Jeffrey A. Campbell CPA - September 2021

Jeffrey A. Campbell CPA - September 2021

September 2021 www.MayfieldHeightsCPA.com (440) 720-0959 Will Cryptocurrency Replace 401(k)s? As Americans begin to learn about financial strategies for their

futures, it’s easy to get frustrated with the value fluctuations of 401(k) s or even worry about the confusing tax laws concerning 401(k) plans and retirement. However, I’ve noticed that the overall soaring value of cryptocurrency in the past few years has drawn up a lot of questions. Can cryptocurrency make 401(k) plans more stable? Can it help these accounts increase at a faster rate? Or can a cryptocurrency “savings fund” replace 401(k)s entirely? Here’s what I can share. Are 401(k) Investors Buying Cryptocurrency Now? To put it simply, no, most aren’t because not all 401(k) participants are banging on doors to demand immediate bitcoin investment. Cryptocurrency is over 12 years old, but even then, it doesn’t have the fiduciary and regulatory confidence that the stock market has. Despite being notoriously volatile, cryptocurrency gains have far exceeded any other asset class in recent years. In January 2019, Bitcoin was worth $9,501.38 at its highest value. In January 2021, it was worth $40,111. That’s over a 422% gain. Is it possible that the 401(k) buyers of the future will demand cryptocurrency investments? Some experts say yes. It’s not just tech wizard stuff anymore. Huge validation has already occurred for cryptocurrency. Coinbase Global Inc. — the world’s fastest growing cryptocurrency exchange — joined the public market and traded on the Nasdaq exchange at $100 billion. Although cryptocurrencies aren’t officially insured by the Federal Deposit Insurance Corporation (FDIC), many crypto trading sites (such as Coinbase or Gemini) will be able to offer FDIC protection and insurance, thanks to their ability to hold your funds in U.S. banks. If you want to buy an IRA or 401(k) that’s heavily based in bitcoin, take a look at Bitcoin IRA, which does traditional IRAs, Roth IRAs, and/or 401(k)s. In a statement, Bitcoin IRA said, “[At] the current rate, someone with $100,000 in cash could earn $30,000 via IRA Earn in just five years. This means clients taking advantage of this program can potentially earn faster and retire sooner with more money in their Bitcoin IRAs and/or 401ks.”

Keep in mind, however, that only 17% of financial advisors are advising their clients to begin investing more heavily in cryptocurrencies (according to a study by Bitwise Investments). There’s still a good amount of risk in this avenue of 401(k) savings plans, and “risky” is not normally an ideal quality for a retirement savings account. Gemini ‘Earn’ Accounts What if you could avoid having a traditional 401(k) entirely? What if you could open a new savings account, begin earning an insured 7.4% annual interest today, and perform deposits and withdrawals with no extra fees or cost to you? Supposedly, that’s what Gemini’s new “Earn” accounts for the Gemini dollar are for. Unlike other cryptos, the value of the Gemini dollar can’t change or fluctuate in the market. It’s directly linked to the value of the USD. That way, you can spend Gemini dollars like you can U.S. dollars. There are monthly audits done by an independent registered accounting firm, and it’s insured by the FDIC for up to $250,000. The attractive thing about a savings account like this is that it’ll keep earning you a consistent amount of money and you can have peace of mind that the value won’t disappear — it can only go up. However, because these aren’t registered IRAs or 401(k)s, you will miss out on all of the tax benefits of contributing to an IRA or 401(k) instead. I hope this information can give you some more guidance on your path toward retirement. It can be exciting to have new avenues to help you save for the future! However, if you’re a “set it and forget it” investor, ultimately, you should choose what makes you feel the most confident and secure. If you have further questions, don’t hesitate to contact me.

Please call us at(440)720-0959 to find out how we can help you!

-Jeffrey Campbell

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The Best Places to Visit in Croatia

Your Next Affordable Vacation Spot! This gorgeous coastal nation will absolutely blow you away with its beautiful architecture, landscapes, and delicious blend of Mediterranean and Slavic cuisine. Even better, it’s a fairly affordable place to visit! While many travelers land in Zagreb, the beautiful capital city and cultural hub, you wouldn’t want to miss these destinations. DUBROVNIK As the “Pearl of the Adriatic,” this coastal city is one of the most popular tourist destinations in the Adriatic Sea. It’s a beautiful city, featuring 13th century walls, marble stone streets, Gothic palaces, breathtaking churches, and an imposing fortress. There’s so much to do in the town square — one of Croatia’s largest and most beautiful — and you’ll be able to explore many historic structures nearby. Nature also has plenty to offer, with secluded coves and beaches nearby for exploration. PLITVICE LAKES NATIONAL PARK Near the border with Bosnia-Herzegovina, you’ll find one of Croatia’s oldest and most beautiful national parks and a UNESCO World Heritage Site. Although it’s quite the drive, you won’t regret it — the park has an outstanding and picturesque series of tufa lakes and caves, all connected by waterfalls. With over 16 interconnected cascading lakes, it’s unlike anything else you’ll see.

If you get hungry, you’ll love the nearby National Restaurant Licka Kuca, which is famous for its traditional Croatian preparation of lamb under a cast-iron bell. SPLIT The second largest city in Croatia (the first being Zagreb) is Split, founded by a Greek colony in the second or third century B.C. Historically, Split enjoyed being an independent city-state many times, and that free spirit is very tangible, as

Split is very different from any other city in Croatia. With well- preserved Roman architecture and a multitude of museums, it’s no wonder Split is also a UNESCO World Heritage Site. Although Croatia was among the first UN countries to open its doors to Americans, always be safe and check the newest regulations before booking your travel. Hopefully you enjoyed learning about this unique, wonderful country!

Getting to the Root of the Problem What the Law Says About Nuisance Trees

people wonder what recourse they have if their neighbor’s trees are producing excess leaves, fallen fruit, or problems from dangerous limbs or wily roots. While laws vary by state, your best first course of action is using what’s called self-help. That means that you can help yourself to pruning the branches or roots that encroach on your property. When it comes to fruit, the courts are divided. Some say that the fruit belongs solely to whoever has the trunk of the fruit tree in their yard, while others say that overhanging limbs with fruit are fair game for neighbors or passersby.

Trees provide shade, capture carbon, and add beauty to outdoor landscapes. They can also be the source of endless fallen leaves or fruit to rake up, hazardous branches, and strong root systems that can upend sidewalks or yards and cause drainage problems. That’s exactly what happened in a Minnesota court case, and the outcome teaches us a lot about how to be good stewards of the land and trees while also being good neighbors.

In Holmberg v. Bergin, a Minneapolis homeowner who’d planted an elm tree just over a foot from his property line was sued

after the tree grew to 30 inches in diameter and an astounding 75 feet high! The tree’s trunk destroyed the neighbor’s fence as it grew, but more problematically, the root system was so vigorous that it broke through the sidewalk and caused drainage issues at the neighbor’s house.

As with many things that are irritating but not a nuisance in the eyes of the law, the best place to start is by chatting with your neighbor. No matter what the law says, your neighbor may be happy to share the fruit on their tree’s overhanging limbs or hear your other concerns about the tree and work to mitigate the problem.

The court ruled in favor of the neighbor, saying that the tree had created a nuisance. However, the judge did not award monetary damages, as the neighbor had requested. Instead, because the roots could not be addressed without damaging the tree, the court ordered it to be cut down. This was a rather extreme case, but many

And as that Minnesota judge alluded to in their ruling, an ounce of prevention is worth a pound of cure. Speak up early if you see a budding issue with your neighbor’s tree.

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TIPS FOR BUYING A HOME In an Extreme Seller’s Market

For the past year and a half, America has been experiencing a housing crisis. There has been a shortage of inventory caused by a lack of new construction for the past few years, but the COVID-19 pandemic has exacerbated these trends,

causing house prices to skyrocket in many

American cities.

If you’re trying to buy a home in this market, you might be wondering how to put your best foot forward in all the craziness and ensure you’ve got a place to live when the dust settles. Well, while nothing is guaranteed in the current market, there are a few things you can do to ensure that you find a house that you (mostly) like and can afford. GET PREAPPROVED FOR A MORTGAGE This lets sellers know that a lender has verified your finances and credit history and can attest that in your current situation, you’re able to own a home. It will make you a much more favorable potential buyer. SEARCH UNDER YOUR BUDGET While this is just a good money-saving tip in general, in a hot market, the likelihood of getting outbid by other potential buyers is high. If you start your offers low, it gives you more room to bid up on a house that you like, if you have to. MAKE COMPELLING OFFERS BEYOND JUST A HIGHER BID Sometimes, the best offer on a house isn’t always the higher offer. Depending on the seller’s priorities, they might choose to sell to the buyer who offered a higher down payment or to close the sale earlier. Sellers might find an earlier closing especially compelling if the buyers also offer a rent-back so the sellers have time to find a new home themselves. HIRE A GOOD REAL ESTATE AGENT Real estate agents are an essential element of any successful home purchase. Their industry knowledge, negotiation skills, and network connections make them more than worth hiring when you’re just starting out your search. Even though the market seems crazy right now, don’t worry -— with the right tools and a little patience, you’ll find a home you’ll love.

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The History of the Mystery Spot

American mystery spot destinations have a strange foothold history in U.S. culture. The most famous mystery spot, with its own paranormal and physics-based oddities, is in Santa Cruz, California, but it has cousins in Oregon, West Virginia, and Michigan. Each one has phenomena that are not easily explained — drawing thousands of people every year to come and witness the strange happenings (for a fee, of course). “Roadside attractions” of all kinds have been all the rage since people began to tour America by car. That’s why many of them have updated over the years to suit changing tastes — such as the Michigan St. Ignace Mystery Spot’s addition of zip lines and other attractions.

Today, mystery spots continue to draw attention. The best way to decide, of course, is to visit one of these mystery spots for yourself!

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

Will Cryptocurrency Replace 401(k)s?

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The Best Places to Visit in Croatia Neighbor With a Nuisance Tree? Try This!

The Mystery Spot Is a True Piece of American History Tips for Buying a Home in a Seller’s Market

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Willie the Parrot: The Ultimate Danger Alarm

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WILLIE THE PARROT: THE ULTIMATE DANGER ALARM

Meagan knew something was wrong. She rushed to the kitchen to find a very frantic Willie and a very blue Hannah. Meagan jumped into action. She grabbed Hannah and performed the Heimlich maneuver until the Pop-Tart piece dislodged itself and shot out of her mouth. Meagan may have been the one to stop Hannah from choking, but she insists that Willie was the real hero of the story. If he hadn’t used his unique mimicking skills to get Meagan’s attention, she doesn’t know what would have happened. It’s worth noting that before that incident, Willie had never used the phrase “Mama! Baby!” before. He knew something was wrong, and he knew how to get help. Shortly after the incident, Willie received the local Red Cross chapter’s Animal Lifesaver Award for his heroic actions.

words. However, what made Willie a hero one day was not just what he said, but also when he said it. Meagan Howard, Willie’s owner, brought him over to her friend Samantha Kuusk’s house while she babysat Kuusk’s little daughter, Hannah. Hannah and Willie were both in the kitchen while Meagan prepared a Pop-Tart for Hannah’s breakfast. After placing the Pop-Tart on the table, Meagan stepped away to use the bathroom. While she was away, however, Hannah got her hands on the Pop-Tart and began to scarf it down, lodging a piece in her windpipe. She started choking and was unable to signal to Meagan that something was wrong. Luckily, Willie came to the rescue. Willie began squawking and shrieking, saying the words “Mama! Baby!” over and over again. In a matter of moments,

Willie the Quaker parrot was a pretty remarkable bird. Like many parrots, he had a knack for mimicking certain sounds and words, including barking dog noises, human kissing noises, and a fair share of swear

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