Take a look at our October newsletter!
OCTOBER 2024
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Welcome Baby Fitz! A Joyous Addition to Our Family
It is with great excitement and hearts full of love that we share some wonderful personal news. On Aug. 8, we welcomed the newest member of our family, a beautiful baby boy, Fitzgerald Grant White. He is our third son, and our joy could not be more complete as we embrace this new chapter in our lives. He was born five weeks early and shares a birthday with my mom, which makes his debut extra special! I’m happy to report Rachel and Fitz are doing great … God is good! Fitz’s arrival has filled our home with even more laughter and love. His two older brothers are beyond thrilled to have a new sibling to dote on, and we can’t wait to see the bond they will form as they grow up together.
Welcoming a third child brings a mix of familiar routines and brand-new experiences. Every baby has their own unique spark, and we can already tell that Fitz will bring his own light and energy to our family. We are incredibly grateful for all the support and kind messages from our extended family and friends. In the days to come, we look forward to sharing more about Fitz and his milestones, and maybe even a few photos! As we settle into this new chapter, our hearts are overflowing with gratitude for our growing family. We’re ready for the adventures ahead and the countless memories we will create with our three boys.
Thank you for sharing in our joy and celebrating this precious moment with us!
Warmly,
Wes and Rachel White
These articles are designed to provide general information on the subjects covered. They are not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
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A Crowd Shows Up to The Chicken Man’s 40-Day Rotisserie Romp PHILLY’S PECK-ULIAR CELEBRATION
The City of Brotherly Love never ceases to amaze us. In 2022, Alexander Tominsky perhaps didn’t expect just how much his city would support him, but Philadelphia did not disappoint. Tominsky, aka The Chicken Man, posted a flyer stating, “ COME WATCH ME EAT AN ENTIRE ROTISSERIE CHICKEN ,” along with a modest photo collage of him eating the bird. The “official” event description was equally straightforward: “November 6th will be the 40th consecutive day that I have eaten an entire rotisserie chicken 12 o’clock noon The chicken will be consumed on that abandoned pier near Walmart This is not a party.”
A bit odd for sure, but everyone has the right to eat 40 rotisserie chickens and celebrate said poultry at an abandoned pier. Little did The Chicken Man know that this flyer would become a viral sensation, and a crowd would show up to the abandoned pier on Nov. 6 to cheer him on. Despite people being unsure whether the said rotisserie chicken event was, in fact, real, Philadelphia showed up. And they enthusiastically cheered Tominsky on as he consumed his 40th rotisserie chicken. The uproar only intensified when he triumphantly finished the chicken, standing up and putting his fist in the air (reminiscent of the film hero Rocky Balboa). To make the scene even more iconic, Bruce Springsteen’s
“Streets of Philadelphia” played in the background amid the poultry celebration.
The lesson here? We’re not entirely sure — American gluttony? Fifteen minutes of fame? — but it does prove the power of community, especially in Philadelphia. Many in the crowd weren’t sure that said chicken consumption would occur or perhaps questioned why an abandoned pier was the locale of choice. At the end of his binge-eating extravaganza, Tominsky expressed his gratitude for the people who showed up, saying, “Thanks for watching me consume.” Be sure to keep an eye out for The Chicken Man because you never know when he’ll make a rotisserie return.
Are Lower Interest Rates Good?
The Federal Open Market Committee (FOMC) opted to go big with its first interest rate cut in four years, slashing the Fed funds target by 50 basis points to 4.75-5.0%. This can be exciting news for homebuyers or those looking for a personal loan. But what does it mean for pre-retirees? THE GOOD NEWS Who doesn’t love a lower interest rate? For the most part, a lower interest rate is usually a sign the economy will grow stronger as purchasing power increases for the average consumer. However, as a retiree or soon-to-be-retiree, your outlook on the economy is vastly different from other consumers because of your fixed income. But those looking to downsize their home in retirement or purchase another home for more extended travels may find the right time to buy is approaching. Lower interest rates on home mortgages have been a rarity for the past two years, and as they continue to fall, now might be the right time to explore your options!
whose value can increase. Those with diversified portfolios may see some of these positive returns that might exceed previous expectations.
BE MINDFUL When you have a fixed income, or you’re approaching one, it’s easy to get spooked or worried — understandably! However, diversification in your portfolio is always a safer track, even in retirement. Be mindful of how lower interest rates can lull you away from this mindset, either through fear or being too comfortable. For example, a little inflation and interest rates are good for the economy, ensuring value for our dollar. However, some investments won’t see an increase from lower interest rates. Don’t panic! By focusing on the big picture and communicating any concerns with trusted experts at Patriot Wealth, you can continue working toward your goals. The economy will always ebb and flow, but our team is here to help. If you have any questions about your plan, including the impacts of lower interest rates on your retirement, contact our team at Patriot Wealth today.
Additionally, lower interest rates can positively impact stocks (as companies potentially report higher earnings) and bonds,
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Want to Write Off Your Luxury Vehicle?
It may feel too early to talk about tax season, but as we sit in the middle of the 10th month of 2024, it’s time to start considering how your purchases this year can impact your taxes — especially if you’re a business owner. In particular, consider how updates to Section 179 of the tax code could impact your deductions and any decisions about purchasing equipment or luxury vehicles in the final months of 2024. EXAMINING SECTION 179 Under Section 179, business owners are allowed to write off equipment or software up to a certain amount, with a built-in phase-out threshold for incomes that reach the upper limit of qualification. In 2024, the cap amount of writing off equipment is just over $1.2 million, with a phase-out threshold of just over $3 million. According to U.S. Bank, these numbers have steadily increased since 2021. DOES ONLY EQUIPMENT QUALIFY? Business owners often incorporate every part of their lives into their business, including items purchased purely for personal use. For example, a contractor may drive their new vehicle to a bid, or a store owner may use their vehicle to transport their products to a local market. Federal tax laws allow business owners to write off any vehicle assets used at least 50% of the time for business. Section 179’s rules apply in many of these scenarios. For example, those who purchase heavier (more than 6,000 pounds) luxury vehicles can receive a higher deduction on the purchase. Additionally, those with used vehicles also qualify because the vehicle is new to them, and those who lease their luxury vehicles can also benefit. The caveat is these vehicles must be used for at least 50% business, and the greater the percentage of use on the vehicle, the greater the deduction (up to the cap). Tax laws constantly change, and the best way to ensure your company is prepared this tax season is to work with trusted professionals. To learn more about how your wealth plan can work for you, including how it can build toward your business goals, contact our team at Patriot Wealth today. WHAT YOU NEED TO KNOW ABOUT SECTION 179
TAKE A BREAK
Pumpkin Pie French Toast
INGREDIENTS
DIRECTIONS
1. Lightly oil a skillet and heat over medium heat. 2. Whisk half-and-half, pumpkin purée, eggs, cinnamon, vanilla, and pumpkin pie spice together in a bowl. Stir in walnuts until evenly distributed. 3. Place 1 slice of bread in the bowl and let it soak briefly to coat both sides. Lift bread to let excess liquid drip back into the bowl, then transfer to the hot skillet. 4. Cook for 2–3 minutes or until golden brown, then flip and cook the other side until done. 5. Stir batter to redistribute walnuts and repeat with other slices of bread, cooking in several batches if necessary. 6. Serve warm with maple syrup.
• 1 1/2 tsp vegetable oil, or as needed • 1/2 cup half-and-half • 1/4 cup canned pumpkin purée
• 3 large eggs • 1 tsp ground cinnamon
• 1 tsp vanilla extract • 1/4 tsp pumpkin pie spice • 1/4 cup finely chopped walnuts • 8 slices day-old bread • Maple syrup, to taste
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INSIDE THIS ISSUE Welcome Baby Fitz! PAGE 1 The Viral Sensation of Philadelphia’s ‘Chicken Man’ PAGE 2 What Do Lower Interest Rates Mean for Pre‑Retirees? PAGE 2 Pumpkin Pie French Toast PAGE 3 Can I Write Off My Luxury Vehicle? PAGE 3 Vienna: A Timeless Tapestry of Music and the Macabre PAGE 4
From Sublime Music to Museums of Death DISCOVER VIENNA
If you yearn to visit a European city rich in imperial grandeur, music history, and macabre memorials to death, Vienna is for you. And that odd mix of attractions reflects only a small part of the city’s diversity. This former frontier city of the Roman Empire expanded to become the glittering capital of a great empire for centuries. The Habsburg dynasty’s sponsorship of the arts made Vienna a global center of classical music. Home to Beethoven, Vivaldi, Mozart, Mahler, and Strauss, Vienna hosts frequent performances of classics by these and other composers. The city’s museums, churches, and charnel houses offer macabre tributes to death. Piled on the floor and lining the walls of a charnel house beneath St. Stephen’s Cathedral are the skulls and
other bones of 11,000 people, according to Atlas Obscura. The Habsburgs created elaborate containers to preserve their embalmed entrails after death. The city’s Crime Museum houses relics of famous murders, including the mummified head of a known killer. Fortunately, the Habsburgs were readers, too. The Austrian National Library, a baroque masterpiece, is home to 2.5 million books. In a Gothic twist, library employees may slip silently in and out of hidden passageways behind the stacks if you watch closely. The city is also noted for its intellectual history. Sigmund Freud lived and worked in Vienna, which led to its nickname, “City of Dreams.” The philosopher Ludwig Wittgenstein also worked in Vienna, where he made many contributions to logic in mathematics and language.
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On the lighter side, Vienna’s Spanish Riding School offers a unique opportunity to see its famous Lipizzaner horses perform dressage. The Imperial Butterfly House is a tropical oasis housing about 400 beautiful insects. Visitors to the “lost garden,” a vast topiary maze at the Habsburgs’ summer palace, can enjoy tales of courtiers frolicking among the web of manicured hedges — not only for playful exploration but also for illicit romance. Taken together, these diverse attractions promise travelers to Vienna a visit to remember!
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