Celebrating 5 Years of YOUR Trust and Confidence 08.26.2022
Wait, how’d that happen so quickly? 5 years already?
Understanding a full 50% of businesses do not survive their first five years made Tuesday evening’s party and picnic celebration all the more poignant for us, as it was an amazing feeling (at least after the sun went down!) to be joined by 150 of our closest clients, colleagues, and friends to celebrate our 5-year anniversary as a legal fiduciary to each of our clients as a fully-independent wealth management firm.
We humbly recognize that our clients and colleagues are our lifeblood, and that we assuredly would not be where we are as a firm today without your sincere trust, confidence, and loyalty.
We feel honored to be partnered with each of you, respect the duty and responsibility we have to you, and offer a heartfelt thank you for entrusting us!
Click the thumbnail image below to watch a very well-produced 2-minute video highlighting the party and evening together in the Home Run Terrace at the Sacramento River Cats baseball game with our clients, colleagues, friends, kids (and Dinger)!
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A huge thank you goes out to our new Marketing Specialist, Luis Barrera, for his help and expertise in assembling this video!
Click the Wealth Management Philosophy thumbnail image below to learn more about exactly how we help our clients build and protect their net worth.
Here’s our Director of Operations, Lori Heppner, and our Client Service Specialist, Michelle Venezia, hard at work putting the final touches on our 5-year anniversary celebration guest party favors!
In addition to the behind-the-scenes work involved in pulling off our big 5-year anniversary and client appreciation celebration party, plenty of “real” work continues to take place on a daily basis at Towerpoint Wealth.
Our President, Joseph Eschleman, connected with an excellent long-time client (and gardener), Terry Eager, for a comprehensive financial review meeting late last week.
Terry and Joseph have worked together for many years (including a number of pre-TPW years), and being the kind and thoughtful person he is, Terry will oftentimes bring the office a bundle of his gorgeous home-grown tomatoes. THANK YOU, TERRY!
What else is happening with the Towerpoint Wealth family?
The US tax code allows certain types of entities to utilize “pass-through taxation.” This effectively shifts the income tax liability from the entity earning the income to those “relevant individuals” who have a beneficial interest in it.
Upon receipt of a Schedule K-1, a taxpayer has a very low chance of self-preparing their tax return correctly. Issued to beneficiaries of trusts and estates, to partners in a business partnership, and to shareholders in S corporations.
K-1s are different depending on what entity has issued it, can be difficult to understand and confusing, and can complicate (and oftentimes delay) the preparation of a tax return.
Curious to learn more? Either ask your CPA (recommended), or click the image below!
Are you confused about certain aspects of completing your tax return?
Useful and interesting content we’ve read over the past two weeks
1. £9,724.54/Megawatt Hour – How London Paid a Record Price to Dodge a Blackout – Bloomberg – 7.24.2022
Just last month, unbeknown to many outside the power industry, parts of London came remarkably close to a blackout — even as it was recovering from the hottest day in British history.
On July 20, surging electricity demand collided with a bottleneck in the grid, leaving the eastern part of the British capital briefly short of power. Only by paying a record high £9,724.54 (about $11,685) per megawatt hour — more than 5,000% higher than the typical price — did the UK avoid homes and businesses going dark.
2. California Moves Toward Banning Sales of New Cars Running Only on Gas– The Washington Post – 8.24.2022
The decision, to take effect by 2035, will very likely speed a wider transition to electric vehicles because many other states follow California’s standards.
California’s governor Gavin Newsom described the move as the beginning of the end for the internal combustion engine.
3. Serena Williams’ Last Ride Only Thing That Matters With US Open A Week Away – NY Post – 8.22.2022
The draw isn’t staged until Thursday, but everyone in tennis knows the unseeded Serena has never been more vulnerable. Her long quest to tie or break Margaret Court’s all-time record of 24 Grand Slam titles has turned into a pipe dream.
But as one USTA insider says, “As has been said many times throughout her unparalleled career, never count out Serena Williams. That still applies in her final tournament.’’ Are the tennis gods listening?
Current levels of new-home sales are now down more than 50% from their peak in August of 2020. Every time this 50% drawdown has happened, a recession occurred.
The CDC released fresh data this week, and it was sobering. Estimates for life expectancy at birth fell across every state in the country. The US life expectancy dropped by 1.8 years (!) at the national level, with COVID-19 and drug overdose deaths being the two major contributing factors.
The chart below plots the somber yet unsurprising correlation between higher incomes and longer life expectancy.
Are you concerned about outliving your income or your investment portfolio? Let’s talk about it.
It is essential to be humble, and recognize you will never fully “master” the world of investing – it is a continual learning curve and journey.
If you speak with someone who is concerned or unsettled about their investments or advisor, we welcome talking with them.
As the 24/7 news cycle churns, twists, and turns, a number of trending and notable events have occurred over the past few weeks:
- Russian missile hits passenger train in Ukraine on Ukraine’s Independence Day, killing 22 civilians
- Proposal to put abortion protections in California Constitution appears to be headed for victory
- How to qualify for Biden’s new student loan forgiveness plan
- PGA admits Mickelson, LIV may have been right after all
- Maxwell Frost, Florida Democratic primary winner, could become first Gen-Z member of Congress
- Fed faces balance sheet dilemma as US economy slows
- Uvalde school board votes unanimously to fire police chief after mass shooting
As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an extremely unsettled and complicated place, and we are here to help you properly plan for and make sense of it.
Joseph Eschleman, Jonathan, Steve, Lori, Nathan, Michelle, and Luis
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