Beck BodeSummer’s In Full Swing
We hope your July was full of the best of summer, and that it included some fun and relaxation.
In this issue, Senior Client Advisor at our Portsmouth, New Hampshire office, Karen O’Donoghue shares how to make the most of earnings from a summer job. If you have a young person in your life - a child, grandchild, or other family member who’s just starting to make some summer money, listen up! Karen recommends a great way to start a young person on a tax-optimized savings path.
This month we congratulate Jim Sambold (also in Portsmouth, New Hampshire) for hitting a professional development milestone. Our team is committed to continual professional development so we can better serve you. A commitment to education - both educating ourselves, and educating our clients - is a core value at Beck Bode.
Please let us know if you have any questions, big or small. We are happy to assist.
In this issue:
More Benefits From That Summer Job!
Contributed by Karen O’Donoghue
Senior Client Advisor - Portsmouth, NH
Did you know your child may be able to contribute to a Roth IRA?
It is a rite of passage – getting that first summer job as a kid. Two of my own three daughters have hit this milestone. Perhaps your child is there too? Jobs teach skills, responsibility, & accountability. Sure. They also provide an opportunity for children to earn income. (Three cheers for the kiddos with their own spending money!) However, there is another benefit that may be less well known: children’s eligibility to contribute to a Roth IRA.
A Roth IRA is an individual retirement account where contributions are made on an after-tax basis from earned income (wages, tips, etc.). Children often pay no income tax anyway. So, no tax perks are lost by making after-tax contributions. The funds can come from the child’s money or from parents’ or other family members’ money. You might even consider offering to contribute to the account, along with your child, as an incentive for them to save.
This year, the Roth IRA contribution limit is $7,000 or the amount earned during the year, whichever is smaller. Funds must be deposited by the tax filing deadline (April 15, 2025). However, contributions can be made any time before that. For those children that work year-round it may make sense to set up a monthly contribution. Automated, recurring savings is always a smart way to go and provides a chance to dollar-cost average their investments. Yes, the contributed funds can be invested! Any growth of those investments is tax free. This is an opportune time to introduce the magic of compound interest to them if they haven’t learned about it yet. Time is truly on their side here!
There are income limits for Roth contribution eligibility which may impact your child’s ability to make those contributions later in life. So, these early earning years are a great opportunity to get a jump start on tax-free retirement savings while they’re still eligible.
Contributions can be withdrawn anytime, tax and penalty free. Earnings can also be withdrawn tax and penalty free assuming the account has been in place for at least 5 years and the account owner is age 59 ½ or older (or has a qualifying event or special purpose for the funds).
This may appear to your child as one more chore that mom or dad is asking them to do (insert eye roll and groans here). So, if the message might be better received when coming from someone else, we are happy to have the conversation with your child about all the reasons why they may want to start a Roth IRA and begin making contributions from their hard-earned money today.
Reach out to your Client Advisor to begin the discussion.
It All Starts With A Plan
Congratulations to Jim Sambold for completing the Paraplanning Certificant Program offered by MoneyGuide Pro!
Jim Sambold
Client Associate - Portsmouth, NH
Jim will be assisting Karen O’Donoghue with data entry and the organization of information required for the formulation of a financial plan.
With this training under his belt, and the years of experience he already has in supporting the Portsmouth team, Jim now brings additional knowledge in how to create a meaningful financial plan.
Traverse City Clients Enjoy an Evening With The Bergamot
Our Traverse City clients and team had the opportunity to enjoy a live concert featuring The Bergamot, an Emmy-winning musical powerhouse inspired by the sounds of Billy Joel, James Taylor, Carole King and Sara Bareilles.
Music lovers of all ages were treated to a spectacular evening. Beck Bode attendees included Beth Price, Tammy Stoerkel, Bonnie Barley, Jim Bode, Angel Williams Costanza, as well as Ben Beck and family.
Spreading the Word About Beck Bode to Our Industry Peers
Ben Beck and Angel Williams Costanza attended Altruist Academy, a unique gathering best described as an “intentional and community-driven atmosphere where connection, learning, and innovation thrive.”
Ben and Angel co-led a presentation about growth, which was received with enthusiasm. Angel also pre-recorded a podcast for Altruist’s The Advisor Journey Podcast on the topic of achieving operational efficiencies, to be aired soon. Last month, Ben was interviewed on the same podcast regarding our growth strategies. We are thrilled to be invited to communities such as Altruist, to share our story and to inspire others in our field to grow.
Here are some photos from this experience, including one of Angel and Ben attending Sunrise Yoga in Los Angeles as they mentally prepare for the day ahead!
Pet of the Month: Dune
Our summer pet series has been a hit! July’s featured pet is a puppy named Dune (not to be mistaken with Tammy Stoerkel’s dog Dune, featured earlier in the series!) This little Dune, seen playing in the sand, belongs to Emma Leahy.
Dune is an English Cream Golden, currently 5 months old, who loves running on the Newport, Rhode Island beaches and finding treasures like sticks and seashells.
Team Member Spotlight
Bonnie Barley
Client Services Manager - Traverse City, MI
June 10th was Bonnie Barley’s 19-year anniversary with the firm, an amazing feat by any measure! For those who don’t know Bonnie, her path to Beck Bode was via Intentional Wealth Advisors, LLC (IWA), a boutique financial planning and wealth management firm based in Traverse City, Michigan, which merged with Beck Bode in 2022.
Bonnie recalls that first day when she started working in financial services for what was then a small startup firm.
“All we had was a desk, a chair, a phone, and a pad of paper.” Every system and process had to be developed from scratch, which is where I came in. Thankfully, over time, other members joined our team, and we built our firm together. It gives me satisfaction and provides our team and our clients with some comfort that our systems generally allow for anyone at our firm to answer a client’s question and serve their needs as quickly as possible.”
Thankfully, Bonnie brought the organizational skillset to develop the infrastructure the firm needed. She also came with the right attitude, a desire to help and a sense of satisfaction derived from creating order.
Bonnie, thank you for years of service, it’s a pleasure to have you on the Beck Bode team!
Here are what several of our team members shared about Bonnie:
“Bonnie is one of the most organized, disciplined, dedicated, team members I have ever worked with. Her processes and procedures keep our office running smoothly. Bonnie always greets our clients with a smile and asks what is new with them. Bonnie loves to share a good meme! I am grateful I get to work with her!”
“Bonnie is a staple in the Traverse City office. She provided a wealth of knowledge when Michigan joined our firm. We are happy to have her as part of our team.”
“When Bonnie is put on a project you know that project will be completed with the greatest organization and detail. She is great at training others and sharing the knowledge she has gained over the years. She is loyal, extremely organized, detailed, dedicated, and always looking out for the clients.”
Thank you for everything you do, Bonnie!
This Month's Recipe: Spinach, Arugula, Almond and Pomegranate Salad
Contributed by Ashley Cotler
Client Associate - Dedham, MA
If the hot temperatures have kept you away from the kitchen, here is a delicious salad that is perfect for a warm summer evening.
Ashley says, “For wine lovers, this salad pairs perfectly with a young Gruner Veltliner to highlight the acidic salad, a gently oaked Chardonnay, or full-bodied rose to accent the fruit!”
Salad Ingredients
- 5 ounces baby arugula and spinach blend
- 1/2 cup pomegranate seeds
- 1/3 cup sliced almonds
- 1/2 cup shaved parmesan
Lemon Garlic Dressing Ingredients
- 1 clove garlic finely minced (optional)
- 2 tablespoons fresh squeezed lemon juice
- 1/4 cup extra virgin olive oil
- 1/4 teaspoon salt
- 1/4 teaspoon pepper
Instructions
- Make the dressing first by whisking together garlic, lemon juice, olive oil and salt and pepper just until combined. Let set at room temperature for 30 minutes.
- Combine spinach, arugula, almonds, parmesan and pomegranate together in a bowl. Whisk the dressing once more and drizzle over the top. Toss. Adjust seasoning with salt and pepper. Serve.
Enjoy!
Featured Blog: Navigating Emotional Investing: 3 Investment Mistakes That Hinder Financial Success
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Do market trends get your heart beating faster? Has someone convinced you that there are more exciting things you may be doing with your money? Beware of falling into the trap of emotional decision-making!
Here are three of the top financial mistakes that get in the way of long-term financial success:
That wraps up our July issue of The Long View. Until the next time, take a look at more of the latest articles on our blog.
Thanks for reading, and for following us. If any part of this month’s topics suggests a question or concern you may have, or if you need anything else, please call or write — we look forward to speaking with you!
From all of us at Beck Bode.