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The Propeller – June 4, 2023 – Power of the Pen, HSA Tax Hack and more!

Can you believe it is June already?!

This year sure is flying by (pun intended!).  In the month of June, there are numerous activities that everyone should consider to make the most of this time of year.

Firstly, embrace the beauty of nature by spending time outdoors. Whether it’s a hike in the mountains or through the woods, a stroll on the beach, or a picnic in the park, taking in the sights, sounds, and scents of the natural world can be rejuvenating.

Secondly, engage in cultural celebrations and events that occur during June. Attend local festivals, art exhibitions, or music concerts to immerse yourself in the creativity of different communities.

Additionally, June provides an opportunity to engage in acts of kindness and support for others, such as volunteering for a charitable cause or participating in fundraisers.

Lastly, prioritize self-care by carving out moments for relaxation and reflection. Take time for yourself, whether it’s through reading, writing/journaling, or pursuing a hobby that brings you joy. Ultimately, in June, make a conscious effort to embrace the warmth, energy, and possibilities that this month brings, while also fostering personal growth and connections with others.

What are your plans for June?  Drop me an email at leonard@leonardmack.com and let me know how you’re doing and what you’re up to.  I love hearing from all of my friends (As a reader, you are my friend).  Maybe we can connect and do something together.

The Power of the Pen

In this digital age where technology dominates our lives, it may seem that the humble pen has been overshadowed by keyboards and touchscreens. However, the importance of a pen remains significant, even in the face of advancing digital tools.

A pen offers a unique tactile experience that engages our senses and promotes cognitive processes such as memory retention and creativity. The act of physically writing stimulates different areas of the brain and allows for a deeper connection with the written word.

Secondly, a pen provides a sense of permanence and authenticity that digital writing lacks. Handwritten notes and signatures hold a personal touch and carry a certain sentimental value that cannot be replicated by typing on a screen.

Finally, a pen is a reliable and accessible tool that does not rely on batteries or internet connectivity. It can be used anytime, anywhere, making it a dependable companion for jotting down ideas, taking notes, or expressing oneself through writing. In a world of ever-changing technologies, the pen remains an enduring symbol of human expression and an essential tool for preserving our thoughts, ideas, and emotions.

Up until a few weeks ago, I was rolling with my usual stash of stolen logo pens in my pocket. Classy, I know. But then, my great friend Jeff decides to send me this ridiculously unique pen. And let me tell you, this pen is usually a great conversation starter like no other. Every time I whip it out to scribble a note or sign something, people just can’t help but ask about it. The way I came about owning this pen was when Jeff used one just like it to sign something once, and I couldn’t resist asking him about it. (And then he graciously sent me my very own) And now, who knows what magical conversations or mind-blowing deals this pen might kickstart in my life? This pen is about to drop some serious ink-filled wisdom. Get ready to witness the writing revolution, where the mighty pen reigns supreme and steals the show like a boss!  Now if only my handwriting was legible! 

To truly understand the greatness of this pen, you need to actually hold it in your hand.  The weight (it isn’t a light pen being made of CNC machined solid brass), is perfectly balanced for writing and holding, the bolt-action trigger design to retract the roller cartridge, and can even be used in tactical situations.

Pick up one of these great pens yourself here: https://amzn.to/3Cbl1As

Finance: An HSA is the Ultimate Tax Hack!

Investing your Health Savings Account (HSA) for early retirement requires a strategic approach to maximize the potential growth of your funds. It’s essential to understand the unique benefits of an HSA, which offers triple tax advantages: contributions are tax-free, the account grows tax-free, and qualified withdrawals are tax-free.  

Most people don’t realize that they can use their HSA as an investment rather than actually spending it on current medical expenses.  To make the most of your HSA, invest it in a low-cost index fund or exchange-traded funds (ETFs) that align with your risk tolerance and retirement goals (I have mine invested in FSKAX – a totally market index fund). This provides long-term growth potential while minimizing fees. Contact your HSA provider for information on how to invest your HSA with them.

Secondly, it’s crucial to prioritize a long-term mindset when investing your HSA for early retirement. Since HSA funds can be used for eligible medical expenses both now and in the future, consider adopting a strategy where you pay for current medical expenses out of pocket (Keep the receipts for your records, though, it is part of the hack) and allow your HSA investments to grow over time. By investing your HSA and allowing it to compound, you can potentially build a robust nest egg that can supplement your retirement income.  Those medical expenses that you paid out of pocket can then be “reimbursed” to you as you turn in those receipts later in your “early” retirement years.  This allows you to take advantage of that investment growth as totally tax-free money!

Continue to contribute to your HSA and take advantage of any employer contributions or additional catch-up contributions if you’re eligible. By staying proactive and making informed investment decisions, you can optimize your HSA for early retirement and enjoy the financial flexibility and security it provides in the future. 

Now, here’s the mind-blowing part of this mind-boggling hack – it’s a 100% legal tax loophole! Yep, you heard it right. This isn’t some shady, back-alley maneuver. It’s a bona fide, government-approved tactic to keep those hard-earned dollars safely tucked away from the clutches of the taxman. It’s a straight-up, no-nonsense, completely legit way to watch your money grow, all while wearing that smug “I’m beating the system” grin on your face. Get ready to high-five the IRS (figuratively, of course) and embrace this totally legal tax loophole that’ll make you jump for joy on April 15th!

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Questions to Set Your Priorities

If you could write your own obituary, what would it say?

During the Berkshire Hathaway Annual Meeting a few weeks, Warren Buffett made a comment about how to live life according to your core values:

“You should write your obituary and then try to figure out how to live up to it.”

This is a profound idea!

There are really two questions to ask:

  1. What would you want your obituary to say?
  2. Are your present-day actions contributing to that future?

The first question highlights your core values.

The second question highlights whether these values are observable (you are living in accordance with them) or aspirational (you hope to live in accordance with them).

If you segment your values into observable and aspirational, you can start making changes to your life to shift those from the latter into the former.

Lesson: Begin with the end in mind.

This is covered in my book Winning Habitudes in Habitude 31 – Memento Mori.  This concept encourages you to appreciate the value of time and it will also motivate you to stop putting off important things to ‘someday’. 

What I’m Reading/Listening To This Week

My goal of reading one book a week in 2023 is still underway.  I am on book number 23 this week! (I’ll be publishing a Blog post soon on my website http://www.LeonardMack.com with full reviews of all these books.)

What I read Last week: 

Breaking History: A White House Memoir

In Breaking History, Jared Kushner presents a thought-provoking and meticulously researched book that offers a fresh perspective on pivotal moments in history. While acknowledging his role as a former advisor to Donald Trump, Kushner examines historical events with analytical rigor, allowing readers to evaluate the ideas on their own merits. Here are the top three standout points for me from this book.

Firstly, Kushner delves into the complexities surrounding the creation of the modern Middle East, providing a nuanced understanding of the Israeli-Palestinian conflict and the historical context behind it. He challenges conventional narratives and encourages readers to critically examine the region’s intricate political, social, and cultural dynamics in pursuit of lasting peace.

Secondly, Breaking History explores the transformative impact of technological advancements, such as the internet and smartphones, on societies and the global landscape. By drawing parallels between past revolutions in communication and the digital age, Kushner prompts readers to contemplate the profound consequences of technological breakthroughs on power structures, social interactions, and individual identities.

Lastly, Kushner delves into the significance of leadership and decision-making in shaping historical events. Through insightful analyses of notable figures like Abraham Lincoln and Winston Churchill, he uncovers the qualities and strategies that make exceptional leaders. Drawing from historical examples, Kushner offers valuable lessons applicable to contemporary political challenges, irrespective of his relationship with Donald Trump.

Breaking History is a captivating and intellectually stimulating book that challenges you to reevaluate prevailing historical narratives. By examining the Middle East, technological revolutions, and leadership in history, Kushner prompts critical thinking and fosters a deeper understanding of the past and its relevance to the present. Regardless of one’s perspective on his relationship with Donald Trump, this work stands as an important contribution to historical discourse.

Read or listen by picking up your copy here:  https://amzn.to/43cl3nk

What I am reading this week:

 
Talking to Strangers: What We Should Know About the People We Don't Know

Malcolm Gladwell is an acclaimed author who brings a signature blend of storytelling and insightful analysis to his books.  I am looking forward to listening to this audiobook.  Gladwell supposedly went all out on this audiobook, even bringing in the voices of those he interviewed for the audio version of this book.  It is my understanding that if you want to experience this book, get the audio version.

Listen along by picking up the audiobook here:  https://amzn.to/45NxSq7

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.

Have a wonderful and successful week!