Hopeful Followers,
I hope for you that summer is gently guiding you through this stage in your life. More sunshine can improve our well-being in so many ways. Take walks, listen to the sounds of summer, smell the flowers, watch the butterflies, plant flowers in your yard or a pot, and enjoy this lovely season. Be kind to yourself. Sit and have one of the muffins that you made from the recipe at the end.
Carolyn
❝
“May tomorrow’s sunshine instill you with hope.”
Beth Dotson Brown
This Month’s Financial Tip
TIP: Ask your financial advisor about how he/she gets paid. Inquire on the hidden fees from the holdings you may have.
Financial Advisors charge fees primarily in 3 ways.
Hourly - You may want a financial professional to guide your financial planning. Depending on the depth of work you need, they may charge an hourly rate - often $200/hour for basic planning. For more in-depth planning they may charge you a flat rate and give you access to your Plan for a year. These fees can vary, but you can have access to the advisor at multiple times throughout the year to implement your Plan.
Asset Management Fee- Asset management fees are generally assessed as a percentage of the amount of money that the advisor is managing. Some advisors have a flat percentage fee of 1%/year assessed quarterly. Others may have a graduated percentage, so on the first $500,000 is 1% or more, and the percentage lowers as the amount of money is greater than the initial deposit.
Commission-Typically, commission is paid on insurance products of any kind. It can be life insurance, long term care insurance, annuities, home and auto insurance. The insurance companies pay the agent the commission. It does not directly come out of your deposit or premium.
If you do not understand how you pay for services or how much you pay for planning, asset management or insurance products.
Helping Ellen on Her Terms
I have a client that I have done Financial Planning for 25 years, her name is Ellen. One time each year she wants me to review her asset allocation and the assets that she is managing. We review her goals and determine if there are any changes with her. We look at the holdings she has and determine if she is over-weighted in any of the holdings she has which could increase her risk. We provide an analysis, meet with her, make recommendations, and she implements the changes. This review generally takes 3-5 hours. At my rate of $200/hour, this cost for Ellen is $600-$1000/year. Ellen likes to manage the changes. She wants professional and independent reviews for peace of mind without someone trying to sell her something. This is one way I can charge fees. We will discuss others next time.
Learn the major causes and how to alleviate them.
Articles Worth Reading
I am recommending a lovely book Rooted in Sunrise by Beth Dotson Brown.
It is a book written by a KY author and how she had a different kind of loss in her life and how she navigated to her new beginnings. Enjoy!
If something you read today made you think of another friend or family member, share this newsletter with them
This Month’s Recipe
Banana Wholesome Muffins
Summer causes our bananas to ripen too fast. I have a freezer full of them. Enjoy this breakfast or snack treat that is delicious.
Ingredients
¾ brown sugar, packed
1 large egg
1½ smashed bananas
2 tablespoons baking powder
½ cup raisins
¼ teaspoon sea salt
½ cup oats ¾ cup of all purpose flour ¾ cup of whole wheat flour 1 teaspoon cinnamon 1 teaspoon vanilla extract ½ cup walnuts (optional)
Directions
1. Heat the oven to 375 degrees. Grease muffin cups or use muffin baking cups.
2. Beat egg and sugar in medium size bowl. When smooth, beat in bananas, raisins, oil, and vanilla. Let stand for a minute.
3. Thoroughly mix flours, oats, baking powder, baking soda, cinnamon, and salt in a large bowl.
4. Fold in the banana mixture until the dry ingredients are moistened.
5. Use ice cream scoop and add batter to the muffin cups. Bake 20 minutes, or until brown and springy to the touch in the center. Turn out onto a rack to cool.
6. Makes 8-10 depending on scoop size. They freeze very well.
