For most of our lives many of us have heard the old adage “Money can’t buy happiness.” And we can all think of numerous examples of individuals where this certainly seems to be true – whether among the powerful and famous, or within our own family or group of friends. But is that really true? Research over the last few decades suggests “NO!” In fact, many studies show that in one sense money can buy happiness. But it’s not the amount of money we have, but rather how we SPEND our money that can indeed increase our happiness – although perhaps not in the way Madison Avenue or Amazon Prime would like us to think. First, let’s address the skeptics among you who feel sure that if you simply had MORE money you would indeed be happier. Statistics show that certainly isn’t true, since 70% of all lottery winners or those with a sudden financial windfall end up bankrupt within a few years.1 Carl Jung, famous psychologist, said in fact that the keys to happiness were five things.
Atlanta Financial Newsroom
Transition Update: Continuing on the Path of “Making Life’s Journey Richer”
In last month’s newsletter, we announced that we have made an important change to better serve our clients by becoming an independent Registered Investment Advisor (RIA). We are excited about the future and the benefits this change will bring for you, our clients. We have been making great progress with our conversion to the new platform. Now that we are over a month into our conversion, we thought it would be helpful to give you an update on where we are, where we are going, and the exciting benefits you can expect to see.
What is exciting and new:
- Additions of the following features to our client portal:
- Dynamic reporting that is customized to your needs, including asset allocation, activity and other features.
- On-demand, customizable performance reporting.
- Account aggregation-to view your banking and other accounts all in one place.
- Integration of your portfolio with your retirement income planning, Social Security optimization strategies, and risk tolerance assessments.
- New, higher interest earning options for those of you who are holding cash reserves in accounts that are currently earning low interest rates.
What has happened and where are we now:
- All of our managed accounts have been transferred to Schwab.
- We are back to the business of serving you as seamlessly as usual.
- Our new, state-of-the-art client portal is up and running, with many new features still to come.
What happens next:
- If you have not completed any forms that we have sent you related to new account opening, change of broker dealer, tax withholding, monthly distributions or investments, please return them to us as soon as possible. We want to make this transition as smooth as possible for everyone.
- As mentioned above, we will begin to add new and additional functionality to our client portal.
- Our portal service provider is continuing to work in the background to convert your historical account data to our new system. We expect this to be completed by the end of the year.
We want to thank all of you for your support while we are making this important change. One of the highlights of this transition is that we have met or talked with almost all of our clients in a short period of time, and that has been rewarding as we continue on this new path to “Making Life’s Journey Richer.”
“How did the new tax bill affect me?” was the question on everyone’s minds this tax season, and for good reason. Even though this was touted as the greatest simplification of the tax code in my lifetime, I didn’t notice any reduction in time spent preparing returns. Those of you who reviewed your returns in detail noticed that the schedules look drastically different although contain all the same information. The short answer for many is that it didn’t materially change your overall tax liability. The outliers fell into one of a few buckets…
What would you do if you received a major financial windfall? Would you buy a new house or vacation home, give some to your family members, donate to your favorite charity, or take the trip(s) that you have always dreamed about?While most people will not receive a major financial windfall during their lives, it is not uncommon. You might receive a financial windfall by:
When I first sit down with prospective new clients to learn about their finances, one of the most common issues we come across is how spread out investment accounts are. We may have a brokerage account here, an IRA there and, very often, an old 401(K) or two still sitting in a previous employer’s plan. There are plenty of reasons why a 401(K) may be left behind with a prior employer – it could have gotten lost in the shuffle of beginning a new job, it may have just seemed like too much of a hassle to move the plan, or perhaps you took the time to roll the plan into an IRA but your employer made subsequent contributions you didn’t know about. These accounts, affectionately referred to as “orphans,” are becoming more and more common given the increasing frequency of job-hopping, especially among Millennials. So, who do these orphan accounts belong to and more importantly, what can be done about them?