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Tag: Wealth Manager

Time is Everything

Given my profession, I’ve often wondered,” What are the most commonly used words or phrases in finance?”  What would you think?  Money, the stock market, Interest rates, rate of return, buy, sell, gains, losses? And depending on the day, some may not be suitable for mixed company, am I right? I don’t have an answer, really, and your guess is as good as mine. I would imagine time would have been one of those “also receiving votes” in the poll above, don’t you think?  The time value of money, for example. Or when’s the best time to buy or sell. The most popular use of that word, for me anyway, is when discussing timing the market vs. time in the market. It comes up quite frequently. So much so, I’ve recorded videos on the subject which have been shared with hundreds of investors. It’s that important. But this weekend, I witnessed two defining moments where time expanded the lives of some and tragically departed from others.

On a perfect Saturday afternoon in September, my wife and I traveled to a small, remote town in northwest Georgia to witness the wedding of one our best friend’s daughters. We’ll call this young bride, “Kaitlyn.”  And we’ll call her that because that’s her name.  She’s a brilliant, accomplished, and beautiful young lady who recently graduated from Auburn with honors – in three years – and all while working a full-time job. (I know, sickening.) And she’s marrying one of those “too-good-to-be-true” type of guys. His name is Garrett, of course. You know him, one of those handsome, chivalrous, strong, scraggily bearded leader-types who doesn’t need a set of pronouns to show he’s a man. (They still exist, folks.) Back to our friend. He adopted Kaitlyn many years ago and is as wonderful a father as the day is long. He’s also one of those too-good-to-be-true types – just with a little less hair and a little more weight. As the sun was setting across the hills of north Georgia, the tribute he offered to his daughter was one of those only a father of girls could deliver. A sweet glimpse of their relationship over the many years as father and daughter. He filled a paternal void in Kaitlyn’s life and became her protector, provider, care giver, and just what God knew she needed – a dad. A few memorable phrases used in his speech that evening:  There was the time, Do you remember that time, and I look forward to the time…

Fast forward 19 hours…

She was a beautiful, vibrant, young lady. A beloved daughter, sister, and cherished friend to many in the community. She was only 16 and tragically killed in an automobile accident earlier that week. And with no warning, she was gone. We attended her visitation on Sunday afternoon along with what must have been thousands of friends, family and acquaintances wanting to pay their respects. They waited for hours to love on her family and perhaps share stories of how she lived and loved so mightily.  The funeral home was adorned with hundreds of pictures of this sweet young girl surrounded by friends, families, and even one of her and her approaching homecoming date.  As we moved through the procession, I couldn’t help but think back to my friend’s speech just 19 hours earlier – There was the time, Do you remember that time, I look forward to the time.  And I imagined what questions were running through her dad’s mind at this moment. It was heartbreaking. If our world shares a common belief, it’s that parents shouldn’t have to bury their children. Children shouldn’t have to mourn their friends. And a sweet young lady shouldn’t have to lose her life. But as we’re all painfully aware, life doesn’t always work out that way. All of us will experience loss. It’s inevitable. And it’s a matter of time.

Forty-eight hours ago, this article was to have covered a vastly different topic.  But forty-eight hours ago, I hadn’t experienced a wedding and a wake. I am ill-equipped to even begin to capture the raw emotion of saying good-bye to a daughter until such time the Lord sees fit for a reunion. Each day, we witnessed two stories on this notion of time. Time spent, time hopefully to be shared again soon, and time to long for yet never get back. I’m apologetically incapable of expressing the weight that the word time carries for many families this evening. My prayer for all of us is that we’re blessed to make the most of what we have of it.

And God willing, maybe I’ll be able to write about that another time.

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm.

Help Reach your 2019 Financial Resolutions

The start of the new year always seems to represent new beginnings. It’s a time to remake our priorities and to reimagine our futures. Although the calendar may not recognize its significance, our humanity marks the passing of the old year with poignancy.

We awaken to the opportunities that surely await us—just over the proverbial horizon. We may suppress our yearnings, but, nonetheless, we lay our hopes on the promise that the new year will be different, more fulfilling, more exciting, more focused. We’ll achieve our goals in the new year.

Never mind the statistics about short-lived New Year’s resolve. We are beginning again. Putting the missteps and misgivings aside, we take aim. The more daring and adventuresome among us, emboldened by even greater prospects ahead, develop resolutions—or at least we aspire to do so.

So, how do you develop sound, achievable New Year’s resolutions, especially those involving your finances? And why are they so important?

Here are five tips about goals and resolutions:[I]

  1. Successful resolutions should be constructed with goals. And goals should include benchmarks or steps, each leading you closer to fulfilling your resolution.
  2. Your brain speaks the language of resolutions. Your brain instinctively performs executive functions, which draw you closer and closer to what you resolve.
  3. Goals provide focus. They give you direction and vision. You have a place to go. Goals give clarity to your resolutions.
  4. Goals provide purpose. You know what you want, you make resolutions, and goals provide the catalyst.
  5. Goals make you feel good, so say neuroscientists who study the brain’s emotional circuits.

Setting New Year’s resolutions can be easy and fun, and lead to some exciting changes in your life. Making your goals, based on your resolutions, become reality requires a few steps.[i]

  • Keep them short and easy. Create achievable resolutions. Setting Herculean goals will only set you up for failure.
  • Take it easy. Do one behavioral change at a time. Replacing unhealthy behaviors that have developed over a lifetime may take time.
  • Share your aspirations. When you discuss your resolutions with your family and friends, you create a kind of support (or accountability) group. You may have others wanting to join you in your pursuits. Going to the gym. Saving money. Investing. The more who are signed on, the more likely you (and they) are to achieve the goals.
  • Get help. You may want to adjust your resolutions along the way, making them more challenging or, on the other hand, more realistic. And if you get overwhelmed, seek advice from a trusted friend or a professional. They may give you all the encouragement you need at the time. Financial professionals can provide invaluable guidance to pursuing your goals.

Developing goals to achieve your New Year’s resolutions can be challenging. A goal, technically, differs from a resolution. Goals help you produce the desired results in your life.[i] Resolutions are designed to bring change to aspects of your life: health, diet, finance, behavior. Goals provide the stepping stones to achieving your resolution.

Resolutions are the “what.” Goals are the “how.” And your dreams are the “why.”

Here are some principles to help you to develop your goals:[ii]

Develop goals that inspire and motivate you. Think about what and why something is important to you. Your goals should have a sense of urgency to them. You simply must achieve them.

Put it in writing. Writing out your goals reinforces your commitment. Use strong command words like “will” or “shall.” Don’t use “would like to” or “might.” The weaker words convey hesitation and doubt. Goal setting is as much mental as physical.

Develop a plan. Although the idea of achieving a goal may excite, you can’t ignore the journey, your action plan. Write down the steps to achieve your goal (which brings you closer to your New Year’s resolution), and cross off the steps as you complete them.

Stay at it. Don’t give up. Goal setting involves dedication. Remind yourself regularly to keep on track. Monitor your plan and look forward to achieving each of your goals. Keep yourself motivated. One day you’ll be able to look back with pride at achieving your dream.

As you look forward to the promise of a new and better year, we encourage you to develop resolutions and to stay focused on your plan. We are available and ready to help you with pursuing your financial goals and creating your happy financial future. 800.929.1001

From all of us at CapSouth, have a happy, healthy, and fulfilling New Year!

[i] http://www.differencebetween.info/difference-between-goal-and-resolution

[ii] https://www.mindtools.com/pages/article/newHTE_90.htm

[i] https://www.apa.org/helpcenter/resolution.aspx

[i] https://www.psychologytoday.com/us/blog/smashing-the-brainblocks/201512/8-reasons-we-really-do-need-make-resolutions

Why Do You Need a Will?

According to the global analytics firm Gallup, only about 44% of Americans have created a will.[i] This finding may not surprise you. After all, no one wants to be reminded of their mortality or dwell on what might happen upon their death, and writing a last will and testament is seldom on a Millennial or Gen Xer’s to-do list. What may surprise you is the statistic cited by personal finance website The Balance: around 35% of Americans 65 and older lack wills.[ii]

A Will Is an Instrument of Power

By creating one, you gain control over the distribution of your assets. If you die without one, the state decides what becomes of your property, without regard to your priorities.

A will is a legal document by which an individual or a couple (known as “testator”) identifies their wishes regarding the distribution of their assets after death. A will can typically be broken down into four parts.

  • Executors — Most wills begin by naming an executor. Executors are responsible for carrying out the wishes outlined in a will. This involves assessing the value of the estate, gathering the assets, paying inheritance tax and other debts (if necessary), and distributing assets among beneficiaries. It is recommended that you name an alternate executor in case your first choice is unable to fulfill the obligation. Some families name multiple children as co-executors, with the intention of thwarting sibling discord; this can introduce a logistical headache, as all the executors must act unanimously.2
  • Guardians — A will allows you to designate a guardian for your minor children. The designated guardian you appoint must be able to assume the responsibility. For many people, this is the most important part of a will, since if you die without naming a guardian, the courts will decide who takes care of your children.
  • Gifts — This section enables you to identify people or organizations to whom you wish to give gifts of money or specific possessions, such as jewelry or a car. You can also specify conditional gifts, such as a sum of money to a young daughter, but only when she reaches a certain age.
  • Estate — Your estate encompasses everything you own, including real property, financial investments, cash, and personal possessions. Once you have identified specific gifts you would like to distribute, you can apportion the rest of your estate in equal shares among your heirs, or you can split it into percentages. For example, you may decide to give 45% each to two children and the remaining 10% to your sibling.

A Do-It-Yourself Will May Be Acceptable, It May Not Be Advisable.

You have worked hard to create a legacy for your loved ones. You deserve to decide how that legacy is sustained.

Remember, A Will Puts Power In Your Hands.

The law does not require that a will be drawn up by a professional, so you could create your own will, with or without using a template. The problem is that if you make a mistake, you will not be around to correct it. When you draft a will, consider enlisting the help of a legal, tax, or financial professional who may be able to offer you additional insight, especially if you have a large estate or a complex family situation.

To learn more about estate planning please call our office to meet with a CapSouth advisor or visit our website.

[i] https://news.gallup.com/poll/191651/majority-not.aspx

[ii] https://www.thebalance.com/wills-4073967

https://www.nolo.com/legal-encyclopedia/naming-more-one-executor.html

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