August 1, 2023

Have You Considered CDs for Your Savings?

I often discuss the concept of the “Happy Bucket” – keeping a sufficient amount in your local bank to ensure you feel secure and content. With the current high short-term rates, CDs (Certificate of Deposits) have become an attractive option. I’ve even invested in some myself.

While I’m not keen on tying up funds or taking significant risks, especially being self-employed, CDs offer competitive rates. If you need to withdraw early, you typically lose only 60 days of interest. Fixed Annuities offer even higher rates, but they lack liquidity. With guaranteed rates of up to 5.25% for 10 years and even higher rates for Fixed Indexed Annuities, one might wonder why anyone would risk the stock market. Some are content with a 5% return, while others seek higher growth, accepting the market’s volatility. It’s essential to understand your financial boundaries.

A Personal Note on Property Investment

Recently, I purchased a six-acre property adjacent to my home. I had always expressed interest in buying it if it ever went up for sale. To my surprise, I saw a ‘For Sale’ sign on it one day. Although I felt the asking price was steep, my wife, Laura, and I decided to meet it. Our offer was straightforward – no contingencies, just a cash deal.

What’s the value of choosing who lives next to you? To me, it’s significant. I wasn’t ready to risk having neighbors I might not get along with. Even if I might’ve paid a premium, the peace of knowing we’ll have a serene lot filled with nature is worth it.

The Value of Money in the Bank

Where would that money have been if not invested in the property? Likely in a bank. But what’s the real value of money just sitting there? Beyond ensuring your “Happy Bucket” is full, money should bring joy, help others, and serve a purpose. It’s a balance between saving, growing, and spending. A Certified Financial Planner Professional™ can guide you through these decisions. If you haven’t consulted one, I recommend doing so.

Savings Tips to Prepare for Christmas

While summer is in full swing, Christmas is just around the corner. Here are some early saving tips to ensure a joyful holiday season:

  • Create A Budget: Outline your expected expenses for gifts, decorations, food, and travel.
  • Shop Sales and Clearance: Buy gifts and decorations during sales to save money.
  • DIY Gifts and Decorations: Handmade gifts carry sentimental value and can be cost-effective.
  • Christmas Savings Account: Set up a dedicated account for holiday expenses.
  • Cut Back on Non-Essential Spending: Allocate saved money to your Christmas expenses.

By planning ahead, you can enjoy a stress-free holiday season!

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A Quick Update from GLB

Our summer’s GLB Client Appreciation event at Kelley’s Island was a hit! Despite initial weather concerns, we had a fantastic time with great food, drinks, and entertainment. A big thank you to our clients – we cherish every moment with you!

Until next month, Wayne

Recipe of the Month

Stuffed Mini Peppers

Ingredients:

  • 6 mini sweet peppers, sliced in half (the long way), seeds and membranes removed
  • 4 oz cream cheese (can use plain, garden veggie, chive or any flavored cream cheese)
  • 2 tablespoons green onions, sliced
  • 4 slices bacon, cooked and crumbled
  • 1/2 teaspoon garlic powder
  • 1/2 cup shredded cheddar cheese + extra for topping
  • 1 teaspoon Worcestershire sauce
  • Chopped cilantro for topping (optional)

Instructions:

  1. Preheat oven to 400 degrees. Spray a cookie sheet with nonstick cooking spray.
  2. Mix the cream cheese, green onions, bacon, garlic powder, cheddar, and Worcestershire sauce until smooth.
  3. Fill the sliced peppers with the filling, about a heaping tablespoon each. Place on the prepared cookie sheet, then sprinkle each pepper with a little extra cheese.
  4. Bake for 10-12 minutes until cheese is melted and bubbly and peppers have softened.
  5. Allow to cool slightly before eating. Sprinkle with chopped cilantro if desired.

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