Client Axiom | Vol 276
Inflation And The Global Supply Chain
Meet The Axiom®’s Guest Editor: Jackie Sklenar
Hello! I’m Jackie Sklenar. I have worked in the financial industry for over 30 years and thoroughly enjoy working with families and business owners as both a Wealth Manager and the Director of Client Engagement.
As Annex Wealth Management’s Director of Client Engagement, I’m responsible for developing and strengthening client relationships in partnership with Annex Wealth Managers, helping ensure clients and prospective clients are engaged with us and experience the Annex Difference.
My husband, Jeff, and I are raising our three children in the Lake Country area where I had the pleasure of growing up. Our oldest is getting her Master’s degree and our two sons are studying Mechanical Engineering all at the University of Wisconsin – Platteville. In my free time, I enjoy spending with friends and family, golfing, gardening, and taking hikes with our yellow lab.
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“The Axiom is a great way for Annex to provide additional financial literacy to our clients and people who want to know more. The Week in Review is a valuable resource for those who’d like to stay up–to–date, since things are ever–changing in the financial markets. I also find the variety of featured topics and polls engaging and thought–provoking.“
– Guest Editor: Jackie Sklenar | Director of Client Engagement
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Inflation And The Global Supply Chain
Inflation is up over 5.3%, and supply chain issues will affect more than your Christmas gift orders this year. Annex Wealth Management’s Dave Spano, CFP® discusses.
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With so much headache in the commercial airline industry these days, maybe it’s time to consider becoming your own captain.
There’s never been a better time to learn to fly!
For all the benefits of being able to fly yourself to and from your favorite destinations, it usually takes somewhere between 6 and 12 months to get your private pilot license. By this time next year, you might be up in the skies!
This timeframe accounts for training, a written and practical pilot exam, and at least 40 hours of logged flight time on a single engine plane. Though there are other classifications of licensing, a private pilot license is generally seen as the most beneficially for the amount of time and resources it takes to achieve any sort of license.
With a private pilot license, you’re able to fly both day and night, carry multiple passengers, and you can fly at any distance that your aircraft of choice can handle.
From there, the sky’s the limit! Yeah…we went there.
After you’ve got your license, secured a plane, whether you rent or buy, and picked your destination, what else is there to consider?
Flight schedule: While flying yourself, you have the ability to choose your airport destination. Most cities have smaller, private airports than can reduce the amount of flight traffic, congestion at the airport, and overall saves you time in disembarking and getting on with the reason why you flew there in the first place.(1)
Lower airspeeds mean longer travel time: What you make up in skipping the security checks and boarding times you may make up for in overall fight time. Lower speeds and cruising altitude means that you get to really enjoy the views!
Landing and tie-down fees: Before you set off to your airport of choice, it’s important to both request a landing in advance as well as be aware of any potential landing fees that a small airport may charge. It’s crucial that the airport knows you’re coming in advance so the air traffic controllers can plan for your arrival. Also, since the plane must remain at the airport after you land, be sure to make note of any tie-down fees while you’re there. Your home airport will likely charge you for storing your plane there frequently but be sure to note if there is a sperate fee at the visiting airport as well.(2)
Maintenance: Making sure your plane is in top condition is a costly but important part of owning a plane. In fact, your plane will need to undergo a yearly inspection by a licensed airplane mechanic to verify that it is fit for flight – you will be grounded without it!(3)
Fuel: It’s important to know how much your aircraft burns during flight, and to calculate how much you need depending on the distance of your flight. You may need to schedule fuel stops along the way if you are traveling a longer distance, since single engine planes are small and don’t carry vast quantities of fuel. You can have extra fuel tanks added to your plane to reduce the amount of stops you may need, which can be appealing to many pilots.(4)
There are many other things to consider after you’ve passed your flight exam and are packing up your bags for your first trip. If flying is in your blood, but you aren’t ready to commit to a certain plane model yet, or don’t feel like adding the maintenance of a plane to your list of things to think about, renting a plane from a local flight school or flight club can be a great way to explore flying different models without the behind the scenes work too.(5)
Plane rental is becoming more common, so don’t be dissuaded from pursuing a pilots license for the sole reason of not wanting to own a plane! There are ways to still get up into the skies! There’s even something called a wet rental, which simply means that the plane is fully fueled and full with oil, ready for you to hop in as part of your fee. Talk about convenience!
Not interested in becoming a pilot yourself, but still want to skip the commercial airline hassle? Private jet services are becoming more and more popular these days, and we can understand why.
Many of the reasons for flying private are the same, whether you are the pilot or not. It saves time, hassle, and provides much more comfort and flexibility. You can choose your flight time, skip the long security lines, and enjoy a quiet flight void of those awkward conversations with the people in your seat row.
Private jets have been flying the skies for over 55 years after the iconic Lear Jet was manufactured in Kansas in 1963.(6) To say that the industry has…taken off (yes, we did it again), is an understatement. Private jet companies are becoming more common as travelers, whether for business or pleasure, are valuing the time saved over everything else.
Whether you want to take to the skies behind the controls or sit back and relax as pilots take you to your destination hassle free, flying private is not only a great way to travel, but is also an amazing way to see the world from above.
Have an idea you’d like us to write about, or a story to share? Send us an email at cl************@*********th.com.
1. https://www.lidojets.com/blog/can-private-jets-land-anywhere/
2. https://www.lidojets.com/blog/can-private-jets-land-anywhere/
3. https://www.forbes.com/sites/quora/2017/12/01/what-does-it-take-to-own-and-maintain-a-small-airplane/?sh=72532db716bd
4. https://www.forbes.com/sites/quora/2017/12/01/what-does-it-take-to-own-and-maintain-a-small-airplane/?sh=72532db716bd
5. https://www.jaair.com/2019/06/28/everything-to-know-about-airplane-rental/
6. https://www.charter.airacer.com/post/7-interesting-facts-about-private-jet-charter
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To help alleviate supply chain issues, California ports and a number of retail and logistic companies will operate 24/7.
Poll | Opinion: What Are Your Thoughts On This?
Oops! We could not locate your form.
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The Client Satisfaction Survey is coming your way!
At Annex, it is important for us to get feedback from our clients to learn how we’re doing and how we can continue to best serve you.
Starting next week, we will be launching our Client Satisfaction Survey to help us gauge how we are doing as a firm, measure our strengths, and learn from clients about areas of opportunity for growth.
The survey will be anonymous, so please take a few minutes to fill out and submit your responses to us. As always, we appreciate your time, and are always looking for ways to better ourselves and better serve you, our clients.
The survey will be posted in the Axiom next week!
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This week’s Ask Annex comes from Camille, who asks:
“My wife and I have high income earning jobs, so our kids don’t want for much, how can I teach them the value of the dollar and good financial/spending habits?”
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We asked Annex Wealth Management’s Randy Winkler, CFP®:
This is a great question, and it comes up often. Money skills are not always taught to young people, so more often than not, kids end up learning through painful mistakes. A few tips:
Give an allowance/create opportunities to make money. For even the very young, this can help to teach financial responsibility. A good approach is to have them divide their ‘income’ into 3 buckets:
- Spend: This is the money they can spend at their discretion. This teaches simple budgeting (you can’t spend what you don’t have) and about opportunity cost (if they buy the skateboard they won’t have funds to buy the video game).
- Save: This is the money they’re putting aside for future spending. This teaches the power of delayed gratification.
- Share: This is the money they give to charity. This teaches them about helping others.
Set a good example. Children (especially young ones) will copy your behavior. Model the behaviors you’d like them to learn.
Get them involved. Discuss financial matters with your kids. You’ll have to gear the conversation to their comprehension level. Discuss why you’re considering refinancing your mortgage, how you’re saving for that big vacation, why you’re not purchasing everything the neighbors do, why you support that charity or your church, etc.
Educate them on the basics. Explain how compound interest can be your friend (through saving and investing) or their enemy (through the improper use of credit cards). Teach basic budgeting. Explain dollar cost averaging (investing the same dollar amount at regular intervals regardless of what is going on in the market). Look for educational opportunities.
Offer incentives. Some parents and grandparents offer a dollar-for-dollar match for any money saved or invested.
Developing good money habits at an early age will pay huge dividends over a lifetime.
Randy Winkler, CFP®
Wealth Manager
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KNOW THE DIFFERENCE MINUTE:
Most-Stolen Vehicles, Ranked
KNOW THE DIFFERENCE MINUTE:
Record High Job Openings, Where Are The Workers?
ANNEX RADIO
Elder Orphans and Solo Agers
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