Royal Wealth Management

Have you reserved a seat yet? RSVP today for Protecting Those That Matter Most. It's going to be great! https://www.royal-wealth.com/events/protecting-those-that-matter-most

Today, we celebrate the contributions of workers everywhere!

In our jobs, we see the heart behind all that hard work. You put in countless hours to build a comfortable life, perhaps save for your children’s education, or create a strategy for your dream retirement.

We help families turn their aspirations into action steps based on their goals, time horizons, and risk tolerance.

So, this Labor Day, as you relax and recharge, take a moment to consider your own future. What does your dream retirement look like? How do you measure whether you are on track?

If these questions linger, we’d be happy to chat and explore ways that we can help you navigate your financial journey.

Happy Labor Day, and here’s to a bright future for all!

kicks off on September 15th, which coincides with the anniversary of the independence of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Mexico and Chile follow suit on the 16th and 18th.

This month-long celebration, which began as a week in 1968 and expanded in 1988, honors the rich histories, cultures, and contributions of American citizens with roots in Spain, Mexico, the Caribbean, and Central and South America.

Hispanic Americans have shaped our nation in countless ways, from art to science, cuisine to music.

As the talented Lin-Manuel Miranda reminds us,
"I am the one thing in life I can control. I am inimitable—I am an original."

Here’s to celebrating Hispanic Americans' unique and invaluable contributions to our national tapestry.

We're getting a great response for Protecting Those That Matter Most. If you haven't registered yet, now's the time. https://www.royal-wealth.com/events/protecting-those-that-matter-most

Emotions play a significant role in our relationship with money and financial decisions.

For some people, deep-rooted emotional obstacles tied to money can make certain aspects of personal finance more difficult and stressful.

Financial trauma is a real and impactful consequence of experiences like childhood poverty, economic downturns, fraud, and more—and can manifest itself during the personal finance process.

Some examples are:

● Financial inaction: Feeling overwhelmed and unable to take control.
● Decision paralysis: Difficulty making financial choices due to anxiety.
● Scarcity mindset: A pervasive fear of running out of resources.

Recognizing these and other potential roadblocks is crucial for pursuing financial well-being.

Financial professionals can offer a supportive environment to help address some of these challenges. They’re way more common than you might think.

Can you make it for Protecting Those That Matter Most on 9/10/2024? We would love to see you there. RSVP here: https://www.royal-wealth.com/events/protecting-those-that-matter-most

🐘🐴 Ever wondered why a donkey and an elephant became the symbols of our two major political parties?

🎨 Political cartoonist Thomas Nast made these symbols popular in the late 1800s. In 1870, Nast satirized the Democratic Party as a donkey, mocking their stubbornness in the face of progress during the Civil War era. The symbol resonated with the public and stuck.

🐴 Over time, Democrats reclaimed the donkey, transforming it into a symbol of their determination, resilience, and tireless work ethic.

🐘 In 1874, Nast struck again, this time depicting the Republican Party as an elephant. Nast chose the elephant to represent the party’s strength, intelligence, and dignified nature, traits the GOP sought to embody.

Today, these mascots continue to embody the spirit of their respective parties as we head into another election season. 🗳️

You are cordially invited to Protecting Those That Matter Most. RSVP today to guarantee your spot https://www.royal-wealth.com/events/protecting-those-that-matter-most

🐶 Today is National Dog Day and a time to celebrate the amazing dogs who bring us so much happiness.

It’s hard for dog lovers to imagine life without them. They are such a big part of our families.

Not that every day isn’t a time to appreciate them, but this is an excellent excuse to share pictures on social media and give them a little extra love. Meet of my dogs, Buddha.

Here’s to all our dogs, best friends, and fur babies. ❤️

Did you know the global AI market is projected to reach $1.8 trillion by 2030?

That's a forecast, and it’s subject to change without notice, but the growth prospects may present exciting opportunities across various sectors.

While we see headlines about a handful of well-known companies, there's a whole network of “Pick-and-Shovel” firms quietly fueling the AI revolution.

Who are the "Pick-and-Shovel" players?

Semiconductor manufacturers, cloud infrastructure providers, and AI chip designers are paving the way for AI adoption. These "Pick-and-Shovel" companies may play a critical role in building and scaling AI technology.

Financial headlines can be distracting, and the fear of missing out on the next big thing can lead to do-it-yourself investors making rash decisions.

We are closely monitoring how AI is changing the economic landscape and determining if AI might play a role in our clients' overall strategies.

What are your thoughts on AI's role in the future of finance?

Royal Wealth Management is proud to participate in the 2024 Colorado Dental Association Foundation golf tournament on September 9th! It's a great way to enjoy the sunshine and network with the dental community. Playing at the beautiful Bear Dance Golf Course benefits the CDA Foundation and the dental non-profit organizations it supports through grant funding.

Visit their website to learn more https://cdaonline.org/product/golf/

Are you taking full advantage of your workplace benefits? Are health savings accounts (HSAs), 401(k)s, disability insurance, and flexible spending accounts (FSAs) offered by your workplace?

Here's a quick breakdown:

HSA: Triple tax-advantaged account for qualified medical expenses. Your contributions are pre-tax and grow tax-deferred, and withdrawals for qualified expenses are tax-free. If you spend your HSA funds on non-qualified expenses before age 65, you may be required to pay ordinary income tax and a 20% penalty. After age 65, you may be required to pay ordinary income taxes on HSA funds used for non-qualified expenses. HSA contributions are exempt from federal income tax; however, they are not exempt from state taxes in certain states.

401(k): Retirement savings plan with pre-tax contributions and potential employer matching. We can help individuals determine a contribution amount that fits their situation. Once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Disability Insurance: Income replacement if unable to work due to illness or injury—a safety net designed to help you and your family. Disability obligations are dependent on the issuing company’s ability to make claim payments.

FSA: A way to use pre-tax dollars for eligible healthcare and dependent care expenses. Unlike an HSA account, you may have to spend your FSA funds before year-end, adhering to the “use it or lose it” rule. There are some exceptions.

Don't miss out on these valuable resources! Understanding and maximizing your benefits can help your financial situation.

Need help navigating your workplace benefits? Let's connect. We might be able to offer some insights and help create a personalized strategy aligned with your financial goals. 🤝

The alarming rise in elder financial exploitation (EFE) is reaching new heights, with adults aged 60 and over reporting more than $1.6 billion in losses per year due to scams, according to the Federal Trade Commission.

What's even more concerning is the increasing sophistication of scams fueled by artificial intelligence (AI). 🤖

Scammers are now using AI-generated voices and deep fake videos to impersonate loved ones, government officials, and even celebrities, making distinguishing reality from fiction more challenging than ever.

The Financial Crimes Enforcement Network (“FinCEN”) released its Financial Trend Analysis in April 2024. It focused on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”).

Key findings include:

▪️ Banks filed 72% of all EFE-related filings.
▪️ 80% of EFE-related filings involve transferring money to a stranger for a promised benefit that the older adult does not receive.
▪️ 20% of EFE-related BSA filings involve theft, where a trusted person steals from an older adult. Unfortunately, 40% of elder theft reports named the elder adult’s children as the perpetrators.
▪️ Perpetrators mostly rely on approaches that minimize direct contact with bank employees, including previously compromised usernames and passwords, guessing passwords, or phishing emails that elicit replies containing sensitive information.

We all have a role in helping protect our seniors from financial exploitation.

Be sure to take proactive steps to help educate and protect your loved ones. Let us know if you’d like to discuss ways to potentially safeguard their financial well-being.

Frequent flyers, this one's for you! 📱

If you have an iPhone, Google has made it super easy to get up-to-the-minute updates on flight status—there is no need to use a flight tracker app or go to the airline’s site.

Just text yourself your flight number (like AA1234), and it will appear in your messages as a hyperlink.

Click on the link and select “flight preview” to get all the info you want.

Thought it was a pretty good hack I hadn’t heard about. Hope it’s helpful. 😎

It's almost time for Investment Strategies for Retirement! There's still time to register if you want to join us. https://www.royal-wealth.com/events/investment-strategies-for-retirement

We're getting a great response for Investment Strategies for Retirement. If you haven't registered yet, now's the time. https://www.royal-wealth.com/events/investment-strategies-for-retirement

Happy !

Watching my children grow up is one of the greatest joys in life and a source of so much pride (and maybe a little stress, too!). I want nothing more than to see them succeed in life and be prepared for life's challenges.

As a financial professional, I'm passionate about helping families empower their children for a bright future, and I thought I’d share some ideas that can build the foundation for long-term success:

▪️ Consider Opening a Savings Account Together: Make saving a tangible concept by
opening a joint savings account and setting small goals.
▪️ Involve Them in Budgeting: Discuss household expenses in an age-appropriate way and allow them to participate in making budget decisions.
▪️ Lead by Example: Demonstrate healthy financial habits like responsible spending and bill paying. Talk openly about your financial goals.
▪️ Encourage Earning: Earning money, whether through chores, allowances, or a part-time job, teaches valuable lessons about work and responsible spending.
▪️ Start Conversations Early: The earlier you discuss money with your children, the more comfortable they may manage money as adults.

Building a solid financial foundation starts at home! If you're looking for more resources or insights, feel free to message me.

Since August is Golf Month, I have been thinking about how peaceful and beautiful golf courses are and how much I enjoy the quality time they allow me to spend with friends and family.

Golf Month also made me think about what it takes to consistently score well—there are definitely some parallels between the sport and personal finance.

⛳ Like preparing your shots on the course, creating financial strategies requires a defined approach and a long-term vision for your goals.

⛳ Avoiding hazards on a golf course is similar to managing financial risks and navigating market fluctuations.

⛳ Both golf and finance require patience as you pursue your goals.

⛳ The game of golf, like the financial landscape, is constantly evolving. Continuous learning and adaptation are the keys to success in both.

Metaphors aside, what I like most about golf is the opportunity to spend quality time with people I enjoy—whether they are young or old.

Help me add to my bucket list! What golf courses should I visit?

Can you make it for Investment Strategies for Retirement on 8/13/2024? We would love to see you there. RSVP here: https://www.royal-wealth.com/events/investment-strategies-for-retirement

As summer winds down and college move-in day approaches, it's important to think beyond the dorm room essentials.

Here are three key areas you might want to address before your student heads off to campus:

1️⃣ Legal Authorizations: Once your child turns 18, they're legally an adult. Consider establishing a Power of Attorney (POA) if you want to continue to play a role in their healthcare and finances. Also, a Family Educational Rights and Privacy Act (FERPA) authorization can help if you want access to their academic records. Having these documents in place may allow you to step in if needed.

2️⃣ Allowance and Financial Responsibility: Have a candid conversation about budgeting and financial responsibility, including credit card use. Determine an appropriate budget, and don’t forget to decide whether they can continue to use your accounts for things like Amazon and Uber.

3️⃣ Out-of-State Insurance Coverage: Review your health insurance plan and check to see if it covers your student's location. Explore renters insurance if they'll be living off-campus. If they're leaving their car at home, you might be eligible for a modified insurance rate.

These are important topics to discuss as your children leave “the nest.” If you have any questions, please reach out. We can work with your legal professional to help your family get the appropriate documents in place.

You are cordially invited to Investment Strategies for Retirement. RSVP today to guarantee your spot https://www.royal-wealth.com/events/investment-strategies-for-retirement

With the Summer Olympics in full swing, it's hard not to be inspired by the athletes' dedication and preparation. 🏊‍♂️🏆

Just like swimming legend Mark Spitz, who famously said, "If you fail to prepare, you're prepared to fail," success in any field–including finances—requires preparation!

Don't be a spectator in your financial future. Now is the time to strategize and equip yourself with the knowledge and tools you need to pursue your goals.

A little preparation today can help you tomorrow!

Stocks edged higher in August as investors monitored economic reports for the Fed's next move with short-term interest rates

Monthly Market Insights | August 2024 Monthly Market Insights | August 2024 U.S. Markets Stocks edged higher during a volatile month of trading as investors monitored economic reports about the Fed’s next move with short-term interest rates. The Dow Jones Industrial Average led in July, picking up 4.41 percent. The Standard & Poor’s...

Here’s another observance you might have missed—this week is National Simplify Your Life Week. Who knew?

It made me think about organizing and cleaning out some of our closets and maybe even tackling the garage (who doesn’t love a clean garage?). But more importantly, it’s also a good reminder that your finances can become cluttered and unorganized just as easily as your home.

Here are a few simple steps you can take to simplify your financial life:

Review your budget: Take a close look at your income and expenses to see where your money is going and identify areas where you can cut back.

Consolidate accounts: Combining multiple accounts or credit cards can make tracking your spending and managing your money easier.

Automate your finances: Consider setting up automatic bill payments and savings transfers to help take the guesswork out of monthly finances.

Declutter your wallet: Get rid of old receipts, unused gift cards, and expired coupons to create a more organized and streamlined wallet.

If you're looking for guidance on consolidating and organizing your finances, we can offer a few tips.

The lazy days of summer are coming to a close, and we’re now entering National Back to School Month! 📚✏️

This time of the year can be both exciting and stressful. There’s a lot to coordinate: purchasing supplies, signing up for afterschool activities, and simply readjusting schedules.

But there’s no doubt that education is one of the greatest investments we can make in our children’s futures. This month, whether you have children or grandchildren, we can all help support the next generation, especially those less fortunate than us.

Think about donating supplies, volunteering your time, or contributing financially to initiatives such as Junior Achievement USA—every bit helps.

Helping families with financial strategies to fund educational goals is one of the most rewarding parts of our jobs. It is also so fulfilling to support education in our communities during this time of the year.

What community events do you participate in?

Whether you have a sister by blood or a sister by choice, today is a day to celebrate those special bonds. 👯‍♀️

On National Sisters Day, I'm reminded of the women in my life whom I consider family.

Strong bonds with our sisters provide a foundation for personal growth and resilience. We can confide in them without judgment, celebrate successes together, and learn from each other's triumphs and challenges. If you have a relationship that needs repair, National Sisters Day gives you an opportunity to reach out.

Whether you have biological sisters, chosen sisters, or a strong network of supportive women, take a moment today to express your gratitude for their presence in your life.

Real friends are the gold in life.
Happy !

Big shoutout to my incredible crew! Thanks for the laughs, the honesty, and the unwavering support.

Here's to all the friendships that make life a journey, not just a destination!

In 2023, the number of 401(k) millionaires grew by 11.5%.

Want to join the ranks of 401(k) millionaires? Avoid these common pitfalls!

❌ Not contributing enough
In 2024, the annual 401(k) contribution limit is $23,000 ($30,500 if you're 50+)
Review how much you contribute each year and consider making changes, if possible.

❌ Tapping into your 401(k) prematurely
Borrowing from your 401(k) might disrupt your investment strategy. Taking money out of your 401(k) should be just one option to consider if you are preparing to make a purchase.

❌ Overspending and living beyond your means
By reviewing your expenses and creating a budget, you may be able to prioritize retirement savings.

The secrets to becoming a 401(k) millionaire?
✅ Commit to a contributions strategy and stick with it
✅ Choose investments that align with your risk tolerance and goals
✅ Set long-term goals and periodically monitor your progress

Remember, once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Remember, slow and steady wins the race! By staying committed to your long-term goals, you just might be able to join the growing number of 401(k) millionaires.

Special invite for my clients to the webinar providing insights on what the
economy and markets may look like through the end of the year – including the leadup to the
election. Don’t miss this special event hosted by the Research strategists at .
Register today at https://www.royal-wealth.com/events/midyear-outlook-investor-insights.

Here’s a question we often get asked: “Should I help pay off my child’s or grandchild’s student loans?”

Paying off a loved one’s student debt can be a generous gesture; however, it’s essential to weigh the pros and cons before deciding.

👍 Pros
Allows students to focus on their careers and future financial goals
Can help the student pursue financial independence sooner
May strengthen family bonds and relationships

👎 Cons
May impact the parent’s or grandparent’s retirement strategy
Could create a sense of entitlement or diminish the student’s financial responsibility
Might have tax implications for both parties. Consult your tax, legal, and accounting professionals before applying a payback strategy.

🤔 Considerations
Assess your own financial stability and retirement approach before committing.
Determine if it's a gift or a loan, and communicate the terms.
Explore alternatives, such as co-signing a refinanced loan or offering partial payments.

🌟 Strategies
Set clear boundaries and expectations for financial responsibilities.
Consult a financial professional who may have experience with student loan payback programs and can provide guidance.

Every family’s circumstances are different. While paying off student loans can be a meaningful way to support your child or grandchild, it’s crucial to decide on the benefits and limitations for everyone involved.