Jeffrey Campbell - August 2021

Jeffrey Campbell - August 2021

www.MayfieldHeightsCPA.com (440) 720-0959 Gifting 101 Your Gift Guide for Graduations and Weddings

August 2021

For many, spring and summer are an expensive time of year — not as concentrated as the holiday season, but nevertheless draining on your funds. And unlike Christmas, which starts with the much less expensive Thanksgiving, the summer wedding season starts with graduations, another occasion when large gifts are welcomed and even expected. However, with a little strategizing, you can navigate those expectations for the rest of this season and all those to come, sparing yourself the penny pinch in the process! The first thing you need to know is that a wedding invitation is not the same as a graduation announcement, and neither is the same as a wedding announcement. Confused? Don’t be! It all has to do with which pieces of correspondence imply obligation and which ones do not. • A wedding invitation (usually containing an RSVP card) should come no later than 90 days before the wedding, and it means the couple is willing to spend money on your food and drink if you attend. Thus, you must be ready to give a gift — even if you cannot make it. • A graduation announcement is more like the family Christmas card. You don’t have to send a gift, although you could. Many people don’t know this and often dread the flurry of envelopes that come their way every spring. • A wedding announcement (or save the date) generally arrives much sooner than an invitation and is the same as a graduation announcement: You can give a present but aren’t required to do so. Just make sure it’s not an invitation before you toss it!

However, if you’re invited to a graduation ceremony, which is a limited event, then a gift is an appropriate way to show your appreciation of their thoughtfulness. Like graduations, weddings typically have two parts: a ceremony and a reception. Unlike a graduation, however, you are expected to bring a gift if you’re invited to either event, even if you don’t attend. The size of your gift and its significance is going to depend heavily on your relationship with the graduate or happy couple. If you’re close to the people involved, it’s appropriate to spend more than if you’re a more distant relation or associate. On the other hand, if your means are limited, a couple you know well will understand if you can’t afford the most expensive item on the registry. But do you have to stick to the registry? The answer to this question lies with the origin of gift-giving itself, which is the desire to show people you love and appreciate them and want to celebrate their big moments. A good rule of thumb for a wedding is “registry or cash.” You either choose a gift from the registry or give the couple money instead. Unless you know for a fact that an off-registry gift is something they want, most people will want you to help them financially instead. Graduation gifts can be smaller than wedding gifts, and tradition plays a bigger role in the selection. Nice pens (think $20 or more), letter openers, or watches are very common choices. If you want to spend more, though, cars and new technology, such as laptops, are popular big gifts from close friends or family members. But again, you can’t go wrong with cash! Are you ready for the next graduation party or wedding ceremony? Winter isn’t too far off, and with it comes the Christmas and New Year’s wedding rush. You’ll also have winter graduation and commencement, which may mean you’ll try this advice out sooner than expected. If you just stick with what you know, are unfailingly polite, and remain available to assist, you’ll have a great time without breaking your bank.

Of course, if you end up attending the wedding or graduation celebration, you’re going to have to bring a present no matter what, right? That depends on the type of event and your relationship with the people it celebrates. For a graduation party, you don’t have to bring a present unless you’re family or good friends with the graduate.

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It’s Time to Diversify Your Banking! 5 Reasons Not to Keep All of Your Money in One Place

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.

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

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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The phrase “performance anxiety” wasn’t coined for employee reviews, but it definitely could have been! There’s nothing more stressful than sitting down face to face (or Zoom to Zoom) with your manager to hear where you fall flat. Fortunately, pretty much every employee goes through this experience, so we can give you expert advice on how to ace that meeting. CRUSH YOUR NEXT PERFORMANCE REVIEW LIKE A BOSS

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BEFORE THE BIG DAY

1. Come up with a game plan . In the months, weeks, and days leading up to your review, don’t just stew in your anxiety — make a plan! Look over past feedback from managers and come up with topics and questions that will benefit you. As Eloise Eonnet, founder of Eloquence Coaching, told The Muse, “Figure out what you want from the meeting. Your manager is going to come in with a list [of things to talk about]. You should too,” 2. Gather ‘proof of greatness.’ This is your chance to prove to your boss how awesome you are. To do it, create a list of your accomplishments and gather any positive feedback you’ve gotten from coworkers or clients since your last review. Your email inbox, calendar, and company chat forum can help!

Beach Fishing Friendship Garden

Heat Outdoors Pool Rainy

Rhubarb Sardonyx Schooling Vacation

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

DURING THE MEETING

3. Focus on your progress. How have you grown in the last month, quarter, or year? How did you adapt to changes at your company? Highlight those things. Forbes writer Liz Ryan shared this tip in 2016, but it’s even more applicable today after the COVID-19 pandemic dramatically changed business. 4. Point out the problem spots . Did you fail spectacularly at something recently or make a small but memorable mistake? Be proactive about bringing up these elephants in the room, then focus the conversation on how you solved the problem. 5. Share your goals. Don’t just cover the past — talk about the future, too! This will highlight your eagerness to improve, underscore your commitment to the company, and give you boxes to check during your next review. IF YOU’RE WORKING REMOTE On top of the tips above, double-check your technology is working and invest in a webcam if you haven’t already. Ashley Fernandez of Ashley Marie Coaching told The Muse that this will help you connect with your manager on a more personal level. Good luck!

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 6110 Mayfield Road Mayfield Heights, OH 44124 www.MayfieldHeightsCPA.com (440) 720-0959

Your Graduation and Wedding Gift Guide

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5 Reasons to Diversify Your Banking Want to Save on Your Next Vacation?

The Only WWII Battle That Americans and Germans Fought Together 5 Tips to Help You Crush Your Next Performance Review

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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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