2 min read

Look for Beauty

Good Luck and Godspeed – No. 8

Good Luck and Godspeed

Montgomery Wealth Advisors

Welcome to Good Luck and Godspeed, a weekly dose of rational optimism.

It represents my desire to provide you, my healthcare leader readers, with something interesting, helpful, and not necessarily healthcare-related.
 
If you love it, please let me know and consider sharing it with your peers.

Tall Tales

"He was the kind of cop that wouldn't arrest you. He'd just take you home to your parents."

– My favorite quote from this week's cookout

Look for Beauty

"A person who is looking for beauty is likely to find wonders, while a person looking for threats will find danger. A person who beams warmth brings out the glowing sides of the people she meets, while a person who conveys formality can meet the same people and find them stiff and detached."

– David Brooks, How to Know a Person

As community members and leaders, you will find David Brooks' How to Know a Person a transformative read. It goes beyond typical self-help literature, offering profound insights into the art of listening and connecting with others on a deeper level. Brooks emphasizes the importance of understanding and being understood, a skill crucial for anyone navigating the complexities of healthcare leadership.

As you manage teams and interact with diverse individuals, the book provides practical advice to foster genuine connections and improve your ability to listen deeply. By incorporating Brooks' techniques, you can enhance your leadership effectiveness, build stronger relationships within your teams, and contribute to a more empathetic and cohesive community.

Whether you're dealing with patients, colleagues, or the broader community, How to Know will help you develop the emotional intelligence needed to lead with compassion and understanding.

Community on Vacation?

Every summer, my family vacations in the same charming, off-the-beaten-path area. Over the years, we've had the pleasure of getting to know some of the locals.

This past Sunday night, we were invited over for a casual cookout with a couple we've kept in touch with throughout the year.

What made the evening truly special was the sense of community. Several neighbors joined us for dinner, and it turned into a memorable night filled with laughter and epic stories.

It reminded me how rewarding it can be to put yourself out there and become part of something larger than yourself.

My favorite quote from the evening leads the newsletter...

A Money Thing

Last week I wrote about ESPPs for my readers in for-profits. This week, let's look at something for my not-for-profit leaders: 457 plans.

As a leader in a not-for-profit hospital, a 457(b) plan offers a valuable opportunity to grow your retirement savings. Consider using it in addition to other retirement accounts like your 403(b).

While generally a good idea to always maximize contributions, one effective strategy is to coordinate contributions to your 457(b) with your peak earning years. By maximizing contributions during these high-income periods, you can potentially lower your tax burden while setting aside substantial funds for retirement.

It's also important to be strategic about distributions: planning to take out funds during lower-income years in retirement can minimize your tax liability.

Don't put all your eggs in the 457 basket: review your 457(b) plan’s terms and your hospital’s financial health regularly, as these plans are subject to the institution's solvency.

Don't forget to check your's out. 457(b) plans are a great additional tool in your retirement planning toolbelt.