DeVries Law Firm - August 2021

DeVries Law Firm - August 2021

www.devrieslegal.com (904) 467-1119

August 2021

What Can Businesses Learn for Back-to-School Marketing?

Are you fascinated by the weekly challenges that businesses face? I know I am! One particularly interesting area is marketing. The key is to remember that great marketing is influenced by the culture around it, especially when that culture is influenced by holidays and seasonal changes. Right now, we’re smack dab in the middle of one of those seasons: the “back-to- school” rush, when it seems like every company is marketing the best things that every student must have. Items like sheets, Bluetooth speakers, shower caddies, laptops, smartphones, and even mini-fridges are often discounted and advertised all over. Maybe you’ve noticed that staple school supplies, like books, pencils, and calculators, aren’t advertised as much. The fact is that the marketing behind these back-to-school supplies can be a little less intense than with other consumer items. You don’t need to market things people actually need to buy. Does that mean you shouldn’t ever take up advertising space for things people need? Of course not. People need toilet paper, but that doesn’t stop the Charmin bears from doing their thing twice per ad break

every time we turn on the TV or radio. But watch the way big suppliers do their back- to-school advertising. It’s more generic, with storewide sales on school and office supplies as a whole. You might see pencils in an ad like this, but they don’t need to put the pencils on sale because they know parents have to buy these supplies. That tactic won’t work if you’re selling skateboards or laptops, though. Nobody needs those to ace an exam! So here’s where things get tricky — and retailers know it. Who do they advertise to? Parents make up one group, and students make up the other. Students, especially older teens attending college, may have their own money to spend on big items or at least the ability to convince their parents that they need those items. Obviously, advertising to teens is a different ballgame than marketing to parents. The “affordable, low price” angle won’t always work on teens, and for big items, it could be the wrong approach with parents, too. Advertisers selling consumer electronics are usually trying to show how hip, powerful, and durable their tech is. They want to make it seem like you can’t live without their gadgets (as we all know, this is at best a half-truth). This isn’t a

bad approach for teens, and it’s not bad if you’re targeting their parents, either. Despite what your average teenager might believe, most parents don’t want their kids stuck with outdated tech or tragically uncool gadgets. And although it might surprise parents to hear it, their kids aren’t immune to the allure of a purchase that will last for years to come. Of course, advertisers know these things, because that’s their job. And you see it reflected in the various ads for back-to- school deals on things you might want but don’t actually need. I want to end by pointing out a unique feature of 2021’s back-to-school marketing blitz, which is how explicitly advertisers are pushing the pandemic angle. It truly is a back-to-school season we haven’t seen before, with in-person learning set to resume in schools of all kinds across the nation. Pay close attention to these ads when you see them, because you’ll learn a lot. These sorts of ads can really work well, but they can also be the fastest way to turn off a consumer. I’ve been anticipating them all summer, and so far, they haven’t disappointed. Some are explicitly pandering, but others — especially in the consumer electronics category — walk that balance well. As I said at the beginning, marketing is about culture. The draw of a 30% storewide sale is valued differently by parents and students, but so are trendy ads that touch on political and current events. Nobody said it was an easy line to walk, and even the experts get it wrong sometimes.

To see that, all you have to do is turn on the television this month.

— Shawn Devries

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Lincoln’s Law

The Revenue Act and the History of the Federal Income Tax

Even with the extended May deadline, we’re well past tax season, so why talk tax history now? As it turns out, it was in August way back in 1861 that the Revenue Act was passed, which imposed the first federal income tax. If you’re trying to recall your American history lessons, you may have already figured out that it was President Abraham Lincoln who signed this bill into law. A LOOK AT THE FIRST TAX The Revenue Act called for a 3% income tax on Americans making over $800 a year. That’s almost $26,000 in today’s dollars. The tax was levied primarily to fund the Civil War. While federal income tax dollars are spent in myriad ways today, defense remains a major category. About 16% of taxes collected for the 2019 tax year were spent on U.S. military and defense. CHANGES OVER TIME About a decade after the Revenue Act was passed, it was repealed. While it was possible to coax income taxes out of Americans during wartime, there was significant opposition to taxation following the end of the Civil War. It wasn’t until the 16th Amendment was ratified in 1913 that the federal government once again got the power to tax individuals on their income and to spend the money how government officials saw fit, rather than in proportion to state populations.

Since then, taxes have been used in three main ways: mandatory spending on programs like Social Security, Medicare, and veterans’ benefits; discretionary spending on defense, education, transportation, and health; and finally, interest on the national debt. As the old saying goes, two things are certain: death and taxes. However begrudging Americans are about paying taxes these days, income tax has become a given.

5 Tips for Your Next Affordable Getaway

3. TRAVEL IN A GROUP. If you travel with friends, your expenses become a lot more manageable. Let’s say you and a partner travel with two other couples — renting a swanky cabin at $200 a night will only cost around $33 per person. Plus, you will create some amazing memories together! 4. PLAN YOUR MEAL BUDGET AHEAD OF TIME. Looking forward to eating certain dishes? Find local menus and prices to ensure you don’t spend more than you planned. If you want an authentic and homestyle culinary experience, consider signing up for a peer-to-peer dining experience through Traveling Spoon or Bon Appetour, which is tax-free as well! 5. CONSIDER VOLUNTEERING FOR VACATION. Want to go on a self-discovery trip? Why not cut your expenses in half by volunteering? For example, Habitat for Humanity offers a nine-day Mexico trip for $1,200 with lodging, food, and activities included. You’ll get to build structures and create something permanent for the local community.

Are you excited to explore the world again? Or maybe you’ve just gotten back from your latest vacation! In either case, the economic challenges of the pandemic might require travelers to plan their trips a little smarter. Here are five tricks to do just that.

1. CONSIDER YOUR BUDGET WHILE CHOOSING YOUR DESTINATION. Any destination heavily impacted by tourists is going to be more expensive to visit. So, consider taking a tour through various French countryside towns instead of Paris! Not only could it be more culturally immersing, but it may even be more relaxing and less stressful than visiting a dense area.

2. SIGN UP FOR SCOTT’S CHEAP FLIGHTS.

One of the most important parts of booking an affordable vacation is booking it at the right time. Scott’s Cheap Flights will track all the cheapest flights at an airport of your choice — you’ll get over 50%–75% savings on highly rated airlines. This will get you stress-free travel for a much lower price!

Traveling on a dime is no sweat with the right tools. Best of luck, traveler!

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TAKE A BREAK

IT’S TIME TO DIVERSIFY YOUR BANKING! 5 Reasons Not to Keep All of Your Money in One Place

You’ve probably heard the expression, “Don’t put all of your eggs in one basket.” But what about “Don’t put all of your dollars in one bank”? Banking at a single institution is the default for most people, but just because something is the typical strategy doesn’t mean it’s the best one for you! Here are five reasons to consider taking the road less traveled. 1. Different banks have different perks. Credit unions are member-run nonprofits and often don’t have minimum balance requirements. Traditional banks have cutting-edge financial technology and more loan options. Some banks offer high-yield checking accounts while others don’t, and online banks can have interest rates on savings accounts up to 15 times higher than brick-and-mortars. By banking with more than one institution, you can get the best of both (or three!) worlds. 2. You’ll have a backup if one bank fails. According to Bankrate, 511 U.S. banks failed between 2009 and 2020. That’s not nothing! If your bank isn’t insured by the Federal Deposit Insurance Corp (FDIC) and it fails, you could lose your entire balance, so diversifying your accounts (or choosing only FDIC-insured banks) is a good backup measure. 3. You can make sure ALL of your money is insured. The FDIC only covers up to $250,000 per depositor, per bank. So, if you have high-value accounts, depositing with multiple banks can ensure all of your money is covered. 4. The more accounts you have, the more withdrawals you can make penalty-free . Many money market and savings accounts have limits on how many times you can pull money out each month. If you bank with several institutions, you can make a few withdrawals from each of them, stay under the limits, and avoid fees. 5. You’ll have access to more banks and ATMs. Do you travel across your city, state, or the country regularly? If you do, it can be beneficial to bank with several institutions so you’re always close to an ATM or bank branch. For example, you may want to use a local credit union at home for the member benefits but bank with a national bank for out-of-state emergencies.

During the Nazi occupation of World War II, the Third Reich converted the medieval Austrian castle, Castle Itter, into a prison for important French prisoners. The castle’s cook encountered Major Josef Gangl, a Wehrmacht officer, who, after becoming disillusioned with Nazism, had decided to help the Austrian resistance instead. So, in order to free Castle Itter, he hoisted a white flag when he made contact with Captain Jack C. Lee Jr., a U.S. tank commander. THE STRANGE BATTLE OF CASTLE ITTER

The battle on May 5, 1945, was short and resulted in only one casualty — Josef Gangl was killed by a sniper. It ended when a small rescue group dispatched by Major John T. Kramers arrived with a column of tanks and scattered the SS troops. The prisoners were freed, Lee was awarded the Distinguished Service Cross, and Josef Gangl, for his service to the Austrian resistance, has a street named after him in a nearby town that still remains to this day.

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INSIDE THIS ISSUE 644 Cesery Blvd #250 Jacksonville, Florida 32211 (904) 467-1119 www.devrieslegal.com

Back-to-School Marketing Is a Free Lesson

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The Only WWII Battle That Americans and Germans Fought Together 5 Reasons to Diversify Your Banking Do You Know Which President Imposed the Federal Income Tax? Want to Save on Your Next Vacation?

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Meet Odin, the Fireproof Dog

MEET ODIN, THE FIREPROOF DOG This Great Pyrenees Guided His Goats Through a Wildfire

In October 2017, California was in flames. One of those blazes was the Tubbs Fire, which charred its way through 36,800 miles of forests and vineyards in both Napa and Sonoma County. More than 5,600 buildings were destroyed, and 22 people were killed. But when the flames finally died, a four- legged hero emerged from the ashes: Odin, the Great Pyrenees dog. Odin belonged to Ariel and Roland Hendel, two farmers in Sonoma County. When the Tubbs Fire threatened to char their home, they packed up as many of their animals and precious items as they could. Unfortunately, their flock of goats wouldn’t fit in the getaway vehicle — and their goat- herding dog, Odin, refused to abandon them. Great Pyrenees are prized livestock guardian dogs that will do anything to protect their charges, and Odin lived up to his breed.

“I said, ‘Okay, Odin, take care of the goats. You’ll be fine,’” Roland Hendel told ABC News. Both Hendels were sure they were seeing their dog for the last time. Their hearts sank even further when they heard their home had burned down completely. But on a trip back to examine the ashes, something amazing happened. “In the distance, I saw Odin’s tail,” Roland told ABC. “Sure enough, there was Odin coming at the head of all his goats.” Not only did Odin survive the fire and run right up to the Hendels for belly rubs, but he also kept every single one of his goats safe! A few wild deer even joined the goats, and he shepherded them through unscathed. The incredible story made the news, and Odin became a local legend.

Unfortunately, even legends don’t live forever. This April, Odin passed away after a long life of tail-wagging, treat-eating, and goat-saving. In

his honor, Great Pyrenees Rescue of Missouri gifted the Hendels two new Great Pyrenees pups: Buddy and Snowflake. They’re following in Odin’s pawsteps, protecting the goats he loved so much.

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