Just a heads up: This message is a little vanilla.

No, we don’t mean it’s boring. (Or at least, we hope it’s not!) We mean it’s about vanilla, the ingredient. You know, the one used to make delicious ice cream, chocolate chip cookies, crème brulee, and even coffee when you’re in the mood. The one that comes in those little bottles you used to secretly smell as a kid when nobody was looking. (Or was that just us?)

Vanilla feels like it’s in everything. It’s such a common, familiar flavor that we often use the word as a synonym for something basic or uninteresting, even though society can’t get enough of it. But it’s also one of the most expensive spices in the entire world. Why?

Because as ubiquitous as it is, it is ridiculously difficult to cultivate.

It’s also an example of why we think Labor Day is such a unique and underrated holiday.

Vanilla, in its natural form, is a type of fruit that first originated in Central America. Spanish conquistadors introduced the fruit to Europe in the 1500s, but it wasn’t until the 1800s that vanilla exploded in popularity. And for that, we have one person to thank: A twelve-year-old boy named Edmond Albius…who was also a slave.

In the 1820s, the same decade when Edmond was born, French business owners tried importing vanilla to the island of Réunion, an island off the eastern coast of Africa. But the move was a flop. The plants simply would not bear fruit, because none of the local insects could pollinate them. As a result, it looked as though the entire vanilla venture was destined to die on the vine.

Enter Edmond Albius. Born into slavery, Edmond was also an orphan, whose mother died during childbirth. He never knew his father. But as a young boy, Edmond showed an incredible aptitude for botany. One day, his enslaver, a man named Beamont, was walking through his gardens when he noticed something he’d never seen before: Two vanilla pods growing on a twenty-year old vine…the only vine on his property that was still alive. Beamont asked Edmond how this could be and was shocked at the reply: This twelve-year-old-boy had invented a way to fertilize vanilla plants by hand! The process was like a form of delicate surgery. Using a thin stick or even a blade of grass, Edmond would carefully lift a flap that separated the plant’s reproductive organs, and then, with his finger, smear sticky pollen inside. Here’s how Beamont later described it in a letter:

“In the watermelon, the male and female flowers occur on different plants, and I taught this little boy, Edmond, how to marry the male and female parts together. This clever boy realized that the vanilla flower also had male and female elements and worked out for himself how to join them together!”¹

Soon, Edmond was teaching his method to slaves around the island. As a result, in less than twenty years, Reunion was able to export two tons of vanilla beans. In twenty-five years, that number grew to twenty tons. And by the turn of the 20^th century? Over two-hundred tons!¹

Today, Edmond’s method is still the only way to produce real vanilla. The process simply cannot be automated or done by machines; it must be done by hand in a single twelve-hour period each year. By thousands of hands, in fact, in Madagascar, Indonesia, and other places. And cultivation is just the first step! Planting, tending, and most of all, harvesting vanilla pods involves some of the most back-breaking, labor-intensive work there is. Once those steps are done, the vanilla must also be sweated, dried, cured, graded, and packed. All done by workers; all done by hand; all requiring tens of thousands of hours’ worth of work. All to ensure we have that tiny little bottle of vanilla whenever we need it.

So, what does this have to do with Labor Day? Here’s how we think about it. As you know, we have holidays to celebrate our country. To celebrate love. To celebrate presidents. To celebrate giving and gratitude. But Labor Day is about something even more fundamental. It’s a chance to celebrate each other. To recognize and appreciate that our daily needs and wants are produced by the hard work and ingenuity of ordinary people, here at home and around the world. The food we eat. The clothes we wear. The houses we live in. The cars we drive and the roads we drive on. All this and more are provided for us thanks to the hands and minds of workers.

Edmond’s remarkable discovery eventually helped him secure his freedom, yet despite Beaumont’s efforts to recognize him, the government denied him any official reward or payment. Others even attempted to claim his work as their own. As a result, Edmond sadly lived out his life in poverty. It wasn’t until nearly a century later that historians began to truly grasp the significance of his discovery. Stories like his remind us why we set aside days like Labor Day — to honor the often-unsung individuals whose work shapes our world.

So, as we finish off this year’s Labor Day BBQ with a perfect scoop of ice cream or a delicious helping of peach cobbler, let’s spare a thought for people like Edmond Albius and everyone else who makes it possible. And let’s remember that the holiday isn’t just about having a day off from labor. It’s about giving thanks for the fruits of our labor. Including — but certainly not limited to — one of the most common, ubiquitous fruits of all: the vanilla bean.

From everyone on our team, we wish you a happy Labor Day!

¹ “Edmond Albius: the boy who revolutionized the vanilla industry,” The Linnean Society, www.linnean.org/news/2019/10/16/edmond-albius

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Happy Independence Day!

It is common knowledge that in the summer of 1776, the Declaration of Independence was written, ratified, and published across the thirteen colonies — colonies that became a country. Today, nearly two-hundred and fifty years later, we still remember the words, “We hold these truths to be self-evident, that all men are created equal.”

What is less often remembered is how shaky the idea of American independence still was. By the time summer turned to winter, a British victory seemed almost inevitable. New York City had fallen. George Washington’s army was in full retreat, having recently lost 3,000 men. The Continental Congress had evacuated Philadelphia.

To many Americans, the idea of independence, of freedom, seemed like a lost cause.

But not to one American. For years, a man named Thomas Paine had written tract after tract, pamphlet after pamphlet, urging all Americans to stand up to British tyranny. That winter, he picked up his pen once again and wrote another set of words that deserve to be remembered, every Independence Day:

“These are the times that try men’s souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us: That the harder the conflict, the more glorious the triumph. What we obtain too cheap, we esteem too lightly; it is dearness only that gives everything its value. Heaven knows how to put a proper price upon its goods, and it would be strange indeed if so celestial an article as FREEDOM should not be highly rated.”

Why do we think Paine’s words should be remembered? Every year we celebrate the Fourth of July by singing songs, lighting fireworks, cooking outdoors, and by spending time with family and friends. But some years, we feel like it’s easy to do these things almost automatically. It’s routine. Some years, we think it’s also easy to feel cynical about the holiday, because we watch the news and see the headlines and realize how far we still have to go as a country.

But never, ever, should the idea of freedom be taken for granted.

Never, ever should the concept of liberty be ignored.

Never, ever should we let the self-evident truth of equality be forgotten.

Paine wrote that “what we obtain too cheap, we esteem too lightly.” These days, it’s easy to esteem our rights and freedoms too lightly, because we are so used to them. But Independence Day is a chance to reflect, deeply and sincerely, how priceless these things are. How difficult they were to attain. How easy it would be to let them slip away.

It’s not always easy to feel patriotic. Times are hard, things are uncertain. There have been events in recent history that have tried our souls; there will certainly be others in the future. But in the winter of 1776, Paine’s words — part of a longer pamphlet called The American Crisis — helped re-energize the push for independence. They inspired the American people to recommit to the Declaration of Independence and everything it stood for.

Those same words can inspire us to do the same thing today.

We are so grateful for the country we live in. We are grateful for the Declaration. And we are grateful for Independence Day. It’s our chance to celebrate not just our country’s founding, but the reasons for its founding: That we are all endowed with certain unalienable Rights, among them being Life, Liberty, and the Pursuit of Happiness.  

So, as the Fourth of July rolls around once again, as we gather around the grill and the fire pit, as we pay tribute to the flag, as the glint of fireworks reflects in our eyes, let us remember: There is nothing cheap or routine about what this holiday represents.

In fact, there are few things in this world more valuable.

On behalf of everyone here at Minich MacGregor Wealth Management, we wish you a very happy Independence Day!

We think everyone has a corner of their house that desperately needs to be cleaned out and organized.  Maybe it’s in the garage, with all those miscellaneous cardboard boxes filled with books, baby clothes, and other mementos.  Maybe it’s a closet stuffed with coats, random household items, or all those unused rolls of birthday wrapping paper.  Or maybe it’s just a random crawlspace that’s hard to access and covered in cobwebs.  Either way, when you finally get around to organizing it, one of two things tends to happen:

1. You find something you thought was lost or long gone…maybe even something you unnecessarily bought a replacement for! 
2. You realize you’re hanging on to lots of stuff you don’t really need that’s just taking up space. 

Why are we talking about this?  Well, as you know, summer is a great time to clean out those forgotten corners of the house.  But as advisors, it doesn’t take much for us to take any activity and apply it to finances…which got us thinking about the forgotten corners in people’s financial plans. 

And boy are there often a lot of them!

You see, when it comes to financial planning, most people do a good job of focusing on the big stuff — the investments in our portfolio, where our income will come from in retirement, getting our taxes done — just like we’re usually good about keeping the well-trafficked areas of our home neat and tidy.  But there are often dusty, neglected corners in our financial lives that we either forget about or ignore.  And by doing so, we often pass up opportunities to improve our financial situation — sometimes even leaving money on the table. Or we take longer to reach our financial goals, because there is something taking up space or holding us back.  

Here are just a few common forgotten corners of financial plans:

Unproductive funds.  Like that jar full of coins and dollar bills that gets shoved to the back of a cupboard, it’s very easy to stick money into a savings account, certificate of deposit, or money market fund and then forget about it.  While there’s nothing wrong with using these types of vehicles from time to time, it can also be a very unproductive way to save money, because the cash is just sitting there, uncompounded and often earning very little in interest.  At the very least, it’s worth looking to see if there are other, newer options that pay out higher interest rates!

Out-of-date beneficiaries.  Many people often opt for a “set it and forget it” mentality when it comes to naming their beneficiaries.  But life is always changing and rarely static.  That’s why it’s always a good idea to review your beneficiaries every few years in case your family situation or personal wishes have changed. 

Mediocre insurance policies.  This is a common one.  Often, people will buy an insurance policy, such as whole life.  Then, never having to use it will let it sit and collect dust.  Meanwhile, they will continue to pay premiums on the policy, even if those premiums are overly high and the death benefit is absurdly low. 

Unreimbursed HSA receipts.  Many people who own Health Savings Accounts often forget to submit their health care expense receipts for reimbursement.  Fortunately, there’s no statute of limitations on these expenses, meaning you can submit your receipts for reimbursement even years after the fact!

Your parents’ finances.  Those with aging parents know that the day will come when they have to help manage their parents’ financial affairs.  Many people try to push off thinking about that day for as long as possible, for a variety of perfectly understandable reasons.  Unfortunately, these affairs can become a massive drain on you if left too long. 

Your credit score.  Some people check their credit score too much; others don’t check it nearly enough. But a good rule of thumb is to check your credit reports at least once per year.  After all, these reports aren’t just to help you get loans — they’re a handy early-warning system for fraud and identity theft. That’s why you should always scrutinize them for unexpected changes, hard inquiries from businesses, and other red flags. 

Unrealized goals.  The most sadly neglected corner of all.  Many people have private dreams and ambitions they never express to anyone.  Maybe they feel too grandiose.  Maybe they seem unrealistic.  Maybe they’re just extremely quirky!  Either way, a private dream usually stays just that — a dream.  But a spoken dream can be planned for, saved for…and ultimately, lived for. 

The reason we’re writing all this? Because, as financial advisors, our team makes it our mission to help people — not just with the big stuff in their financial house, but with their “forgotten corners”, too.  To that end, if you ever have any forgotten corners that need looking after, please give us a call at 518-499-4565 or shoot us an email at info@mmwealth.com.  We would be happy to sit down with you, review your plans, and discuss how to make sure your entire financial house is exactly the way you want it. 

Cleaning up the forgotten corners of your home is a great way to free up space, save money, and even gain peace of mind. The same is true with any forgotten corners in your financial life.  If you don’t have any, that’s great! But if you do, please think of us.  In the meantime, we hope you have a great summer!