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February 2025
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Bold and Brave The Power of Persistent Courage Following your heart will always lead you to the right place. Several holidays and notable birthdays fill February’s calendar. But few are as significant to America as the fourth day of the month — when we commemorate the birth of the late civil rights icon Rosa Parks. When I think of her impact on our nation, one word comes to mind: courage. On Dec. 1, 1955, Parks ended her shift at a department store and took a seat on a bus to get home. Already an active member of the National Association for the Advancement of Colored People (NAACP), she was aware of the social and societal struggles facing African Americans of the era. As a regular rider of the Montgomery, Alabama, bus system, she also knew she was required to sit in the “colored” section at the back. On this particular ride, the whites-only section in the front has become overcrowded, prompting the driver to demand that four Black passengers leave their seats and stand to make room for inconvenienced Caucasians. Parks was the only one of the four to refuse. As she later wrote in her autobiography, she was “tired of giving in” and had finally decided that enough was enough.
While we may not face anything near what Parks did in her lifetime, we’re all courageous in our own ways. People in our everyday lives, like our firefighters and rescue personnel, are tremendously brave. We also know caring individuals who go above and beyond to help the less fortunate, giving whatever they can of themselves to create a better world. Other folks show courage simply by working daily to support their families and not giving up when the pressure of paying bills and keeping the lights on gets heavy. In my view, anyone who puts up a shingle and goes into business for themselves demonstrates an admirable level of resolve. For my part, I’ve built my firm on the belief that I can provide a service that helps others succeed. It’s not rare for even the most confident people to feel at least a twinge of fear when they decide to start a business, but I’m glad I was brave enough to pursue my dreams and make them happen. I love helping people in any way I can, and that’s what keeps me going. Life doesn’t always present us with a clear path to happiness or success, but both are possible for anyone willing to take a chance and reach for the stars. No matter how challenging life may get this year, remember
“Life doesn’t always present us with a clear path to happiness or success, but both are possible for anyone willing to take a chance and reach for the stars.”
Rosa’s refusal to give up her seat to a white man led to her arrest. Four days later, she received a suspended sentence after being found guilty of violating segregation laws. The Black community’s reaction to her ordeal was swift, and a massive boycott of the Montgomery bus system — led by a 26-year-old minister named Martin Luther King Jr. — was soon underway. On Dec. 20, 1956 — more than a year after Parks’ fateful ride — the boycott was called off after the Supreme Court ruled bus segregation was unconstitutional. The brave woman who stood by her convictions had finally won.
that people like Rosa Parks changed the course of history by not accepting things as they are. Nothing is impossible if you do what your heart tells you. It will never let you down. —Kevin Roberts
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For many people, getting the most out of their hard-earned money can be a challenge. Thankfully, the 50/30/20 rule is here to help! This simple budgeting rule is straightforward, easy to remember, and useful (if you stick to it). According to the rule, you should take 100% of your after-tax income and allocate it in three different ways: 50% for needs, 30% for wants, and 20% for savings. For more on how to use the rule, read on! Needs Half of your money should be put toward necessary expenses: groceries, utility bills, health care expenses, loans, mortgages, and other payments. However, you may need more than 50% of your money to cover your mandatory expenses, and the remaining money should be split between wants and savings as evenly as possible. Your needs could also require less than half of your after-tax income. In this case, use the leftover money to pay down loans and debts so you will have more money to dedicate to savings and wants in the future. Wants What good is life if you can’t enjoy yourself? The rule says you should apply 30% of your after-tax income toward your wants. This portion can be spent on everything from tickets to see your favorite sports teams, a premier BETTER BUDGETING The Benefits of the 50/30/20 Rule
“Jurassic Park”-themed pinball machine, or eating out at a restaurant. However, it should only apply to things you want to spend money on immediately — not long-term investments. Savings The last 20% is the money you save for a rainy day. It can be cash you are saving for a dream vacation, money invested in a 401(k), or simply put into a savings account. Any long-term investment you make will fall into this category. While the 50/30/20 rule is not an exact science, it is worthwhile for budgeting your money responsibly and equitably!
Brilliant Boom, Brutal Bust
BLOCKBUSTER’S FALL FROM FORTUNE
There’s no such thing as a business too big to fail. Once one of the world’s most celebrated enterprises, Blockbuster now stands as a cautionary tale of how greed, a lack of foresight, and an unhealthy dose of hubris can transform a once-proud global phenomenon into a sad relic of a bygone era. Here is a brief overview of the video/DVD rental chain’s meteoric rise and catastrophic fall.
A Blue-and-Yellow Business Blooms Founded in Texas in 1985, Blockbuster Video grew to 800 locations in just three years, making it the country’s most successful video store chain by 1988. Thanks in no small part to its vibrant branding (who of a certain age can ever forget that iconic blue and yellow?), the company boasted more than 9,000 locations worldwide by the early 2000s. Blockbusters were everywhere at the turn of the century, but the company’s fortunes would soon change. The Arrogance Awakens Even at its peak, Blockbuster had plenty of cracks forming in its economic armor. A significant portion of its revenue came from its notorious $1-a-day late fee — a business model built more on penalizing consumers than rewarding them for their patronage. (In 2000 alone, the late-fee scheme generated $800 million in revenue.) Additionally, the company failed to recognize the potential of a rising powerhouse called Netflix. In 2000,
Netflix offered to sell its then-fledgling operation to Blockbuster for $50 million. Instead of seizing the opportunity at such a small investment, Blockbuster looked the other way. According to former Netflix CEO Barry McCarthy, Blockbuster executives “laughed [him] out of the office” — a moment that sealed the brick-and-mortar chain’s fate. From Glory to the Gutter The decade following the ill-fated meeting was far from kind to Blockbuster, which consistently lost money as more of its customer base turned to the provider it had rejected. By the time the company filed for bankruptcy in 2010, it was approximately $1 billion in debt. To add insult to injury, Netflix reached the 20-million-subscriber mark that same year. As of late 2024, the Blockbuster location in Bend, Oregon, remains the world’s last. It’s the subject of a 2020 documentary film called, appropriately enough, ‘The Last Blockbuster.’
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Inspired by EasyDessertRecipes.com
Fabulous Flourless Chocolate Cake
• 1 cup chopped dark chocolate • 1/2 cup unsalted butter, melted • 3/4 cup granulated sugar INGREDIENTS
• 1/2 cup almond flour • 1/2 cup chopped walnuts • 4 large eggs, separated • 2 tbsp cocoa powder
Win the Financial Gain Game Tips for Timely Tax Triumph We’re now in the heart of tax preparation season, and millions of people are busily completing and filing their returns to ensure they get everything to the Although taxes are a fact of life, only some people are ready to tackle them when they should be. If you’re trailing in the tax prep race, here are a few final reminders to help get you on track and far away from possible penalties. Capture credit for energy. It is common for taxpayers to overlook critical tax credits that could significantly impact their returns. For example, the Inflation Reduction Act of 2022 established credits for small businesses and homeowners investing in energy-efficient or renewable energy enhancements. If you’ve made improvements to the heating, cooling, hot water system, or lighting in your business or have made specific clean-energy improvements to your property (such as installing solar panels), you may be entitled to these credits. File employees flawlessly. To revisit a topic from last month’s cover article, you must properly document your employees’ tax status. Do you have full-time employees or utilize independent contractors? Do they all work from a dedicated office, or do some work remotely from another state? These factors require a unique tax form and specific adherence to state laws. We no longer follow a one- size-fits-all approach to employee recordkeeping. Protect your business and staff by ensuring you represent everyone correctly. Put past errors to rest. If a previous tax error led to a financial headache, make sure you’re not repeating that mistake this year. Even the slightest oversight can result in substantial penalties, so contact us to ensure your current filing is correct — or, if the issue has occurred to develop a plan to avoid it moving forward. Get tough questions grounded. IRS on time. Or are they? A complete and fully compliant tax filing follows a simple but often frustrating formula: The more money you need to track, the more complicated your filings will be. If you have any final questions regarding managing your business or personal income or addressing your legal responsibilities for both, please contact us as soon as possible.
DIRECTIONS
1. Preheat oven to 350 F and grease a springform pan with butter or nonstick spray. 2. Place chocolate in a medium bowl. Pour warm, melted butter over it, wait for 2 minutes, then stir until chocolate is melted and smooth. 3. Add sugar, almond flour, and walnuts and stir to incorporate. Stir in the egg yolks and set mixture aside. 4. In the bowl of a standing mixer fitted with the whisk attachment, whip egg whites on medium until stiff peaks form. 5. Fold 1/4 of the whipped egg whites into the chocolate batter. Repeat, 1/4 at a time, until egg whites are incorporated. 6. Pour batter into springform pan and bake for 30–35 minutes. 7. Remove from the oven and let it cool completely before removing from the pan. Dust with cocoa powder before serving.
SUDOKU
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INSIDE THIS ISSUE 1 Heed the Heart 2 Why You Should Use the 50/30/20 Rule A Video Business’s Vanishing Act 3 Beat the Deadline Dash Fabulous Flourless Chocolate Cake 4 Support Your Teenager’s Growth Without Losing Touch
The Teenage Transition Stay Connected During Their Transformative Years
Watching your children transition into teenagers is a challenging experience for any parent. Your little girl has traded in her dolls for makeup, and your son would rather spend time with friends than throw a ball around the yard with you. As teens grow, parents have to adapt and adjust to the changes. It won’t always be easy, especially as arguments and disagreements may become more common. Still, you can make this situation easier on yourself by preparing for the changes and adopting helpful strategies. Here are three ways to maintain your relationship with your children as they progress through their teenage years. Provide your children with new opportunities to find their passions. Your children are in the self-discovery stage of their lives, so it’s vital they get a chance to
explore hobbies and activities that interest them. Ask them what they want to do with their free time, and enroll them in extracurricular activities that align with their interests. Be encouraging and supportive, and you’ll quickly see improvements in their mood and your relationship. Be open-minded. Our children’s hobbies, interests, and even some personality traits can change as they progress through their teenage years. Be curious about their developing habits and try to involve yourself in activities they enjoy. This extends to discussions about their future. As adulthood approaches, talk with your kids about their career prospects and interests. They might have a different plan than you imagined, but this is when you need to be open-minded and supportive — it will strengthen your relationship immensely.
Understand that you won’t see them as often. The teenage years are when our kids start yearning for independence. As long as they’re staying out of trouble, let them explore the world around them. They’ll want to spend more time with their friends, visit places like the mall or movie theater without you, and explore romantic relationships. This is a normal part of growing up, and as parents, we should expect and respect the change.
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