Category: Bare Wealth Team
Clarity in Planning
January 6, 2020Driving into work today the classic 1972 Johnny Nash song “I Can See Clearly Now” came strolling into my mind. It made me first break out in song and then contemplate the blessing of sight and finally consider how this year is going to be the Year of Vision at Bare Wealth Advisors. You will hear more about our Year of Vision throughout the year but for now I simply want to focus on seeing clearly or having clarity.
Did you know that eyes are made up of 2 million working parts? Or that your eye is the fastest muscle in your body? I regularly take my eyes for granted and forget that my vision is one of the greatest gifts I have. However, when I forget my glasses or get something in my eyes and lose the clarity of vision, it’s an easy reminder how critical it is to see clearly.
As a financial advisor, one of the areas we excel at is giving financial clarity to our clients. It’s more than just wealth management and insurance products based on your age and risk tolerance. These might provide a course but cannot provide full clarity. Once we get a chance to walk through a full financial plan, understanding a client’s core values in addition to their financial goals and circumstances, we can provide a lot of clarity as to the path they are on and help them answer the question of “how much is enough?” in many areas of their financial lives.
We’re looking forward to 2020 and hope to see you soon! As the Johnny Nash chorus continues, “It’s gonna be a bright (bright) bright (bright) sunshiny day”.
Year of Generosity in Review
December 1, 20192019 has been Bare Wealth Advisors’ Year of Generosity. We find it helpful to create a theme each year to help us be more intentional in a certain area of our financial lives. Without intentionality in our lives we are prone to coast along with life reacting to life events and circumstances. This is true in our financial lives as much as in any area of life. As we wrap up another year, I thought it would be good to make one last effort to emphasize the importance of generosity in our lives and in the lives of others around the world.
In 2 Corinthians 8:7, the Apostle Paul tells us to excel in our acts of giving – similar to how we would want to excel in other areas of life such as our knowledge, speech, faith etc. If you are alive more than 12 years, you probably know that to excel or get better in something you need to work at it and plan for it to actually improve. Think of a professional athlete such as Michael Jordan-the best basketball player ever to play the game (sorry, Lebron James fans). Although he was naturally gifted as an athlete and basketball player, he was also the one that put in the most hours a day practicing and mastering his game. The same is true for financial management as well as our generosity. We may be naturally generous, having a desire to help other people. However, with unlimited options on how we spend our time and money, we are often pulled away from using our resources for others in efforts to “better” our own lives resulting in more things or time commitments.
The only way to improve or excel in our effort to live a generous life is to plan, set goals, and take steps towards generosity. Begin by asking yourself: “What does generosity look like for me considering what I have been given?” The Bible tells us that to whom much is given, much is expected. This means we have a great responsibility with what we manage. Many in America have been given much and, we are the most generous nation in the world by many statistics. However, a deeper look into this says we have room for improvement. The average American gives about 2% of their income. While this is slightly better at 2.6% for someone who regularly attends a weekly worship service, it still falls short in many ways considering the wealth we have in our possession. During the Great Depression, average giving percentage was 3.5% of income, despite extremely difficult times. There are many studies that show as our income increases, we give a lower percent of our income to help other people. Why?
Perhaps because we do not think about being intentional or how we can improve in this area like we do areas such as fitness, our jobs, parenting, etc. Why not set giving or generosity goals each year that push us forward from the prior year? Think about giving a bit more to help others or possibly one percent more of your income than the prior year. Think about how we can use our time to help those in need around us such as volunteering an hour more per week so we can physically help someone in a tough situation. A good exercise is near the end of the year pull out your calendar and your checkbook (or online account) and reflect on how you spent your time and money in 2019, does it align with what you most value in life? If not, set some goals in both areas to be more generous and others focused in 2020.
I read recently that if the average church attender gave 10% of their income (a tithe or tenth is often taught in the Scriptures) there would be additional resources to solve problems such as: world hunger, deaths from preventable diseases, the world’s clean water and sanitation concerns, all world mission efforts would be funded, and all illiteracy concerns would be solved. Not only would these problems be solved but there would also be $100 billion left over to fund local needs in our communities. With this in mind, I could argue that if we all pushed forward with more generosity, we could drastically improve the lives of people around the world! In addition, when we take part in generous acts there is a supernatural joy and fulfillment that comes that cannot be matched by any earthly possessions.
To wrap up Bare Wealth Advisors. Year of Generosity, let me encourage and invite you to take part of generous acts of service in 2020 and beyond. Together we can move the needle of generosity from where we are today to where we can leave a legacy well beyond what we can imagine if we are intentional in this area of our lives. After 23 years of working with families such as yours in the area of financial management and decision making, I can honestly say I have NEVER met an unhappy generous person.
A Season for Everything…
September 30, 2019As you turn the calendar to October and we roll into the Fall season, the air is turning cooler and the farm fields are being harvested. Pumpkins are filling the roadside stands and their flavor and smell is infused into everything possible…drinks, foods, candles. Personally, I love the crisp cool air, the opportunity to open the windows in the house throughout the day, and sitting by a fire in the evenings over the weekend. With all the above changes, we’re also brought to the Medicare Annual Enrollment Period. Ready or not, if you’re eligible for Medicare you will soon have more kindling material that you can burn in those fire pits!
First of all, what is the Annual Enrollment Period (AEP)? Well, each year between October 15th and December 7th is a time frame that allows those with Medicare a chance to sign up for, change, or disenroll from a Medicare Advantage plan or prescription drug plan. During this 7 to 8 week period you are afforded the most flexibility to make changes. If you desire to review your coverage or if you know a change is needed, then it is best to use this time frame to accomplish that.
What things may necessitate a meeting? In life the one constant is change. If you had changes to your health, whether that is to prescriptions that you’re taking, seeing a new doctor, or even anticipating a procedure in the upcoming year, it would be a great time to review your current coverage. Another consideration to keep in mind is how the plans themselves change. If you have a Medicare Advantage plan or prescription drug plan you will receive an Annual Notice of Change booklet. Though it isn’t the most exciting read, it is an important one! I would suggest you review the booklet. Also know that we would be happy to discuss those changes with you.
Do I have to call or sign anything to keep my current coverage? Generally, NO. If your current plan is continuing into 2020, you’re satisfied with the way it worked, and you understand the upcoming changes in coverage, then you do not need to do anything. There are times that plans will be discontinued and you will be notified of your need to sign up for a new plan in the AEP. If you do have questions about your existing coverage or about other plans that are available, please give our office a call and we will be happy to answer any questions that you have.
Is there any cost to meet with an agent to sign up or make changes? No; even if you decide to keep your current plan there is no charge for a review meeting. You also will not pay more if you were to sign up for insurance through an agent compared to buying it directly from the company.
This year don’t let the Annual Enrollments Season overwhelm you. Please give me a call if you would like a personal review of your coverage for upcoming year and to be sure you are in a plan that makes sense for your situation.
You can reach me at 717-407-5200 or Jim@barewealthadvisors.com.
Financial Advisor is a Registered Representative of and offers securities through Securities America Inc., Member FINRA/SIPC. Financial advisory services are offered through Securities America Advisors Inc. Bare Financial Services, Inc. dba Bare Wealth Advisors and the Securities America companies are independently owned.
Generosity
February 19, 2019by Ron Bare
“When someone has been given much, much will be required in return; and when someone has been entrusted with much, even more will be required.” Luke 12:48b
In this passage, Jesus begins by instructing them not to worry and first seek God’s Kingdom. In verses 33-34 Jesus says to sell your possessions and give to those in need, unlocking an important principle in money management, the principle of Generosity.
Generosity requires us take our eyes off our possessions and puts our focus on the Kingdom of God where it belongs. Later Jesus says “Wherever your treasure is, there the desires of your heart will also be.” He seems to make the point that a generous life on earth (what we treasure) will help our hearts desire a deeper relationship with God and the advancement of His Kingdom.
The more we have been given the harder it can be to keep our focus on our love of God and not develop a love for money. By living a generous life, we invest into the Kingdom by helping people and furthering the work God has given all believers, to make disciples of all nations. Now that is a good return on our investment!
Welcome Lamar King!
January 9, 2019Bare Wealth Advisors is excited to announce the addition of Lamar King to our team! Lamar brings a passion for helping our community make wise financial decisions due largely to his time over the last 10 years at Fulton Bank. At Fulton, he worked primarily in the agriculture community, helping his clients make wise borrowing decisions to meet their business goals. Lamar will now bring that commitment to the Bare Wealth Team as he assists advisors in helping our clients make wise financial decisions in a broader sense than just lending.
Lamar and his wife, Grace, were married in 2006 and have four children. Lamar was raised on his family’s potato farm in Cochranville and met Grace at Cedarville University in Ohio, where he received his Bachelors in Finance and Accounting along with a Bible minor. They live together in Lancaster and are very involved at Millersville Bible Church where Lamar helps lead worship through music and lead as a member of the elder team. Some of the things Lamar enjoys are spending time with his family, playing guitar, volleyball, golf, cheering on Philly sports teams and journaling.
Year of Purpose Recap
December 7, 2018by Ron Bare
Early in 2018, I wrote that this year Bare Wealth Advisors was themed to be a year of purpose. If you have worked with us for some time, you know that we believe that all of us have a unique calling and purpose in life. However, living life on purpose means to live intentionally as we journey together through this life. At Bare we made a commitment to helping you achieve that this past year.
Here are some things we set out to do in order to help you live a life on purpose in 2018 – we hope these were a blessing to you and your family!
- Help you create a life mission statement or help you identify a few core values. If you have not been able to go through these exercises, be sure to bring it up to us next time you’re in for a meeting! We have received some great feedback on how these were helpful.
- Books and devotionals. We have given out many “Purpose Driven Life” devotionals and “Splitting Heirs” books for those working through the estate planning process. We are excited to talk to you next time you visit us to receive feedback on the usefulness to these resources.
- We have written blogs on how to live a life of purpose, how to retire with purpose and how to vacation on purpose. Let us know if you missed any or check out our website as all previous blogs can be found at www.barewealthadvisors.com
- Tee shirts! We had “Run with Purpose” tee-shirts made and have seen them being worn in the community. If you have not received one stop by anytime to pick one or two up as an early Christmas Gift.
We look forward to hearing from you and any stories you have on how living ON PURPOSE has helped you or those you care about. Blessings to you and your family as we enter the Christmas season! A time to be thankful and reflect on faith, family and friendships – the things that matter most!
It’s Already Christmas? Hooray or Humbug?
November 1, 2018by Ryan Kurtz
On September 29th of this year my wife and I had a date night, our own small retreat from our home and four children. We started the evening by eating “unlimited shrimp” at Red Lobster thanks to a gift card that was given to us. After eating myself almost sick from the unlimited shrimp, we headed to Lowe’s to do some shopping for the list of items we needed at home, ranging from light bulbs and toilet paper holders to furnace filters. When I first entered the store I was fear-struck with what lay before my eyes. To my right, barely inside the door and right beside the Halloween “Must-have Merchandise,” was Christmas. Fake trees, lights, blow up lawn Frostys, and everything that comes out at Christmas was already on full display.
September 29th, 88 days, almost 3 full months before the holiday, Christmas preparation was already in full swing. I was genuinely shocked. I don’t know if it was the overindulgence of shrimp an hour earlier but I am beginning to feel as though I don’t really like Christmas anymore. I am now 40 years old so the child like excitement for Christmas has worn off around 2 ½ decades ago but I always did enjoy the day itself. This, however, is beginning to push me a little bit over the line. The line that separates Hooray from Humbug.
We all know people who reside on both sides of the line. The “Hoorays” can grow more than a little annoying. These are the people who are always counting down the days to Christmas and throwing ugly Christmas sweater parties. The Hooray’s love to shop for The Day as well. Getting up at 1AM on Good Friday to fight with other Hooray’s over items that are “unbelievable deals” is a cherished and time-honored tradition for them. I am convinced that these are likely the people that are starting Christmas in September.
The Humbug’s I never truly could fully relate to. They are always upset with the Hoorays for being happy, never put lights out in front of their house and sleep in on Christmas morning like it is just another Saturday. I never could relate to them before, but with the aforementioned business on the evening of September 29th happening, I began thinking that maybe I can begin to see where they are coming from.
How about you, which side are you on? Hooray? Humbug? Somewhere in the middle? Whichever side you find yourself on, Christmas day will be here before we know it. Gifts, lights, food, and ugly sweaters will all be out in full swing to celebrate The Day.
So, if you are a Hooray and can’t wait to drink the eggnog, or if you are a Humbug and are just looking forward to a day off work, when you see the lights and ugly sweaters, whether you like the caroling and shopping or not, I would like to remind us all of something: This coming Christmas day, the preparation and anticipation is only because of one thing.
The Love of God for us.
God sent His Son into this world, being born as a baby, grew into man and died so we don’t have to. To simplify what has become a significant portion of clutter in our lives, minds and hardware stores, Christmas day really is just about celebrating the greatest birthday of the year. The birthday of Jesus.
You know, maybe the greatness of Jesus birthday celebration is worthy of starting to plan for Christmas in September after all? Maybe the real “Hooray” should be the cry of our hearts shouting out thankfulness this Christmas for what God has done for us by giving us a Savior.
Do you know the day we really should start planning to celebrate Christmas next year?
December 26th.
It doesn’t matter if I get shrimp heartburn from seeing Christmas lights all year long, Jesus birthday is really worth preparing for 364 days in advance.
So, if you are a Hooray or a Humbug, as we head into the last few months before Christmas, as you see the Christmas sweaters and large Frosty blow-up lawn ornaments, take some time to reflect with a thankful heart on the real reason we celebrate Christmas.
God’s inseparable, unmeasurable, unchanging love for you.
And by the way, if you’re looking for a gift to give me for Christmas this year, just get me a gift card to Red Lobster.
Medicare Insurance
October 2, 2018by Jim Wahlberg
It’s that time again…mailboxes will be filling up, advertisements will be falling out of the newspaper, and every other commercial will announce it. What is it?!? It’s Medicare enrollment season! Ready or not, October 15th begins a new Annual Enrollment Period (AEP). I get a lot of questions this time of year so I thought I would try to answer some of the most often asked questions in this post.
What is the Annual Enrollment Period? The AEP is a timeframe that allows Medicare beneficiaries an opportunity to either enroll, disenroll, or change Medicare Advantage or Medicare Prescription drug plans. This time period does not apply to Medicare Supplement plans.
What are the dates of the Annual Enrollment Period? All changes need to occur between October 15th – December 7th. We can begin meeting with people starting October 1st to discuss the benefits for the upcoming year. However, we cannot accept any applications until October 15th and we cannot submit any applications after December 7th. There are almost no exceptions to this rule.
Do I have to call or sign anything to keep my current coverage? Generally, NO. If your current plan is continuing into 2019, you’re satisfied with the way it worked, and you understand the upcoming changes in coverage, then you do not need to do anything. A general rule of thumb is not sending your phone number to a mailer you have received unless you would like to receive calls from the source of that mailer. If you do have question about Medicare coverage, feel free to call our office and we’ll be happy to answer any questions you have.
Is there any cost to meet with your office to sign up or make changes? No! You don’t pay anything to meet with us and you will not pay any more buying a product through our office compared to buying it directly from the company. We are independent brokers representing most of the major insurance companies in our area. We’re happy to discuss your current plan and make recommendations for change only when it benefits you.
Don’t let the Annual Enrollments Season overwhelm you. Please give us a call if you would like a personal review of your coverage for 2019.
Core Values
September 7, 2018by Ron Bare
What is the purpose behind setting core values as a business? Did you ever wonder when walking into a business and seeing values on the wall how were they determined and does the company really strive for excellence, integrity or the other words listed?
At Bare Wealth Advisors we believe that core values are essential to have as an organization. These values help us determine how we will behave on a daily basis – they describe who we are as a company and keep us focused on acting in a way that aligns with the values we have established. The Bare Wealth Team recently spent time taking a deep look into the meaning of our values and have established some thoughts to go with each value. As our trusted clients, I thought it would be helpful for you to know what our values are and how these values help us fulfill our purpose as a company which is to: Help our clients intentionally manage wealth that aligns with their God-Given Purpose.
- Stewardship – We believe God owns everything and managing faithfully what is entrusted to us leads to growth in resources, responsibility, and influence for the purposes of God.
- Biblical Wisdom – Applying the timeless principles of God’s Word to our financial stewardship creates contentment, clarity, and freedom.
- Excellence – Upholding a standard of excellence compels us to give our best in unselfish service to others
- Integrity – Being authentic and transparent promotes wholeness and confidence in the trustworthiness of our stewardship.
- Generosity – Cheerful and generous giving inspires others in their purpose, enriches relationships, and expands the influence of the resources we manage.
By putting some thought behind each value, it provides additional meaning to the values we have set. This will help us continue to pursue excellence in our areas of expertise while making Biblical Stewardship a priority as we operate and provide advice. However, ultimately it is our sincere hope that these values help us help you be a faithful steward and make a difference with what has been entrusted to you!
5 Steps to Succeeding at Business Succession
August 1, 2018by Ryan Kurtz
In a 4×100 relay race in the summer Olympics, just because a team has the four fastest runners does not mean they will win the race. If they spend their practice time only trying to get faster, they still may not have the winning team. Most 4×100 relays are won or lost in the transition of the baton. Similar to an Olympic racer, a business professional could spend their whole life “running” their business only to lose much of the value, if they are not prepared for the transition.
In working with a number of business owners through building and transitioning businesses over the years, we have found a number of things that can help you “Succeed at Business Succession”.
Here are 5 steps to take now to set yourself up for success:
- Begin Locating a Successor
This may seem very basic but we see many business owners that are unable to complete a transition of the business only because there is no one ready to transition the business to. Here are a few places you can look for a successor.
- Family members:
If you have a business, family members are often a natural way to transfer your business. A benefit of this type of transfer can be flexibility of the current owner to stay involved in the family business after it is sold. Selling to a family member can also create a situation where the older generation will sell the business in some sort of installment sale. This could benefit the buyer with favorable terms (i.e. low interest rate, reasonable payment schedule, etc.) and the seller with some possible tax benefits of receiving the sale proceeds over a period of time rather than all in one year.
- Employees
One of the benefits of selling a business to your employee(s) is that it can be an incentive to keep your key employee(s) around. Stock ownership could be structured in the employee(s) compensation package, which also is a creative way to give bonuses or pay increases. This could happen in a way where a small portion of the company would be transferred to an employee each year.
- Outside business party
Selling to an outside party is always a possibility. Finding a competitor or someone looking to buy a business can be an option. This often will bring more changes to the business than the previous two options discussed and sometimes can be difficult for current employees.
- Make your Business Transferrable
Even if you are years away from selling your business, one thing you can do now is to work towards making your business transferrable. You should work towards having your business function without the owners involved. For a gauge of this, ask yourself the following questions:
- Do customers need the owners involved to conduct the day to day functions of the business?
- How long can the owners be away before it affects the business?
Having a business operate successfully without the owners involved is a great benefit to the buyer of any business. Remember, if you sell your business you will no longer be there, you just want to make sure the business still is.
Another key to making your business transferrable is having key employees that would stay with the business during a transition. Having key employees in place and having low employee turnover should be a goal for any business owner
- Establish a Personal Financial Plan
Having a personal financial plan in place before transferring the business is important as you make transition plans. This will help you to know what price as well as the timeframe in which you can sell your business. In addition, knowing if you need $10,000 versus $50,000 a year from the business for personal income is important. Working on your personal financial plan can give you a lot of clarity in business transition decision making.
- Plan for the Unexpected
Most of us think of business transition as how do I sell my business?
But, what if you would have to transition the business because of an unexpected death or disability? Having updated agreements in business partnerships is important in addition to having clear predetermined steps if something were to happen to the business owners. These can include predetermined values of the company or even naming a certain person as someone who would have the first right to buy the business if the owner would to pass away.
Considering life insurance coverage is one possible option that can be an inexpensive way to plan for the unexpected.
It is good to also have all your personal estate documents updated as well as this could go in hand with any business agreements which you have in place. These could include your Will, Financial Power of Attorney and Healthcare Power of Attorney documents.
It is good to remember: not planning for the unexpected could result in the forced sale of the business or loss of jobs for employees
- Consider a Consultant
Hiring a consultant that specializes in business transitions can be beneficial as you work through a business transition.
We recommend this person being someone who is not involved in the day to day work, has the ability to see your blind spots, and has experience working through relationship conflicts. The same way it benefits an Olympic relay team to have a coach, it can benefit a business to have one as well.
So how can you start planning for your business succession now?
- Begin looking for a successor.
- Take time away from your business – can it still operate without you?
- Prepare now before the possible event of a death or disability.
- Create a personal financial plan.
- Get help! Consider hiring a consultant.