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October 2021
The Next Frontier for Gender Equality? Why More Women Are Playing the Stock Market
According to Fortune magazine, a Merrill Lynch study once found “61% of women say they’d rather discuss details about their own death than talk about their money.” I could hardly believe that statistic when I first read it. Fortunately, things are changing! As of 2020, Gallup reported that 52% of American women owned stocks compared to 58% of men — and those 52% are talking about it. Articles about women in investing have popped up in Forbes and Fortune. More than that, new tools designed specifically for female investors, like Ellevest and Female Invest, and blogs like Clever Girl Finance are gaining traction. But why now? One reason more women are investing these days could be the recent viral trends in cryptocurrency and the stock market (Dogecoin, anyone?), which made everyone with an internet connection feel welcome to play the odds. It could also be that apps like Robinhood and Coinbase have made investing more accessible. Or, it could just be that women are earning more money and finally feel like they have enough left over to play with. According to Forbes, women are more cautious investors and spend more time researching their choices. This may have been a barrier in the past, made even more challenging by the wage gap. But when the Gallup survey I mentioned came out, women made up more than half of the workforce, and about half of them out-earned their partners. Maybe financial security was the key! When women play the odds, studies show that they actually outperform men in the stock market. They earn better returns and lose less when the market drops, while also taking fewer risks. “Women are apt to stay calmer than men in down markets,” Marissa Greco, a financial planner at Greco-Nader Wealth Navigation, told Forbes. “... men trade 45% more often than women do, and although men are more confident investors, they tend to be overconfident. By trading more often and without enough research, men reduce their net returns.”
Personally, I could read about these statistics all day. I think the investment world is fascinating, and I love seeing more women dive into it. The stock market should be open to everyone, regardless of their gender, class, race, or anything else that might be holding them back. If you know a woman interested in learning more about investing (or you are one yourself), Ellevest might be a good resource to tap. It offers investment accounts, one-on-one coaching, workshops on budgeting and investing, access to FDIC-insured emergency funds, and even its own debit card to women entering the financial space. I’d also recommend that beginning investors of all genders check out resources like NerdWallet (NerdWallet.com or the NerdWallet app) and The Motley Fool (Fool.com) to read up on investing terminology and best practices before diving in. When they’re ready, investment apps like Acorn (which rounds up your purchases and automatically invests the change in a robo-managed portfolio) and Stash (which shows you how to build a portfolio) make great training wheels. I’d encourage you to share these resources with any up-and-coming investors in your life, especially women and younger adults. Even teenagers can start learning now! The more financially savvy your loved ones are, the better off they’ll be.
Please call us at(440)720-0959 to find out how we can help you!
-Jeffrey Campbell
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Corn Mazes Date Back to Ancient Greece?
A Historical Look at This Wacky Fall Tradition
GARDEN ART TO GET LOST IN Mazes formed from bushes began popping up European gardens in the 17th century. They were a popular artistic feature of upper- class gardens in England, more for looking at than solving. One famous example is the half-mile-long Hampton Maze, which was planted in 1690 and still stands today. THE CORN MAZE: AN AMERICAN INVENTION Garden mazes eventually hopped the pond to America but didn’t become interactive puzzles until Don Frantz, Creative Director of the American Maze Company, came on the scene. In 1993, Frantz created the “first ever cornfield maze for private and public entertainment” to attract college kids in Pennsylvania. Today, every small-town corn maze is a descendant of his “Amazing Maize Maze.” To learn more about that wacky history, visit AmericanMaze.com.
Exploring a corn maze is a great way to get outside and enjoy the fall season with friends and family — but who came up with the idea of wandering around a corn field for fun? As it turns out, outdoor mazes are an ancient tradition, and the American corn maze of the ‘90s sprouted from the mazes of 17th-century European gardens. Don’t believe it? Here’s a quick tour of corn maze history. THE MINOTAUR AND THE MAZE Have you heard of Theseus and the Minotaur? This ancient Greek legend tells the story of the hero Theseus, who ventured into an elaborate maze to kill the half-man, half-bull imprisoned there. The monstrous Minotaur was known to eat heroes, and the labyrinth was known to trap them, but Theseus managed to slay the Minotaur and find his way home with the help of a string that he unspooled as he walked. This story isn’t the first recorded example of a maze or labyrinth — according to the World History encyclopedia, “[L]abyrinths and labyrinthine symbols have been dated to the Neolithic Age in regions as diverse as modern-day Turkey, Ireland, Greece, and India, among others” — but it’s perhaps the most famous ancient tale. If you’ve ever navigated a Halloween corn maze staffed by ghouls and ghosts, you can see the parallels!
So, Wait — How Is Cryptocurrency Taxed? A Quick Explanation
those that have been actualized when an existing position is sold for more than it was purchased. So, if the asset happens to depreciate in value and it is traded, sold, or used at a loss, you may be able to subtract the loss from other capital gains to reduce your taxes.
Many people enjoy using Bitcoin and other cryptocurrency for the financial freedom that it offers — especially because there are very few fees, if any, involved. Utilizing banks and regular stocks can come along with some large fees. However, this currency still does ultimately get taxed. Here’s how!
CALCULATING TAXES ON CRYPTOCURRENCY GAINS AND LOSSES To determine your taxes on cryptocurrency, compare your net proceeds to your cost basis. You also must take into consideration the length of time that you owned the asset. This information is crucial for figuring out the type of capital gain or loss you recognize. Some gains or losses are determined to be “short term,” typically a year or less, and others are “long term,” more than a year. It is important to note that you can offset your capital gains with capital losses.
HOW IT’S TAXED The buzz about cryptocurrency is that it is not backed by any government affiliation and is subject to little or no regulation. However, this is false. When a crypto exchange occurs, both gains and losses must be reported to the Internal Revenue Service. Thus, this is taxed just like traditional stocks and personal assets.
When it comes to federal income taxes, cryptocurrency is thought of as “property” and is therefore treated as a capital asset. This means that it is subject to capital gains taxes just as stocks and bonds are. If the asset appreciates in value and you trade, sell, or use it for profit, then it will be taxed just like capital gains. However, you only owe tax when those gains are realized. Realized gains are
Tracking your crypto gains and losses is crucial for staying on top of everything when tax season rolls around. As always, you can turn to your trusted financial advisor for professional assistance and advice.
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Take a Break
THE SALES POWER OF THE INTROVERT
When we think of careers suited for extroverts, sales often springs to mind. After all, nothing could be more exhausting to an introvert than having to talk to dozens of people every day and maintain a positive demeanor to seal every deal.
However, a surprising study by the Harvard Business Review (HBR) disputes this belief.
The HBR reports that being an extrovert had no impact on a salesperson’s ability to sell; in fact, some of the negative qualities of being an extrovert, such as bravado and overt friendliness, are more likely to alienate customers. On the flip side, humility and modesty were two traits possessed by those who were 90% better than other sales people in their company. Interestingly, these traits often accompany an introverted personality. The reason, as Entrepreneur.com reports, is actually fairly simple. Being effective at sales does not require a profound skill for speaking or storytelling. Instead, salespeople need to be great listeners . This attention to detail and attentiveness to their subject is often found in introverts. Now, that doesn’t make extroverts bad at sales. Instead, you can harness the power of the introvert and spread the wealth among your sales team by doing the following: 1. Establish Trust: Introverts have a powerful ability to connect one-on-one with whoever they are speaking to. They thrive on personal conversations, wherein they can build a rapport with one or two other people rather than a group. This trait is necessary for salespeople to acquire, as it makes prospects feel safe and heard. 2. Ask Questions: A long spiel about a product or service is overwhelming, especially when the person providing it feels like a total stranger. Before launching into a pitch, an introverted salesperson knows to ask questions, begging the prospect to lead the conversation and push the salesperson into the appropriate action for a sale. 3. Keep It Relational: People remember stories. They want to hear stories of success and failures, often applying the lessons from those stories to their own lives. Introverts can captivate an audience — maybe that’s why so many introverts are also authors — and salespeople have to strike that balance between sharing stories and listening.
Party Pumpkin Shadows Spooky
Haunted Moon Mystery Orange
Black Costume Ghost Halloween
THE DEADLIEST SURGERY IN HISTORY
If you needed surgery in the early 1800s, it could be a death sentence. Before anesthesia, patients were awake and lucid the entire time. By the ‘Fastest Knife in the West End’ One of this era’s greatest surgeons, Dr. Robert Liston, was named the “fastest knife in the West End” because he was known for performing surgeries very quickly. One fateful day, Dr. Liston cut through his patient’s broken, infected leg with incredible speed — so incredible that he didn’t realize he had cut off two of his assistant’s fingers, too. The patient and assistant later died of gangrene. But theirs were not the only deaths that day. In those days, people found amputations morbidly entertaining. When Dr. Liston grabbed one of his knives, he whipped it too closely to one spectator, slicing through his coat. While he didn’t actually break the man’s skin, the spectator thought he’d been stabbed and died of shock.
Today, it’s the only known surgery with a 300% mortality rate.
For more guidance on how introverts can maximize a sales team, pick up Matthew Pollard’s book, “The Introvert’s Edge.”
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6110 Mayfield Road Mayfield Heights, OH 44124 www.MayfieldHeightsCPA.com (440) 720-0959 INSIDE THIS ISSUE
Investing: The Next Frontier for Gender Equality?
1
Corn Mazes Date Back to Ancient Greece? How is Cryptocurrency Taxed?
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The Deadliest Surgery in History Why You Need Introverts on Your Sales Team
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A Story of Unbreakable Friendship
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THE DOG WHO RESCUED ANOTHER The Story of Whoobie, Juan, and the Family They Created
bed, and occasionally, Whoobie placed his arm around Juan. At the dog park, every canine knew not to mess with Juan, lest they had Whoobie to contend with. The pair remained that way for years. Sadly, the worst part about dogs is that they leave us too soon. On the day Whoobie died, Patricia and Juan said their goodbyes together in the veterinarian clinic. “As Whoobie took his last breath,” Patricia recalls,” Juan laid down next to Whoobie. He seemed to know his friend was gone.” Today, Patricia and Juan have bonded, but they still miss their friend — a dog who saved them both and helped create their family.
from a nap on their couch, Patricia and Whoobie heard a dog barking outside. A small Chihuahua mix was standing in their backyard, despite the high fence. (Later, Patricia surmised that someone dropped the Chihuahua into her yard.) For an hour, Patricia tried to establish a rapport, pleading with the little dog to eat or come inside so she could find his owners. He wouldn’t move. Giving up, Patricia left her door open and went back inside. Whoobie followed — and so did the little dog. As Patricia explains to Reader’s Digest, “From then on, he always followed Whoobie.” After no one claimed the dog, Patricia adopted him and named him Juan. Still uncertain about people, Juan latched onto Whoobie, and the pair became an inseparable duo. The new brothers shared a
When we hear about animals being rescued and adopted, we often picture a family finding their perfect furry companion.
In the case of Whoobie and Juan, it’s a little different.
Whoobie was his owner, Patricia Lane’s, loyal mutt for many years. He mastered all the standard dog commands — sit, stay, and lay down — and he danced when asked and could find his favorite toys by name. Patricia always knew when her guests arrived based on Whoobie’s howl, and his loud-mouth attitude often saw him as the “sheriff” of the local dog park, policing any and all dog fights. For years, Whoobie and Patricia were perfect companions, but one day, their family grew by chance. After waking
You can read more pet stories in Reader’s Digest’s “America’s Best Pet Pals” series.
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