Slow Down to Do More

Do Less, To Do More

Quarantined… we were counting the days.  Now weeks.  Most of us have slowed down, whether we like it or not.

No school, no spring break, no eating out, no sports (kids or professional), our days consist of working from home and more time with the family.  Some have been laid off, some have tested positive for COVID-19, some have panicked, we have seen the stock market sell off, parents are becoming homeschool teachers.  And all of us have felt the impact of this trial.  In many parts of our lives, we are being forced to slow down from our busy schedules.  However, there is hope in all these changes! 

Slow Down and Get Better Results

Running has always been a stress reliever for me- now more than ever.  When I trained at OSU, we did high intensity intervals for speed.  Now, I train a bit slower which can be better.  In training, if you hit certain target heart beats per minute (bpm) you can accomplish certain goals.  For example, running at a slower pace and thus lower bpm, you can burn fat more efficiently.  Doing less is doing more- slowing down can get better results.

I want to go fast in running, in life, work- and our schedules usually keep it that way.  Although, in all we face currently, there is something freeing in our schedules being cleared.  I call much of the last two weeks and likely many to come as “built in family time”.  More breakfast, brunch, “linner” (to feed the tapeworms), dinner, family walks/workouts, games, exploring our yard and movie nights.  I even predict there will be an explosion of births 9 months from now (not for us!).  We are being taken back to what really matters. 

We are being forced to focus on our faith, family, friends.

Is this easy?  Nope- I am first to admit.  Is it worth it and meaningful?  Absolutely!  I have seen neighbors in the past few weeks I never knew existed.  People are walking their dogs, working out and chatting at a 6 foot minimum distance.  Parents are out playing with their kids.  Tackling my to do list has been nice.  My neighbor nailed it when he said “this spring, yards will never have looked so good”.   We all are choosing to “make lemonade”.

Don’t waste the opportunities to slow down and get better in this time of lockdown.

Things to consider in keeping active- spiritually, physically, mentally and socially….

• Keep a schedule, develop a routine.

• Pray.

• Exercise.

• This is a chance to read those books.

• Work on your business not just work in your business.  In what ways can you improve and better serve associates, clients, customers better?

• Miss sports?  Stream the greatest sporting events from YouTube for your kids to experience.  We watched the 1998 NBA finals Bulls vs Jazz the other night.

• Prepare yourself for a career change or new entrepreneurial adventure.

• Spend more time with your loved ones, even if over facetime.

• 100 things to do during a pandemic

  We continue to update financial plans and rebalance accounts as appropriate.  What has your attention and is on your mind?  Shoot me an email or give me a call, I am always available to discuss!

Luke Fields, CFP® 

Have you had “THE TALK” with your parents?

Have you had "THE TALK" with your parents?  Nope, not the birds and the bees... I am not about to help you with that talk.  Our daughter is asking enough questions on that.  I am talking about the discussion regarding your parents' finances.  Both of these talks can be awkward for many.  Well, if you haven't yet had the money talk, you are not alone.  The majority of adult children have little to no idea of their parent's true financial situation.  Like the sex talk, parents' sharing their financial situation with their adult children is often a conversation avoided.

Why is that?

Here are some common reasons why parents don't talk with their adult children about money...
Do any of these apply to your family?

1.) "We have never talked about money"
When kids are young it is thought to be a good idea to avoid discussing money so the child doesn't worry and feels secure.  While good intentioned, it doesn't help that child become financially wise themselves and never discussing money can make very important future discussions awkward to approach for both parent and kid alike.

2.) "It's none of their business"
This mentality sometimes comes from embarrassment of past mistakes, the idea that I don't want my kids to worry about me now (similar to when kids were young) or the parent simply feels it is a private matter, essentially that "it is none of their business."  Parents may have given off an image of wealth or success and are reluctant to share the reality that things are not as good as they look.   And for some parents, if wealthy, they may feel their kids may try to take advantage of them.

3.) "I don't want to talk about my death"
Mortality is not a fun discussion for the parent or the child.  Obviously, it can stir many emotions- but like taxes, death is certain.  Everyone has specific desires and requests in regards to their estate, whatever the size and more importantly, their legacy.  Often discussing money is just the initial conversation that leads to great discussions on deeper family matters.  How does a parent want to be remembered?  Are their specific belongings that they want to go to a particular child or family member?  Is there a church or charity that they want to gift money to?  Even discussions on how a funeral service should be constructed.  The list goes on and on.

4.) "I am afraid it will change their motivation"
This seems like a reasonable excuse but the truth is, by the time a parent is in their retirement years and their kids are correspondingly in their late 30s or 40s+... if that child is not already motivated in their career and to provide for their family, little is likely going to change in their attitude if they find out the parents are going to leave them a "pile of money."  They will continue to be motivated.  In fact, if a parent shares that things aren't great for them and share the things the wish they would have done differently... financially smart kids will probably get wiser and those children that are not motivated may actually get stirred to improve their own situation (especially knowing not to expect a large inheritance).

Breaking the Ice

If you find yourself in this situation as a parent who hasn't talked to your adult children or as the child trying to consider how to bridge this discussion, here are some tips.  The idea is to just get the conversation started.  It typically continues once the ice is broken.

Bring the topic up from your own perspective.

Start with your personal situation as the bridge.  Being vulnerable is always a good way to encourage others to open up.  "Dad (or Mom) recently I (we) have been making some plans on our estate (will/trust) and it made me curious about your desired plans?"

Ask for whom to reach out to.

Often the most honest and straightforward approach works best.  Simply ask, "Mom, Dad who should I call if something happens to you suddenly" or "where are your documents that I should know about?" Let your parent know you want to be ready to help if they need somebody to step in for them to pay bills or talk to their doctor.  This is where a power or attorney (POA) is a critical legal document.

Use a possession known to the whole family as a concern.

This can be a tricky option but effective in opening the door to conversations because everyone will know it needs to be addressed.  "I am worried that it's not clear what you want us to do with dad's autograph collection (the vacation home, mom's jewelry, etc) if something were to happen to you.  I want to make sure that your wishes are fulfilled and there is no possible confusion among my siblings as to what to do."   Pick an item that is important to them to discuss or a decision that is important such as funeral arrangements, burial, etc.

Use your financial advisor as the impetus for the discussion.

Financial planning is my passion and I am more than willing to be the "scapegoat" to help a family discuss such important matters.  "Our advisor suggested we find out how we can assist you with your plans.  He wants us to know your expectations and be prepared to help you."   It is common that children are named as a trustee or executor of an estate.  Sometimes they don't even know it until a parent passes or is incapacitated and needs them to step in to assist.  Talk about shock and being unprepared to help at a tough time, while dealing with the stress and emotions of a death or illness of a parent.

The REALITY like it or not

The reality is whether you are comfortable talking about money or not, money is an important part of everyone's life.  Yes, for some parents their financial situation can be a taboo topic and a personal matter.  But it cannot be ignored!  If it is disregarded, it will likely cause larger and more complex problems later in life and especially upon a parent's death.  Most parents when made aware of possible issues would rather not leave a mess for their kids to figure out.  Talking sooner than later will open up communication, help children know how to assist their parents, get parents desired plans in place legally and set their children's expectations.

We regularly encourage and assist our clients in starting the conversation about family finances.  This is what comprehensive financial planning involves.  The advisor you use should be thinking in these terms to be truly effective for your family's financial life plan.  If you need some additional ideas or help, please feel free to reach out to me.

Luke Fields, CFP®

Summer Vacation Plans. There may be more to your checklist. Estate Planning

Planning Your Summer Vacation

Ah summer time. School is out, schedules tend to be a little more relaxed and there are many fun family things to do.  One of our annual traditions, like most families is our summer beach trip.

Your Estate Plan

My practice is focused around each client's detailed and personal financial plan.  This is a comprehensive look at your goals, insurance coverage, tax situation, college needs, investments and your estate plan.  Each one of these areas has to work together and make sense for your family.  This is very true of your estate plan.

To share more on this topic in reference to summer vacation, I asked Gary Vinson, an Estate Planning Attorney to share some quick thoughts around the importance of estate planning.

Summer is here and vacation planning is in full swing.  In fact, vacation season seems to prompt more inquiries for first time consultations than any other time of the year.  As we move down our checklist to include the swimming trunks and sunblock there is not likely a "to-do" for updating the Estate Plan or for preparing for our untimely demise.  But, inevitably, this thought creeps into our mind and we think what if....

What if my spouse and I pass away at the same time?  What if our Executor is on the same plane as we are on?  What if our Guardian moved to Montana since the last time we updated our Will?  However unlikely these what ifs are to actually occur, the underlying fear should not be too quickly dismissed only to re-emerge at the first sign of turbulence on your flight.

Finding time to review your Estate Plan and Financial Plan before a vacation can provide you with the reassurance that your affairs are in order.  Whether a consultation reaffirms that your plan covers the what ifs or whether it reveals a gap in your plan, reviewing your plan with a professional can provide confidence it is right for you.  Then you can enjoy the trip that you worked so hard to go on in the first place.

Feel free to reach out to Gary or me if you have questions.  Here is his contact information:

Law Offices of Gary Vinson II, Inc.

Telephone: 614.478.0777 Mailing Address: 7385 North State Route 3, Box #13

Westerville, Ohio 43082

Have a great summer break,

Luke Fields, CFP®

Raymond James is not affiliated with and does not endorse the opinions or services of The Law Office of Gary Vinson II, Inc.

About Stewardship Cents  Stewardship Cents exists to Educate, Entertain and Enhance the financial wisdom of all who read it.  Everyone needs to be wise with what has been entrusted to them and common sense can help us be good stewards of all that we have.  Stewardship is a belief of responsible overseeing and protecting of important resources. Luke Fields is Vice President of Foley & Foley Wealth Strategies, An Independent Firm, that has been based in Worthington, Ohio since 1981.  A graduate from The Max M. Fisher College of Business at The Ohio State University, Luke is a CERTIFIED FINANCIAL PLANNER™, holding his Series 7, 66 and Ohio Life, Health and Variable Annuity Insurance licenses.  He resides in Columbus, OH with his high school sweetheart, Beth and their three children.  Luke is an active member of his church, serving in leadership and finances. Follow additional insights and connect on LinkedIn, Facebook, his blog or Twitter. You can always reach him with comments or questions at:luke.fields@raymondjames.com. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC

Family Traditions

Your Family is Our Family

Family and traditions are at the forefront of mind for many of us during this time of year.  We all likely have special traditions we enjoy celebrating with those we care about.  We have much to be thankful for.  Here is a recent fun night at the Fields' household.

Our Family Service Policy

Some of our clients know this family tradition I am about to share....  Some may need to be reminded and those of you who do not utilize our services as clients are about to learn something about us.  The team at Foley and Foley Wealth Strategies has a "Family Service Policy" tradition.  This means for our clients, we waive our account minimums and offer our services to their entire family, regardless of their asset level.  Your Family is Our Family.

As you might know, Foley and Foley was established in 1981 by current financial advisor Kevin Foley and his father, Mark Foley (retired in the late 80's).  As a family business, family has always been emphasized and therefore planned around.  Since the 80's, it has been rewarding to implement our plans and expertise for three generations; Kevin and his dad's original clients, their children near retirement and now their kids (and grandkids) are beginning their careers and starting families.

Your Family's Success Is Important to Us 

A common situation we assist with is advising our client's children and grandchildren in whatever life stage they find themselves.  Our policy also applies to client's siblings nearing retirement who would like professional advice with their retirement strategy.  Another scenario that is on the rise is helping clients with their aging parent's estate planning.  We are happy to guide you and your loved ones through each of these above examples, among other unique challenges you may face.

If you would like to talk more about how we can provide our family service policy to your family, please let me know.

To your family's success,

Luke A Fields, CFP®

About Stewardship Cents Stewardship Cents exists to Educate, Entertain and Enhance the financial wisdom of all who read it.  Everyone needs to be wise with what has been entrusted to them and common sense can help us be good stewards of all that we have.  Stewardship is a belief of responsible overseeing and protecting of important resources. Luke Fields is Vice President of Foley & Foley Wealth Strategies, An Independent Firm, that has been based in Worthington, Ohio since 1981.  A graduate from The Max M. Fisher College of Business at The Ohio State University, Luke is a CERTIFIED FINANCIAL PLANNER™, holding his Series 7, 66 and Ohio Life, Health and Variable Annuity Insurance licenses.  He resides in Columbus, OH with his high school sweetheart, Beth and their three children.  Luke is an active member of his church, serving in leadership and finances. Follow additional insights and connect on LinkedIn, Facebook, his blog or Twitter. You can always reach him with comments or questions at: luke.fields@raymondjames.com. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC