NEWSLETTER - TrueWealth · 2020. 1. 1. · John Sklenar CPA, PFS, CFP® Nick Sklenar CFP®...
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Investment Advisory Services are provided by Premier Financial Services, Inc. a Registered Investment Adviser DBA TrueWealth Nation. Information is presented for educational purposes only and is not intended to be a solicitation for a purchase or sale of a security. January 2020 NEWSLETTER Always Be Honest Why is honesty so important? Or, is it really? Does our culture truly value honesty? If it does, we would see it permeating our society. Yes, everywhere we go, we would see honesty carried to an extreme. C. S. Lewis, one of the greatest thinkers of the 20 th century, said that our Cardinal (or pivotal) virtues should include Prudence, Temperance, Justice and Fortitude. Justice, he says, “is an old name for everything we should now call ‘fairness’. It includes honesty, give and take, truthfulness, keeping promises”, and so on. The first thing that comes to mind in our current day is our political leaders. The joke is…How do you know a politician is lying? His lips are moving. We have seen this for so many decades that we have come to expect it. If we can’t expect virtuous conduct from people who should be setting an example for adults and children alike, then our society crumbles. Can you think back to your younger days and recall an instance when you were confronted with your own lack of honesty or integrity? I can come up with many of my own. The earliest was a trip with my mother to Kearney’s Rexall Drug store in Audubon; I was probably around 3 or 4 years old. While my mom was distracted shopping, I did a little shopping of my own. I headed straight for the “hot whole cashew” display. You attorneys may call that an “attractive nuisance.” What child would be able to withstand a temptation like that?! As we were checking out, my mom noticed both of my fists full of something and asked me to open my fists and show her my plunder. Unable to win that battle, my mom forced my hands open; she brought me in front of the druggist and made me show him the nuts. She also insisted that we pay for the nuts. I can’t remember much of my life back that far. But, that has always stuck with me. There is an old proverb that says, “Children with good sense accept correction from their parents, but stubborn children ignore it completely.” I wish I could say that my life of crime was “one and done.” About three years later, I convinced myself that I needed to break six windows out of the neighbors’ garage. Not just one. Six! I did it in broad daylight. And to this day, my crime went unsolved. But, I remember it vividly. How nobody heard or saw it is remarkable. A greater thing to ponder is what would possess a little boy to doing something like that. Especially, when my father was the mayor of the town. Fast-forward to age 17. I fell for a 14-year-old named Virlee on the first day of my senior year. A few months later, I picked her up in my car at her farm and headed for town. We stopped at the stop sign at Hwy 71. I decided I couldn’t go seven miles to town without stealing a kiss. Mind you, she didn’t put up much of a fight. The worst of it was that her father, unbeknownst to us, had quietly come up behind us at the intersection. I think I violated all four of the Cardinal virtues. My future father-in-law didn’t quite know how to handle that one. I didn’t either. I’ve made a lot of mistakes in my 68 years. But, I have always sought to learn and grow. Not only in character, but in knowledge and wisdom. My mom always told us, "If you always tell the truth, you have no lies to remember. Your lies will require you to tell another lie to cover up the last one.” In both the CPA and the CFP® profession, the ethical rules are in place for a reason. We serve as a fiduciary. This means that we are required to put the needs of our clients above our own. That is one of the reasons we don’t lie – even about small things. We would rather lose a client than compromise our “Cardinal virtues.” Another old proverb… “A heartless leader is a fool, but anyone who refuses to get rich by cheating others will live a long time.” That is me. I want to live a long time. We hope you all will consider attending the American Dream Experience this year. We want you all to go through it. It has the power to transform your life, if you will just let it. You can achieve freedom, fulfillment and love. Education is the key. The biggest hurdle for most attendees is admitting that you don’t know what you don’t know. In general, the biggest problem for investors is “themselves.” People don’t have portfolio problems. Portfolios have people problems. Here is my Proverb: It is hard to be honest with others, and even harder to be honest with ourselves. We are here to fix that. ~ John Sklenar, CPA, PFS, CFP®
Transcript of NEWSLETTER - TrueWealth · 2020. 1. 1. · John Sklenar CPA, PFS, CFP® Nick Sklenar CFP®...
Investment Advisory Services are provided by Premier Financial Services, Inc. a Registered Investment Adviser DBA TrueWealth Nation. Information is presented for educational purposes only and is not intended to be a solicitation for a purchase or sale of a security.
January 2020
NEWSLETTER
Always Be Honest
Why is honesty so important? Or, is it really? Does our culture truly value honesty? If it does, we would see it permeating our society. Yes, everywhere we go, we would see honesty carried to an extreme.
C. S. Lewis, one of the greatest thinkers of the 20th century, said that our Cardinal (or pivotal) virtues should include Prudence, Temperance, Justice and Fortitude. Justice, he says, “is an old name for everything we should now call ‘fairness’. It includes honesty, give and take, truthfulness, keeping promises”, and so on.
The first thing that comes to mind in our current day is our political leaders. The joke is…How do you know a politician is lying? His lips are moving. We have seen this for so many decades that we have come to expect it. If we can’t expect virtuous conduct from people who should be setting an example for adults and children alike, then our society crumbles.
Can you think back to your younger days and recall an instance when you were confronted with your own lack of honesty or integrity? I can come up with many of my own. The earliest was a trip with my mother to Kearney’s Rexall Drug store in Audubon; I was probably around 3 or 4 years old. While my mom was distracted shopping, I did a little shopping of my own. I headed straight for the “hot whole cashew” display. You attorneys may call that an “attractive nuisance.” What child would be able to withstand a temptation like that?!
As we were checking out, my mom noticed both of my fists full of something and asked me to open my fists and show her my plunder. Unable to win that battle, my mom forced my hands open; she brought me in front of the druggist and made me show him the nuts. She also insisted that we pay for the nuts. I can’t remember much of my life back that far. But, that has always stuck with me.
There is an old proverb that says, “Children with good sense accept correction from their parents, but stubborn children ignore it completely.” I wish I could say that my life of crime was “one and done.”
About three years later, I convinced myself that I needed to break six windows out of the neighbors’ garage. Not just one. Six! I did it in broad daylight. And to this day, my crime went unsolved. But, I remember it vividly. How nobody heard or saw it is remarkable. A greater thing to ponder is what would possess a little boy to doing something like that. Especially, when my father was the mayor of the town.
Fast-forward to age 17. I fell for a 14-year-old named Virlee on the first day of my senior year. A few months later, I picked her up in my car at her farm and headed for town. We stopped at the stop sign at Hwy 71. I decided I couldn’t go seven miles to town without stealing a kiss. Mind you, she didn’t put up much of a fight. The worst of it was that her father, unbeknownst to us, had quietly come up behind us at the intersection. I think I violated all four of the Cardinal virtues. My future father-in-law didn’t quite know how to handle that one. I didn’t either.
I’ve made a lot of mistakes in my 68 years. But, I have always sought to learn and grow. Not only in character, but in knowledge and wisdom. My mom always told us, "If you always tell the truth, you have no lies to remember. Your lies will require you to tell another lie to cover up the last one.”
In both the CPA and the CFP® profession, the ethical rules are in place for a reason. We serve as a fiduciary. This means that we are required to put the needs of our clients above our own. That is one of the reasons we don’t lie – even about small things. We would rather lose a client than compromise our “Cardinal virtues.”
Another old proverb… “A heartless leader is a fool, but anyone who refuses to get rich by cheating others will live a long time.” That is me. I want to live a long time.
We hope you all will consider attending the American Dream Experience this year. We want you all to go through it. It has the power to transform your life, if you will just let it. You can achieve freedom, fulfillment and love. Education is the key. The biggest hurdle for most attendees is admitting that you don’t know what you don’t know. In general, the biggest problem for investors is “themselves.” People don’t have portfolio problems. Portfolios have people problems. Here is my Proverb: It is hard to be honest with others, and even harder to be honest with ourselves.
We are here to fix that.
~ John Sklenar, CPA, PFS, CFP®
John Sklenar CPA, PFS, CFP®
Nick Sklenar CFP®
712-792-6400
Toll Free: 866-792-6668
www.truewealthnation.net
414 S. 17th St., Suite C
Aspen Business Park
Ames, IA 50010
MAIN OFFICE:
503 N. Main St.
Carroll, IA 51401
14301 First National Bank Pkwy
Linden Place, Suite 100
Omaha, NE 68154
Bryan Jimmerson CRPC®
Upcoming Events
Verify, Verify, Verify Tuesday, January 21 5:00 p.m.—6:30 p.m.
The Returns Paradox Thursday, February 20 3:30 p.m.—5:00 p.m.
OMG! Global Economic Armageddon
Monday, March 16 5:00 p.m.—6:30 p.m.
American Dream Experience
Saturday, March 28 in Ames
Bryan Jimmerson achieves CRPC® designation.
Congratulations to Bryan Jimmerson, who
recently achieved the professional
designation of Chartered Retirement
Planning CounselorSM. Individuals who hold
the CRPC® designation have completed a
course of study encompassing pre-and post
-retirement needs, asset management,
estate planning and the entire retirement
planning process using models and
techniques from real client situations.
Additionally, individuals must pass an end-
of-course examination that tests their ability
to synthesize complex concepts and apply
theoretical concepts to real-life situations.
The CRPC® is a graduate-level designation
program for experienced financial advisors
offering more comprehensive retirement
advice to individual clients.
Do you pay to rent a band instrument or uniform? How about paying for a school activities pass, sporting event admission, driver’s ed, or prom tux rental? If so, you may qualify for a state tax credit.
Iowa taxpayers who have dependents attending grades K-12 in an Iowa school may qualify for the Tuition and Textbook Credit. The credit amount is 25% of the first $1,000 for each dependent’s eligible expenses.
Some items eligible for the credit include: Tuition and Textbooks Driver’s Ed (paid to school) Dues/Fees/Admissions Instrument Rental & Consumables Sheet Music (used in school) Computers (if required) Materials for Extracurricular Activity Parking (paid to school) Activity Ticket Clothing (non-street, costume) Shop Class Materials Mechanics Class Materials Uniforms (band, hockey, football) Renting Prom Dresses/Tux Graduation Cap/Gown Fees Shoes (football cleats, track spikes, etc.)
Some items not eligible include: Yearbooks or Pictures ACT/SAT Testing Clothing (suitable for street wear) Class Rings Travel Expenses for Trips Purchase of Musical Instruments Private Music Lessons Optional Expenditures Shoes (suitable for everyday wear) Food & Lodging Home-schooling
As you begin tallying 2019 expenses for your tax return, remember to track and include eligible school expenses for your dependents. It may lead to a tax credit on your state
return. Please talk to us to learn more details. ~ Bryan Jimmerson, CRPC®
SECURE Act signed into law.
The SECURE Act passed the House on Dec. 17,
the Senate on Dec. 19, and was signed into law by
the President on Dec. 20. Some of its provisions
took effect immediately, while others went into
effect January 1. This important legislation contains
about 30 substantial changes to retirement
accounts you should be aware of. Here are a few:
The age for beginning Required Minimum
Distributions (RMDs) is raised from 70-½ to 72.
Non-spouse beneficiaries of IRAs must take
distributions over 10 years (instead of lifetime).
Eliminates the age limit to contribute to a
traditional IRA.
New exception to the 10% penalty for Birth or
Adoption.
Call or visit us today to get the
answers to your questions.
