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NortonAccountingServices.com 985-640-6072 Info@NortonAccountingServices.com SEPTEMBER 2022 NORTON NEWSLETTER EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES THE REAL ESTATE TAX PRO ™
It looks like we’re heading into a recession. What are you doing to prepare for the coming opportunities? Most people hunker down in fear with defensive reactions to a recession and hope they suffer through a recession without much pain. That would be your competition. The savvy investor and business owner look for the opportunities! Review what has happened in past recessions and where you might have missed opportunities and be ready to take advantage of those missed opportunities this time. In a recession, the stock market drops in anticipation of lower corporate earnings. That means the stocks of excellent companies are on sale! In business, your competitors are cutting costs to stay in business. They stop marketing. You should step up marketing while making sure that each dollar spent generates business. Focus on direct response marketing and target your best customer demographic. In real estate, prices drop due to rising interest rates, longer sale times, and tightening credit. Make sure your strategies and tactics fit the changing market. Wholesalers and rehabbers need to adjust their ARVs. Landlords need to buy FROM THE DESK OF Bob Norton
Keep Your Family’s Legacy Alive
By Sharing Life Memories
I remember when my grandparents retired. They had so much free time on their hands, which was great! But I noticed their engagement with the outside world began to decline. I heard the same stories from them countless times, and I felt that they needed more social interaction. So, I started asking them about their lives growing up. As you get older, your short-term memory may decrease. For example, you could forget about the errands you need to do that day, if you turned all of your lights off before going to bed, or where you placed certain things. Although short-term memory declines, your long-term memory is sharper than ever. I saw my grandparents instantly light up when I showed interest in their lives and their previous experiences. The opportunity to learn more about history from a personal perspective provided me with so much insight into the past, and I’m thankful I could hear my grandparents’ stories. Sharing your past experiences with your loved ones will make you feel valued and appreciated. In addition, it helps you keep your mind engaged and active. Here are four discussion topics you can talk about with loved ones.
cash-flowing properties. Wait until the recovery to buy for appreciation in value.
Your Childhood
I’m looking forward to the creative financing opportunities! –Bob Norton
You can share what life was like when you were a child and compare it to your grandkids or children’s childhood experiences. What was your favorite subject in
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... continued from Cover school? What did you do for fun? Do any memories stand out to you? Sharing these stories with friends and family can be both fun and nostalgic.
and significant others and share what the value of friendship means to you.
Your Life Journey
Changes Over the Years
Although the above topics discuss many different subjects, this one is about putting it all together and into perspective, and you have a chance to acknowledge all of the successes you’ve accomplished in your lifetime. Discuss the most significant event that happened in your life, what life lessons you have learned, and what others can take away from your journey. Sharing stories with older adults is an enriching experience for both of you. You can even ask your loved ones about their experiences in life
You saw the evolution of technology. You witnessed the advancement from thick, bulky TVs and computers to slim ones, and the progression through vinyl records, cassette tapes, CDs, and music streaming services. You even endured some of the most challenging times in American history — the Vietnam conflict, Desert Storm, the Challenger explosion, and 9/11. Share your experiences and opinions about these times and how society is changing. You may have older mementos you can look at together. Perhaps you have stories that go along with these items or memories about the different eras of the 21st century.
and connect on a deeper, more intimate level. Who knows, you may learn something new and gain more of an appreciation for your lineage!
Friendships and Relationships
This topic is all about celebrating the ones who made an impact on your life. Talk about how you met your spouse and best friends. This will allow you to show appreciation for the ones you love. In addition, you can share funny stories you have with your friends
THE CRAZIEST OLYMPIC MARATHON OF 1904 It’s Unbelievably True!
Three hours and 13 minutes after the marathon began, Fred Lorz, who had ridden a third of the course in a car, crossed the finish line. He was about to be adorned with a floral wreath when he confessed he had gotten so tired that he accepted a ride from one of the cars along the way, so he was disqualified. Thomas Hicks, the true winner, was struggling with just 7 more miles to go. His fans on the sidelines provided him with a secret energy booster mix — a concoction containing strychnine (rat poison), brandy, and egg whites. By the time he crossed the finish line, he was hallucinating. And the fourth-place winner from Cuba wore dress pants and shoes for the entire race (because he lost his money gambling in New Orleans on his way to St. Louis and arrived after hitchhiking with nothing but the clothes on his back!). This 1904 Olympic marathon went down in history as the most bizarre and wildly entertaining race. Luckily, but surprisingly, nobody died!
In 1904, the year of America’s first Olympics, the men’s marathon was a bizarre spectacle to behold. In fact, it was likely the most jaw-dropping event ever in the history of the Olympic Games. On that hot, sweltering summer day in St. Louis, MO, only 14 of the 32 Olympic competitors crossed the finish line on what was deemed the most difficult course anyone was ever asked to undertake. Thomas Hicks, the American who actually came in first, received the slowest time of all of the Olympic marathons since 1896. But why was this one so tough? With temperatures of roughly 104 degrees F and 90% humidity, a rigorous 24.85-mile course with seven hills was a bit much for competitors. Not to mention, support cars were churning up dust, leaving it behind for the runners to inhale, and they only had two water stations available before the halfway mark — and none in the second half! Even seasoned runners were not up to this crazy course!
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5 SMART FINANCIAL TACTICS TO USE DURING A RECESSION
No. 3: Get rid (or don’t use) high debt credit cards. Canceling a credit card can have some temporary consequences on your credit score, but if you can afford it — or need to remove the temptation altogether — cancel credit cards with high interest rates. Get a card with 0% APR if you need time to pay off new purchases before interest kicks in. No. 4: Boost your emergency fund ASAP. In life, setbacks can happen when least expected — and least wanted. This is the time for cushioning the fall in case you have any large unexpected expenses that could have major consequences on you and your family’s livelihood. No. 5: Roll over to a Roth IRA during the market downturn. Since IRA contributions are invested into the market, the downturn makes it cheaper to transition your after-tax traditional IRA into a pre-tax Roth IRA, which means you’ll keep the full dollar amount of your account in retirement. According to Clark Kendall, certified financial planner and CEO of wealth management firm Kendall Capital, transitioning into a Roth IRA may “cost 20% less if your retirement account is down 20%.” Put these tips in your back pocket — they just might help get you through any economic climate!
Inflation can make people nervous about the future. Here are a few smart ways to manage your money in any economic climate — but especially during a recession. No. 1: Make every dollar count. This year, the price of gas has climbed considerably, but what should you do when driving is part of your job? Dan Varroney, founder of consulting firm Potomac Core and expert on economic performance, told NBC that people can stretch their dollar by utilizing mass transportation, carpooling, or walking. You can also combine trips with multiple stops or shop locally to save on gas and time in the long run. No. 2: Check your spending. The internet is full of trendy subscription-model brands and products, but are you still paying for ones you aren’t using? A 2021 Chase survey revealed that two-thirds of consumers have forgotten about at least one recurring payment in the last year. In fact, more than 70% of consumers waste over $50 every month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about.
Take a Break!
Goulash, Hungary’s National Dish
Ingredients
Inspired by Delish.com
• 1 15-oz can diced tomatoes • 1 tsp Italian seasoning • 1 tsp paprika • 1 1/2 cups elbow macaroni, uncooked • 1 cup shredded cheddar cheese • Fresh chopped parsley
• 2 tbsp extra-virgin olive oil • 1 yellow onion, chopped • 2 cloves of garlic, minced • 1lb ground beef • Salt and pepper, to taste • 1 tbsp tomato paste • 1 1/4 cups beef broth • 1 15-oz can tomato sauce
Directions
1. In a large skillet over medium heat, add olive oil and wait for it to heat. 2. Once heated, add onion and cook for 5 minutes, then add garlic and cook for 1 minute. 3. Next, add the ground beef to the skillet, and cook until no longer pink. Drain the grease, then add salt and pepper. 4. Stir in the tomato paste, beef broth, tomato sauce, and diced tomatoes. Season with Italian seasoning and paprika. Add macaroni to the skillet. 5. Bring mixture to a simmer and let it cook for 15 minutes. Stir the pasta occasionally. 6. Mix in the cheddar cheese and remove the heat.
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INSIDE THIS ISSUE
From the Desk of Bob Norton PAGE 1 4 Discussion Topics to Share Lifelong Memories PAGE 1 The Insane Story of the 1904 Olympic Marathon PAGE 2 Prepare Your Wallet for a Recession PAGE 3 Take a Break PAGE 3 Goulash, Hungary’s National Dish PAGE 3 A Dog’s Loyalty Has No Limit PAGE 4
THIS BELGIAN MALINOIS NEEDS A CAPE Eva’s Stand-Off With a Mountain Lion
The mountain lion growled and took a swipe at Wilson’s left shoulder. As it lunged at her, Wilson screamed and shouted for Eva. At the distressed call of her owner, the dog came running back to Wilson’s aid. Without hesitation, Eva leapt between Wilson and tackled the wild cat. During the short tussle, the mountain lion managed to get its jaws around Eva’s head, but Wilson fought to free her dog by throwing rocks in an attempt to break its hold. When that didn’t work, she ran back to her truck and managed to wave down a passing motorist. With their combined efforts — and a crowbar and lots of pepper spray — they were able to scare the mountain lion away. Wilson, though wounded, managed to carry Eva back to her truck and raced her to an animal hospital. Unfortunately, while Eva survived the initial attack, she passed away due to her injuries on June 8, 2022. Wilson said she would do anything for her dog, and that day, Eva proved she had done the same for Wilson.
A commonly uttered phrase among dog lovers is that we don’t deserve them. This comes from the fact that dogs often give their all to protect their owners, even if that means putting their own lives at risk. Dogs seem to be instinctively wired to protect their humans — and it’s more proof they really are our best friends. In May 2022, Erin Wilson pulled off at a roadside picnic area and headed down a path toward the Trinity River in California with her Belgian Malinois, Eva.
As Wilson walked down the slope, the dog ran ahead. Suddenly, Wilson turned around and realized she was being cornered by a mountain lion. These attacks are incredibly rare due to the mountain lion’s reclusive and shy nature. In fact, since 1890, California has recorded only six fatal mountain lion attacks. However, recent drought conditions have made food scarce in some areas. Their preferred prey is deer, but these conditions probably made the sudden appearance of a slender woman look like an attractive option.
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