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Earlier this week, the New York Times ran a front-page story on Sylvia Bloom, the recently deceased legal secretary from Brooklyn who bequeathed $6.24 Million to help disadvantaged students afford college. Ms. Bloom was the epitome of the Millionaire Next Door and readers of this blog know I believe strongly in the ability of us “regular folk” to become one too by following a few simple rules: 1) Live beneath your means; 2) Save for your financial independence; 3) Invest; 4) Get wealthy the old-fashioned way, steadily over many years.

During the 1996 presidential campaign, MTV asked both candidates whether they favored boxers or briefs. Bob Dole, as legend has it, answered “Depends”, as in he was so old he needed their incontinence protection. My answer for when you should take Social Security benefits is the same, it depends. Ultimately, when to file depends on what will benefit you the most in the long term, an answer a good financial plan will provide.

Enjoy this month’s edition that features updates on the treatment of charitable contributions under the new tax law and our privacy notice.

When the federal tax law changed late last year, part of the concern raised by many was the potential impact of the law on charitable contributions. Specifically, would people still be inclined to give even if they are unable to deduct them from their income taxes? Do people give because they believe in the cause or because they simply want the tax deduction? For charitable organizations, colleges and universities and other groups, these are serious questions that could materially impact their mission. So, let’s walk through the potential deterrent to contributing and offer a solution for those over the age of 70 ½.

Despite having an estimated net worth of about $250 Million, it has been widely reported that Prince died without a will. In other words, Prince did not make it clear legally who should inherit his considerable wealth and valuable stuff when he died. As a result, who ultimately receives his money will be tied up in court for years and years.

I love it when we’re about to experience a weather “event” – and when did a snowstorm become a snow “event”? What does that even mean? But, I digress. It’s fun to watch the competing weather forecasters on local TV: which one takes his jacket off first, which one rolls up his sleeves first, when does she announce she’ll be in the studio all night just for us? And, don’t forget, run to Kroger and get all the bread and milk your arms can carry!

Enjoy this month’s edition that features a SUMMARY OF MATERIAL CHANGES for Moneywatch Advisors’ ADV, Brochure Part 2, a reminder about tax return reviews and a chart of the S&P 500 from 1955 to present.

I often tell my kids the best way to make yourself feel better when you’re down is to do something nice for someone else. It may be counter-intuitive, but it really works. Feeling sorry for yourself when you’ve had a bad day – or bad week – only makes you feel sorrier for yourself. Doing something nice for someone else, however, even as small as holding a door or complimenting someone on their appearance, can help you snap out of your funk.

As you might expect, it is quite common for people to visit us at Moneywatch as they are in their 50’s and 60’s and can, maybe for the first time, actually envision a time when they will be retired. Although they, correctly, have a myriad of financial questions that I will describe later, the question WE ask THEM is – What’s your grand plan? Meaning, you have plenty of life left, how do you plan on living it?

Simply put, fee-only financial planners – like Moneywatch Advisors – are compensated by the clients they serve, no one else. As a result, their loyalty is to their clients and only their clients. Fee-based financial planners charge you and then are often paid a commission from a 3rd party company to sell you their products, too. So, where is their loyalty?