IN THE KNOW
Monthly Newsletter
July 2021
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In this month's newsletter, we have a helpful article on financial planning for the modern family. We also take a look at financial tips for new parents. We are continuing our employee spotlight and introducing you to advisor associate, Sarah Kircher. As usual, we are sharing helpful COVID-19 resources from our parent company, Maxwell, Locke & Ritter, and relevant investment articles and videos from Dimensional.
We are a firm that understands that managing your assets is about more than money. It is about empowering your future. At ML&R Wealth Management, we focus on you.
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Growing up in the 1980s, I can vividly recall what it meant to be a “traditional” family. It was still the “Leave it to Beaver” days where a husband and wife married, bought a home, had children, and worked toward financial security. (My own family shared closer resemblance to the loving yet complex web of family relationships as depicted in the Modern Family sitcom that came out many years later!)
Over the last two to three decades, shifting demographics and our changing views and attitudes have helped redefine the concept of a “traditional” family unit for many of us. The challenge is that many of our tax structures, regulations, and investments are largely intended for a “traditional” family model where a man and woman get married for life and have children. In reality, our evolving family structure is changing and so is our relationship with money and our needs for financial and estate planning.
With some thoughtful planning, there are many ways that non-traditional families can carefully plan to maintain control of their most important goals, values, and destiny when it comes to finances and estate planning. This applies not only to the same-sex couples, but also for families where there is divorce, blended families, single parents by choice, multinational families, and children born through assisted reproductive technologies. If you find that your family unit doesn’t fit the “traditional” mold, here are a few tips to consider:
Goals First, Planning Second
No financial planning can take place in a vacuum or based on assumptions without asking questions. So as a starting point, anyone considering planning for themselves and for loved ones, whether in a traditional or non-traditional relationship, should start the process by contemplating his or her top goals and concerns.
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For new or expectant parents, this is such an exciting time! As you enter this new phase of your life, there are many aspects of your financial life that you should not ignore. Here are ten things to consider as a new parent.
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Have a plan. Everyone has a plan whether by design or default. What are your financial goals? What are your personal goals? Sit down with your family, spouse or partner and review the goals you have together. How will the new addition impact those goals? Determine where you want to be in both the short term and the long term.
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Make a budget and stick to it. Track your income and expenses and make a reasonable plan for where each dollar will go each month. Make sure savings is included! One great idea is to have separate bank accounts for different savings you might need. Emergency savings of six months should be your number one priority. You might set up a savings for down payments on a big-ticket item like a car or a house. Set up savings for fun times like vacations too!
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Employee Spotlight
We are excited to spotlight employee, Sarah Kircher this month! Below are some fun facts to help you get to know her better! |
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Works with Advisor: Fred Frey
Birthday: January 11
Tell us about your family: My mom, siblings, and two nieces are all in Georgetown and Round Rock. I've been working remotely in Denton (just north of Dallas-Ft Worth) for almost 9 years. I recently got engaged! My fiancé Christopher and I are planning for a February 2022 wedding. I'll soon have a step-son Jakob who is 19 and lives about 30 minutes away.
Do you have any pets? I have one dog, an adorable dachshund mix. Her name is Annie and she's about 5 1/2 years old. She is spunky and fun and is always happy to see me when I walk in the door. She can be very protective of what she considers to be her space, but once you rub her belly, you've got a friend for life!
If you could visit anywhere in the world, where would you go? Tuscany. I've been to Italy, but we didn't go to the Tuscany region. I'd love to spend some time out in the countryside, eating pasta and gelato, and drinking some authentic Italian wine.
Most adventurous thing you've done? The most adventurous thing I've done is probably bungee jumping. I was 18 and a freshman in college when I did it. I tend to be a little competitive. My older sister wanted to go bungee jumping and I had the chance to go before her, so I took the opportunity!
Favorite way to spend the weekend? I love weekends that have a good balance of relaxation, fun, and productivity. Relax with coffee in the morning, maybe some chores during the day, and then out for dinner in the evening. Follow it all up with some more relax time in front of the TV to end the day.
What is your favorite part of working at ML&R? We have absolutely amazing clients! Also, we have one of the best teams you will ever find. I know that my work family always has my back and the firm leadership truly cares for everybody.
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By David Booth, Executive Chairman and Founder
Mac McQuown recruited me to help create the very first indexed portfolio in 1971. I was 24 years old and living in San Francisco, where more people my age were following the Grateful Dead than the stock market. The think tank Mac set up felt like a start-up, although it was long before anyone used that term. We were excited by the opportunity to turn academic research into a new way of investing. Many people thought we would fail. Some even called what we were trying to do “un-American.”
By Gerard O'Reilly, PhD, Co-Chief Executive Officer and Chief Investment Officer
Trying to outguess financial markets on the outlook for inflation is futile. Investors are better off using market gauges of consumer price expectations and focusing instead on how to outpace, or hedge against, the harmful effects on future spending that such measures imply.
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Subscribe to our 401(k) Plan Services Quarterly Newsletter |
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Are you responsible for administering your company's 401(k) plan?
Would you like more insight and resources regarding the retirement plan services industry?
If so, please subscribe to our 401(k) Plan Services Quarterly Newsletter. You can check out the last few issues below.
See our latest Retirement Plan Services articles:
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As the novel coronavirus (COVID-19) continues to spread in the U.S. and across the world, our priority at Maxwell Locke & Ritter is the safety and well-being of our people, clients, families, and community. We are monitoring daily updates and recommendations from the CDC. Additionally, we are minimizing the impact that COVID-19 could have on our services and are staying abreast of all filing deadline adjustments. We understand that in this time of uncertainty you may have growing concerns for the financial health of yourselves and your businesses, employees and families. We have curated some helpful resources for you and will continue to update this page as new information and updates occur.
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What's Happening in Austin Next Month |
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About ML&R Wealth Management: |
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At ML&R Wealth Management, we take investing personally. Your ML&R Wealth Management advisor will work to develop a lasting relationship with you, keeping in touch to understand your changing goals and to provide an asset management strategy to help achieve them. Whenever you need sound financial advice, you have a direct line to a trusted advisor.
For over 20 years, we have served individuals, families, businesses, and nonprofits with wealth management services, custom retirement and 401(k) plans, and portfolio management.
We believe in accountability and transparency and operate as a fee-only advisor with fees calculated solely on assets under management.
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