GCW Capital Group Money SavVy Kids: Five Phrases

 Susan Beacham

Susan Beacham

In putting together our GCW Capital Group Kids Money SavVy Program, we are partnering with Money SavVy CEO, Susan Beacham. Below is a portion of Susan's blog on five phrases you can use to help teach your children and grandchildren the language of money.

1. “I don’t know.”

A tough one to say out loud. People often think it as they are about to sign important financial documents, but few stop themselves from signing on the bottom line and actually say those words out loud.

Young kids rarely have a problem asking questions. Show them how to ask questions in different money situations. Talk about what you are doing and why. Get them used to asking questions until they fully understand. That way, it will be instinctual for them to do this as they become young adults.

2. “I need help.”

Help your kids think outside the box when they need money. Today, people are getting more comfortable asking for start-up help from social media sites like Kickstarter. Crowdsourcing is a concept most of our older kids get and use to their advantage. Leverage this trend with a lesson of your own on the importance of asking for help when it comes to money.

When your youngest children ask for money, help them come up with an age-appropriate plan to earn the money for the item they need or want. Help nurture the entrepreneur in them by suggesting they create a plan for a lemonade stand, gluten-free baked good sale or a snow shoveling business. Help your kids think outside the box when they need money and learn to develop creative funding strategies for the things the need or want in their lives.

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Support their desire to get a job. Research tells us that 15 hours of work per week in high school does not have a negative impact on grades. So, encourage the job urge.

3. “I made a mistake.”

Tough to admit, and even harder to live with! Money mistakes that get buried become compounded disasters. Teach your child that it is only human to make a mistake and that by admitting to the mistake, you can fix it and learn from it.

Talk about your own money mistakes and explain how you fixed them. Mistakes are powerful teachable moments. They are experiences that can help your child avoid the same pitfalls if you share.

4. “I’m sorry.”

Not easy to say, but saying it can be incredibly freeing. Finances are the most likely point of contention in marriages. When my husband and I got married, we established a money rule: Each of us would have independent authority over transactions up to $500; after that we had to discuss the proposed transaction. But, everybody makes mistakes, and so did we. “I’m sorry” was critical to making it through to the other side.

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Conversations around money help keep relationships healthy. And being able to say “I’m sorry” when you do trip-up will go a long way towards creating a solid money plan for your future.

5. “Thank You.”

The research on the ability to feel gratitude is compelling. Kit Yarrow, author of “DeCoding the Consumer Mind: Why We Shop and Buy” explains that kids who experience higher levels of gratitude also have: “stronger immune functioning, more and better friendships, higher pay, more energy, more optimism, more happiness, sounder sleep, fewer addictions.”

How do you teach gratitude? Start with thank-you notes. Make a list of each gift your child receives, and help them write a thank you note. Show them how to address the envelope. The concrete action of writing a note allows them to stop, think and reflect on the gift and experience gratitude.

GCW Capital Group Money SavVy Kids Interview

  Erica Gellerman

Erica Gellerman

In conjunction with our December, Kids Money SavVy topic, the following is an interview with Money SavVy CEO, Susan Beacham, written by blogger, Erica Gellerman amd originally posted on The Every Mom Website. Their topic is What You Need to Know in Talking to Your Children About Money.

Start the conversation early.

According to Beacham, we should start talking to kids about money earlier than we think, and it’s not a one-time conversation. We need to constantly be modeling the behavior that we want them to adopt.

It’s not enough to talk to kids about making smart spending choices and saving money for big purchases — we have to actually do that ourselves because they are constantly watching our every move and will reflect the behaviors we show them. No pressure.

Beacham suggests starting the conversation and activities early but in an age-appropriate way. Money is an abstract concept, and it’s our job to make it concrete.

For example, when we’re grocery shopping and deciding between two products, don’t keep the decision-making process in your head. Give your child a window into the choices you’re making by saying,”This brand is great, but it’s $0.10 more expensive. Should we buy the cheaper brand and try it?” Beacham says by doing this you’re helping your child understand the tradeoffs that you’re making with money on a daily basis.

  Susan Beacham

Susan Beacham

Help them understand goals.

Because money is such an abstract concept, it’s your job to provide concrete ways for your kids to understand money. Beacham suggests a goal-setting activity to help with this. You can do this activity with your kids even before they are in kindergarten. As soon as they understand that we use money to pay for things, they are able to grasp this activity.

Give your child a piece of paper and have them draw something that they’ll save to buy one year from today. If they are younger, help them understand the concept of time by asking them questions like what grade will they be in next year and how old will they be.

Once they’ve drawn the picture of what they’ll save for, put it up on your refrigerator so they can have a constant reminder. And remember what Beacham advised about modeling the behavior you want your child to adopt? The perfect way to do that is by doing this activity yourself.

Adopt a conditional allowance.

When I was a kid, my parents tried to teach me money lessons through an allowance, but the exercise never really stuck. Because of that, I’ve been a little unenthused about the idea of establishing an allowance.

But Beacham broke down how to create a conditional allowance that actually works and is relatively easy to implement. She advises starting your child on an allowance around age eight. At this age, they’ve probably realized that there are certain things in life you are paying for and you’ve seen a pattern of what they are constantly asking for.

For example, if your child loves reading new books and is asking for a new book every time you go shopping, keep a tally of how much you spend on books for them. Let them know that this is an expense that they’ll now take over and manage themselves.

If they usually ask for $25 worth of books each month, you’ll give them $25 to buy their books. Once the money is gone, it’s gone. Then help them understand the choices in their spending behaviors.

They can continue to use the entire allowance to buy books they’re excited about, or they can go to the library and borrow some books for free. If they borrow books, they can save more of that allowance toward the goal that they’ve set. Beacham advises making this lesson concrete by using an allowance contract.

To learn more about how to talk to your children about money, we would like to invite you and your children and/or grandchildren (ages 4 to 10) as our guests to our GCW Capital Group Money SavVy Holiday Party, December 27 from 10 am-2 pm. at Platters Chocolate Factory 908 Niagara Falls Blvd, North Tonawanda, NY 14120.

To make reservations call 716.256.1682, or email info@gcwcapital with the names of all attending the ages of the youngsters.

GCW Capital Group Plays Major Role in Veteran's Fundraiser

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Since 2017 GCW Principal, Tom Waring **and his wife, Sara, have served as co-chairs and GCW Capital Group has served as a major sponsor for Tee It Up for the Troops Wanakah. It is a WNY golf tournament dedicated to honoring, remembering, respecting and supporting those who serve(d) in the armed forces for this great nation.

In the event's first year at Wanakah Country Club, more than $30,000 was raised and donated to three Western New York Veteran's Organizations including: Buffalo Healthcare for Homeless Veterans (HCHV), Veterans One-stop Center of WNY, Inc. and The WNY Section PGA Foundation.

Based on that inaugural success, The Warings and their TIUW Committee decided to increase their donation goal in 2018. However, when the September tournament date came around, Mother Nature interfered with the committee's best-laid plans.

On the morning of the tournament, the skies opened up with a downpour that lasted through the afternoon. The rain was so intense that Wanakah Country Club Management was forced to close their course, in effect canceling the golf outing.

With a field of 142 golfers and a roster of over 20 generous sponsors committed to benefitting WNY veterans, the TIUW committee scrambled to decide the best course of action. Ultimately, they called, emailed and texted everyone involved with the tournament to explain that while the round of golf was cancelled, the dinner and fundraising auctions would still be held.

In true WNY style, almost the entire field of golfers and sponsors showed up and gave generously. As a result, the event met the increased fundraising goal, garnering $34,000 dollars to donate to the 2018 designated veteran’s organizations.

The WNY Veteran's groups that benefitted from Tee It Up for the Troops Wanakah 2018 include:

Buffalo Healthcare for Homeless Veterans (HCHV) an office of the U.S. Department of Veterans Affairs, providing emergency, transitional and permanent housing options to homeless veterans and their families throughout the 8 eight counties of WNY.(Pictured are GCW Capital Principal, Tom Waring and HCHV Representative, Kristen Weese, from Lockport.)

Higher Ground New York Military Program a 501(c)3 organization that provides innovative sports and recreational therapy treatment programming to enhance the quality of life for members of the injured military community and the local population of children, teens, and adults of all abilities/needs.(Pictured are GCW Capital Principal, Tom Waring, WNY Section PGA Foundation Executive Director, Steve Bartkowski, from Kenmore and Treasurer of PGA REACH WNY Foundation, Jeff Mietus, from N. Tonawanda.)

WNY Section PGA Foundation created with a goal of providing support to various organizations, including veterans, in the Buffalo, Rochester, Erie and Southern Tier through the game of golf. (Pictured are GCW Capital Principal, Tom Waring and Higher Ground New York Military Program Board Chair, Roger Woodworth, from Orchard Park.)

Each organization received a check for $11,508 dollars. That amount represents almost a $1,000 dollar increase from the checks distributed by TIUW the previous year thanks to the people of the WNY community who participated as sponsors, golfers, auction donors and bidders.

Erie County has the state’s second highest veteran population. That is why the Warings, GCW Capital Group and the affiliated TIUW sponsors and volunteers are dedicated to continuing this tournament and increasingly raising funds to make a difference in the lives of WNY veterans and their loved ones.

The 2019 Tee It Up for the Troops Wanakah is scheduled for September 9th. If you'd like to know more information about Tee It Up for the Troops Wanakah go to: https://www.teeitupforthetroops.org/wanakah/

Video Series to Offer In-depth and Varied Financial Information

Working to provide expert advice through today's most popular form of communication, GCW Capital Group is kicking off a monthly video series that will address key financial issues.

            GCW Capital Group Principal                              Tom Waring

           GCW Capital Group Principal
                             Tom Waring

"Each month these videos will focus on a different financial subject, supplemented with related social media posts" said GCW Capital Group Principal, Tom Waring. "The idea is to go more in-depth on financial subjects we know are important to our clients and potential clients, allowing us to more fully prove our advisory value in the ways we can help individuals and businesses grow their core wealth.

The videos will be shared via newsletter as well as online through this website and all Company social media outlets. Each month will feature two or more members of the GCW Capital Group Staff, providing viewers the ability to become more familiar with the entire team.

The schedule of videos is set through the remainder of 2018.

  1. June---Millennials
  2. July---Defining Wealth
  3. August---Business Roundtable
  4. September---Children and Money
  5. October---Succession Planning
  6. November---Four Elements of Core Wealth
  7. December---Community and Giving

To sign up for the GCW Capital Group Newsletter, click here.

GCW Capital Group Earns Employee Engagement Award

GCW Capital Group has been awarded, The Committed to Engagement Award™, for progress made in 2017.

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The award is earned by companies and organizations that have demonstrated, and have had independently verified, a commitment to improving employee engagement.

In announcing the recognition, GCW Capital Group Principal, Shawn Glogowski, detailed the process of earning the award.

"We know everyone at GCW Capital Group is key to our client’s overall satisfaction. That's why we emphasize that from the moment a client walks in our office, our mission is to make them feel welcome and clearly communicate their personal and financial needs matter to everyone, from the reception desk to the boardroom. Winning this award, based on confidential employee engagement and feedback, validates our mission and all we do to achieve it.”

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To receive The Committed to Engagement Award, an organization’s engagement levels must be measured throughout the organization on a regular basis, and it must provide a confidential and anonymous feedback system for all employees to share views and make suggestions on how the organization can improve. Recipients must achieve engaged status, as voted by employees/ team members, for a minimum of 6 months in a year.

The Accredited Engaged Organization Award™ is recognition that the organization has achieved the highest level of engagement based on confidential and anonymous feedback from its entire team.

What is the True Value of Your Financial Advisor?

What is the True Value of Your Financial Advisor?

It happens every time.  

People make an initial appointment to come to my office because of the performance, or non-performance, of their investment account. Then, once they arrive, they’re surprised when our conversation doesn’t immediately jump to their finances.  

What we do talk about is their family, their friends, their community and their life goals. Then we discuss my number one ideal as a financial advisor---that the fees you pay a professional advisor, over time, should come back to you, the same as any investment.  

Here’s why.  

 

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Resurgence Brewing and GCW Capital

Resurgence Brewing and GCW Capital

GCW Capital Clients range from corporations to individuals, each unique in their financial planning needs. That’s why we take the time to get to know our clients--- listen to their thoughts and respect their ideas ---so that we can truly partner in helping them reach their financial goals.

Recently we met with Chris Ware, co-owner of the popular Resurgence Brewery, located on Niagara Street in Buffalo. While Chris didn’t need our advice on beer brewing (too bad, ‘cause we’ve got some great ideas for new brews) he was looking for guidance on a 401K plan for Resurgence employees.

The thing is Chris and his co-owner/brother Jeff, have a different take on the people who work for them. Rather than staff, they consider each employee part of their Resurgence family, bound by innovation, creativity and a love for the brewery and each other.

After talking with Chris and hearing his distinctive definition of their employees, we went to work and were able to advise him on a 401K plan well-suited to the needs of his unique company. After all, we want to ensure the future of people crafting and serving fantastic beers like Resurgence IPA, Cosmic Truth Session IPA and Sponge Candy Stout.

Whether you’re a large business with an expansive portfolio or an individual with savings you want to ensure, GCW Capital Group is ready to listen and partner in achieving your goals.

Why not give us a call today? 716.648.2412

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GCW Principal Awards Annual Scholarship to Fredonia Senior

State University of New York at Fredonia (Fredonia) senior, Jennifer Hendel, was recently named the recipient of the school’s Waring Work Ethic Scholarship. The annual award is given to a Fredonia student who achieves academically while working for a minimum of 15-hours a week. In making the presentation, GCW Capital Group Principal and scholarship co-founder, Thomas Waring, detailed the evolution of the scholarship.

“I attended Fredonia and worked full-time while earning my education,” Waring stated. “That blended experience provided me a great work ethic as well as a strong respect for any college student balancing the challenges of school and job. That’s why in 2011 my wife Sarah and I decided to establish the Waring Work Ethic Scholarship, to honor both my alma mater and Fredonia students working double time to achieve.”

Hendel, a native of Holley, New York, grew up attending Holley Elementary and High Schools while working on her family’s farm after school and on weekends. At Fredonia, the 21-year old majors in Communication Disorders and Sciences, maintaining a 3.74 GPA, while working part time at the campus dining hall. Hendel acknowledges her early life experience as a training ground for her success.

“Hard work got me to this point,” Hendel said. “And while it is definitely stressful to work when you’re going to school, it’s rewarding to know that I can be self-sufficient and not have to rely on my dad for everything.”

A side note to Hendel's story is that her success has inspired her father to set up his own student scholarship fund at Fredonia. In acknowledging the bequeath, Hendel spoke of the dual impact of such an award.

“My dad loves Fredonia. He believes I couldn’t have chosen a better school and he wanted to give back in some way. He also knows firsthand the difference a scholarship like this can make. It not only helps to fund education, it helps the winners feel good about themselves and that means the world to any student. That’s why my I am very thankful to Tom and Sarah for the scholarship. It’s a tremendous financial help and also makes me feel proud that I was chosen to receive it.”

According to Waring, the outcome of this year’s scholarship presentation fully achieves their intended purpose of not only awarding students, but recognizing the families for raising their children to become contributing members of society.

“This is the sixth Waring Scholarship Sarah and I have presented and, to be honest, it’s emotionally moving to see what a difference it makes, not only for the recipients, but for their families as well. Clearly the Hendel Family ingrained a strong work and education ethic in their daughter and this scholarship acknowledges their efforts as well as her achievements. To know that Jennifer’s success has encouraged her father to set up a new scholarship at Fredonia is doubly rewarding.”

ABOUT THE WARING WORK ETHIC SCHOLARSHIP (WWES): The Waring Work Ethic Scholarship is a general college need scholarship awarded yearly at the State University of New York at Fredonia (Fredonia). It was established in 2011 by Fredonia alumni, Tom Waring (’80), and his wife, Sarah. Students who receive the WWES award must be contributing a significant portion of their tuition at Fredonia by working a minimum of 15-hours a week during the academic year and what would be considered full-time during the summer. Characteristics such as commitment, dependability, reliability and other attributes that distinguish the applicant’s strong work ethic and ability to balance work and educational responsibilities are important considerations. **For more information on the Waring and other FSU scholarships,click on this link: http://fredonia.smartcatalogiq.com/en/2013-2014/Catalog/Admissions-and-Financial-Aid/Scholarship-Opportunities

GCW Senior Financial Advisor Earns National Accreditation

GCW Senior Financial Advisor Earns National Accreditation

We are proud to announce that GCW Senior Financial Advisor, Peter Campo, has earned the Accredited Investment Fiduciary® (AIF®) Designation from the Center for Fiduciary Studies®, the standards-setting body for Fi360.

Fi360 is a fiduciary education, training and technology company whose AIF designation signifies specialized knowledge of fiduciary responsibility and the ability to implement policies and procedures according to a defined standard of expertise.

Achieving the AIF Designation requires completion of a rigorous training program and a comprehensive, closed-book final examination under the supervision of a proctor.

Additionally, all accredited must agree to abide by the Center’s Code of Ethics and Conduct Standards and continue the education and adherence to the Code of Ethics and Conduct Standards required to maintain the AIF designation.

The AIF training provides a comprehensive understanding of fiduciary governance practices around employer-sponsored retirement plans, trusts, endowments, and foundations and we are pleased that Peter has achieved this high level of financial proficiency and proud that he can now share that knowledge base with our clients.

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GCW Capital Helps Raise Funds for WNY Veteran's Groups

GCW Capital Helps Raise Funds for WNY Veteran's Groups

On September 11, 2017, GCW Capital Principles,Tom Waring and Shawn Glogowski, partnered with Horizon Performance Solutions CEO, Steve Wischmann, in organizing a Tee It Up For The Troops/Wanakah Golf Tournament. The purpose of the event was to raise funds to benefit military veterans and their families. The tournament, held at Wanakah Country Club, was a sell-out, raising over $60,000.

Recently Tom and Steve presented checks to Western New York (WNY) and National Veteran’s Groups from monies raised at their inaugural tournament. In making the presentations, Tom acknowledged those across WNY who played a part in the successful fundraiser.

“In our first year, Tee it Up for the Troops/Wanakah was able to raise over $60,000, in great part due to the local organizations, businesses and individuals who stepped up in support. From the generous sponsorships and donations to sold-out participation in the tournament, we were able to present three WNY Veteran’s Groups with individual checks of $10,530 and donate $30,000 to the national veteran’s organizations Fisher House Foundation, Disabled Sports USA and Hope for the Warriors. We’re also pleased to announce that sponsors and teams for our 2018 event are already signed up for 2018, with a sellout field again expected. It just proves the deep devotion of the WNY Community to our veterans and their families.”

WNY Organizations receiving checks included Buffalo Healthcare for Homeless Veterans (HCHV), an office of the U.S. Department of Veterans Affairs, providing emergency, transitional and permanent housing options to homeless veterans and their families throughout the eight counties of WNY, Veterans One-stop Center of WNY, Inc., bringing people, organizations, and resources together to effectively improve the well-being of all Western New York Veterans of the U.S. Armed Forces and their immediate families and WNY Section PGA Foundation, created with a goal of providing support to various organizations, including veterans, in the Buffalo, Rochester, Erie and Southern Tier through the game of golf.

Tee It Up for the Troops/Wanakah received support from WNY businesses, organizations and individuals including Southgate Plaza, GCW Capital Group, Wanakah Country Club, Horizon Performance Solutions, Western New York Urology Associates, Cancer Care of Western New York, PCS Plumbing and Heating, Keller Chevrolet, National Property Management Associates, Key Bank, Evans Bank, Chiampou Travis BE saw and Kershner LLP, Maxwell Murphy Attorneys at Law, Colliers International, Rupp Baase Pfalzgraf Cunningham LLC Attorneys, Raysons, Attea and Attea PC Attorneys, West Herr New York , PCI, Pooley, Inc. and Business First.

For more information about Tee It Up for the Troops and the Wanakah Event go to [https://www.teeitupforthetroops.org/wanakah/event-details/]

(Featured in photo are (L to R) GCW Principle, Tom Waring, VA Western New York Healthcare Representative, Kristen Weese and Horizon Performance Solutions CEO, Steve Wischmann

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Seminar 11/29/2017 - NY State Paid Family Leave Law

Who & What?

Barrett Wadsworth & Elisha Tomasello from Northwood's Capital Benefits will provide a clear and concise summary of the new NY State law that impacts all employers starting 1/1/2018. This new law will allow employees to take extended paid leave to care for their family members.

2018 is bringing with it the most significant HR, employee benefits, & compliance changes and challenges since the initial launch of the ACA in 2014.

Small employers are facing their first ever mandatory job protected paid leave law, requiring them to put in place new policies and procedures never before required for small employers. On top of that, the largest small group health insurance rate increase since 2014 has disrupted markets and premium/subsidy spreads to the extent that there is a new cost/benefit analysis that small employers must look at well before their health plan renewal dates.

Large employers are facing new and broader leave requirements that must be integrated with existing policies to avoid “double dipping”. In addition, the combination of rate increases, possibility of new healthcare association plans, and ongoing evolutions in administrative options and plan designs requires large employers to analyze the cost-efficiency of their plan design in the face of rapidly changing self-insurance options.

Whatever your company size and regardless of how well you have attempted to adopt up-to-date HR and employee benefits policies, the regulations and markets are changing so rapidly that you cannot afford to be reactive in these areas. Despite these challenges, real strategies and opportunities exist for even seemingly small changes that can have surprising savings and avoid compliance challenges and employee relation concerns.

Elisha and Barrett have significant expertise in bringing smarter, creative solutions to these new challenges. Please join us for a breakfast presentation and discussion on what you must know in HR and employee benefits for 2018.

Where?

Salvatore's Italian Gardens 6461 Transit Road, Depew, NY 14043

When?

November 29, 2017

7:30AM Registration & Breakfast

8AM - 9AM Presentation with Question & Answers

RSVP

You can call Lisa Lowry at (716) 256-1682 or send an email with your name, company, and number of required seats to info@gcwcapital.com.

Financial Planning Tips for Start-Up Success

Financial Planning Tips for Start-Up Success

You’re about to start a company, and you can’t yet afford to hire a full-time accountant. At the same time, proper financial planning is vital for success. And if you make too many mistakes, then your business won’t last very long. Here are some common-sense steps you can take to protect your bottom line today and into the future.

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“Trapped in the Family Business” Author To Visit Buffalo May 9

“Trapped in the Family Business” Author To Visit Buffalo May 9

GCW Capital Group, along with Family Business Directions, CORE Strategic Business Solutions and BNY Mellon are proud to present author Michael Klein, PsyD, in a unique Western New York appearance on Tuesday, May 9 at Salvatore’s Italian Gardens. Dr. Klein is the author of Trapped in the Family Business: A Practical Guide to Uncovering and Managing this Hidden Dilemma. He specializes in providing services for those working in, or entering into a family business. His two presentatations will share insights from his research and work.

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The Biggest Financial Risk Never Talked About

The Biggest Financial Risk Never Talked About

There’s a major financial risk lurking around the corner for far too many baby boomers with children and grandchildren. And it’s hardly ever thought about, or talked about. If your son or daughter in his or her 20s, 30s or 40s were to die today, is his or her young family covered by life insurance, or aren’t they? If the answer is no, it’s time to have the second most important talk you’ll ever have in your parent-child relationship.
 

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