Bob Norton Consulting - June 2022

Bob Norton Consulting - June 2022

NortonAccountingServices.com 985-640-6072 [email protected] JUNE 2022 NORTON NEWSLETTER EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES THE REAL ESTATE TAX PRO ™

An Underrated Film Your Kids Will Love 5 AMAZING LESSONS FROM PIXAR’S ‘ONWARD’

Are you building your wealth? If you are working with me, I know that is one of your goals. To be successful at building wealth, you will need a plan and you will need to track your net worth. Keep in mind that you can be a high-income earner and still not build wealth. Many of us increase our spending as our income rises. Without a plan to build wealth, many people end up at retirement age without much income and no assets that generate income. Assess where you are today by completing a net worth statement. This doesn’t have to be anything formal, just a list of assets that you own and liabilities that you owe. The difference between these figures is your net worth. Ideally, your assets will be worth more than your debts. If not, then you have some work to do. There are two ways to increase your wealth. The first is to purchase income-generating assets that appreciate in value over time, like rental real estate. The second is to pay off liabilities, especially personal debts that are not associated with income-generating assets, like credit cards and student loans. FROM THE DESK OF Bob Norton

In 2020, Pixar’s “Soul” received all the critical and popular acclaim, but the company released a lesser-known movie that same year, “Onward.” It’s about two elven brothers, Barley and Ian Lightfoot, who go on a quest to bring back their late father for a single day. Along the way, they learn how to overcome fears, celebrate each other’s strengths, and cope with tragic loss in a loving and mature way. What I love is that these lessons aren’t taught explicitly. Instead, “Onward” allows the characters’ actions to speak for themselves. Here are just a few takeaways I think you and your family will love. No. 1: Celebrate your loved ones’ strengths. Imagine dedicating your life to learning the history and techniques of magic but never mastering the skill for yourself. Then, one day, you find out your little brother possesses an instant gift for magic. Would you feel jealousy or pride? Even though we don’t live in an urban-fantasy world like the brothers in “Onward,” we’ve all experienced a little bit of jealousy or wonder when we’ve been unexpectedly outdone. However, when this happens to Barley Lightfoot — the older, history buff brother of the magical prodigy Ian Lightfoot — he doesn’t get jealous. Instead, he celebrates that his own brother can perform magic.

Calculate your net worth on a regular basis, at least yearly, to make sure that you are on track to meet your wealth and income goals. –Bob Norton

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... continued from Cover No. 2: Take the long way — otherwise, you might miss your goal. While on their journey, Barley and Ian Lightfoot argue about the best road to take — literally. The interstate freeway would save them time, but Barley believes the “path less traveled” is the correct path. To Ian, choosing the long way seems silly if they want to spend as much time with their father as possible. However, the long way is better, and it ends up helping the brothers bond, which leads to the movie’s surprising ending. No. 3: Learning history matters. We hear this phrase all the time, but what does it mean in practice? “Onward” provides its own take on the aphorism. Even though Ian has a gift for wielding magic, he stumbled into it accidentally. He had no idea how to use magic or how to cast spells. Thanks to Barley’s historical knowledge, however, Ian learns incredible spells and reaches his potential. No. 4: You don’t need to compromise your identity to achieve success. One of the movie’s best side characters is Corey the Manticore, a legendary half-lion, half-scorpion warrior that used to bestow dangerous quests upon adventurers. However, during the urbanization of its fantasy world, her “adventure profession” When wondering about skin care routines, most people think about cleansers, face masks, eye creams, and moisturizers. But another product should be added to your beauty regimen to provide your skin with a range of valuable nutrients — serums. What is serum? Think of your skin care routine as a three-course meal. Cleansing your face is the appetizer, applying a serum is the main dish, and finishing off with moisturizer is the dessert. Serums are topical products that contain concentrated amounts of active ingredients. These ingredients, when applied directly to your skin, have smaller molecules that can penetrate deeply into your skin. Because of this, there are different serums you can use to focus on specific concerns you have, such as wrinkles, pores, redness, and much more. HOW ARE THEY BENEFICIAL? What Are Serums?

succumbed to technological conveniences, so she opened up a cheesy, medieval-themed restaurant instead. It’s a hilarious disaster, and she’s clearly unhappy even though it pays the bills. However, by the time the movie ends, she finds a new way to achieve commercial success without giving up her true identity as a fearless warrior. No. 5: Take the initiative and seize the moment! When you’re a kid, it can be hard to imagine why adults fail to try new things or new ways of doing things. Then, when you experience failure yourself, you start to understand: It doesn’t feel great when you fail. However, plenty of things in life are worth doing anyway, even if you do fail! Whether it’s bringing your dad back to life for a day, or trying out a new physically, mentally, or socially healthy habit, it’s always worth it to try to make your life a little better. Even as an adult, I learned a lot from “Onward,” and I think many other families can, too. Although this Dungeons and Dragons-inspired movie might seem too niche, that’s not the case at all! It’s a classic Pixar movie about adventure, family, and unexpected kindness.

• Anti-Aging: Combats fine lines and wrinkles. • Antioxidant: Protects your skin from free radicals. • Hydrating: Infuses skin with extra moisture. • Color-Correcting: Targets hyperpigmentation, enlarged pores, and fine lines. • Acne: Limits and prevents breakouts Serums may be what you need to get the skin you’ve always wanted. By adding serums to your skin care regimen, you’ll see the difference in your skin within seven weeks. If you’re not sure which serum is right for your skin type, talk to a certified dermatologist for more information.

What are the benefits? There are tons of benefits to using serums. They contain

antioxidants like vitamins A, C, and E — and even retinol, which can even out your skin tone. Your skin absorbs serums quickly, making it an ideal first step. They can also help soothe sensitive and irritated skin. In addition to this, serums are also very lightweight, so you won’t have to worry about your skin feeling heavy or greasy. How do I choose the right serum? There are so many on the market now that it can be overwhelming, but you will find the perfect one for you with some trial and error. Here are some of the serums you can look at to get you started.

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3 EASY COOKING HACKS FOR BETTER NUTRITION

No. 3: Add frozen spinach to almost anything. Fresh spinach quickly loses its folate, powerful vitamins, and nutritional benefits over time, but

Making a meal plan is a pain, but you still want to get all your necessary vitamins, minerals, and protein through everyday foods. Even if you’re not a cooking expert, you can employ a few very simple cooking hacks in the dishes you commonly prepare! You’ll be surprised how these little boosts can reap big, nutritious rewards. No. 1: Add quinoa to recipes. Want to add extra texture or color to your steamed white or brown rice? Mix it up with 1 cup of quinoa (any color) and another 2 cups of water or broth. Or, simply throw quinoa into any grain-friendly soup you’re preparing, like a simple chicken soup! Quinoa is rich in antioxidants and filled with fiber to lower cholesterol and blood sugar levels, reducing your risk of diabetes and heart disease. No. 2: Replace cream with almond, walnut, or oat milk. Cream is a popular mainstay in any American kitchen, but it doesn’t have to be dairy cream. Plant-based milk and creamer (such as almond, walnut, or oat milk) are often extra rich in vitamins and minerals and low in fat. They contain no cholesterol and are easy on your digestive system. Because they all have slightly different flavor profiles, you can pick your favorite! Walnut milk works surprisingly well in a creamy pasta sauce.

spinach, frozen at its peak freshness, saves the day. That’s why frozen spinach is actually

more nutritious than most fresh spinach at the supermarket! Whether it’s for pasta, pizza, scrambled eggs, cheese dip, a smoothie, or curry, frozen spinach is more versatile than you might think. Plus, studies show spinach may have amino acids that help reduce stress and depression! (Bonus) No. 4: Add chia seeds to cold drinks, yogurt, baked desserts, and more! It’s easy to feel guilty for indulging your cravings for sweet tea, pudding, cookies, and cake. But if you add chia seeds, you might feel a little better about it! These small seeds are densely packed with antioxidants, minerals, fiber, and omega-3 fatty acids, all of which may promote heart health, support strong bones, and improve blood sugar management. We hope these tips help make your favorite dishes a little more fun and guilt-free! Enjoy!

Take a Break!

Mini No-Bake Key Lime Pies

Inspired by FoodNetwork.com

Ingredients

• 12 whole graham crackers • 1/3 cup unsalted butter, melted • 1 1/2 cups whipping cream • 1/2 cup powdered sugar • Lime zest, for garnish

• 1 cup lime juice • 2 1/3 cups sugar, divided • 2 sticks unsalted butter, softened • 14 eggs

Directions

1. In a medium saucepan over low heat, combine lime juice, 2 cups of sugar, and 2 sticks of butter. Cook until the butter melts. 2. In a large bowl, beat the eggs with a mixer and stir into lime juice mixture until combined. 3. Bring to a simmer. Stir constantly for 5–7 minutes until thick and creamy. Pour through a mesh strainer. 4. Chill lime curd for 2 hours in the refrigerator. 5. In a food processor, add graham crackers, 1/3 cup melted butter, and 1/3 cup sugar. Pulse to combine crumb mixture. 6. In a bowl, whip the cream with powdered sugar until stiff for topping. 7. In 12 small dishes or ramekins, add the crumb mixture, followed by the lime curd. Add whipped topping and garnish with lime zest.

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INSIDE THIS ISSUE From the Desk of Bob PAGE 1 Why ‘Onward’ Teaches Amazing Lessons PAGE 1 Skin Care Is Like a 3-Course Meal PAGE 2 3 Cooking Hacks to Eat Better PAGE 3 Take a Break PAGE 3 Mini No-Bake Key Lime Pies PAGE 3 Is an International Retirement Right for You? PAGE 4

SAY ‘CIAO!’ TO TRADITIONAL RETIREMENT Things to Know Before Spending Your Golden Years Abroad

Review your wants versus your needs. Who doesn’t love a tropical vacation, but do you really want to live there permanently? Tropical spots also include hurricanes, bugs, humidity, and lots of sand and water. Rather than packing up and moving to a new country outright, spend a few months in the place you want to call your new home. If you can live with the good and the bad, it’s the spot for you! If not, try somewhere else until it feels right.

Retirement is what you make it, and the possibilities are endless. For many Americans, that has meant selling their possessions, packing up what they have left, and moving abroad. In some cases, an international retirement can be more affordable and provide better health care options. Plus, the opportunity to explore a new region is enticing. Others worry about being away from family, navigating foreign rules, and dealing with language and cultural barriers. If these obstacles don’t scare you away, an international retirement may work. Here’s how to prepare for it.

Monitor your comfort level.

It’s difficult to ask your neighbor for flour when you don’t speak the same language. While it’s true that many countries have numerous English speakers, you may run into situations where communication or customs are difficult. You should learn the basics of your new country’s language and be prepared to be more independent. Until you find a community in your locale, you may not have the same support you have back in the states. As with all your plans for retirement, consult with a professional to determine if an international retirement is right for you. And if it is, then bon voyage!

Consider the monetary challenges. In many cases, retiring abroad can be preferable due to lower costs of living and affordable health care. Plus, you can receive and deposit Social Security overseas. However, there are a few hurdles. For instance, you could end up paying taxes to the U.S. and your new country, which means a double tax. You will also have to transition to a completely digital banking system and understand how your new residence may impact your American-based assets.

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