Monday Morning Missives
Monday, December 16, 2024
Happy Monday Morning! Today I wanted to bring something to your attention that has received surprisingly little coverage, and that is the new "Super Catch Up" for 401(k) plans.
For some time we have had the Catch Up provision for 401(k) plans where those age 50 or older could contribute an additional $7,500 more than the annual contribution limit. That contribution limit in 2024 has been $23,000, so those over 50 could also contribute the additional $7,500 for a total of $30,500. For 2025, the limit increases to $23,500, so those over 50 will now be able to defer $31,000 in total.
Now comes the Super Catch Up. If you turn age 60, 61, 62 or 63 in calendar year 2025, you are permitted to defer an additional $3,750 on top of the regular Catch Up and annual contribution limit. So, $23,500 + $7,500 + $3,750 for a grand total of $34,750.
Here's an article that attempts to explain these new rules.
Super Catch Up for 401(k) Plans
Please note that under current law, in the year you turn 64 you revert back to only being able to utilize the normal Catch Up - the Super Catch Up opportunity goes away.
While we know this only applies to a small subset of our clients and friends, we would encourage you to forward this on to others who may be affected. Whether taking advantage of the normal Catch Up once you reach age 50 or this now expanded Super Catch Up, the ability to defer additional income into 401(k) plans is powerful.
Please let us know if you have any questions at all. We are here to help, and we hope you have a great week.
John Ritter
[email protected]
(513) 233-0715
Monday, December 9, 2024
My message this morning is hopefully one that will put a smile on your face, and start your work week off the right way.
You may have heard about a recent collaboration between Dick Van Dyke and Chris Martin from the band Coldplay. It really is quite remarkable to see how vibrant and energetic one can be at 99 years old. You can watch the 7 minute video here.
Personally, I find it nearly impossible to watch Dick Van Dyke without smiling. He just exudes joy and positivity, and always has. And this quote from him sums up his attitude wonderfully.
"Think how lucky I am. I got to do what I do - play and act silly."
All of us at RDFA hope you have a great week!
John Ritter
[email protected]
(513) 233-0715
Monday, December 2, 2024
We hope everyone had a great Thanksgiving holiday.
I was thinking about a few things to write about today, but Charles Schwab beat me to the punch with a topic to bring to your attention. They've been seeing an increase in bank impersonation scams of late, and the attacks are growing in sophistication.
While Schwab limits direct communication with clients to statements and required updates, they have decided to proactively send an email communication out on 12/4 with information on how to watch out for these targeted scams. This is a legitimate email, and we encourage you to both read it and follow the advice provided.
On the topic of cybersecurity, I've been holding onto an article from the Wall Street Journal with some additional tips.
Those Online Accounts You No Longer Use
These security threats are real, and just a fact of life anymore. Please do what you can to protect yourself and keep your data safe. As always, please let us know if you have any questions at all.
All of us at RDFA hope you have a great week!
John Ritter
[email protected]
(513) 233-0715
Monday, November 25, 2024
As we enter this holiday week, many of us will be spending time with family. Multiple generations will be in rooms together and conversations will swirl around all kinds of topics. It's entirely possible that the subject of money will come up, and it sometimes can be difficult to know exactly what to say.
Just yesterday I was fortunate enough to run across an article that does a great job of discussing how you can talk with the generation above, generation below, and with your significant other. You can read it here:
Money Conversations With Family
We hope you enjoy this article, and that it arms you with some solid conversation starters surrounding money. If nothing else, it will hopefully keep you away from discussing politics...
All of us at RDFA hope you have a great Thanksgiving holiday week!
Monday, November 18, 2024
Having just wrapped up a big series that we've been watching on television (The Good Doctor), I've been looking at the next series to dive into. We are going to watch the new 15 episodes of Cobra Kai season 6, and then we are figuring out what comes after that. I'm definitely open to suggestions...
Thinking back to one of our favorite series that we have watched led me to today's post. I hope you enjoy it.
13 Leadership Lessons from Ted Lasso
1) Be sincere.
2) Stay teachable.
3) See good in others.
4) Happiness is a choice.
5) Winning is an attitude.
6) Have confidence in yourself.
7) Optimists take more chances.
8) Everyone differs from everyone else.
9) Courage is the willingness to attempt.
10) Vulnerability is a strength, not a weakness.
11) Doing the right thing is never the wrong thing.
12) Be curious, not judgmental.
13) Be a goldfish - Don't allow one bad deed define who you are. In less than 10 seconds, forget about it like a goldfish.
All of us at RDFA hope you have a great week!
John Ritter
[email protected]
(513) 233-0715
Monday, November 11, 2024
On this Monday morning, I think back to a trip that I took with Amanda to Washington DC when she turned nine - now 14 years ago. Wow, time flies...
A group from "Honor Flight" happened to arrive at the WW2 Memorial right at the same time that we got there. All of the older gentlemen were lined up, and current active soldiers were walking by, one by one, in order to shake their hands. I'll never forget one veteran in a wheel chair standing himself up so he could properly salute one of those honoring him. My daughter must have noticed my glistening eyes, as she said: "Daddy, who are those old men?" My response: "Those men are heroes."
Just hours later I was showing her the Vietnam Wall, and again an older man approached and asked to speak with a volunteer. He was right next to us when he asked for assistance locating the name of his son on the wall, as he was seeing it for the first time and wanted to do an etching of the name. I'm not sure words can accurately explain that moment, and the emotions I felt.
On this Veterans Day, I offer my sincere thanks to all who served, and I hope you will do the same. It is most assuredly deserved.
Have a great week.
John Ritter
[email protected]
(513) 233-0715
Monday, November 4, 2024
My dominant thought for the day: Only worry about what you can control.
Obviously, we have a rather important election coming up tomorrow. While both candidates present what they believe is best for the country, there seems to be less "middle ground" in this election and emotions are running high. I think we will all be happy when the vitriol is done, yard signs are removed, and social media returns to its normal angst level rather than what it has been of late. And no more political commercials, texts and phone calls - at least until the next election cycle...
All that said, the only thing we can control is how we react to this noise around us. No matter who wins, half of the country (or perhaps more) won’t be happy. Personally, I am going to do my level best just to move on and focus my attention on what can be controlled. Portfolio wise, that means staying well diversified, rebalancing assets back to targets, maintaining a healthy cash reserve or emergency account, and not being reactionary.
In our Investment Committee, we have taken the last few weeks to do a very deep dive into our portfolios to see if there is anything additional that can be controlled for our clients benefit. You’ll be seeing modifications coming where we are continuing to embrace the rapid expansion of Exchange Traded Funds (ETFs). Not only do these allow us to lower the internal expense ratios of portfolios, but they also offer some tax benefits in non-IRA accounts. Where appropriate, we are implementing these changes so there is less “drag” on portfolio returns. Depending on the asset allocation model, we are now able to drive total internal costs down to well under 50 basis points, and in some cases down below 40 basis points. This is a significant pick up for clients. As taxable gains allow, we will be modifying client allocations.
We wish you a week that is as peaceful as it can be.
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, October 28, 2024
Deadlines. That's what is on my mind this morning, as I have a few that I've been working towards and the clock is ticking. Loudly...
For clients, there are also deadlines approaching that are important to keep in mind. Here are some major ones to keep in mind.
Required Minimum Distributions (RMD's) for those age 73 or older must be taken by December 31.
If you've inherited an IRA, don't forget that these accounts also have a RMD requirement by year end.
If you are trying to max out your 401(k) contributions for the year, this also needs to be done by 12/31. If you have reached age 50, don't forget that you also have a "catch up contribution" available to you.
If you are making Section 529 Plan contributions and hoping for a state tax deduction (as is the case in Ohio), these contributions need to be made by year end.
For IRA, Roth IRA and Health Savings Account contributions, you thankfully have more time as the deadline for these accounts isn't until April 15th.
Finally, please keep in mind that Charles Schwab has their own deadlines in place. It is our best recommendation to try and have any requests into Schwab by the end of November. While they will always work to get all requests completed, they are on a "best efforts" basis when they get close to year end. To be safe, please try and use the upcoming five weeks to complete anything that is time sensitive (gifts of stock, donor advised fund contributions, retirement account deposits, etc.).
Should you have any questions, we are here to help. We hope you have a great week.
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, October 21, 2024
We are very excited this Monday morning to let you know that we are growing as a team at RDFA. Jack Hannan, CFP is our newest employee, and some of you may remember that he actually interned with us seven years ago. Jack is a 2015 graduate of St. Xavier High School, and a 2019 graduate of Miami University with a Bachelor's Degree in Finance. He earned the CFP designation in 2022 and joins us from Fidelity Investments.
Jack lives in Anderson Township with his wife, Megan, and their newborn, Rosemary. He can be reached at [email protected]. Please help us in welcoming him to our team.
Stay tuned for another RDFA hire early in the new year...
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, October 14, 2024
The word of the day for me is GRATEFUL. We are coming off of our client appreciation event on Friday evening, and I've been feeling a lot of gratitude since then. Grateful for our clients. Grateful to be able to celebrate 25 years of RDFA being in business. Grateful for our team here at RDFA. Grateful for Bill Kanengiser, who once again graced us with his extraordinary guitar abilities.
We had a few clients there on Friday who actually were clients before our firm ever began! It's amazing when you think about working with a person or couple for nearly 30 years, but that is indeed the case. To say that we are grateful for these long lasting relationships is an understatement.
Two different clients asked during the evening if they could refer friends to our firm, and we are always extremely grateful for referrals from our existing clients. It's the single biggest way that we continue to grow our company. We welcome referrals to others that we can help. Please feel free to introduce us to anyone you think would benefit from the services we offer.
I was also very grateful to look around the room and see two young financial advisors who will soon be full time employees of our firm. They both have interned with us in the past, and very soon will be two additional CFP's working with us and for our clients. More to come on that front very soon...
Finally, I'd like to thank our Business & Marketing Manager, Leanne Bernard, for all of the work that she puts into making our events a success. We are grateful for the passion that she puts into everything that she does. And the planning for our next client event is already under way!!
All of us at RDFA hope you have a fantastic week, and one filled with gratitude.
John Ritter
[email protected]
(513) 233-0715
Monday, October 7, 2024
Hopefully you saw our email on Thursday titled “Planning a Dream Vacation” which discussed creating a travel budget, tips for saving money, etc. Kit and I have just returned from a dream vacation that we had planned for close to three years, and I wanted to offer some additional color commentary regarding travel right now.
To begin, expect flight problems. The airlines just haven’t gotten back to normal post COVID, and our travel agent warned that they have been seeing all kinds of challenges. She was proven correct, as our Heathrow to Rome leg was cancelled on the way out, and Venice to Heathrow leg on the way back. Both of these cancellations took place less than 12 hours before our flight time, which made for some serious scrambling. On our Saturday return we had exactly one rebooking option, and if that didn’t work we wouldn’t have gotten home until Tuesday!! So, our return flights turned into Venice to Frankfort to Newark to Cincinnati – 21 hours of travel time and three countries in a day…
Embrace the lunacy of travel delays. Rather than being upset that we weren’t going to get to Rome when expected, we were able to have a wonderful afternoon and evening in Windsor due to our unexpected night in the UK. And due to some rescheduling of excursions in Rome, we actually didn’t miss anything that we had originally planned.
Pack intelligently while traveling. While we thankfully made our Frankfort to Newark connection (after literally running through the airport) our luggage did not. And it actually didn’t end up reaching us until nearly 48 hours after we were back in Cincinnati. You very quickly realize where you are lacking redundancies in your personal care items, such as the lack of a backup hairbrush or razor for me. Thankfully, we did think things through well and made sure that all important medications were in our carry on luggage, along with cash, passports, etc. We also packed enough medication for a few extra days/nights just in case something went off the rails, as it very nearly did.
Most of all, schedule the bucket list trips!! Despite some significant bumps getting there and back, this trip provided moments that are simply indescribable. In two weeks we were able to take in the sights in the Windsor, Italy, Montenegro and Croatia. I very quickly thought back to a trip last year when we saw a church bell crafted by Paul Revere around year 1750 and thought “Wow – that is such a fascinating old piece of history!” You get a completely different appreciation for OLD when you are in Europe. Learning about the still operational aqueducts that were created in 140 BC, walking the grounds of the Roman Colosseum, visiting the remains of the city of Pompeii, and touring Vatican City – suddenly history takes on a very different meaning. I can’t tell you how many times I was just dumbfounded by what I was seeing, and no travel challenges can take away the memories we made.
I’ve seen the following unattributed quote on shirts and coffee mugs, and it is spot on. “Life is short. Take the trip. Buy the shoes. Eat the cake.”
We are fortunate to hear about trips that our clients have done, or vacations that they are planning for the future. We’re always happy to help you think it through, and frankly some of the trips we have heard about have made their way onto our own bucket lists. Here’s to scheduling more memory making trips!
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, September 30, 2024
I'm back from our big vacation, although my brain/body still seem to think I'm in Europe. It's making for some very productive mornings since I'm wide awake at 4:00am.
I was unaware until Ronda mentioned it to me, but September is "Healthy Aging Month", a time to focus on the positive aspects of aging and promote the physical, mental, social and financial well-being of adults 45 and over. I'm not sure why age 45 is the magic number, but it is what it is...
Here are some suggested ways to celebrate Healthy Aging Month:
Exercise: Regular physical activity can help people live longer and better, and enjoy more years without disability or pain.
Eat well: Eating lots of fruits and vegetables is a good way to maintain a healthy body and mind.
Get enough sleep: Sleep is often called the best medicine.
Stay social: Being social can help with healthy aging.
Keep learning: Learning new things can help keep the mind sharp and agile as we age.
Spend wisely: Spending wisely can help with healthy aging, and allow for funds to be available throughout your later years.
Healthy aging is a continuous process of maintaining and improving physical and mental health, independence, and quality of life throughout life.
Perhaps it is because we have just returned from a "bucket list" trip, but this information spoke to me. I think about the new things learned while traveling, the exercise of walking around Rome and various other Italian cities, the act of being social with others who were enjoying the cruise, etc. Now, the eating well can certainly be called into question, although if we are judging based upon quantity then we ate VERY well...
All of us at RDFA hope you enjoy this last day of September, and have great things planned for the final quarter of the year.
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, September 9, 2024
My thoughts this Monday morning are still reliving my daughter's wedding on Friday night. The word magical may be a bit cliche, but that truly is the word that kept coming to mind. It simply couldn't have gone better, and the time spent with family and friends was amazingly special. The moment of the "reveal" when I first saw her in her wedding dress will be a memory I'll never forget. I can't wait to see the photos and videos of that moment, as I'd like to know what I said or did. I'm aware that some level of noise came out of me right before the tears hit, but honestly that's about the extent of my recollection...
When we got home that evening (or was it early morning?!?) my emotions were all over the place. And suddenly a quote from more than 30 years ago jumped into my head. It was part of the great speech made by Jim Valvano during the waning days of his fight against cancer.
"To me, there are three things we all should do every day. We should do this every day of our lives. Number one is laugh. You should laugh every day. Number two is think. You should spend some time in thought. Number three is you should have your emotions moved to tears, could be happiness or joy. But think about it. If you laugh, you think and you cry, that’s a full day. That’s a heck of a day."
Under this criteria, it was a HECK of a day for so many of us. And it's frankly carried over through the weekend and into this new week.
So, I offer up one of the final paragraphs of Jimmy V's speech as a bit of a challenge to us all.
"I just got one last thing; I urge all of you, all of you, to enjoy your life, the precious moments you have. To spend each day with some laughter and some thought, to get your emotions going. To be enthusiastic every day, as Ralph Waldo Emerson said, “Nothing great could be accomplished without enthusiasm,” to keep your dreams alive in spite of problems whatever you have. The ability to be able to work hard for your dreams to come true, to become a reality."
All of us at RDFA hope you have a great week. I'll be on a two week hiatus from the Monday Morning Missive as my bride and I have a bucket-list trip that we'll be embarking on starting Friday evening. I will be back at it on the final morning of September.
Take care.
John Ritter
[email protected]
(513) 233-0715
Monday, September 2, 2024
When I thought about what to write this morning, this was an easy one since we are celebrating the holiday.
I was curious when Labor Day first came about, and the origins behind it. I found this great piece on the U.S. Department of Labor website that you may find of interest:
However you are choosing to celebrate today, we hope you enjoy yourself. For me, I'm heading to the golf course with 19 of my good friends to enjoy a send off to the summer. After that, my attention will be shifting to my daughter Amanda's wedding on Friday! I'd say there is a fair chance you'll be hearing about that next Monday...
Have a great Labor Day and week!
John Ritter
[email protected]
(513) 233-0715
Monday, August 26, 2024
We received a slew of great topic ideas from folks when we asked what they would like to hear about, and I'll be addressing them over the coming weeks and months. One topic involved Estate Planning, and how you go about taking the steps to insure that your estate documents are in order.
Did you know that August is actually "National Make-a-Will Month"? This observance encourages individuals and families to take a critical step in their financial and personal planning: creating a first Will or updating an existing Will. Believe it or not, the statistics show that far less that 50% of American adults do not have a Will in place.
Here's an article about this topic that you may find of interest. You'll need to scroll down a bit to see the various statistics:
Estate Planning Statistics
We strongly encourage all of our clients to meet with a qualified Estate Planning Attorney for the drafting of their Will, Power of Attorney, Revocable Trusts, and other estate planning documents. Then we encourage them to share these documents with us so that we can make sure account titling and beneficiary language is up to date on their various investment accounts.
We are happy to have a conversation with you about your estate planning desires so you are well prepared when you sit down with your attorney. We can talk through how the estate plan will be administered, and help you think through the roles that various individuals may occupy as your plan is put in motion.
Please let us know if you have any questions at all.
Have a great week!
John Ritter
[email protected]
(513) 233-0715
Monday, August 19, 2024
The last week made it abundantly clear what I should write about this morning, as it seemed like every time I turned around there was another "scam" post/email/text. Some of the tactics where:
* Fictitious accounts on Facebook selling items.
* DocuSign links from an unknown source.
* UPS text indicating that I needed to click the link for status update.
* Computerized voicemail about my Sirius subscription expiring.
* Cloned Facebook accounts sending private messages with links.
It goes without saying that we all need to be VERY careful, and it is best to be incredibly skeptical. Make sure to have complex passwords (and preferably a password keeper) so that you are harder to hack. Only click on links when you know they are from a trusted source. And be wary of any calls or texts indicating that urgent action needs to be taken.
We were made aware of one resource you may want to check out, which is the website Scamicide. There are some great resources on this page, including a video archive that you may find interesting.
Finally, if you do not need to be opening up new credit, consider putting a credit freeze in place with the three main bureaus: Transunion, Experian and Equifax. This makes it where new credit can not be established in your name without you taking steps to lift or suspend the credit freeze. It's a deterrent if someone is trying to steal your identity.
Please let us know if you have any questions at all.
Have a great week!
John Ritter
[email protected]
(513) 233-0715
Monday, August 12, 2024
Starting this weekend, I was thinking about this Monday Morning Missive and what I would write about. I kept pondering what clients might want to hear about, and what topics perhaps we hadn't given enough attention to. Ponder, ponder, ponder...
I woke this morning and had the revelation that I shouldn't ponder the question - I should just ask you directly. So here goes.
What topics would you like to see RDFA opine about in these Monday pieces? What's on YOUR mind where you would like to know more, or have questions about a certain topic? I would love to gather some ideas from our clients and friends, and be able to use that as the basis for some future posts.
Please weigh in with absolutely anything and I'll compile the responses and either make it a future MMM post or respond directly.
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, August 5, 2024
I'm writing this message from our favorite place in the country, Kure Beach. We make the trip to the far southern coast of North Carolina every summer, and I'm always reminded of one thing. And that is how important it is to take a deep breath and recharge the battery.
When we drive across the Snow's Cut Bridge onto the island, I swear I can feel my heart rate drop. It's like the craziness of the world around me slows to a crawl, and my focus is brought back to the important things. On this trip, that is especially true as we share it not only with our two kids, Amanda and Brad, but also with our future son-in-law and daughter-in-law, Jake and Mattie.
We live in such a busy, hectic world and I can tell you I definitely need to be reminded at times to slow down, be still, and breathe. Be present. So that is my message this week, and perhaps a challenge to make sure you take time to do the same. Whatever it is that allows you to disconnect from the noise, I hope you can enjoy that in this coming week.
For me, I am heading across the street to the beach for a walk with my "Baby Girl" looking for shark teeth. We've been doing this since she was first able to walk, and one month from tomorrow I'll be walking her down the aisle. It's rather surreal, and you better believe I'm staying present and enjoying this last vacation with her before the big day...
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, July 29, 2024
We are now returning to our normal Monday Morning Missives after our break to highlight the "25 Days of RDFA". Thank you for indulging us as we reminisced about the first 25 years of our company.
We have had quite a few meetings of late talking about estate planning concerns with clients. Whether it be making sure proper Guardians are in place for minor children, or figuring out estate distributions within second marriage families, or making sure funds are available for a child with special needs, estate planning concerns abound.
Jeff recently came across the following article while prepping for a presentation that he gave to students at Western Kentucky University, and it offers some fascinating statistics regarding who has or hasn't executed their estate planning documents.
Estate Planning Statistics To Read Before Writing Your Will
Our strong opinion is that nearly everyone needs to have their estate planning documents prepared, executed, and regularly revisited to make sure they remain appropriate. We often times talk with clients about these documents before they meet with their attorney so they can enter well versed on the various documents and provisions. We are happy to have this conversation with you if an estate planning discussion would be helpful. Just let us know.
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, June 24, 2024
The topic today is one that we likely haven't mentioned enough, and that is the use of a Corporate Trustee. While most of our clients "self-trustee" when they have trusts as part of their estate plan, there are times when a corporation is needed to serve in the trustee role.
Recently, we have had a few situations where prospective clients were unhappy with the corporate trustees that they had in place. Normally large banks, these trustees can sometimes lack the personal service and financial planning that we see as our hallmark. In these situations, it is possible to engage us in the wealth management aspect of the relationship, and have Charles Schwab Trust Company (CSTC) serve as the corporate trustee.
If you hear of anyone struggling with trust officer turnover, unresponsive bank trust departments, or a need to appoint a corporate trustee, please keep us in mind. This is an area where we have a significant amount of experience, especially since Jeff Daniher started his career in two bank trust departments and maintains the Certified Trust Financial Advisor (CTFA) designation. We would be happy to try and help them solve any challenges they might be having.
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, June 17, 2024
To start, can we just pretend that it's still morning? Clearly the day has gotten away from me a bit, so this is now the afternoon edition of the Monday Morning Missive...
After my email communication last week, a few people asked specific questions about ChatGPT and how artificial intelligence (AI) is affecting us. I did some digging to find an article or two that help to explain AI and how it is proving to be transformative. Here are two such articles:
The potential uses for AI are seemingly endless, and we are in the very early stages of this technology. While we may not yet know how AI will impact us directly, it seems quite clear that it is only going to increase in adoption and utilization. ChatGPT is one AI tool that we would encourage you to learn about to see how it could be of help to you.
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, June 10, 2024
Hopefully everyone had a great weekend, and enjoyed some beautiful weather like I did.
I wanted to provide everyone with a recap of comments coming from my email last Monday regarding technology that we all find most useful and impactful in our daily lives. The results were fantastic, and I have already downloaded some news apps onto my phone. Here are some resources that perhaps you'll choose to adopt.
Travel Apps - There were some great ideas here. Many people are using the Maps app, and others mentioned Waze (my personal favorite). iExit was a new one to me, and will tell you what services (food, fuel, lodging, attractions) are at highway exits that you are approaching. TripIt is an app that Jeff Daniher has used for years and is a big fan of, as it can help aggregate the details for upcoming travel. And multiple people mentioned the various airline apps for checking in, flight updates, etc. Another great idea was to use Chat GBT when you are in the early stages of travel and let the AI help guide you to locations of interest.
Weather Apps - As a former baseball coach, I've always been a big fan of Rain Aware for accurate rain predictions up to the minute. Others mentioned Accuweather as their go-to weather app. Weather Bug was the final one mentioned, and is also a favorite of mine.
Reading Apps - Goodreads was mentioned by multiple people for tracking what you have read, and getting recommendations on future reads. Flipboard is another one I'm checking out, as it is a content aggregator that will bring up articles on topics that you are interested in.
Food Apps - NYT Cooking wasn't on my radar, but it sure is now. Multiple people raved about this app. Cellar Tracker is a must have for wine collectors so that you know what's in your inventory and when it should be consumed. And don't forget about casual dining apps that provide rewards, like Chipotle and Chick-fil-A.
Outdoor/Exercise Apps - My Fitness Pal was a favorite of multiple people, as was the Health app included on iPhones. There were a few new ones to me that I've already downloaded and look forward to using. Picture This is an app that identifies trees, flowers, and other "growy" things. Merlin is an app that will identify bird species by sound. All Trails was mentioned as a great resource for hikers and bikers, with a database of trails for any geography.
Other Miscellaneous Apps - Some of these are commonly used, but still deserve mention. Messages for texting, and Zoom or FaceTime for video calls have become a normal mode of communication. Not many days go by that I'm not listening to music on Spotify. Grocery apps are beginning to allow "Scan and Go", and credit cards can notify you whenever purchases are made. Finally, I'm going to take the recommendation from one client to check out Paired, which is an app designed for couples.
I would be remiss if I didn't mention one more technological tool, and that is the RDFA Dashboard. This account aggregation, financial planning, and document storage software through eMoney is the one source we would recommend for following your financial life. If you aren't already using it, please ask us about it.
We hope you find this information helpful and that you can add a few new tools to the technology that you use each day. Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, June 3, 2024
Clouds and sunshine are on my mind this morning, as I’m currently above the clouds at 34,000 feet in route to a meeting in Park City, UT. There’s something amazing about breaking through the clouds and seeing the sun above them to help change your perspective.
Now, what I’d really like to discuss is TECHNOLOGY, and what it can do to help us in our day to day lives. Consider the fact that I’m writing and distributing this piece via WiFi from well above the earth, all while wearing wireless AirPods and listening to my favorite music on Spotify. Oh, and my Apple Watch has already praised me for being ahead of my walk goal for the day this early in the morning, and told me to keep up the good work. Ten or fifteen years ago those sentences would have made zero sense to anyone. Now it’s expected that we are always “connected” in as many ways as we choose.
So, my hope is that we make this an interactive exercise. I would love if you could write back with the technology that you have found makes the biggest positive difference in your life. Be it an app, website or some other technological tool, what has really been a “lift” to you in your day to day? What has saved you time, or bettered your quality of life?
I will compile the answers that I receive and send them back out in an upcoming Monday Morning Missive so all can hopefully benefit.
Take care, and have a fantastic week.
John Ritter
[email protected]
(513) 233-0715
Monday, May 20, 2024
What's on my mind this morning? It's one word - disconnecting. Let me explain why I've been thinking about this, and why I think it is so important for all of us.
I had the great fortune last week to spend two days in New Jersey with three exceptional friends. We were able to play the #1 ranked golf course in the country, and it more than lived up to its billing. One of the rules at this course is that cell phones are off limits in almost all locations, and it is striking how it points out how addicted we can become to our phones. It's almost a reflex at this point to grab your phone to check emails, texts, social media, etc.
I truly appreciate the fact that this club forces you to do what you should already be doing, and that is disconnecting from the distractions around you. Instead, you can focus on the relationships with your friends that you are playing with and the beauty of the course that is around you. You can truly converse without constantly checking the market, sports scores, or whatever else pops up on your phone. You can be fully present.
So, the challenge to myself is to try to embrace this philosophy more often in my day to day. I'd encourage you to consider the same. Work to disconnect from the devices that can often become a distraction from what we all should be really focusing on - family, friends and the things that really matter. Be fully engaged.
All of us at RDFA hope you have a great week!
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, May 13, 2024
What a whirlwind these last few days have been, and the emotions around it is what's on my mind this Monday morning. On Friday, my son popped the question to his girlfriend / best friend, and she said yes. From meeting in Spanish class in 8th grade to now engaged, it's been an incredible journey. Mattie has long been a big part of our family, and now it is just being made a bit more official...
On Sunday we celebrated Mother's Day with my Mom, Mattie's Mom and of course my bride, Kit. Conversations naturally were about the wedding planning, the fact that Amanda and Jake are less than four months from their own wedding, and how so many wonderful things are in motion right now. We chatted about how young they all are, and yet are starting down the same wonderful path that Kit and I have been on since high school. Thirty years of marriage is right around the corner for us in the fall, which doesn't seem possible.
So what does this have to do with financial planning? For me, it's just been a reminder to really take a hard look around with gratitude. It's far too easy to get wrapped up in the day to day of life and forget that you need to be living that life. Or as John Lennon eloquently said in his song Beautiful Boy, "Life is what happens to you while you're making other plans." As a planner, I sometimes need that reminder that you need to both plan for the future and live in the present. These last few days certainly provided that reminder.
As I look at my children finding their person, I pause and look back at the younger version of myself at that same point. I think back to that first time sitting next to the new redhead on the bus to school, and shake my head at the fact that this was 37 years ago. And I marvel at how a random moment like where you sit on a bus or in an 8th grade class can start in motion something much, much bigger.
There is an appropriate quote from Gretchen Rubin in her book Secret to Adulthood. "The days are long, but the years are short." My hope for you on this Monday is that you can enjoy the days with gratefulness and recognition for all that is good in our lives.
All of us at RDFA hope you have a great week!
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, May 7, 2024
Unfortunately, what's on my mind this morning is an incredibly frustrating topic - Elder Fraud. We've had multiple clients fall victim to scammers and bad actors, and it happened again recently. The scams are disproportionately hitting the older population, and the criminals are getting more and more sophisticated and polished.
One common method of attack is to call a person and indicate that their personal information (bank account, credit card, etc.) has been compromised. The scammer then says they are there to help them get this rectified, and it needs to happen quickly. They ask for more information, and potentially even access to your technology devices, all while rapidly asking questions and getting the victim more and more agitated and concerned. Within very little time, they've gotten the victim to disclose all kinds of PII (Personally Identifiable Information). Where you likely hadn't been hacked prior to the phone call, they now have you.
Should you ever receive a call like this, do not disclose any PII and hang up. Then, call back to the fraud unit of the company where they indicated a breach had occurred, and ask them if any suspicious or unauthorized activity appears on the account. This keeps you in control of the situation and helps to avoid the criminals preying on fear and getting you to react without thinking it all through.
Here is an article written just last week by the FBI that highlights the seriousness of Elder Fraud.
This is unfortunately a fact of life that we are all going to have to deal with going forward. We are all potential victims. So to quote Sergeant Esterhaus from Hill Street Blues, "let's be careful out there."
Should you have any questions, please don't hesitate to let us know. Have a great week!
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, April 25, 2024
I spent time at the University of Cincinnati this past weekend watching my daughters Pinning Ceremony for the College of Nursing, and then her college graduation. My wife and I both talked about how the four years absolutely flew by. The students started right in the middle of COVID after having their high school graduations cancelled, so this graduation felt extra special.
As I thought back on that highly unusual start to a college career, I pondered what the high school graduates of today should be thinking about as they graduate in the coming weeks. What financial tips could we share with them to help as they begin this journey. Here is what we came up with. Please share this with children or grandchildren starting down this path, or forward to others who might benefit from it.
Budgeting: Developing a budget is paramount. Understand your income sources (such as scholarships, grants, part-time jobs, or parental support) and your anticipated expenses (tuition, books, housing, food, transportation, personal expenses). Stick to your budget to avoid overspending.
Financial Aid: Familiarize yourself with the financial aid package you've received. Know the terms of any loans, grants, or scholarships you've been awarded, as well as any requirements or responsibilities associated with them.
Savings and Emergency Fund: If possible, establish an emergency fund to cover unexpected expenses like medical bills or car repairs. Even a small amount saved regularly can make a big difference in times of need. Consider holding these funds in an online savings account to earn a higher interest rate. Some of the online banks also offer student credit cards (see #5 below) which can help simplify life with fewer apps and accounts.
Banking and Accounts: Open a student checking account with a bank that offers convenient access to ATMs and online banking. Look for accounts with no or low fees, and consider setting up direct deposit for any income you receive.
Credit: Understand the basics of credit and how it works. Consider obtaining a student credit card (NerdWallet Student Credit Cards) with a low limit to start building your credit history responsibly. Always pay your monthly balance in full and keep your credit utilization low. Install the app for your card on your phone to stay on top of bill due dates.
Online Security: Set strong passwords, use two factor authentication for financial accounts and consider using a password keeper/generator. Beware of low-tech scams such as phone calls inquiring about your username/password for financial accounts.
Part-Time Employment: If you plan to work part-time during college, consider how it will fit into your schedule and academic workload. Balance your work hours with your studies to ensure academic success.
Student Discounts and Resources: Take advantage of student discounts on everything from software to entertainment. Utilize campus resources such as libraries, career centers, and counseling services to save money and enhance your college experience.
Textbooks and Course Materials: Explore options for obtaining textbooks and course materials at a lower cost, such as renting, buying used, or borrowing from the library. Some professors may also offer online resources or alternative materials.
Financial Literacy: Invest time in improving your financial literacy. Learn about personal finance topics such as investing, saving for retirement, and managing debt. The more informed you are, the better equipped you'll be to make sound financial decisions both in college and beyond. Begin thinking about your long-term financial goals, such as saving for graduate school, buying a car, or investing for retirement. Establishing good financial habits early on will set you on the path toward achieving these goals.
By considering these financial aspects before starting freshman year, you'll be better prepared to manage your finances responsibly and make the most of your college experience.
Should you have any questions, please don't hesitate to let us know. Have a great week!
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, April 22, 2024
I recently wrote about estate planning, and how important it is to make sure titling and beneficiaries are proper. However, I left out one item that has come up a few times in the last couple of weeks. While not technically a legal document, it is nonetheless quite important. A fellow planner once called it his "Love Letter to My Family".
The concept is to have a document that you draft that will give survivors the important information that they'll need which is NOT spelled out in your Will, Trust, etc. This could include things such as:
- Code to the safe or location of safety deposit box key.
- Location of passwords, or the master code to a password keeper.
- Where the survivor can find executed copies of all legal documents.
- Names and contact information for important people to call (Financial Advisor, Attorney, CPA, Insurance Agent, etc.)
- Special instructions around house and car maintenance, or caring for pets.
- Any final instructions for your funeral ceremony, such as readings or psalms you would like played.
- Most importantly, this document can allow you a chance to put in words anything you would want said to a surviving loved one. It's a final opportunity to speak from your heart to those left behind.
If you do a document such as this, we suggest letting the family know the location of it should the time come that they need to open it. Then seal it away with the hope that it won't be opened for a long, long time. Every once in a while, revisit it to make sure all instructions are still valid.
Should you have any questions, please don't hesitate to let us know. We are here to help in any way that we can. Have a great last full week of April - May is right around the corner...
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, April 15, 2024
What do Africa, Alaska, Italy and the Northern Lights have in common?
No, it isn't the beginning of a very strange joke... These represent four of the "bucket list" locations that I spoke with people about just last week, and it is what is on my mind for this Monday Morning Missive.
Do you remember the 2007 movie called The Bucket List starring Morgan Freeman and Jack Nicholson? In it, the two terminally ill patients leave the hospital and embark on a quest to check off as many of their to-dos as they can before they die. They race cars, go skydiving, get a tattoo and visit countless locations, including the Great Wall and the Egyptian pyramids.
The question we have asked clients for years is this. Why wait? Plan these bucket list trips now, and collect experiences throughout your life. As a firm, we have a mantra that we try to mention whenever the opportunity presents itself.
DO NOT POSTPONE JOY!
While some of the trips and experiences above may be costly and take significant planning, there are plenty of other experiences that are neither expensive or hard to accomplish. I distinctly remember the first time I drove the two hours north from Cincinnati to tour the Hocking Hills area, and I recall shaking my head at why I hadn't done it earlier. I felt the same thing last year when my wife and I had the opportunity to see Kennebunkport and Bar Harbor. And I'll never forget sharing experiences with my Dad like Reds Baseball Heaven, going to Cooperstown to see the Baseball Hall of Fame, and watching the Fighting Irish at a Notre Dame home football game.
Plan the trip. Go to the show. Eat at the restaurant you've always wanted to try. Tour the park. Watch a sunrise on the beach. And most of all - don't wait...
All of us at RDFA hope you have a great week.
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, April 8, 2024
Just say no...
I woke to a text this morning from my daughter, and it was clear that stress was getting to her a bit. This is not surprising with college graduation right around the corner, recently closing on a home, readying for the launch of her nursing career at Cincinnati Children's, and planning a September wedding. I'd be surprised if she WASN'T a bit stressed.
But when she is looking for fatherly advice, the first thing that came to mind is a simple but powerful phrase. Just say no. Sometimes you have to say no to opportunities, invitations, and projects so that you maintain the capacity to say yes to the right things. There are only so many balls that we can juggle and still be effective and energized.
I ran across the following article from Forbes that discusses this topic, and I'll be sharing it with my daughter tonight. While it is specific to workplace stress, its really applicable across the board.
The irony is not lost on me that I'm providing this advice to her when I'm often guilty of saying yes more than I should. Since I'm in the advice giving business, I'm going to work to follow this advice in my own life as well.
All of us at RDFA hope you have a great week.
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, April 1, 2024
What's on my mind this morning? That would be surprises in both college basketball and the stock market.
I look at my bracket for this years NCAA tournament and it is pretty much in shambles. My researched game plan turned out to be quite far away from what actually happened. Conversely, my daughter has a bracket that is in the top 1% of all brackets submitted to ESPN despite the fact that she hurriedly filled it out right before the first games started.
Then I look at what just happened in Q1 in the markets. We opened the year with pessimism around economic growth, but optimism that the Fed would be cutting rates aggressively to help keep stocks moving forward. What did we get? An overall economy that remains impressively strong and a Fed who now may only cut rates a few times this year (if at all - that could be another surprise).
If anyone had said on January 1 that we would have the strongest stock market quarter in the last five years, I think they would have been laughed at. Similarly, when NC State entered the ACC Tournament at 17-14 and having lost four in a row, nobody would have seen a 9-0 record since then and the #11 seed in the Final Four.
Sometimes the best advice is just to make sure you are "in the game". You never know what might happen...
All of us at RDFA hope you have a great week.
UPCOMING EVENT: Please mark the morning of Saturday, June 1 on your calendar for our Shred-It event at our office. Bring any papers you would like to have destroyed and we'll do it right in front of you.
John Ritter
[email protected]
(513) 233-0715
Monday, March 24, 2024
If there's one thing that has been a constant in the twenty five years of our firm (and the more than three decades I've been in this business) it has been a common misconception about estate planning. The public has seemingly been well trained on the following phrase:
Being of sound mind and body, I hereby declare this to be my Last Will and Testament.
What is important to recognize is that the Will is often a "catch all" document that deals with items that do not pass either via TITLING or via BENEFICIARY. Those items supersede the Will, and pass outright outside of Probate.
Here are a few examples. If you have an account that is in joint name with another person, that account passes to them directly upon your death. If you have an account that has a beneficiary (like IRA accounts), they also pass directly. Life insurance is another area where you will have beneficiary language in place. In these instances, the Will does not need to come into play since titling and beneficiary language dictates where the assets transfer.
A well constructed and administered estate plan should make it where the Will does very little in the estate settlement process. The proper crossing of T's and dotting of I's will make the transfer of assets upon death fairly simple. What the Will does, however, is name the person who handles your affairs, pays your final expenses, and often deals with personal property.
Should you have any questions about how this applies in your situation, don't hesitate to reach out to us.
All of us at RDFA hope you have a great week.
John Ritter
[email protected]
(513) 233-0715
Monday, March 18, 2024
First, I apologize that the Monday Morning Missive is going out in the afternoon. I came to the realization this morning at 5:35, when my redeye flight from the west coast landed, that at my age my brain simply doesn't function without sleep. So after some much needed sleep after arriving home, my brain is back and operating on something close to all cylinders...
While on this recent trip, I was talking with friends about the upcoming start of the Cincinnati Reds season. There was frustration voiced by some that they don't have the streaming service that the Reds are on. I actually switched streaming services last year for that exact reason, as I didn't want to miss the games. And like many people, this meant yet another service that we were paying for after "cutting the cord" many years ago. What started out as a cost saver has clearly turned into an additional level of expense.
Jeff happened to send an article out to our team this morning that spoke to this creep in streaming service subscriptions, and it seemed like a great piece to send along. We figure many people may be in the same situation as my family.
5 Steps to Lower Streaming Subscription Costs
All of us at RDFA hope you have a great week. If there is anything that we can be doing to be of assistance to you, don't hesitate to reach out.
John Ritter
[email protected]
(513) 233-0715
Monday, March 11, 2024
I was making dinner last night and wondering what I was going to write about this morning. I don't normally get writers block, but I hadn't yet had an "aha moment" for what the topic should be. This continued into the evening and then we happened to turn on the Academy Awards, and I thought back to something from a decade ago that would be the perfect thing to share.
Matthew McConaughey won the Best Actor Award in 2014 for his role in Dallas Buyers Club. While I had not seen the movie, I remember being absolutely captivated by his acceptance speech. I've watched it many times since, and it always brings emotions. You can view it here.
It occurs to me in our financial planning work that we are often trying to ascertain the answers to these same questions with our clients. We are trying to figure out who they look up to, what they look forward to, and what it is that they are chasing. Said differently, we are trying to figure out what makes them tick and what is most important in their lives. Only then can we best advise them on how to use their resources to move towards these goals and dreams.
"To any of us - whatever those things are. Whatever it is we look up to, whatever it is we look forward to, and whoever it is we are chasing. To that I say Amen. To that I say alright, alright, alright. And to that I say just keep living." - Matthew McConaughey
All of us at RDFA hope you have a great week. If there is anything that we can be doing to be of assistance to you, don't hesitate to reach out.
John Ritter
[email protected]
(513) 233-0715
Monday, March 4, 2024
In Cincinnati, the weather has at least temporarily turned and Spring seems to be right around the corner. That got me thinking about the inevitable spring cleaning that we tend to face around this time each year, along with a suggestion for you.
When you do your spring cleaning this year, take a hard look at the various papers that you have around the house. This could be tax returns, investment statements, insurance statements and a host of other items with PII (Personally Indentifiable Information) on them. Unless you have a requirement to keep them, you may want to do a spring purge.
Many people ask about tax returns, and how long you need to maintain them. Here's a link to an answer from the IRS website:
Period of Limitation for Tax Returns
For many of the other statements that you may have, they are easily retrievable online should you need them in the future. Consider keeping the current year and immediate past year if you are looking for quick and easy reference.
With the items that you are looking to dispose of, RDFA is once again offering a service to assist with this. We will be hosting a "Shred Event" from 9:00-12:00 on Saturday, June 1st. A shredding truck will be on site right in front of our building and they will shred items right in front of you. There's no need to burn up motors on home shredders, as you can simply bring all of those items to us and we'll get them out of your trunk and to the shred truck. Afterwards, feel free to come upstairs for coffee and donuts in our office.
Please note that this service is open to anyone - not just clients of RDFA. We would love if you would pass this email along to anyone that might have an interest, or post it on your social media accounts. For those not in Cincinnati, I'd encourage you to look for events such as this in your hometown.
John Ritter
[email protected]
(513) 233-0715
Monday, February 26, 2024
When is the last time you checked on the interest rate on your emergency reserve cash? For so many years during the time of ZIRP (Zero Interest Rate Policy) cash was earning absolutely nothing. Any money that was just "parked" could essentially be ignored because everyone was paying the exact same - zero. That's not the case any longer...
If you aren't earning at least 4% on your emergency reserve cash, you need to be looking for better alternatives. With a quick check this morning, I could see that Schwab's purchased Money Market is yielding 5.18%, and that amount has been fairly constant for months now. With the Fed now starting to telegraph slower and less frequent interest rate cuts, you should expect to see rates remaining in this range for a while.
To put this in perspective, if you have $25,000 sitting in your emergency cash you are looking at nearly $1,300 in annual interest. That's worth paying attention to.
Have a great start to the week
John Ritter
[email protected]
(513) 233-0715
Monday, February 19, 2024
I've long been a fan of local sports commentator and radio personality, Lance McAlister. He's always just had a way of connecting the human element of sports with the teams/athletes in a way I've enjoyed. I still remember the genuine tears when he spoke about Joe Nuxhall the day of his passing, and how I pulled off the side of the road to listen through glistening eyes.
A bit more than a year ago, Lance started writing a weekly social media post called "My Random Thoughts." The topics are all over the map, but something I always stop to read. So I thought perhaps we could expand on our email communications and social media posts to include just a random thought or two that hit us over the last week. With that introduction, here is the inaugural Monday Morning Missive.
I was struck by a comment from a local real estate agent who I was speaking with. I had remarked that first time home buyers face such a challenging environment right now due to inflated home costs, higher interest rates, and the challenge of raising enough money for the down payment. This topic has been top of mind for me as my daughter and future son-in-law have been looking for their first home. He remarked back "Studies have shown that if the bank of Mom and Dad was a real bank, it would be the 7th largest home lender in the country!" Wow - that puts it in a whole new perspective.
I then found the following article that hits on this exact topic:
Buying a House in Today's Market
We had long planned to provide our children with a "jump start" gift amount upon college graduation. But this home search made us realize that it was better to have some of the money used to make first time home ownership more approachable. We've long saved furniture for them (yes, our basement storage looks like a used furniture store...) and have kept other random items that would help them get started. But a financial gift now, rather than waiting for many years or for an ultimate inheritance a long time from now, could allow them to bypass multiple years of renting. Instead, they could start the home ownership process and equity building now.
If you find yourself in a situation where you are considering this approach, make sure you document the details and understand the risks. Everyone's situation is different, and how you would go about gifting can differ from person to person. Make sure to involve your trusted advisors so they can think this through with you so that the best decision is reached.
I'll be back with another random missive next Monday. We'll see what happens during the week to inspire the topic.
We hope you have a great week, and enjoy the Presidents Day holiday.
John Ritter
[email protected]
(513) 233-0715