Bob Norton Consulting - May 2022

Bob Norton Consulting - May 2022

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

There will be tax consequences. The secret is figuring out what they are and planning for them. This requires awareness of your situation and starts with asking the right question: “When I do this, how will that affect the amount of taxes that I pay?” I receive calls regularly from people who bought or sold a property without first asking this question. After the transaction is complete, they discover that they owe a lot of tax. Tragically, they learn that they could have avoided or lowered the tax by taking a simple step before that transaction. They ended up with a tax bill and no money to pay for it. Now that the tax deadline has passed, take time to review your upcoming and recent business decisions and ask yourself the question above. You will discover that you may be able to avoid or minimize the tax consequences by how you structure, restructure, or exit the deal. Tax planning is key to building your wealth. It is said that the only things certain in life are death and taxes. So, it’s not “if,” it’s “when.” You can, however, do many things in your power to put these off as long as FROM THE DESK OF Bob Norton

Why Fun and Games Are Good for Adults COME OUT AND PLAY

Some of us may remember a time in our lives when we decided we were too old to play. Often, a peer, older kid, or even an adult told us we should move past make-believe, playing with dolls or action figures, or climbing the jungle gym at the playground. When I was a child, I always wanted to fit in. So, when someone told me, it was easier to stop playing than to stand out. Eventually, we realize we should do whatever makes us happy. But some, unfortunately, never get over their fear of being judged for being silly and having fun. It’s a shame because playful adults are more youthful, creative, cooperative, and energetic. Play isn’t only for kids — we just need to stop being self-conscious and open ourselves to new possibilities. As children, playing helps us make sense of the world and learn about being human. We usually begin learning our shapes, letters, numbers, and colors through play. We get a sense of gravity and physics from building blocks. The playground teaches us what our bodies are capable of, and we mimic adult relationships by pretending to work, cook, or care for babies. And playing with others teaches us how to cooperate, make friends, and work together.

possible. Start by asking yourself the right questions.

The truth is, the ways we learn through play don’t stop at a certain age. In particular, when preexisting rules don’t constrict play, we innovate! And exercising that creativity

–Bob Norton

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Start by looking back to what you loved as a child. If Hot Wheels were your thing, setting up a complex track might be lots of fun. Meanwhile, Barbie fans might still get a kick out of brushing her hair and swapping out clothing. If you liked art, buy yourself a coloring book or some paint and get down to business. And if running around was your thing, find a group that would enjoy playing Frisbee or kickball. Playing alone is better than not playing at all, but playing with friends is best. Playing and socializing together will give you a double-boost, and the added spontaneity other people bring to the game will only enhance the benefits you are seeking. And remember, it’s also not about how good you are but about how much fun you have. Depriving ourselves of play as adults is doing us more harm than good, and maybe worst of all, it risks making us dull. You may feel self-conscious at first, but you can make a change. When the playground isn’t busy, give yourself permission to take a ride on a swing or try your hand at the monkey bars. Chances are no one will say anything — but if they ask, tell them it’s for your health.

helps us keep our work, hobbies, and personal relationships fresh, and it’s excellent for our problem-solving skills.

That means play gives our minds a boost. In turn, we stay younger and more energetic and enjoy a more positive outlook on life. Researchers have linked playfulness to an easier time connecting with others, in addition to improved relationships. Play also releases endorphins, so it’s an excellent stress reliever that makes us naturally feel good. Endorphins can even temporarily alleviate pain! So, how can you get more play into your daily life? If you have kids or grandkids, it’s easy — join them in their games and let them show you the way. Get outside and kick a ball around or strike up a game of tag. Break out some of your favorite childhood board games and see if your kids take a liking to them. Engage in make- believe games and put your heart into it; in other words, don’t pretend to pretend — actually pretend! Of course, some children’s games can be very repetitive. That repetition teaches kids a lot, but it can be pretty boring for an adult and will reduce the positive effects of play. Plus, not all of us have children around. So, how else can you learn to play?

WE’RE LISTENING — ARE YOU? 5 Podcasts to Boost Your Business Growth

All of these podcasts are available on Spotify, Apple Podcasts, and a variety of other platforms.

Made Simple” is for you! On this podcast, Miller hosts and offers strategies for building and optimizing your business. He covers topics ranging from “How to Escape a Villain Mindset” to “Is Word-of-Mouth Marketing Dead?” ‘ BizChix’ — “BizChix” is catered specifically to women entrepreneurs and hosted by business coach and strategist Natalie Eckdahl. The episodes mix business and advice and training with on-air coaching calls and interviews. If you’re looking for specific tips like how to pivot your client base or get in the hiring mindset, this podcast will be a perfect fit for you. ‘Wisdom From the Top’ — Hosted by Guy Raz of “How I Built This,” this podcast expands beyond business leaders to glean leadership tips from all fields, including army

‘How I Built This’ — Have you ever wondered what it was like behind the scenes in the early days of Coinbase? What about Expedia, Mailchimp, or Ben & Jerrys? The “How I Built This” podcast from NPR dives into all of those stories and more during fascinating interviews with founders and CEOs. Find out what hurdles they faced, how they overcame them, and what lessons you can steal to level up your own business. ‘Entrepreneurs on Fire’ — This award-winning podcast is hosted by author and thought leader John Lee Dumas. On it, he interviews entrepreneurs like Tony

Robbins, Seth Godin, Gary Vaynerchuk, Barbara Corcoran, and Tim Ferriss and extracts business tips for you. Tune in for episodes like “How to Raise $400 million on the Internet and Build a FinTech Business with Jilliene Helman” and “Earn More with LinkedIn Sales Navigator with Julbert Abraham.” ‘Business Made Simple’ — If you’re a fan of “Building a Story Brand” by Donald Miller, then “Business

generals, scientists, and reporters as well as CEOs. As the podcast’s description puts it, “You’ll hear accounts of crisis, failure, turnaround, and triumph, as the leaders

reveal their secrets on their way to the top. These are stories that didn’t make it into their company bios, with valuable lessons for anyone trying to make it in business.”

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IS ORDERING TAKEOUT WRECKING YOUR FINANCES?

Whether you need a break, a window of time to socialize, or want to enjoy the thrill of a good deal, there are definitely ways to meet these needs in a budget-friendly way. Try doing the following:

Statistically speaking, as a U.S. adult, it’s likely that you eat at restaurants five times a week or more, but even if it’s cheap fast food, it might be doing more damage to your personal finances than you think. >Page 1 Page 2 Page 3 Page 4

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