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The Five Golden Rules of Money: Unlocking a Prosperous Retirement in 2024 and Beyond

by Eric Seyboldt 

Retirement is often depicted as a tranquil sunset, but in reality, it's a vibrant new chapter brimming with potential and opportunities. Nevertheless, with rising inflation, unstable markets, and unpredictable healthcare costs, many retirees face a financial crossroads, unsure of the direction to take. The good news? Through strategic planning and disciplined financial habits, you can ensure not just a comfortable, but a truly prosperous retirement.

Here are five essential money rules to help you thrive—financially and personally—during your golden years.

1. Diversify Your Income Sources to Enhance Financial Stability

   Relying only on Social Security or a single pension can be risky in today's uncertain economy. True financial independence comes from diversification, which involves spreading your wealth across various income streams: stocks, bonds, real estate, and even part-time work or consulting projects. Take Helen, a retired school principal, as an example. She didn't stop at her pension; she also invested in dividend-paying stocks and a rental property. When the stock market took a downturn, Helen's rental income provided a consistent cash flow, allowing her to maintain her lifestyle and rest easy.

2. Develop a Flexible Budget That Adapts to Life’s Changes

   Retirement isn't a static period; it's a journey filled with both expected and unexpected events. To navigate it successfully, you need a budget that can adapt to changes—whether it's an unplanned medical expense, a family event, or a sudden desire to travel. Paul, a retired engineer, exemplified this approach. By setting aside a "fun fund" and cutting back in less critical areas, Paul managed to enjoy his love for travel and support his grandchildren's education, all without dipping into his core savings. Flexibility isn't just about cutting costs—it's about making room for what truly matters.

3. Prioritize Health to Preserve Wealth

   Healthcare costs can be the most unpredictable and daunting expenses in retirement. Rather than waiting for health issues to appear, take proactive measures. Use a Health Savings Account (HSA) if you're eligible, invest in a comprehensive Medicare plan, and commit to preventive health practices. Helen's dedication to regular check-ups, a healthy diet, and an active lifestyle has kept her medical costs much lower than many of her peers. This proactive focus on health not only preserves wealth but also enhances quality of life—because what good is wealth without well-being?

4. Stay Engaged and Continue Learning to Foster Financial and Personal Growth

   Retirement shouldn't mean stagnation. The most financially secure retirees are those who stay mentally sharp, socially engaged, and always seek to learn new things. Whether it's starting a new hobby, volunteering, or launching a small business, staying active adds purpose to your days and money to your account. James turned his passion for woodworking into a thriving small business, providing extra income that bolsters his retirement funds. The joy he gains from his craft keeps him mentally alert, while the added income offers financial freedom.

5. Perform Regular Financial Reviews to Stay on Track

   The world changes, and so should your financial strategy. Markets evolve, expenses shift, and your personal circumstances can change over time. Conducting annual financial reviews with a trusted advisor is crucial to ensure your strategy remains aligned with your goals. Both Helen and James meet with their advisors every year, adjusting their investments to market conditions and life changes. This proactive approach keeps them in control of their financial future, turning uncertainty into opportunity.

Retirement isn't the end of a journey—it's the start of a new adventure where you dictate your financial story. By embracing these five rules, you set the stage not only for financial success but also for a retirement filled with purpose, joy, and endless possibilities. Remember, true wealth isn't just in dollars and cents; it's in the peace of mind and the freedom to live life on your own terms. With the right approach, your golden years can truly shine.

Reach out to us for a complimentary, 10-minute consultation call. Let's explore together how we can help you protect your assets, ensuring your golden years are as fulfilling and worry-free as you’ve always imagined. Email Eric at [email protected] or give us a call today to schedule your consultation. Let's make your retirement dreams a reality!

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Always consult a tax professional!

What are the tax implications of alternative investments? 

by Andrew Newby

The tax implications of alternative investments can vary significantly depending on the specific asset class, your country of residence, and your individual tax situation. Here are some general tax considerations for various alternative investments:

• Whiskey Equity Investment Trusts via The Bourbon Reserve (www.bourbon.fund)

  • WEITs often structure distributions as long-term capital gains, which are typically taxed at a lower rate than ordinary income, providing potential tax benefits for investors.

  • To qualify for long-term capital gains treatment, you generally need to hold your investment in the WEIT for more than one year. Shorter holding periods may result in distributions being taxed as ordinary income or short-term capital gains, which are typically taxed at higher rates.

  • As an investor in a WEIT, you may need to report any income, capital gains, or losses on your tax return. This may involve additional tax forms and reporting obligations, depending on the structure of the investment and the specific tax requirements in your jurisdiction.

• Real estate:

  • Rental income from properties is typically taxed as ordinary income.

  • Capital gains from the sale of properties may be subject to capital gains tax, with rates depending on the holding period and your country's tax laws.

  • Some countries offer tax benefits, such as deductions for mortgage interest, property taxes, and depreciation.

• Private equity and venture capital:

  • Dividends and interest from private equity investments are usually taxed as ordinary income.

  • Capital gains from the sale of private company shares may be subject to capital gains tax.

  • Some countries offer tax incentives for investments in start-ups or small businesses.

• Hedge funds:

  • Taxes on hedge fund investments can be complex due to their various trading strategies and the use of derivatives. Gains and losses may be treated as short-term or long-term capital gains, depending on the holding period and the specific investment strategy.

  • Interest and dividends earned within the hedge fund may be taxed as ordinary income.

• Commodities:

  • Physical commodities, such as gold or silver, may be subject to capital gains tax when sold.

  • Profits from trading commodity futures or options may be taxed differently, depending on the country's tax rules and the specific instrument.

• Collectibles:

  • Capital gains from the sale of collectibles are generally subject to capital gains tax, often at a higher rate than other types of investments.

• Infrastructure and structured products:

  • Tax implications can vary greatly depending on the specific investment structure and the underlying assets. Interest, dividends, and capital gains may be taxed differently depending on the investment.

• Cryptocurrencies:

  • Many countries tax cryptocurrency transactions, including capital gains and losses, as well as mining and staking rewards. Tax treatment can vary depending on the country and the specific transaction type.

• Peer-to-peer lending (P2P) and crowdfunding:

  • Interest income from P2P lending is usually taxed as ordinary income.

  • Capital gains from equity crowdfunding may be subject to capital gains tax.

Keep in mind that tax laws and regulations can vary greatly between countries and can change over time. It's essential to consult with a tax professional or financial advisor familiar with your specific tax situation and the alternative investments you're considering to ensure you understand and comply with all relevant tax obligations.

About the Author

Andrew Newby

Andrew is a passionate entrepreneur and experienced tech strategist with a deep love for the Bourbon industry. As the CEO of The Bourbon Reserve, he leads the charge in navigating the exciting world of Bourbon investments. Andrew's entrepreneurial spirit extends to co-founding The Toledo Spirits Co. and HEAVY Beer Co., where he has played an instrumental role in their growth and success. Alongside his ventures in the spirits industry, Andrew boasts a strong background in software product development, making him a versatile leader in both the Bourbon and tech worlds.

Fixed annuities can be an essential component of a well-rounded retirement strategy, offering security, predictability, and efficiency in financial planning.

Here are current fixed annuity rates and their durations from Top A-rated carriers (subject to change at any time, not FDIC insured):

Rates Are Falling! Don’t Wait To Lock Them In!

3-year: 5.10% (under $100k Deposited)

3-year: 5.15% (over $100k Deposited)

5-year: 5.20% (under $100k Deposited)

5-year: 5.60% (over $100k Deposited)

Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

REAL ASSETS, Invest Like the Ultra-Wealthy

Have You Called Us Yet to Explore Gold or Bourbon as an Accumulation Tool?

In these shaky economic times, more and more clever investors are leaning towards tangible assets to guard their retirement savings. Things like physical gold or even unique choices like barrels of Bourbon are hugely popular these days. These Real Assets act as a shield during money printing and inflation times & can be great for diversifying even when things are calm.

Over the years, Real Assets have done better than other investments when the economy takes a hit. They’re a sturdy hedge against potential crises. If you want a steady financial future, tossing some Real Assets into your portfolio might be smart and profitable.

With the current economic ups and downs, investing in Real Assets could really help stabilize your financial plan. Curious about how these physical investments can give your portfolio a boost? Let’s chat & set up a foundation for a secure and bright retirement!

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Novus Financial Group are unaffiliated entities.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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