Bare Wealth Advisors is excited to announce the addition of Lamar King to our team! Lamar brings a passion for helping our community make wise financial decisions due largely to his time over the last 10 years at Fulton Bank. At Fulton, he worked primarily in the agriculture community, helping his clients make wise borrowing decisions to meet their business goals. Lamar will now bring that commitment to the Bare Wealth Team as he assists advisors in helping our clients make wise financial decisions in a broader sense than just lending.
Lamar and his wife, Grace, were married in 2006 and have four children. Lamar was raised on his family’s potato farm in Cochranville and met Grace at Cedarville University in Ohio, where he received his Bachelors in Finance and Accounting along with a Bible minor. They live together in Lancaster and are very involved at Millersville Bible Church where Lamar helps lead worship through music and lead as a member of the elder team. Some of the things Lamar enjoys are spending time with his family, playing guitar, volleyball, golf, cheering on Philly sports teams and journaling.
by Ron Bare
Early in 2018, I wrote that this year Bare Wealth Advisors was themed to be a year of purpose. If you have worked with us for some time, you know that we believe that all of us have a unique calling and purpose in life. However, living life on purpose means to live intentionally as we journey together through this life. At Bare we made a commitment to helping you achieve that this past year.
Here are some things we set out to do in order to help you live a life on purpose in 2018 – we hope these were a blessing to you and your family!
- Help you create a life mission statement or help you identify a few core values. If you have not been able to go through these exercises, be sure to bring it up to us next time you’re in for a meeting! We have received some great feedback on how these were helpful.
- Books and devotionals. We have given out many “Purpose Driven Life” devotionals and “Splitting Heirs” books for those working through the estate planning process. We are excited to talk to you next time you visit us to receive feedback on the usefulness to these resources.
- We have written blogs on how to live a life of purpose, how to retire with purpose and how to vacation on purpose. Let us know if you missed any or check out our website as all previous blogs can be found at www.barewealthadvisors.com
- Tee shirts! We had “Run with Purpose” tee-shirts made and have seen them being worn in the community. If you have not received one stop by anytime to pick one or two up as an early Christmas Gift.
We look forward to hearing from you and any stories you have on how living ON PURPOSE has helped you or those you care about. Blessings to you and your family as we enter the Christmas season! A time to be thankful and reflect on faith, family and friendships – the things that matter most!
by Ryan Kurtz
On September 29th of this year my wife and I had a date night, our own small retreat from our home and four children. We started the evening by eating “unlimited shrimp” at Red Lobster thanks to a gift card that was given to us. After eating myself almost sick from the unlimited shrimp, we headed to Lowe’s to do some shopping for the list of items we needed at home, ranging from light bulbs and toilet paper holders to furnace filters. When I first entered the store I was fear-struck with what lay before my eyes. To my right, barely inside the door and right beside the Halloween “Must-have Merchandise,” was Christmas. Fake trees, lights, blow up lawn Frostys, and everything that comes out at Christmas was already on full display.
September 29th, 88 days, almost 3 full months before the holiday, Christmas preparation was already in full swing. I was genuinely shocked. I don’t know if it was the overindulgence of shrimp an hour earlier but I am beginning to feel as though I don’t really like Christmas anymore. I am now 40 years old so the child like excitement for Christmas has worn off around 2 ½ decades ago but I always did enjoy the day itself. This, however, is beginning to push me a little bit over the line. The line that separates Hooray from Humbug.
We all know people who reside on both sides of the line. The “Hoorays” can grow more than a little annoying. These are the people who are always counting down the days to Christmas and throwing ugly Christmas sweater parties. The Hooray’s love to shop for The Day as well. Getting up at 1AM on Good Friday to fight with other Hooray’s over items that are “unbelievable deals” is a cherished and time-honored tradition for them. I am convinced that these are likely the people that are starting Christmas in September.
The Humbug’s I never truly could fully relate to. They are always upset with the Hoorays for being happy, never put lights out in front of their house and sleep in on Christmas morning like it is just another Saturday. I never could relate to them before, but with the aforementioned business on the evening of September 29th happening, I began thinking that maybe I can begin to see where they are coming from.
How about you, which side are you on? Hooray? Humbug? Somewhere in the middle? Whichever side you find yourself on, Christmas day will be here before we know it. Gifts, lights, food, and ugly sweaters will all be out in full swing to celebrate The Day.
So, if you are a Hooray and can’t wait to drink the eggnog, or if you are a Humbug and are just looking forward to a day off work, when you see the lights and ugly sweaters, whether you like the caroling and shopping or not, I would like to remind us all of something: This coming Christmas day, the preparation and anticipation is only because of one thing.
The Love of God for us.
God sent His Son into this world, being born as a baby, grew into man and died so we don’t have to. To simplify what has become a significant portion of clutter in our lives, minds and hardware stores, Christmas day really is just about celebrating the greatest birthday of the year. The birthday of Jesus.
You know, maybe the greatness of Jesus birthday celebration is worthy of starting to plan for Christmas in September after all? Maybe the real “Hooray” should be the cry of our hearts shouting out thankfulness this Christmas for what God has done for us by giving us a Savior.
Do you know the day we really should start planning to celebrate Christmas next year?
It doesn’t matter if I get shrimp heartburn from seeing Christmas lights all year long, Jesus birthday is really worth preparing for 364 days in advance.
So, if you are a Hooray or a Humbug, as we head into the last few months before Christmas, as you see the Christmas sweaters and large Frosty blow-up lawn ornaments, take some time to reflect with a thankful heart on the real reason we celebrate Christmas.
God’s inseparable, unmeasurable, unchanging love for you.
And by the way, if you’re looking for a gift to give me for Christmas this year, just get me a gift card to Red Lobster.
by Ron Bare
What is the purpose behind setting core values as a business? Did you ever wonder when walking into a business and seeing values on the wall how were they determined and does the company really strive for excellence, integrity or the other words listed?
At Bare Wealth Advisors we believe that core values are essential to have as an organization. These values help us determine how we will behave on a daily basis – they describe who we are as a company and keep us focused on acting in a way that aligns with the values we have established. The Bare Wealth Team recently spent time taking a deep look into the meaning of our values and have established some thoughts to go with each value. As our trusted clients, I thought it would be helpful for you to know what our values are and how these values help us fulfill our purpose as a company which is to: Help our clients intentionally manage wealth that aligns with their God-Given Purpose.
- Stewardship – We believe God owns everything and managing faithfully what is entrusted to us leads to growth in resources, responsibility, and influence for the purposes of God.
- Biblical Wisdom – Applying the timeless principles of God’s Word to our financial stewardship creates contentment, clarity, and freedom.
- Excellence – Upholding a standard of excellence compels us to give our best in unselfish service to others
- Integrity – Being authentic and transparent promotes wholeness and confidence in the trustworthiness of our stewardship.
- Generosity - Cheerful and generous giving inspires others in their purpose, enriches relationships, and expands the influence of the resources we manage.
By putting some thought behind each value, it provides additional meaning to the values we have set. This will help us continue to pursue excellence in our areas of expertise while making Biblical Stewardship a priority as we operate and provide advice. However, ultimately it is our sincere hope that these values help us help you be a faithful steward and make a difference with what has been entrusted to you!
by Ryan Kurtz
In a 4×100 relay race in the summer Olympics, just because a team has the four fastest runners does not mean they will win the race. If they spend their practice time only trying to get faster, they still may not have the winning team. Most 4×100 relays are won or lost in the transition of the baton. Similar to an Olympic racer, a business professional could spend their whole life “running” their business only to lose much of the value, if they are not prepared for the transition.
In working with a number of business owners through building and transitioning businesses over the years, we have found a number of things that can help you “Succeed at Business Succession”.
Here are 5 steps to take now to set yourself up for success:
- Begin Locating a Successor
This may seem very basic but we see many business owners that are unable to complete a transition of the business only because there is no one ready to transition the business to. Here are a few places you can look for a successor.
- Family members:
If you have a business, family members are often a natural way to transfer your business. A benefit of this type of transfer can be flexibility of the current owner to stay involved in the family business after it is sold. Selling to a family member can also create a situation where the older generation will sell the business in some sort of installment sale. This could benefit the buyer with favorable terms (i.e. low interest rate, reasonable payment schedule, etc.) and the seller with some possible tax benefits of receiving the sale proceeds over a period of time rather than all in one year.
One of the benefits of selling a business to your employee(s) is that it can be an incentive to keep your key employee(s) around. Stock ownership could be structured in the employee(s) compensation package, which also is a creative way to give bonuses or pay increases. This could happen in a way where a small portion of the company would be transferred to an employee each year.
- Outside business party
Selling to an outside party is always a possibility. Finding a competitor or someone looking to buy a business can be an option. This often will bring more changes to the business than the previous two options discussed and sometimes can be difficult for current employees.
- Make your Business Transferrable
Even if you are years away from selling your business, one thing you can do now is to work towards making your business transferrable. You should work towards having your business function without the owners involved. For a gauge of this, ask yourself the following questions:
- Do customers need the owners involved to conduct the day to day functions of the business?
- How long can the owners be away before it affects the business?
Having a business operate successfully without the owners involved is a great benefit to the buyer of any business. Remember, if you sell your business you will no longer be there, you just want to make sure the business still is.
Another key to making your business transferrable is having key employees that would stay with the business during a transition. Having key employees in place and having low employee turnover should be a goal for any business owner
- Establish a Personal Financial Plan
Having a personal financial plan in place before transferring the business is important as you make transition plans. This will help you to know what price as well as the timeframe in which you can sell your business. In addition, knowing if you need $10,000 versus $50,000 a year from the business for personal income is important. Working on your personal financial plan can give you a lot of clarity in business transition decision making.
- Plan for the Unexpected
Most of us think of business transition as how do I sell my business?
But, what if you would have to transition the business because of an unexpected death or disability? Having updated agreements in business partnerships is important in addition to having clear predetermined steps if something were to happen to the business owners. These can include predetermined values of the company or even naming a certain person as someone who would have the first right to buy the business if the owner would to pass away.
Considering life insurance coverage is one possible option that can be an inexpensive way to plan for the unexpected.
It is good to also have all your personal estate documents updated as well as this could go in hand with any business agreements which you have in place. These could include your Will, Financial Power of Attorney and Healthcare Power of Attorney documents.
It is good to remember: not planning for the unexpected could result in the forced sale of the business or loss of jobs for employees
- Consider a Consultant
Hiring a consultant that specializes in business transitions can be beneficial as you work through a business transition.
We recommend this person being someone who is not involved in the day to day work, has the ability to see your blind spots, and has experience working through relationship conflicts. The same way it benefits an Olympic relay team to have a coach, it can benefit a business to have one as well.
So how can you start planning for your business succession now?
- Begin looking for a successor.
- Take time away from your business – can it still operate without you?
- Prepare now before the possible event of a death or disability.
- Create a personal financial plan.
- Get help! Consider hiring a consultant.
by Curtis Burkholder
As we have reached the midpoint of 2018, it’s a good time to stop and reflect on the first half of the year and look ahead to the remaining six months. The New Year brings clear vision of goals and plans but often we lose sight of these intentions as the year goes on. However, if we want to see them become a reality, it’s important to review them before we reach the end of the year.
Our theme this year at Bare Wealth Advisors is a “Year of Purpose”. An important part of successfully doing things with purpose is to pause and evaluate the current state of our life. Our mission at Bare Wealth Advisors is to advise clients to intentionally manage their wealth in a way that aligns with their God-given purpose. Intentional means “done on purpose; deliberate”. To intentionally manage something implies there has to be an end goal one is trying to accomplish.
I believe now is a good time to step back and reflect on how the year is going in all areas of life. Here are a few questions to help get started on evaluating the first half of the year. Are you comfortable with the financial decisions you have made? Have there been unexpected expenses? What has been your greatest success? What has been your biggest regret? Is there a relationship that needs more time or energy? All of these questions can help us evaluate where we are.
I heard the analogy used that if you want to figure out where you are going, you need to know where you currently are. So, as we look ahead to the second half of the year, I believe this exercise in evaluating the first half of the year and our current status is important in setting the course for the upcoming months. After reflecting on the past and where we are currently, I believe it’s important to use the information we have gathered to help determine where we want to go.
Life is full of change and unexpected events so even though we lay out our well thought plans, something is bound to happen that will cause us to adjust our original plan. If we don’t make course corrections, we will end up far from where we originally intended to go. As you consider the remaining six months of 2018 consider these questions: What would need to happen for you to say the second half of 2018 was successful? What conversations need to be had? Are there things you need to stop? Are there things you need to start or restart?
Intentional choices are not only related to our finances. As you consider your life spiritually, emotionally, relationally, financially, pick one thing to focus on in the next 2-6 months. After this is accomplished, find another target. As you make these deliberate choices, you will accomplish more than you expected and can have a greater impact in life.
by Ron Bare
Building on our year of purpose at Bare Wealth Advisors we thought it may be a good time to tackle how to plan and take vacations with purpose. Personally, I have taken a vacation for most of the 20 plus years as we have raised our 4 children. Some of these vacations have been memorable and impactful while others not so much. As I reflect back over the years and think about what stands out the most, I believe a lot has to do with the purpose behind the vacation. Here are a few different ways to vacation with some thoughts on how to be intentional and purposeful as you plan your next getaway:
- Sometimes we just need to get away and relax. Life can be busy as we work, raise our families, serve in our communities, etc. These vacations serve to regroup and find rest in a way that can help us be better employees/employers, spouses, fathers/mothers, friends, etc. Usually, a few days will suffice to accomplish this task – personally, after a few days of rest I can get a little restless. The key here is to find a setting that is restful to you whether that would be the beach, in nature, or some other setting that helps you regroup
- Another type of vacation is a destination vacation. Four years ago my family and I boarded a plane to England to visit family as well as the area my wife’s grandmother grew up. Her grandmother met her grandfather in World War 2 in Manchester England near the Lake District of England. We spent some time with family and saw this beautiful area of the world she lived in before she came to America on a ship. While we were there, we spent a few days in London and Paris visiting historic sites. Our family came away with a better understanding of history and our family’s heritage. This trip helped us to appreciate the sacrifice of previous generations that benefit us today. This is an experience for our family that was worth the financial investment it took to provide this vacation.
- Mission/Service work vacations are some of my favorite. I have had the opportunity to serve alongside others on a few mission trips in my life. I have always come back from them a changed person, with a more healthy perspective in my life and my purpose. Back in 2013, I traveled to South Sudan, Africa to serve under Africa Inland Missions. This trip was a work trip to help build homes for missionaries that would be living in an area with a remote group of people. This experience put me out of my comfort zone in many ways but showed me that God has a plan for each and every person in this world. It also showed me that me being born in America, specifically in Southeast PA, alone puts me in the top few percent of the world’s wealthy – this seemingly random fact requires me to ask God what purpose he has for me and why has He entrusted me with much? I know the Bible teaches me that “to much is given, much is expected” and this trip helped me take intentional steps to use all that I have been given to help others in a way that aligns with the purpose God has for my life.
- Combination trips are another possibility. Earlier this year, under the year of purpose mission, my family traveled to the Dominican Republic for a week. We visited close missionary friends and got a much better view of the work being done for the Dominican people. We also spent a few days at a Dominican beach relaxing and enjoying family time. Not only did we deepen our relationship with our friends, we received a very authentic picture of Dominican life and the friendly warm people who live there. This could not have been accomplished without the “combination” of a vacation with rest and purposefully serving.
There are many ways to plan vacations with a purpose. Remember, no matter what type of vacation you are planning – plan it with purpose as these trips can help shape us into the people God wants us to be. People who are not only concerned about ourselves but also how to serve and honor those in other cultures. These are steps that help us to live a life on purpose!
by Ron Bare
Bare Wealth Advisors is making 2018 a year focused on purpose. One topic that should be discussed in this context is the subject of retirement. Many studies have shown that people who retire from work without a plan or purpose for the next phase of life are more likely to be discouraged, depressed, and disappointed about their life. Statistics also show that those who retire and have no purpose do not live as long as those who have a purpose clearly defined going into this transition. So this begs the question: How do I retire with a purpose?
Here are a few strategies that may help you plan for a purposeful retirement:
- Consider how to spend the extra time on hand: On average we spend about 25% of our time each day at work – that is a considerable amount of time. Rest and leisure are nice and can use some of this time but if all of it is used for rest and leisure you may find yourself in the statistics above.
- Action Step: Make a list of 5 – 10 areas of life you wish to be more intentional in such as health, family, travel, service, etc. Then determine one or two ways to take a step to live more intentionally and purposefully in these areas.
- Define your work: We were made to work. In Genesis, God made Adam and Eve and put them in the garden to work and take care of what was created. God is the ultimate Creator and humans created in God’s image are sub- creators. We are designed to take what God has created on the earth, improve it, and build upon it. Each person has been created with unique gifts to be used in this creation work. Part of our purpose is our work during our careers but even after “retirement” we can find work that fits our gifts and abilities which helps to improve the world around us. Ron Blue uses the term “re-hirement” to describe retirement. Personally, I think this is a good way to look at retirement in that it signals a transition to a new phase rather than a complete stopping of work all together.
- Define “How much is enough?”: After you know what your purpose and plans are for retirement, you should be able to determine how much money will be needed to fund your retirement planning goals. Saving and investing to be able to fund your goals is prudent planning and can help you live a “re-hirement” strategy of your dreams. In this process I have seen that determining how much is enough and setting personal financial finish lines can be part of an intentional plan and help you live retirement on purpose. Excess funds can be used to help you do more than you thought possible in some of the areas listed above. Wealth can be used in a variety of ways when you have an intentional plan for your family, ministry/service work, a new business, community improvement, health and education, etc. Part of your work in #2 above can be strategically allocating financial resources to the areas that are your heart’s deepest desires – I have seen this to be very fun and fulfilling “work”.
Like most areas of life, retiring on purpose takes some planning and intentional work. However the results of this work can lead you to a fulfilling and purposeful “re-hirement”. Many people in life start strong but only a few finish strong. Let’s be a generation that finishes strong by living our remaining years on this earth on purpose!
by Ron Bare
Purpose is defined as “the reason for which something exists” and also “an intended or desired result”. Living a life on purpose means that we first understand there is a reason we are here on this earth and that we are not an accident. Second, it means we should live life on purpose by being intentional in all areas of our life.
As busy people, we can sometimes look for balance in our lives – we even use phrases like “finding work/life balance”. Although there may be some good that comes from not being too focused on one area of life that it negatively affects the other areas of life, perhaps a better way to look at life is to live to the fullest in each area. We are not created to separate our lives into different components or departments acting independently of one another, but rather each area of our lives should work together to complete a beautiful picture of life to the fullest. Jesus said he came to give and provide a full or abundant life (John 10:10). A life of abundance or fullness is not a life of compartments, but rather a life of integration.
As an example, how can I have an abundant life if my job or work life is going well but my marriage or family life is a wreck? If I make terrible financial decisions don’t you think that will trickle into my relationships and emotions? If I have the best marriage in the world but treat my children with no respect or give them no time, do I still have a “full” life? No, each area of our lives affects all parts and to live a full life of purpose we must work on the following:
- Define your purpose – you should first know why you exist and how this relates to the current season in life. We are a Masterpiece or the most special creation (see Eph. 2:10 below). Without a good understanding of who we are it will be hard to make much progress in reaching our purpose.
- Live intentionally – nothing happens unless you make intentional decisions. Each area of your life will take intentionality for you to experience fullness. Good marriages take hard work – good careers take effort and education.
- Be faithful – Most successful people in life will tell you it is the small decisions they make each day that help them accomplish the goals and purpose they have in life.
- Define your work – Ephesians 2:10 “For we are God’s masterpiece. He has created us anew in Christ Jesus, so we can do the good things he planned for us long ago.” God created us to do “work” and work can be enjoyable and have meaning when we understand it is all part of our purpose in life.
As you reflect on the above thoughts consider the following questions until our next blog:
- What areas of my life are thriving?
- Which areas are suffering?
- How are the thriving and suffering areas affecting each other?
- What is one thing I can do to be more intentional in each area of my life?
By Ron Bare
We are approaching the end of another year – if you’re like me you often wonder how the year went by so quickly and you begin to understand that our time on earth is short – even if we live to age 100!
Since time is short, we must look to make the most of the resources God has entrusted to us. As you reflect on another year and make plans for the next, consider the following thoughts on generosity that will help us leave a legacy well beyond our time on earth.
Excel – In 2 Corinthians 8:7 Paul talks about excelling in your grace of giving. Just as we work hard to excel in school or our careers, we should also work hard to excel in our grace of giving. The best way to do this is to push ourselves to a higher standard than the year before.
Decide – In 2 Corinthians 9:7 Paul also tells us to decide in our hearts how much to give and to do it cheerfully. We should decide in our heart by setting goals and committing to giving back to the Lord the best or first of all our resources. We should do this not because we have to but as an overflow of our love for Christ who died for us.
Be ready – I Timothy 6:18 Paul again tells us to be ready to share with others and by doing so we will be storing up treasures for the future. I’m not exactly sure what these treasures include, but I believe Jesus when he said “It is more blessed to give then receive”. You never know when God will prompt you, so be ready to share – and be blessed!
We often set goals near the end of a year for the upcoming year. This year why not DECIDE to set some giving goals for 2018 that will help you EXCEL in generosity, so more people will be blessed! In this way you will be READY to share with those in need and store up treasures for your future.