and recessionary periods over the years have limited pensions or replaced them altogether with 401(k) plans.

 

How 401(k) plans work

•  Employees who put money in a 401(k) can deduct their contributions from their taxes.  Their 401(k) contributions are invested and grow tax-free until retirement, at which time retirees pay taxes on withdrawals from their 401(k).  Current legislation requires that retirees start taking mandatory distributions from retirement accounts once they turn 70-1/2 years of age. 

 

•  Employees decide what percentage of their pay they want to contribute.  The designated amount is deducted from the employee’s paycheck and automatically placed in their individual 401(k).

 

•  Employees are capped at how much they can put in a 401k annually –– either up to earnings or $18,500. If you are over age 50, you have a catch-up option of up to an additional $6,000 contribution per year.

 

•  A 401(k) plan is portable meaning that when changing jobs, employees maintain ownership of their account and can move it from one company to another without penalty.  They can roll from 401k to 401k – or to an IRA with no penalties.

 

•  In 401(k) plans, employees are allowed to choose their own investments from a limited selection (typically mutual funds) offered by their employer and overseen by an independent plan administrator.  While the employer will offer information on the funds, the onus is on the employee to decide which is best for them. Selecting one’s own stocks can make a 401(k) somewhat of a DIY retirement plan.  This has worked well for some people and not so well for others.  Like any investment, there is risk involved and losses can occur.  For example, many people lost a significant portion of their 401(k) in the 2007-2009 recession, and/or they cashed out or borrowed from their 401(k) savings to cover other expenses, funds they have not been able to replace.

 

• Monies withdrawn from a 401(k) before the account owner is age 59-1/2 typically results in the employee paying a10% early withdrawal penalty on top of any taxes due.

 

•  Many employers offer to match employee contributions –- typically up to a percentage one’s annual salary.  It is wise to take advantage of “matching programs”.

 

 What is a Roth 401(k)?

A Roth 401(k) is a type of 401(k) offering tax savings that is essentially the reverse of a traditional 401(k).  Employees pay tax on their 401(k) contributions at the time the contributions are made, but they do not have to pay any tax in retirement when they withdraw their savings.  As such, all money in their 401(k) account grows tax-free. 

 

Making 401(k) plans more accessible

Because it is not mandatory for employers to offer employees a 401(k), Congress in 2006 enacted legislation to help private-sector workers without workplace 401(k) plans enroll in a 401(k) via state-run-retirement-savings programs.

 

Currently, an executive order is being considered by President Trump that would make it easier for small businesses to offer employees 401(k) plans.  The idea is for small businesses to band together in order to share the overhead costs of 401(k) plans and, thus, have the economies of scale that larger companies enjoy.

 

Learn all you can about 401(k) plans

We’ve given you some 401(k) highlights, but we encourage you to learn or refresh yourself on the specifics of your 401(k).  Let us know how we can help.  Lenox professionals are here to explain 401(k) fundamentals and to help guide you in your 401(k) plan investment options.  Give us a call at 513-618-7080.

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from education funding, to generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

Meet Anne Megerle

Meet Our Wealth Advisors

Anne Megerle, CFP®, CEPA, CDFA

Vice President/Wealth Advisor

fullsizeoutput_ae71.jpeg

At Lenox, we make it our focus to engage and serve a highly robust and diverse clientele –– men and women of all ages, young couples just starting out to those with growing families, young entrepreneurs to established business professionals, leaders of start-ups to longstanding founders exploring succession planning, divorcees, retirees, family legacies, and others.  When we say that “we start with you, not your portfolio” to FUND A LIFE YOU LOVE®, we mean it.  Every client is important and valued.

 

With clients representing this broad brushstroke of society, our services and interests must do the same. You can be assured that we have on staff the wealth advisors and fiduciary financial planners with the e knowledge and heartfelt interest to help you with your financial services needs wherever you are in life –– wealth creation, wealth management, wealth impact. 

 

Meet Anne Lame Megerle, CFP®, CEPA, CDFA

Let us introduce you to Anne Megerle, Lenox VP and Wealth Advisor who exemplifies the vast talents our clients often need.   Anne is a Certified Financial Planner (CFP), Certified Exit Planning Advisor (CEPA) and Certified Divorce Financial Analyst CDFA).

 

In her own words...

What three words best describe you?

Innovative

Detailed

Empowering

 

What I like best about my role at Lenox

I love to make people’s lives better. My job is a blast because it allows me to work with people and find ways to solve their problems.

 

Best advice I ever was given

Find something you love to do and then it never feels like a job.

 

What does “Fund a Life You Love” mean to you?

It’s all about empowerment. I have seen people who try to have their financial lives separate from their real lives and they miss opportunities –- to travel, to make meaningful gifts to charity, to buy a second home, to help their kids or grandkids. I love looking at something that someone doesn’t believe they can do and helping translate the dream into reality. It’s our job to help our clients understand the trade-offs and make their lives better and more impactful. I am great at managing details and offering creative solutions.


We have the great opportunity to guide people to the decisions and steps that leave them confident in knowing that with their financial life well planned, they can live the life they love.

 

Background

A principal at Lenox, Anne’s focus is serving as a Wealth Advisor to clients young and old. Not one to be satisfied with “what is”, Anne’s role allows her to apply her inherent creative vision, strategic planning and solid investment skills to each client’s financial well-being, constantly challenging herself and her team to deliver the forward-thinking ideas and watchful eye Lenox clients deserve. She is a dedicated and thoughtful advisor for both finances and life.

 

Anne joined Lenox in 2007, first as Operations Manager during which she helped implement many of the firm’s key systems before transitioning to a Senior Analyst in 2010. She received her Certification in Financial Planning in 2011.

 

Prior to Lenox, Anne was a Senior Purchasing Manager at P&G, working as part of a bid team that consolidated display and contract manufacturing suppliers for P&G and Gillette and whose work was recognized with an award for Purchases Excellence. 

 

Anne is a Cincinnati native and an Ursuline Academy graduate. She graduated from the Farmer College of Business at Miami University with a Bachelor of Science in Economics in 2004. Anne was recognized as a YWCA Rising Star in 2012. She graduated from the YWCA’s Rising Stars Board Leadership Program in 2013 and today serves on the board for the local YWCA.

 

Anne and her husband Steven live in North Avondale where they are rehabbing and restoring a historic home in their free time. 

 

Want to discuss your financial services needs with Anne?  Contact her at 513.618-7080, or email anne.megerle@lenoxwealth.com

 

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

Grandparents and 529 Plans

Grandparents and 529 Plans

Grandparents and 529 Plans 

3 important 529 Plan questions to ask

For generations, one of many ways grandparents have chosen to support their offspring is to help fund their grandkids’ education.  They may have done so via designated savings accounts, trusts or simply by writing a check.  Introduced in the mid-1990s were 529 Plans, an education savings plan offering tax benefits to the plan funder as an incentive to help them save for their grandchildren’s college or post-secondary education expenses.

 

The unique tax advantages of 529 Plans have made them an increasingly popular way for grandparents to help cover tuition, room and board, computer software or other equipment needed for the student.  And thanks to the 2017 Tax Laws, savings from a 529 account may now also be used to pay for tuition at K-12 private or religious schools (with certain caveats regarding annual withdrawals for students of pre-college-age).  We would be happy to discuss such details with you at your convenience. 

 

Whether you already have a 529 Plan for a grandchild or are considering opening one, here are three questions you should ask.

 

Who should own the 529 plan?

Anyone can own a 529 Plan –– grandparents or parents –- and the owner can select (and change) the beneficiary of the plan, as well as direct the plan’s investments or trust their financial advisor to do so. However, while the grandparents may be the ones funding the 529 Plan, it might make more sense for the parents to officially own it. 

 

Here’s why. It’s a matter of putting the student in the best possible position for obtaining financial aid, if needed.  When applying for financial aid, the family must complete a form called FAFSA (Free Application for Federal Student Aid). Part of the FAFSA form is something called the EFC (Expected Family Contribution). The EFC takes into account the student’s income and assets and the parent’s income and assets. 

 

If grandparents own the 529 Plan, the savings that come out of the plan are considered part of the student’s income on the FAFSA form for two years after the funds are received.  By FAFSA calculations, income for the student is weighted significantly higher than if it were income for the parents, which means the funds can work against the student in terms of financial aid eligibility.

 

Can grandparents gift the plan to their adult kids?

A better idea might be for the grandparents to gift the plan to their adult son or daughter (parent of the student) and let them, in turn, make the 529 contribution. However, making this switch in ownership of the 529 Plan is not permitted in all states, so you will want to explore your options.

 

Can grandparents continue to deduct the contribution?

If the 529 Plan is gifted to their adult kids, can grandparents continue to deduct the contribution?  In Ohio, you can, but again this rule changes by state so you will want to do your due diligence.

 

Let us know if we can help.  Our Lenox professionals are experts in education funding.

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from education funding, to generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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: Heart Talk by Cleo Wade

LENOX Book of the Month: Heart Talk by Cleo Wade

LENOX Book of the Month

Heart Talk by Cleo Wade

Screen Shot 2018-10-03 at 11.52.56 AM.png

An inspirational and life lessons book by Cleo Wade who has been called "the Millennial Oprah" by New York magazine.

Heart Talk brings wisdom for the new generation with practical and understandable advice.

Read a section each day for a little pep talk in your daily life.

Enjoy!

Lenox Non-Profit of the Month: UpSpring

Lenox Non-Profit of the Month: UpSpring

Lenox Non-Profit of the Month: UpSpring

As the region's only non-profit exclusively serving the educational needs of children and youth experiencing homelessness, UpSpring provides these students with the consistency needed to achieve academic success and become well-rounded, active participants in their community. A consistent education breaks the cycle of childhood homelessness and elevates kids, families, and communities.

 

There are, on average, 8,000 children who experience homelessness in Greater Cincinnati each year, and Kentucky has the worst childhood homelessness rate in the country. The average age of a person experiencing homelessness in the United States is nine years old, and only 25% of students who are experiencing homelessness graduate from high school. In order to help address the staggering rate of childhood homelessness and lack of education, UpSpring provides the following programs:

  1. UpSpring Summer 360°: A seven-week education and enrichment day-camp during which approximately 85% of our campers increase or retain their math and/or reading skills. This program also focuses on boosting the students’ social, emotional, and physical health.  

  2. UpSpring After School: A weekly school-based program in Newport Intermediate and shelter-based program at Lighthouse Youth Crisis Center focused on providing connectivity and community amongst the students.

  3. UpSpring Resource Collaborative: An initiative with 75 community partners through which UpSpring provides anything a child experiencing homelessness would need to get to, participate and succeed in school. 

 Engage and Empower Children:

1.    Share and Connect: Sign up to receive our emails and share our social media posts

2.    Socialize: Attend our social events and volunteer at our annual fundraiser, UpSpring Break

3.    Donate Monetarily: Contribute a monthly or one-time donation

4.    Gift In Kind: Sponsor a lunch for students during UpSpring Summer 360° and

       donate hygiene kits, school supplies, and winter coats

http://www.upspring.org/

image001.png

LENOX RECOMMENDS -- ARTICLES THAT CAUGHT OUR EYE SEPTEMBER 2018

LENOX RECOMMENDS -- ARTICLES THAT CAUGHT OUR EYE SEPTEMBER 2018

LENOX RECOMMENDS — ARTICLES THAT CAUGHT OUR EYE SEPTEMBER 2018

PRODUCTIVITY

 

Unlearning May be our Biggest Challenge

As Warren Buffett said it few years ago: “It’s not what I don’t know that’s the problem, it’s what I do know that’s wrong that’s the problem.”

 


INTERESTING THOUGHT!

 

First, Ten

So simple. Are you worth more inside or outside the big company you work for today? Those ten people need what you have to sell, or want it. And if they love it, you win. Identify and ask the first ten.

 

BUSINESS

 

Investment Management with FinLife Partners

Lenox is celebrating United Capital and it’s extraordinary platform and the positive impact it has had both on the client experience and the growth, development, and value proposition of our employees. It is such a win when you partner with a firm that is so focused on improving what you can deliver to your clients.

 


PERSONAL GROWTH

 

Napoleon Hill’s 17 Principles of Personal Achievement

If you want to be successful, these 17 Principles are a great start.


ANOTHER POINT OF VIEW

 

10 Things Alpha Women Need in a Relationship

A good friend send this to me today. My Mother is very strong. My wife is very strong. Overtime, I have been blessed to attract very strong woman into my life. Reviewing this article and discussing it may be a good idea for many couples I know.

 

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.

 

What’s your plan for your digital assets?

What’s your plan for your digital assets?

What’s your plan for your digital assets?

Yes, They Are Part of Your Estate Plan.

What exactly do you have stored on your computer?  Tax and financial records?  Online banking access?  Health information?  Business contracts?  Insurance policies?  Usernames and passwords?  Family history?  Social media accounts?  Hundreds if not thousands of photos?  Business correspondence?  Personal and business contact lists?  Etsy or eBay pages?  How about your favorite Pinterest boards, valuable web domains, or the details surrounding that new business idea you’ve been nurturing?

 

Most of us have become so accustomed to using our computer, tablet or smartphone that we forget how much information (valuable, personal, private) is actually stored on these digital devices. 

 

DIGITAL ASSETS AND YOUR ESTATE PLAN

Try to picture how many metal file cabinets it would take to hold all of the data you carry around with you each day!  Why?  Because your digital files, like your other tangible personal property, will be considered part of your estate and will need to be bequeathed to someone after your death or if you become incapacitated and are unable to manage your own affairs.  It may not be metal files of manila folders you pass on, but it’s still your information.

 

THE QUESTION YOU NEED TO ANSWER

Who do you trust and designate to have access to all of your digital assets when you are no longer on this earth?  It’s a critical question to address and one that has legal ramifications. 

 

Simply put, giving someone a username and password does not give them legal authority to access your digital files.  Even if one spouse provides login information to another or to a close family member, this is not considered legal authorization for digital access. Instead, it can be considered hacking for anyone to knowingly access a computer or account without legal authorization.  There are written statutes that cover this matter.  Also, laws and punishment can vary by state.

 

WHAT SHOULD YOU BE DOING?

Whatever your age, it’s a good idea to contact an attorney for legal clarification about ownership of your digital assets and for guidance in appointing a guardian or custodian of such assets as part of your will. You should also contact your financial advisor to discuss digital estate planning and steps you can take now to get your digital life in order and to help keep it that way, including: developing an inventory of accounts, usernames and passwords; cleaning out old files and deleting unnecessary or dated information; ensuring the security of private data, and more.  

 

 

LET US HELP

Want to know more about this subject, call or email us at info@lenoxwealth.com.  Let us help you take control of your digital assets as part of your overall financial future.  It’s one more way we help you look at all parts of your life to FUND A LIFE YOU LOVE®.

 

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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 September Book of the Month: The Gratitude Principle by Dan Sullivan

Lenox September Book of the Month: The Gratitude Principle by Dan Sullivan

Lenox September Book of the Month

The Gratitude Principle by Dan Sullivan

The Gratitude Principle™ is a great reminder that each of us should acknowledge the good things that happen to us in life. A life of appreciation. Our attitude to life will change when we look at the all the little things- wonderful things that happen to us daily. Learn why you should be grateful, and how to actually make it happen. It is easy to create the habit of transforming your gratitude into actions that will bring more meaning and value to your life in only a few minutes a day. Short but life changing read!

Screen Shot 2018-09-14 at 7.01.34 AM.png

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

Meet Anne Burney

Meet Anne Burney


Come join her for “The Other Talk” – September 27th at noon


Talking to your adult children about the rest of your life is one of the most important talks families must have. One generation knowing and honoring the other’s wishes is critical both for emotional and practical reasons.  Are important documents in order and placed where they can be found?  Have you discussed future living arrangements?  What’s the plan for getting the medical care you may need?  Have you made plans for financing your future?   Who will make decisions for you if you are unable to do so?   

 

If you haven’t already had these discussions with your adult kids, or even if you have and aren’t sure you’ve addressed everything essential, plan now to join us on Thursday, September 27th, noon to 1:00 pm at our Kenwood location, for a free and highly important seminar on this very topic.  This information-rich seminar will be led by Lenox VP and Wealth Advisor, Anne Burney. 

 

Meet Anne Burney

Anne has been working with Lenox clients for more than 27 years in various roles and brings over 36 years of investment management and brokerage industry experience to her role as Wealth Advisor. Among her skills is helping families think about, plan and navigate their elder care, estate and legacy planning needs.

anne-burney.jpeg

 An advisor with experience working on generational financial planning, Anne leads our Lenox “Embrace” program –– focused on providing our clients with real-world, relevant information to live their life fully, and with the peace of mind that comes with knowing that essential matters are being addressed thoughtfully and in keeping with personal desires. In her own words...

 

 “It is an honor to be so closely involved with our client families and to be entrusted to help see them through what can be financially complex and emotionally challenging times of their life.”


What You’ll Learn at the Seminar

The seminar will be based on the award-winning book, “The Other Talk:  A Guide to Talking with Your Adult Children About the Rest of Your Life” by Tim Prosch.  Our goal is to equip families with a template from which to discuss, explore, and think about end-of-life issues, empower adult kids to make the tough decisions if and when their parents can’t, and set an example for the adult kids to share with their own kids someday.

 

The mood will be upbeat but pragmatic as we share real-world scenarios of how families can turn this potentially touchy topic into a successful, productive and even heartwarming family discussion.  We hope you will join us, because you will leave with actionable steps as well as online and other resources to help you move forward with taking charge of the later stages of life.

 

Call us at 513-618-7080 to reserve your seat(s) for the complimentary seminar on Thursday, September 27, noon to 1:00 pm, first floor, 8044 Montgomery Road in Kenwood.  Family members are welcome. Please call soon as space is limited.

 

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

Free agents in the corporate world

Free agents in the corporate world

Free agents in the corporate world

The growing opportunities of our “gig” economy

You’re not part of a rock band playing a one-night gig or an artist working in residence for a few months.  You’re a career professional working in a major corporation.  You’ve put in your time to get where you are.  So, what’s with the growing number of consultants, contract workers and freelancers you see working alongside you?  Is this a shift that has some permanency and if so, is it a good thing or a bad thing?  More importantly, what might it mean to your career and financial planning long term?

 

WHAT’S GOING ON?

Some say it’s all part of America’s gig economy, an outgrowth of nearly a decade ago when jobs were scarce and people became comfortable hopping from one role to the next to survive.  “That was then, this is now,” says John Lame, Lenox CEO, who believes “free agents signal the Uberization of the professional workforce, and that as many as one-third of employees in large companies will eventually participate.” 

 

WHY NOW?

There are a number of theories around the popularity of “free agents” in the corporate world. Here are just a few.

1.     More job openings than people to fill them.

Some employers are scrambling to fill positions and are defaulting to contract, part-time workers and retirees to get the job done.  According to the WSJ, “Jobs Go Unfilled as the Economy Expands”, August 8, 2018... “Job openings are piling up in the transportation, retail and business services sectors as workers become scarce in the fast-growing economy.  According to Labor Department data released yesterday, there were 6.7 million job openings on average in the three months ended in June 2018––the highest quarterly level on record dating back to 2001.”

 

2.     No time to find, interview, vet and hire a full-time employee.

If a business is already slammed with orders and work is piling up, they need to find someone with the skills they need now!  It makes sense they would bring in people on a project basis to get the work done until they can find the full-time worker they seek.

 

3.     Free agents can be less expensive than a full-time employee.

While consultants may command a higher fee per hour, they are available without the overhead, benefits, healthcare costs, etc. of a full-time employee, making them a financially-sound choice for project-based assignments

 

4.     Your company is undergoing change and hiring full-timers is too big of a commitment. 

In most cases, free agents are a short-term hire making them easier to get rid of than full-time workers.  Their higher cost per hour is balanced by a company’s ability to let them go on short notice without a severance or hard feelings.  The temporary relationship is understood by all parties.

 

5.     Free agents can add a fresh perspective and broader insights.   

It can be a good thing to get some new thinking and a different set of eyes on one’s business. Free agents have the benefit of exposure to a variety of companies and best practices.  It might be interesting to see what they bring to the table.

 

HOW DO YOU SEE IT?

Where do you stand on the matter of free agents in the corporate world?  Do you see yourself a forever full-time corporate employee, or are there aspects of being a free agent that might well suit your skill sets, your personality, your family and financial life, your income aspirations and your ability to build personal wealth?  Are you willing to rethink how your career might shake out over a lifetime doing what you love but as a free agent?  Change is rarely easy, but the idea of being a free agent can prove to be both personally and financially rewarding.

 

“Too often we get lulled to sleep and believe we have to have one employer, never recognizing    when we can make more money, have more flexibility on time, do more interesting and unique work, and increase our personal growth rate by choosing to be a ‘free agent’,” notes John Lame.

 

Want to know more on this subject, call or email us at info@lenoxwealth.com.  We’d love to help you look at your specific opportunities.

 

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

It's okay to talk about money with your kids.

It's okay to talk about money with your kids.

It’s okay to talk about money with your kids.

The lifelong impact of dinner table dialogue.

Even when they don’t act like it, your kids are listening to and hearing what you have to say about money –– everything from chatter over household expenses and bills to pay, to telling a store clerk that a certain item is beyond your budget, to your fretting over a pending tuition payment. 

 

You might remember hearing your own parents talk about the family budget, or saving for a vacation, or how much they could spend on a new car, new furniture, new clothes, school supplies, and why you “didn’t need that” whatever “that” might be. 

 

The dinner table was a traditional forum for such discussions.  Who doesn’t remember hearing a parent say, “when I was your age, we had to work all summer for our fun money... we waited until our birthday or Christmas for new toys... we wore our older siblings’ hand-me-down clothes...” and on and on. 

 

The fact that so many of us can recall these money talks, often in great detail, means they made an impact.  It was a great teaching opportunity for parents and learning opportunity for kids.  These opportunities still hold true today.  Talking about money with your kids is still time well spent.

 

Here are some tips for engaging your kids or grandkids in talking about money and building the next generation of dinner table dialogue and memories.

 

MAKE IT RELEVANT

Whether the kids are begging for a jungle gym for the yard, a day at an amusement park, or a ski weekend, include them in the conversation about how to prioritize their wants versus the family’s needs. Discuss with them the costs of their wants, and the sacrifices that may be needed to purchase what they feel is important.  Today’s tech-savvy kids can go online to research and compare the cost of items, experiences and trips.  Older kids can create a spreadsheet and provide a cost-comparison report for the family to review.  

 

MAKE IT FUN

Want to talk to your kids about saving, spending, donating to charity, creating a budget and don’t know where to start?  There are books galore to help you.  With a quick visit to amazon.com, we found a bevy of titles for kids of all ages, toddlers to teens, with fun illustrations, puzzles and money-oriented games for the whole family. If you prefer online teaching, check out sites such as www.parents.com or www.daveramsey.com for kid-focused lessons about money. Whether a book or website, make the learning experience a family affair to give it more meaning and impact. 

 

MAKE IT REWARDING

Getting kids to understand that money needs to be earned before it can be spent, and that earning requires doing some type of work in exchange for the money can be one of the tougher lessons to teach.  Some families have great luck in making a list of weekly chores for each child and assigning an amount of money for the completion of each task –– all of which adds up to a performance-based allowance, if you will. 

 

The goal is to include children of all ages, assign age-appropriate tasks, and check off a job well done.  For example, even a two or three-year-old can take their non-breakable drinking cup and plate from the table to the sink, put their shoes in the closet and dirty clothes in a hamper.  Older kids can take out the trash, make their bed, load the dishwasher, help with yardwork, etc.  In exchange for performing their chores, they receive the total amount of money they’ve earned for the week.  (NOTE:  Chores not completed are not compensated.  Stick to your guns on this one.)

 

MAKE IT ASPIRATIONAL

One family we’ve met has a bucket list generated by their sons, ages four and six.  Never too young to dream.  What’s on the boys’ bucket list?  A trip to Disney World.  A trip to the National Air & Space Museum.  A big house with a swimming pool.  A trip to the moon.  And helping the less fortunate families in their city.  Nothing wrong with those aspirations.

 

Have favorite tips or resources of your own for teaching kids about money?  We’d love to hear them. Want to know more about family budgeting, generational wealth building, and personal financial planning, give us a call at 513-618-7080.  We’d love to help you FUND A LIFE YOU LOVE® today and for generations to come.

 

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 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.

Will you have enough money to retire?

Will you have enough money to retire?

Our 5-step guide will help you determine “your enough”.

What’s “enough”?  You can’t know if you’ll have enough money to retire until you define your enough –– the amount of money you personally will need annually to live the way you hope to in retirement.

Long-held thinking has been 70%-80% of your final, pre-retirement annual gross salary would be a reasonable amount to qualify as “enough”.  The problem with this thinking is that it’s not necessarily panning out for today’s retirees, especially considering the number of retirees who are active, involved and who may have a retirement that lasts 20 to 25 years or longer.  Conventional wisdom is that people tend to slow down in retirement and as a result don’t spend or need as much money as during their working years.  Today’s retirees don’t necessarily fit that profile. Many are busier than ever. They’re traveling, shopping, dining out, renovating their home, taking up hobbies, going to concerts and events, working out, visiting family and friends, taking classes –– all things that cost money.

The point is this: there’s no one formula (percentage) that works for all retirees.  Believing that “your enough” is like everyone else’s is a mistake that may lead to a lot of disappointment in your later years.   

A better approach to determining “your enough” is to take out a pencil and paper and start now wherever you are on your road to retirement to assign real costs to the things you imagine wanting to do, buy, own, see, experience and enjoy in your non-working years.  Planning your retirement around well-considered personal projections beats relying on a arguably dated percentage.

At Lenox, we advise you follow a simple, 5-step guide to help determine how much money will be “enough” for you personally to retire in the manner you desire.  It’s based on a number of variables and financial projections pertinent to you individually.

GET STARTED HERE (A Brief Look at Our Guide)

Make five lists, following the steps below.  Be as complete as possible in making your lists.  Next, assign honest numbers to each item on your lists, projecting out as best you can into your retirement years.

Step One –– The Expected

List all of your basic expenses that will continue into retirement:  mortgage or rent, utilities, insurances, auto, groceries, medications, etc.  Assign costs to each.

Step Two –– The Unexpected

You’ll still need an emergency fund in retirement.  Think unexpected healthcare costs, accidents, home repairs, increases in insurances or fees, replacing major appliances, etc. when making this list.

Step Three –– The Family

Retirement means finally being able to dote on and spend more time with family.  Whether that translates to gifts, trips or both, you’ll want to plug in a number to cover these costs.

Step Four –– The Change of Habits

Having more free time can be both wonderful and expensive. In a nutshell, habits change in retirement that can cost more money than you might imagine.  Eating out more often than usual is one example.  Same for playing more golf, shopping more frequently, spending more on personal grooming, etc.  Retirement is the perfect time to enjoy one’s life, but remember there’s always an associated cost.

Step Five –– The “I’ve Always Wanted to...”

Call this your bucket list or dream list.  What are the things you’ve always wanted to do?  Travel the world?  Visit every state?  Traverse America’s back roads?  See museums and monuments?  Take cooking classes in Italy?  Create the media center of your dreams?  Take your grandkids to major league sporting events?  Build your dream home?  Collect art?  This list can be anything or everything.  List your top five priorities and estimated costs, then your next five and so on.

TIME TO TOTAL UP YOUR ESTIMATED RETIREMENT COST OF LIVING

If your total falls into the 70%-80% range of your final, annual gross salary, good for you.  However, don’t be surprised if your total doesn’t actually surpass your final salary. Not to worry.  The trick to having “enough” money to retire is to start now to get a clearer picture of how much money you will need to live the life you imagine in retirement.  Write it down.  Plan for it.  Make it happen.  We’d love to tell you more and work with you one-on-one to help you FUND A LIFE YOU LOVE® all lifelong.  Let’s talk.

At Lenox, we work with families to help guide them in every aspect of their financial life –– from generational planning and finances, to setting financial priorities, to eliminating debt, establishing budgets, career planning and coaching, funding education, retirement planning, and working through financial hurdles –– the entire realm of wealth creation, wealth building, and wealth management.  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 here 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.