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Lessons from 2020 to make 2021 stronger (3-minute video)

  • December 30, 2020/
  • Posted By : admin/
  • 0 comments /
  • Under : Live Well, Personal Finance
We’ve made it through a hard, tumultuous year. And we’re still dealing with a pandemic and an uncertain economy.

While we may not feel the usual sense of a “fresh start” this New Year, we can use the transition as an opportunity to consider some valuable lessons that can help us navigate the next set of challenges.

We made a short video reflecting on three lessons we learned in 2020 that we think can make us stronger in 2021.

You can watch it here.

 

Transcription:

Hello, I’m Dr. Chris Mullis with NorthStar Capital Advisors. 2020 was a challenging year for me. Was it challenging for you as well?

Every December, I like to take time to reflect on the past year and think about what I learned. I think that’s more important than ever this year, and I wanted to share my thoughts with you. I hope they’re useful to you as you take stock of 2020 and plan for the new year.

Though 2020 was immensely challenging for me personally and professionally, the difficulties held valuable lessons for me. Here are three lessons I’m planning to keep in mind as we head into the new year.

Lesson #1: Expect the unexpected.

I know, it’s easier said than done, but it’s so true. I can’t count the number of plans I had to change, reschedule, or even cancel this year. You know one of the things that I missed the most is the joy of seeing my children’s musical performances.

In my work, I’ve learned to help clients build contingencies and backup plans. Now, I’ve incorporated that into my personal life so that I can switch gears whenever circumstances change. And the more I “go with the flow,” the more creative I’m becoming at finding solutions when new roadblocks pop up.

Lesson #2: Appreciate what you have.

We’ve all experienced losses this year, and some of those losses were profound. And yet we’re still here. That, in itself, is a gift. In 2021, I’m going to take more time to recognize the blessings in my life, especially when I’m feeling anxious or under stress. Personally, I’m grateful for my family, good health, and good neighbors. And I’m especially thankful for folks like you.

Lesson #3: Ask for help.

We’re none of us an island, especially during challenging times. Asking for help and support from the people around you is a sign of strength and courage. During this past year I’ve leaned on the strength and wisdom of fellow advisors to adapt, improve and grow professionally. And I’m going to keep doing that.

In 2021, I hope we can both recognize when we’re not at our best and reach out for support when we need it. Now I’d like to hear from you. What did you learn from 2020, and what are you taking with you into 2021?

Will you please drop me a note to let me know?

As a financial planner, I’m used to being someone in the know, but I also learn so much from my clients and my friends.  Can you teach me a lesson from your own experiences this year?

Are you still feeling shell-shocked by 2020 or thinking about financial goals for the new year? Just me drop a note to let me know. I’ll reach out.

Thank you for being on this incredible journey with me. I’m so honored by your trust and I look forward to learning many new lessons together in the year to come.


Stimulus bill (what’s inside)

  • December 22, 2020/
  • Posted By : admin/
  • 0 comments /
  • Under : Economy, Personal Finance

Here’s a quick note about the new economic relief package that Congress passed just yesterday. The Consolidated Appropriations Act, 2021 comes in at over 5,000 pages and the NorthStar Team has been totally nerding out on it!

What’s in the box?
The rescue package includes:1

  • $600 direct payments to adults and dependent children
  • An extra $300/week in unemployment benefits through at least mid-March 2021
  • $325 billion in small business aid
  • Vaccine distribution funding
  • Food assistance for low-income households
  • Emergency rental relief

Who is eligible for the stimulus payments?
It appears that lawmakers are following slightly different income limits than they used for the CARES Act. Individuals who earned less than $75,000 in 2019, heads of household earning less than $112,500, and couples earning less than $150,000 are eligible for the full $600/person payment. The payment starts phasing out after $75,000 and disappears entirely for individuals earning more than $87,000 (or couples earning over $174,000).2

While dependent children under 17 will also receive $600 each, it doesn’t appear that adult dependents like college students or elders qualify for the payments.

If your family added dependents in 2020 or you earned too much in 2019 to qualify (but would qualify in 2020), you may not receive full payments immediately but can request additional money once you file your 2020 taxes. If you qualified based on your 2019 income but your 2020 income would have reduced your payment, you won’t have to pay it back; nor will it count as taxable income.

How do I claim a stimulus payment?
Like the CARES Act payments earlier this year, the stimulus payment should end up in your bank account or arrive in the mail. If you’ve moved or changed bank accounts since you filed your taxes, you can update your address with the IRS here. It appears that you can’t update direct deposit information due to fraud risks.

While the IRS hasn’t released a timeline for sending out payments, it’s possible electronic payments could start before the end of the year. When the last round of stimulus passed, the IRS began distributing payments two weeks later; however, plenty of eligible folks still haven’t received them many months later.3

What else do I need to know?

Small business relief: Congress included another round of relief for small business owners by extending the Paycheck Protection Program with another $284 billion in forgivable loans. Some of the funds will be set aside for very small businesses, and the PPP is now available to nonprofits and local media outlets.4

An extra $20 billion has also been appropriated for Economic Injury Disaster Loans for businesses in low-income communities, and $15 billion more is earmarked for live venues, movie theaters, and cultural institutions that have been financially damaged by the pandemic.

The deal also clarifies that PPP borrowers will be able to deduct expenses paid for with forgiven loans, clearing up a potentially nasty tax issue.

Unemployment benefits: The package also extends unemployment benefits of $300/week for another 11 weeks, beginning as early as December 27 and lasting at least until March 14, 2021. A benefits program specifically for contract and gig workers that was slated to expire at the end of the year is also extended through March.

What should I do with my payment?
If you’re one of the millions of Americans struggling to stay afloat right now, please use the stimulus payment to pay for your three basics: food, shelter, and medicine. If you’re in a better place, we’d recommend paying down any high-interest debt you’ve accumulated or beefing up your emergency savings.

If you’re among the very fortunate who don’t need to shore up your finances, we’d recommend putting it toward your retirement savings, other financial goals, or investing it in yourself through a course or hobby.  Or even better, donate it to your favorite charity.

That’s it for now. We hope you and your loved ones are safe, warm, and well.

Questions? We’re here. Reach out at (704) 350-5028.

Happy Holidays and Warmest Wishes!
The NorthStar Team

 

P.S. Wherever there’s money, there are scammers after it. Please be on alert for “official-looking” emails asking you to open an attachment or click a link—they may contain malware. If you get a suspicious email, check the sender’s name and email address to make sure they’re not fake. When in doubt, delete the email. The IRS or Treasury department will not require you to follow emailed instructions to receive a stimulus check.

P.P.S. Some great news to share: 556,208 folks were vaccinated against COVID-19 in the first week! That’s the power of human ingenuity and collective effort. We’re so grateful to be seeing some light at the end of this dark tunnel!5

1https://www.washingtonpost.com/business/2020/12/20/stimulus-package-details/

https://www.wsj.com/articles/what-is-in-the-900-billion-covid-19-aid-bill-11608557531

2https://www.wsj.com/articles/stimulus-checks-round-2-when-will-they-arrive-how-much-will-they-be-11608561726

3https://www.wcvb.com/article/when-will-you-get-a-second-stimulus-check/35025504

4https://www.cbsnews.com/news/stimulus-check-600-dollars-eligibility-2020-12-21/

5https://www.bloomberg.com/news/articles/2020-12-20/u-s-has-administered-556-208-vaccine-shots-in-first-week

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


Our Warmest Wishes!

  • December 15, 2020/
  • Posted By : admin/
  • 0 comments /
  • Under : Live Well, Personal Finance
As this crazy, eventful year comes to a close, we’d like to offer a heartfelt “thank you” for being part of the NorthStar Capital Advisors universe.

We are so deeply grateful for you allowing us to be part of your journey to a stronger financial future and we’re sending you our warmest wishes.

2020 was a year of immense uncertainty, global shocks, and worry. It was also a year where the indomitable human spirit shined.

We don’t yet know what 2021 will bring for us, the markets, or the economy. We have a new president who might bring big changes (including increasing taxes on some folks). New vaccines and treatments will help whittle away the pandemic’s threat. Life will go on.

There’s a lot we can’t control about the future, but we can control a few things.

As we usher in a new year with great expectations, can we commit to a few things together?

Harnessing Our Dreams Amid Uncertainty
A lot of dreams were deferred this year. But let’s move forward and recommit to them even if they look a little different in our new world. Our job together is to help you grow and protect your wealth so you can use it to reach your aspirations, retire in comfort, create change in the world, and leave a legacy of love.

Building Up Ourselves (And Our Behaviors)
With so much out of our control (the markets, the economy, pandemics, and other shocks), it’s so important to focus on ourselves, our hopes, our goals, and our dreams. Identifying the choices in our control isn’t just a good financial lesson, it’s a great life lesson. There’s a quote we like from the Stoic philosopher Epictetus, who said:

“The chief task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to do with the choices I actually control.”

Increasing Our Kindness And Patience
In a time of political polarization and increasing social chasms, let’s commit to treating each other with kindness, patience, love, and respect. We’re not sure who originated this quote, but we try to keep it in mind when we talk to folks we disagree with:

“Be kind, for everyone you meet is fighting a hard battle.”

Focusing on Time in the Market, Not Timing the Market
Timing the market is impossible to do consistently and well. Even for the pros who spend their lives watching six monitors at a time. The best day to invest in the market is the day after you get paid. The most potent factor you have as an investor is time. Markets are unpredictable, and those who jump in and out based on emotion or “gut feelings” about tops and bottoms typically do worst of all.

What else should we commit to together?

In closing, please accept our gratitude, our good wishes, and our thoughts for the year ahead. May you and yours enjoy warmth, love, and success in 2021.

Warmest Wishes,
The NorthStar Team


Temperament over Intellect

  • December 8, 2020/
  • Posted By : admin/
  • 0 comments /
  • Under : Seeking Prudent Advice

Warren Buffett once said, “The most important quality for an investor is temperament not intellect.”

Investors very often buy at high prices when the market is hot and attractive, and sell at low prices after observing periods of poor performance.

This leads average investors to severely trail both the S&P 500 index and the Barclays Aggregate Bond Index over long time periods.  This is why investors are very often their own worst enemy.

CBS MoneyWatch author Larry Swedroe recommends in this article that you ask yourself if you believe that you’re best served by being your own advisor:

  • Do I have the temperament and the emotional discipline needed to adhere to a plan in the face of the many crises I will almost certainly face?
  • Am I confident that I have the fortitude to withstand a severe drop in the value of my portfolio without panicking?
  • Will I be able to re-balance back to my target allocations (keeping my head while most others are losing theirs), buying more stocks when the light at the end of the tunnel seems to be a truck coming the other way?

 


20 Gifts That Last a Lifetime

  • December 1, 2020/
  • Posted By : admin/
  • 0 comments /
  • Under : Best Practices, Personal Finance

Let’s face it. Buying meaningful gifts for our family and friends is really, really hard.

If you want to give something that has a larger impact long after the holiday season has passed, why not give the gift of financial education and wisdom for living a fulfilled life?

Given the academic background of our firm (“PhDs with passion”), I know the following is going to be a big shocker.

We love reading books and we love giving books as gifts!

Below you’ll find our revised & expanded 2020 NorthStar Guide to Gifts That Pay Off. It’s full of our favorite book and money-related gift recommendations for those ages 4 to 94!

So what’s the most valuable holiday gift of 2020? A fun lesson in financial literacy and living your best life!

Happy shopping!


2020 NORTHSTAR GUIDE TO GIFTS THAT PAY OFF


Ages 4 to 10

Money Ninja: A Children’s Book About Saving, Investing, and Donating
Young readers learn how money can work for them instead of spending it.
https://www.amazon.com/Money-Ninja-Childrens-Investing-Donating/dp/1953399592

Money Savvy Pig
The piggy bank for the 21st century!
http://www.moneysavvy.com/assembled/money_savvy_pig.html


Ages 8-12

Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss
Informative and entertaining book to help children get on the right path to making smart personal financial decisions.
https://www.amazon.com/Finance-101-Kids-Lessons-Children/dp/1634139437/ref=pd_bxgy_img_2/147-5920064-0475525


Ages 11-16

Cash Cache
The award-winning personal finance organizer for teens!
http://www.moneysavvy.com/assembled/cash_cache.html


Ages 13-18

O.M.G. Official Money Guide for Teenagers
How to turn pocket money into power and freedom
http://www.moneysavvy.com/assembled/omgt.html

What Color Is Your Parachute for Teens
Career guide for teens to help zero in on their favorite skills and find their perfect major or career
https://www.parachute4teens.com/


High School Graduates (plus Recent Retirees and New Entrepreneurs)

5 Book
Where will you be five years from today?
https://www.live-inspired.com/catalog/product/books-by-kobi-yamada/5-where-will-you-be-five-years-from-today/


College Students

O.M.G. Official Money Guide for College Students
Don’t send your student off to college without first tucking this essential reading into their book bag!
http://www.moneysavvy.com/assembled/omgc.html

They Don’t Teach Corporate in College
A twenty-something’s guide to the business world
https://www.barnesandnoble.com/w/they-dont-teach-corporate-in-college-alexandra-levit/1130470904


College Graduates

Generation Earn
Young professional’s guide to spending, investing, and giving back
http://www.kimberly-palmer.com/


Newlyweds

Jumpstart Your Marriage & Your Money
Guide to help couples stop worrying about money and start building wealth together.
https://www.amazon.com/Jumpstart-Your-Marriage-Money-Building/dp/0998805157


Parents with Young Children

Raising Financially Fit Kids
Help prepare your children for a lifetime of smart money decisions
https://www.amazon.com/Raising-Financially-Fit-Kids-Revised/dp/1607744082

The Opposite of Spoiled
Raising kids who are grounded, generous, and smart about money
https://ronlieber.com/books/the-opposite-of-spoiled/


Adults

Happy Money
Are you getting the biggest happiness bang for your buck?
https://www.amazon.com/Happy-Money-Science-Happier-Spending/dp/1451665075

The One-Page Financial Plan
A simple way to be smart about your money
https://www.amazon.com/One-Page-Financial-Plan-Simple-Smart/dp/1591847559


50+ Adults

Life Reimagined
The science, art, and opportunity of midlife
http://www.barbarabradleyhagerty.com/life-reimagined

The Charles Schwab Guide to Finances After Fifty
Answers to your most important money questions
https://content.schwab.com/web/retail/public/book/

I’ve Decided to Live 120 Years: The Ancient Secret to Longevity, Vitality, and Life Transformation
Ignite the true spirit of what it means to live fully
https://www.amazon.com/Ive-Decided-Live-Years-Transformation/dp/1935127993


Caregivers

Being Mortal
Medicine and what matters in the end
http://atulgawande.com/book/being-mortal/

On Living
An uplifting meditation on how important it is to make peace and meaning of our lives while we still have them
https://www.amazon.com/Living-Kerry-Egan/dp/1594634823


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FROM OUR BLOG
  • SVB and bank collapses March 14,2023
  • 529 Rollovers (coming soon) February 6,2023
  • SECURE Act 2.0 (2023 changes inside) January 5,2023
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