The Propeller – Tech. Finance. Turkey. – 12-19-2023

I hope you’re doing well and staying healthy as we approach Thanksgiving. It’s that special time of year when the aroma of roasted turkey and the warmth of family gatherings fill the air, bringing with them a reminder of the profound heritage and the essence of gratitude that Thanksgiving signifies. Historically, this day harks back to the early settlers and their celebration of the harvest, symbolizing peace and gratitude. Yet, beyond the historical context and the bountiful feasts, Thanksgiving harbors a deeper significance—it’s an opportunity to pause and appreciate the cornucopia of blessings we’ve harvested throughout the year.

As we ready ourselves for the joyous hustle and bustle, I invite you to take a moment to reflect on what Thanksgiving truly means to you. It’s a personal journey for each of us, discovering and acknowledging the things we’re genuinely thankful for. From the simple pleasures that brighten our daily lives to the monumental milestones that shape our paths, every aspect is a thread in the tapestry of our gratitude. This season, let’s embrace the spirit of giving thanks not just for the abundance on our tables, but for the love, kindness, and camaraderie that fill our lives. What are the gifts, both big and small, that you are most thankful for? How do they shape your perspective on this cherished holiday? (Be sure to share the answers of these questions with your family and friends – and drop me an email too!)

And on a lighter note, as we express our gratitude for the past and present, let’s not forget to chuckle at the quirks of our ever-evolving world. Here’s a tech-inspired joke: Why did the smartphone go to therapy? Because it lost its connection to everything and needed to ‘sync’ about its feelings! Okay, Okay, I’m not great at writing jokes, but may this remind us to cherish the human connections that technology can’t replace.  Set down the phone/iPad/etc this Thanksgiving.

Make sure you are taking advantage of these legal tax incentives!  I’m sure you hate paying taxes as much as I do!

IRS tax-advantaged retirement accounts offer significant benefits to individuals planning for their financial future. These accounts, such as 401(k)s and IRAs, provide a tax-deferred or tax-free growth environment for your retirement savings.

Contributions to these accounts may be tax-deductible, reducing your current taxable income and lowering your tax bill. Additionally, the earnings within these accounts grow tax-free, allowing your investments to compound over time. Furthermore, some retirement accounts offer additional tax advantages, such as the Roth IRA, which provides tax-free withdrawals in retirement. Overall, these tax-advantaged accounts incentivize and facilitate long-term retirement planning by minimizing the tax burden on your savings and investments.

The IRS released updated contribution account limits for 2024:

401(k)/403(b)/most 457 plans/TSP employee deferral: $23,000 ($500 increase)
Catch-up contributions for the above (for those 50+): $7,500

Employee + Employer combined limit to defined contribution plans: $69,000 ($3k increase)

IRA contributions: $7,000 ($500 increase)
Catch-up contributions for IRAs (for those 50+): $1,000

Roth IRA income (MAGI) phaseout range for single and head of household: $146k-$161k
Roth IRA income (MAGI) phaseout range for married filing joint: $230k-$240k

Wall Street is all over the media and commonly seen throughout Hollywood. People know it as where stocks are traded, and money is made. The origins of Wall Street are pretty similar to the concepts you think of today. In 1652, during the anglo-dutch War, England and the Netherlands’ conflicts merged into North America with skirmishes in modern-day Manhattan. As the war continued, Dutch settlers built a wooden wall that was 2,340 feet long and 9 feet tall. The wall came and went but it was a historical icon for this part of the country.

Fast forward to 1762, the same Wall Street was made as a government-sanctioned site for trade and operation. In 1792 the first security traders started conducting business under the Buttonwood Agreement, created to decrease government intervention. They held these meetings in a coffee house on the corner of Wall Street and Water Street. The concept of a centralized place for the business and the economy grew once the stock ticker was invented and telephones multiplied the potential of business.

Now, the modern marketplace reflects that most stock trades are placed electronically through brokers. The industry is always changing and thankfully there has been a shift to comprehensive financial planning vs sales products. 

Email is a critical tool for entrepreneurs, but it can also be a major time sink if not managed efficiently. Here are some tips to help you boost your email productivity:

Set Specific Email Times: Instead of constantly checking your inbox throughout the day, allocate specific time slots for email management. This prevents interruptions and allows you to focus on other tasks.

Prioritize Your Inbox: Use filters, labels, and folders to automatically categorize and prioritize your emails. Flag or star important messages that need immediate attention, and archive or delete less important ones.

Unsubscribe and Filter: Regularly unsubscribe from newsletters and promotional emails that clutter your inbox (Except, of course, The Propeller!). Set up email filters to automatically sort incoming messages into relevant folders. (Set a filter to move The Propeller to the top of your Inbox!)

Use Templates: Create email templates for common responses or inquiries. This can save you a lot of time when you need to send similar messages repeatedly.

Keyboard Shortcuts: Learn and use keyboard shortcuts for your email client to navigate and process emails more quickly. This can significantly reduce the time spent on email tasks.

Avoid Multitasking: Focus on one email task at a time. Multitasking can reduce your efficiency and lead to errors in your responses.

Clear Out Your Inbox: Strive for “Inbox Zero” by dealing with emails promptly. If an email can be addressed in two minutes or less, do it immediately. For longer tasks, schedule time to address them. (This is the top rule for me and has made me super efficient with Emails)

Mobile Productivity: Make use of mobile email apps with productivity features. Many apps allow you to snooze emails, set reminders, and manage your inbox effectively on the go.

Use Email Analytics: Consider using email analytics tools to gain insights into your email habits and identify areas for improvement. They can provide data on response times and email volume.

Regularly Review and Reflect: Take time each week to review your email habits and look for opportunities to optimize your workflow. Experiment with new tools and techniques to streamline your email management process.

Remember, the goal is not just to process emails faster but to use your email as a strategic communication tool that supports your business objectives. By implementing these email productivity tips, you can reclaim valuable time and focus on more impactful aspects of your entrepreneurial journey.

When Nathan’s Famous Hot Dogs first opened in 1916, the owner hired people to dress as doctors and eat hot dogs outside his shop, to convince people his hot dogs were healthy.

This was social media before the Internet.

Go Buckeyes – Beat Michigan!

This is re-published from the weekly email sent by Leonard Mack entitled The Propeller. To subscribe, visit https://www.LeonardMack.com/subscribe and read it every Sunday evening.

This intellectual nourishment is intended for informational purposes only. One should not construe anything herein as being legal, tax, investment, financial, or other advice.

My rule is this – I have no advice to give, only experience to share. I have no interest in being a guru or telling people what they should do. Rather, I share my own experience because there is no right or wrong. Your mileage may vary.