The Propeller - Ho-Ho-Humor for December - 12-3-2023

Get Ready to Sleigh December!

Are you ready to sleigh the last month of the year? Of course, you are! Let’s put the “ho ho ho” in motivation and sprinkle some glitter on those goals. December is here, and it’s time to jingle all the way to 2024!

First things first, let’s acknowledge the fact that you made it through 11 months of 2023. Bravo! That’s like leveling up in the game of life. Now, picture December as the grand finale—a fireworks display of achievements, laughter, and a sprinkle of holiday magic.

Feeling a bit like a sugar cookie in need of frosting? Fear not! December is the month where calories don’t count, and festive treats are basically a food group. So, go ahead, treat yourself to that extra cookie, because you, my friend, are on the nice list of life.

Speaking of lists, let’s talk goals. Remember those resolutions you made in January? Yeah, those! If they’re still hanging around, give yourself a high-five. If not, it’s cool. December is the month of plot twists, and you still have time to make things happen. Consider it a December plot twist where you emerge as the superhero of your story.

Now, let’s address the festive elephant in the room—the holiday hustle. If your to-do list is longer than Santa’s naughty list, take a deep breath. Picture your to-do list as a dance floor, and you’re the rockstar grooving through the tasks. You got this! Just add a little twist to every email you send; it makes things more fun.

And if December throws you a curveball, just remember: you’re not driving, you’re riding a reindeer through the chaos. Laugh in the face of holiday stress and keep that twinkle in your eye—it’s the universal signal for “I’ve got this.”

So, gear up for a month of epicness. Channel your inner elf, dance like no one’s watching (except maybe your cat), and sleigh your goals like the superstar you are. Remember, December is not just a month; it’s a mood. And what mood do you want?

Here’s to a December filled with laughter, achievements, and the kind of joy that makes sugarplums dance in your dreams. Get ready to slay, sleigh, and savor every moment. December, you better watch out because here comes all of you that are ready to sparkle and shine!

December Digital Delights

‘Tis the season to tech the halls! As December unfolds, there are digitally delightful ways to infuse a bit of tech magic into your holiday festivities. Here are three tech-inspired activities to make your December extra special:

Virtual Holiday Gatherings: Whether your loved ones are near or far, use technology to bridge the gap. Host virtual holiday gatherings using video conferencing platforms. Set up a virtual party, play online games, or even organize a virtual Secret Santa. Embracing technology allows you to connect with friends and family, spreading joy and laughter despite the physical distance.

Techy DIY Decor: Upgrade your holiday decor with a dash of tech creativity! Explore smart LED lights that sync with your favorite festive tunes, or try your hand at creating personalized digital ornaments. Use augmented reality (AR) apps to bring digital characters to life in your living room. Embracing tech in your decor adds a modern and playful touch to your festive space.

Digital Advent Calendar: Give the traditional advent calendar a digital twist! Create a digital advent calendar for yourself or your loved ones using apps or online platforms. Each day, unveil a new digital surprise, whether it’s a festive recipe, a personalized message, or a shareable moment. It’s a tech-savvy way to count down the days until the holiday season reaches its peak.

Embrace the holiday spirit with these tech-infused activities and make December a month to remember! From virtual gatherings to dazzling digital decor, let technology add an extra layer of joy to your festive celebrations.

Nothing is Certain Except Death and Taxes

The IRS has released its 2024 tax brackets (the bracketed tax rate table for IRS federal income tax rates). Each year, the IRS tax rate brackets are adjusted for inflation (similar to maximum 401K and maximum IRA contribution levels and standard deduction amounts). With recent inflation levels, there are some noteworthy inflation adjustment increases over the 2023 tax brackets and standard deductions for taxpayers.

Since we’re still focused on 2023 for tax filing purposes and will be until the 2023 tax year deadline, the 2023 tax brackets are also going to be of interest to you when working on your upcoming tax return, so I have included those in this email as well. And, armed with the 2024 tax brackets, it would be an excellent time to calculate what your modified adjusted gross income will likely be next year and modify your tax withholding on your W4 form. This will help prevent penalization for underpayment of taxes or getting a refund (which is really a form of self-penalization by letting the government borrow your money, interest-free).

With the “Tax Cut & Jobs Act” (the tax reform first implemented in 2018), the 2023 and 2024 tax brackets have all been heavily revised from pre-reform levels. Barring new legislative changes, these altered tax brackets will continue through the 2025 tax year and then revert back to prior levels in 2026 unless extended.

How Tax Brackets & U.S. Federal Tax Rates Work

In the tax rate tables below, it is important to note that the highlighted rates represent the income tax rate owed for the portion of your taxable income that falls into that tax bracket (after subtracting the greater of your itemized or standard deductions). As an example, if you are single (unmarried) filer and your taxable income is $50,000, your tax rate on your first $11,000 of taxable income is 10%, taxable income over $11,000 up to $44,725 is taxed at 12%, and taxable income over $44,725 to $50,000 (your income) would be taxed at 22%.

Many taxpayers incorrectly assume, for example, that if your total income peaks within the 35% tax bracket, then all of your income is taxed at that rate. This is not the case. The United States federal income tax system is a “progressive” tax system, which means that your effective (actual) overall tax rate is less than the tax rate for income that falls in the top bracket that you are in. In other words, income is taxed in steps, commonly referred to as brackets. With that said, let’s take a look at the tax brackets.

What About Capital Gains Tax Rates?

Capital gains tax rates on income from the selling of assets (Commonly stocks or investments) are broken down into short and long-term rates. Short-term capital gains, which apply to assets held for less than a year, are considered as ordinary income and are taxed at the rates and brackets highlighted above. Long-term capital gains tax rates on assets held for over a year receive preferred lower tax rates.

Quote of the Week

This tweet deserves to be read twice. The big “rookie’ mistake is assuming every big problem needs a big solution. Sometimes simplicity is key.

What I’m Reading/Listening To This Week

What I Read/Listened to Last week:

Jordan Belfort, the infamous “Wolf of Wall Street,” is no stranger to controversy, and his latest venture into the world of finance comes in the form of “The Wolf of Investing.” In this memoir, Belfort doesn’t shy away from the tumultuous chapters of his life, offering readers a gripping account of his wild journey through the highs and lows of the financial world. Let’s delve into the craziness of Belfort’s life and highlight the top three points derived from the The Wolf of Investing.

The Rollercoaster Ride of Success and Scandal

Belfort’s life story reads like a rollercoaster, with dizzying peaks of financial success and heart-stopping plunges into scandal. From building the notorious brokerage firm, Stratton Oakmont, to his eventual fall from grace, Belfort takes readers on a wild ride through the excesses of Wall Street. The book doesn’t just focus on the glamour; it unflinchingly explores the darker corners of financial greed, offering a cautionary tale for aspiring investors.

Lessons Learned the Hard Way

Amidst the chaos, Belfort reflects on the lessons he learned the hard way. The book serves as a redemption arc of sorts, as Belfort shares insights into the consequences of his actions and the impact on those around him. “The Wolf of Investing” becomes more than a memoir; it transforms into a guide for budding investors, urging them to navigate the financial landscape with integrity and ethical decision-making.

The Pursuit of Redemption

In the latter part of the book, Belfort addresses his pursuit of redemption and personal growth. The narrative shifts from the adrenaline-fueled days of Wall Street excess to Belfort’s journey towards rebuilding his life post-incarceration. The book offers a glimpse into his efforts to make amends, emphasizing the importance of redemption and the potential for positive change, even after a life marked by controversy.

Overall, The Wolf of Investing is a gripping memoir that encapsulates the larger-than-life persona of Jordan Belfort. It provides readers with a front-row seat to the craziness that defined his journey through the financial world. While the book doesn’t shy away from the outrageous escapades, it also serves as a platform for Belfort to share the valuable lessons he learned and his commitment to personal redemption. Whether you’re a finance enthusiast or simply curious about the man behind the headlines, this memoir offers a compelling and thought-provoking read. Just remember to fasten your seatbelt; it’s bound to be a wild ride.

What I am Reading/Listening to this week:

As heard on NPR’s “Science Friday,” the book recommended by Malcolm Gladwell, Susan Cain, Daniel Pink, and Adam Grant: an “accessible, informative, and hilarious” introduction to the weird and wonderful world of artificial intelligence.

This should be an interesting book to listen to this upcoming week!

Read or listen along by getting your copy here: https://amzn.to/47FnBga

Best Regards and Festive Finance!

This is re-published from the weekly email sent by Leonard Mack entitled The Propeller. To subscribe, visit https://www.LeonardMack.com/subscribe and read it every Sunday evening.

This intellectual nourishment is intended for informational purposes only. One should not construe anything herein as being legal, tax, investment, financial, or other advice.

My rule is this – I have no advice to give, only experience to share. I have no interest in being a guru or telling people what they should do. Rather, I share my own experience because there is no right or wrong. Your mileage may vary.

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