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MAY 2024
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PATRIOT WEALTH
HEALTH IS WEALTH Recharging Your Social Battery
Self-care is a top priority, especially in this world full of stressors, and I know my mental resilience strengthens when I am physically active. In our fast-paced society, where emphasis is placed on giving to others, it is important to make time for yourself. In observance of Mental Health Awareness Month this May, I encourage everyone to do something positive for themselves. We cannot give to others unless we give to ourselves; I think of it as “pouring into your cup first.” I have seen an improvement in my mental health just by dedicating 2–3 hours daily to self-care, whether by reading, savoring a cup of coffee on the porch, exercising, or simply enjoying the great outdoors. Carving out alone time is rejuvenating because it recharges your social battery. By investing in ourselves, we replenish our capacity to give to others. Remember, how you show up for yourself is a big predictor of your capacity to show up for others!
of companionship cannot be understated. Loneliness is proven to have the same detrimental effects as smoking cigarettes. I find it so important to surround yourself with people who love and support you; we should never isolate ourselves as humans are social creatures. Investing time in nurturing meaningful relationships allows sharing burdens without fear of judgment. As the old saying goes, “quality over quantity.” Gratitude is a guiding light amidst life’s chaotic pace. Stepping back from daily obligations and embracing moments of reflection fosters a clearer perspective. When I feel down, I typically try to put life in perspective. Knowing the sacrifices and obstacles that my parents and grandparents made for me to have the opportunity in front of me is a reminder that I am incredibly fortunate. Normalizing conversations surrounding mental health is imperative. Reflecting on past generations’ silence on the topic highlights the progress made in destigmatizing mental health struggles. For example, celebrities like Lane Johnson of the Philadelphia Eagles have brought attention to
the importance of mental health by openly addressing his struggles. He took a hiatus from football early in the 2021 season to fully address his mental health struggles. He showed us all that to truly be at your best, perform at the highest level, we must address our mental health head- on. By practicing this, individuals can harness this positive energy to propel themselves forward instead of backward. My guess is that Lane Johnson has helped thousands of people all over the country address their mental health struggle. To me, this is much more important than any accomoplishment on the field. Prioritizing one’s mental health is a multifaceted journey that requires intentional self-care, meaningful connections, gratitude, and open dialogue. Moving forward, let us prioritize mental well-being and eliminate its stigma, individually and collectively; your current circumstances determine where you start but never where you finish! –Austin Kobilka
Navigating the many personal relationships in our lives can be
challenging, but cultivating supportive connections is paramount. Whether it’s with a partner, community, family member, or friend, the importance
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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PAW-SOME ADVENTURES Gear Up Your Pup for a Hiking Adventure
Setting out on a hiking adventure with your furry friend is a rewarding experience, but ensuring their safety and comfort on the trail requires careful consideration of essential gear. Before heading out, consider your dog’s unique needs and preferences so it’s an enjoyable and bonding adventure for you both. Here’s an introduction to some must-have hiking gear for your canine companion. FOOD AND WATER One of the most important aspects of hiking is staying well-nourished and hydrated. Packing more water than you think may be necessary is crucial, especially on a trail where natural water sources may be scarce. An ample supply of dog-friendly food is also essential, with the quantity adjusted based on the hike’s duration. A collapsible bowl
will be handy for feeding your canine companion during breaks.
unforeseen circumstances, ensuring your canine companion’s paws are protected if needed. WASTE BAGS Be responsible out on the trail. That means bringing poop bags. Attach them to the outside of your backpack or tote bag for convenient access once your dog has completed its business. The “leave no trace” practice will help maintain the pristine beauty of the trail for everyone to enjoy.
FIRST-AID KIT Safety should always come first. A dog first-aid kit is indispensable for addressing unexpected issues on the trail. These compact kits typically include dressings, bandages, and tools for removing ticks or thorns. Being prepared for minor injuries ensures you can safely complete the hike without making any injury worse. BOOTS While some dogs may resist wearing boots, they can be a lifesaver in challenging terrain. Opt for boots that protect without compromising comfort. Though you likely may avoid trails with terrain that could harm your dog’s paws, having boots in your pack is, at least, a proactive measure for
EMERGENCY HARNESS Preparedness is critical, and an
emergency harness adds an extra layer of safety. A proper harness will allow you to carry your dog on your back in an emergency. This versatile harness ensures that you can provide assistance in challenging situations.
Planning for our future is essential to ensure security and protection moving forward. As we age, retirement becomes a crucial topic that we must prioritize. Retirement planning is a strategic investment in your future well-being and peace of mind. As we navigate the complexities of modern life, it’s easy to overlook the importance of retirement planning amidst immediate financial obligations. However, taking proactive steps to plan for retirement ensures economic stability and independence in our golden years; you will never regret the amount of money you have saved or staying prepared for the future. A retirement plan benefits you, your business, and your employees. According to IRS.gov, retirement planning can offer you business and employee benefits; here are some tips. No Regrets, Just Plans
EMPLOYEE BENEFITS • Employee contributions can reduce current taxable income • Contributions and investment gains are taxed once distributed • Contributions are easy to make through payroll deductions • Interest accrues over time, which allows small, regular contributions to grow into significant retirement savings • Retirement assets can be carried from one employer to another • The saver’s credit may be available to some employees • Employees can improve financial security in retirement Whether you’re building a nest egg through savings and investments, exploring pension options, or considering healthcare needs, retirement planning empowers us to take control of our financial destiny. By starting early and consistently contributing to our retirement fund, we can mitigate financial uncertainties and enjoy a comfortable retirement free from worries about income and expenses. Ultimately, a well-executed retirement plan provides the foundation for a fulfilling and secure future, allowing us to embrace retirement confidently and excitedly. Call Patriot Wealth for all of your retirement planning needs! RETIRE WITH CONFIDENCE
BUSINESS BENEFITS • Employer contributions are tax-deductible • Assets in the plan grow tax-free • Plan options are flexible • Tax credits and other benefits for starting a plan may help reduce costs • Retirement plans can attract and keep better employees, which reduces new employee training costs
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Tax planning plays a crucial role in the financial strategies those who have accumulated savings in tax-deferred retirement accounts such as traditional IRAs, 401(k)s, and 403(b)s. These accounts offer significant benefits during the accumulation phase, allowing individuals to defer taxes on contributions and investment gains until withdrawals are made in retirement. However, the reality is the distributions from these accounts are subject to ordinary income tax rates, which can potentially erode wealth significantly if future tax rates increase. Given this scenario, effective tax planning becomes imperative to minimize the tax impact of financial decisions related to retirement savings and distributions. By strategically scheduling contributions and distributions from tax-favored retirement plans, individuals can optimize their tax liabilities and preserve more of their hard‑earned savings. One key aspect of tax planning involves carefully considering the timing of contributions to retirement accounts. For individuals in higher tax brackets, maximizing contributions to tax-deferred accounts during peak earnings can result in significant tax savings. By reducing taxable income through contributions to retirement plans, individuals can lower their current tax liabilities and defer taxes to a later time when they may be in a lower tax bracket during retirement. Tax planning extends beyond contributions to retirement accounts to include thoughtful consideration of withdrawal strategies in retirement. Rather than indiscriminately withdrawing funds from tax-deferred accounts, retirees can benefit from strategically planning distributions to minimize tax consequences. This may involve implementing strategies such as Roth conversions, which allow individuals to convert traditional IRA or 401(k) assets to Roth accounts and pay taxes upfront at current rates, thereby avoiding higher taxes in the future. By carefully strategizing contributions and distributions from tax-favored retirement plans and implementing tax- efficient investment strategies, individuals can minimize the tax impact of their financial decisions and preserve more of their savings for a secure and comfortable retirement. As tax laws and personal circumstances evolve, regular review and adjustment of tax planning strategies are essential to ensure continued optimization of financial outcomes in retirement. KEEP MORE OF WHAT YOU EARN Tax Efficiency 101
TAKE A BREAK
Spring Herb Soup With Orzo and Pancetta Inspired by FoodAndWine.com
INGREDIENTS
DIRECTIONS
• 3 tbsp extra-virgin olive oil • 4 oz pancetta, diced • 1 medium yellow onion, finely chopped • Salt and black pepper, to taste • 1/2 cup dry white wine • 1 cup uncooked orzo • 2 large garlic cloves, minced • 1 tsp fennel seeds • 1/2 tsp crushed red pepper • 8 cups chicken broth • 1 15-oz can cannellini beans, drained • 1/2 cup chopped fresh chives • 1/4 cup chopped fresh tarragon • 1 1/2 cups chopped parsley • Pecorino Romano cheese, grated (for garnish) • Lemon wedges
1. Heat oil in Dutch oven over medium heat. Add pancetta and cook 4–6 minutes. Add onion, salt, and pepper; cook until softened, 8–12 minutes. 2. Add wine and cook 4–5 minutes. Add orzo, garlic, fennel seeds, and red pepper; cook, stirring constantly, 2–4 minutes. 3. Add broth; bring to a boil. Reduce heat and cook until orzo is al dente, 8–10 minutes. 4. Reduce heat to low. Stir in cannellini beans; cook about 2 minutes. Remove from heat. Stir in chives, tarragon, and parsley. Season with salt and pepper. Top with cheese and lemon.
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #240 Raleigh, NC 27609 INSIDE THIS ISSUE Celebrate Mental Health Awareness Month PAGE 1
Paws and Paths PAGE 2
Planning Your Retirement Is Paramount PAGE 2
Spring Herb Soup With Orzo and Pancetta PAGE 3
The Latest Trends of Tax Planning PAGE 3
When a Shark Became a Lifesaver PAGE 4
THE UNBELIEVABLE SHARK ENCOUNTER THAT SAVED A MAN’S LIFE
Sharks are powerful, violent creatures. They can have thousands of razor-sharp teeth. They swim about 12 mph when attacking — twice the speed of a (very fast) human swimmer. The mere presence of a shark is enough to close down a beach and frighten movie audiences.
the center of his back, as well as several teeth marks on one side. The family headed home as lifeguards closed the beach, fearing more attacks. That evening, Eugene was in severe pain from the injury and was rushed to the hospital. Not surprisingly, blunt force trauma was causing his pain, befitting a large shark ramming him in the back. However, this wasn’t the only diagnosis he received that day, nor was it the most severe. While examining Eugene, doctors discovered a walnut-sized tumor on his right kidney. They quickly rolled him into the operating room and removed the cancerous tumor before it could progress. Whether the shark intended it or not, it may have saved Eugene’s life. Undetected, the tumor might have metastasized and spread to the rest of his body. Without that attack, he may not have known about the cancer before it was too late. Because of that fact, we are confident the shark is a hero, whether it knows it or not.
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Apparently, some sharks are different. One shark even saved a man’s life.
Eugene and his family were enjoying a warm summer day in Huntington Beach, California. As he swam in the ocean, enjoying the cool waters of the Pacific, he was struck by a sudden tremendous force, pushing his neck backward. He later described the sensation as “instant whiplash.” After a difficult and painful swim, he reached the shore. Eugene’s daughter asked why his back was so bloody. He was shocked to find a giant gash across
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