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LI BMAN 'S AWESOME LETTER
LIBMAN TAX STRATEGIES
JANUARY 2019
3 Ways to Make 2019 Not Suck!
January is one of my favorite times of the year because I get to reflect honestly on all that occurred over the last 12 months. I can examine the areas of my life that worked well and look closely at the ways in which I might have been able to do things a little better. I can consider my role as a tax strategist and the relationships I build with my clients. I am also able to evaluate my position as a husband and father and the relationships I maintain with my family. Then I ask myself, “What can I do to make sure that the next year doesn’t suck?” I have three tips that I use in my life, and they are ones I truly believe in. NO. 1: CHANGE YOUR APPROACH TO THE IDEA OF GOALS When the new year rolls around and social- media platforms tout #NewYearNewMe to the masses, everybody talks about setting goals. Yet, statistics indicate that by the end of February, approximately 80 percent of resolutions made at the start of the year have been long forgotten. To me, the reason for this widespread failure to maintain momentum is that everyone talks about their goals, but no one creates systematic ways to actually reach them. Let’s say your goal is to call more leads. What if instead of just saying that’s your goal, you set up an email reminder that prompts you to call five people every day. In my experience, people fail because they don’t set up systems. In short, goals are stupid and systems are awesome. NO. 2: FIND AN ACCOUNTABILITY PARTNER Let’s say you have set the coolest of goals and you have the necessary systems to back them up. Your work still isn’t done! You need a third party to review your progress to make sure you are actually on track to achieve the goals
you set for yourself. Find someone who can check in and give you regular monthly feedback. This person shouldn’t be a husband or a wife. It should be a peer who can look at your headway and offer you clear and helpful instructions while keeping the more personal, negative commentary to a minimum. NO. 3: HAVE A MENTOR A mentor is different than an accountability partner but equally as important. When looking for a mentor, you should find someone who has recently overcome the same hurdles you are facing right now rather than trying to find someone who has exceeded your goals decades prior. For example, if your business earned a million dollars last year, and this year, you are aiming for 2 million, you should find a mentor who earned 2 or 3 million last year rather than seeking out Bill Gates or Warren Buffet for guidance. Those guys might give you some nice and positive platitudes, but it won’t be practical or useful at your stage. Call around or go to industry events to find a mentor that suits you. Then, go in with the attitude of paying them their hourly rate for guidance and advice. Once you find a great match, consider offering yourself up as a mentor for someone else! My last piece of advice is more of a spiritual secret. Donate to a worthy cause. When you give your money to someone else, you tether yourself to something greater: the feeling of being part of the community.
From me and my family, Happy New Year’s! Let’s work together to make 2019 not suck!
-Adam Libman
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HOWTO SPENDWISELY IN RETIREMENT
Make Your Savings Last
When it comes to retirement and finances, there’s enough material about saving to fill a library. You see commercials on TV showing one tiny domino gradually becoming a massive tower, you hear advice from coworkers and family members, and you read books and articles on the topic. Much less attention, however, is paid to how to spend those savings once you’re actually retired, even though it’s a significant part of the equation. After all, it doesn’t matter how much you save if you blow it all in a year. Here are a few considerations to keep in mind as you begin chipping away at that nest egg. HOW MUCH TO SPEND The easiest way to budget for your retirement is with a level spending plan. In this system, you simply estimate how many years your retirement will last and divide your savings by that number. It’s better to make a generous estimate rather than a conservative one. A survey of financial planners conducted by the American Institute of Certified Public Accountants (AICPA) found that outliving savings is the No. 1 concern of those approaching retirement. Underestimating your life span is an easy way for this fear to come true. Of course, a level spending plan assumes that your financial needs won’t change over the course of your retirement. If you’re the type Client Spotlight
in weightlifting competitions. The level of dedication Colleen puts into her relationships and her sports endeavors is inspiring to watch. Brian’s commitment is also something behold. As a police officer, he somehow manages to balance the more serious aspects of his job with genuine compassion for human beings. He is a perfect example of someone who fully comprehends and enforces the law but who also understands the innate human capacity for making mistakes. In addition to his compassion, he is always working to be a better policeman. In fact, he ended up going back to college to gain more knowledge and move up higher in his department. It’s been nearly two whole decades since I started working with Brian and Colleen — several years longer than I’ve owned Libman Tax Strategies. I am grateful for their friendship and the work they provide for the community, both in terms of being a great representation of a fun-loving family dynamic but also in the ways that Brian protects and serves as an officer. Especially with the recent fires that horribly affected families all across the state, I am cognizant now more than ever of the brave sacrifices of all police officers, firefighters, and first responders. To Brian and to all the other people out there helping with the fire, I’m keeping you in my heart. of person who regularly meets and exceeds your budgeting goals, you can probably make it work. If not, you may want to consider a plan that allocates more money with each passing year of retirement. In the event of increased medical costs or other later-life expenses, an escalating plan provides a financial safety net. WHAT TO SPEND ON Some of your spending choices will come down to personal preference and interests, but you might be surprised to learn that one category of spending consistently proves more fulfilling than others. Professor Michael Finke of The American College surveyed nearly 1,500 retirees and found that spending money on leisure activities and experiences caused the lowest rate of regret. Finke calls this “social spending” and surmises that it’s favored because it encourages older adults to get out into the world and enjoy their retirements. There is no perfect plan for how to spend your savings during retirement. But there is one very wrong way to go about it, and that’s mindlessly. However you choose to spend your savings, make sure you have a plan.
Meet Brian and Colleen!
In our modern, fast-paced world that keeps people searching for the next best thing, finding relationships or friendships that withstand the test of time is rare. When I first met Brian and Colleen McLane, my first impression of them was that they had to be the cutest couple I’d ever met. As individuals, they
are both phenomenal people, and as a couple, they have this fun and playful dynamic. In the 18 years I’ve known them, while they’ve had a lot of different work and family changes, their team dynamic hasn’t seemed to waver at all.
Colleen is one of the most awesome women I know. In addition to being a mother to three amazing children, she competes
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Peanut Butter and Berry French Toast
My Best Business!
Inspired by Delish
French toast is a staple for a weekend breakfast at home, but this version takes things to another level. Consider it a hybrid of French toast and PB&J. It’s just as delicious as it sounds.
MATCHMAKER, MATCHMAKER, MAKE ME A MATCH
INGREDIENTS
8 slices brioche, 1/2-inch thick 1/4 cup creamy peanut butter
2 cups cornflakes 2 tablespoons unsalted butter
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2 cups mixed berries
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2 large eggs
Powdered sugar, to sprinkle Maple syrup, for serving
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1/8 cup heavy cream 2 teaspoons pure vanilla extract
DIRECTIONS
1. On a large baking sheet lined with wax paper, place 4 slices of brioche and spread 1 tablespoon of peanut butter on each. Cover with remaining slices, creating sandwiches. 2. In a pie plate, beat eggs with cream and vanilla. In another, coarsely crush the cornflakes. 3. Lightly soak sandwiches in the egg mixture, then dredge in cornflakes, pressing to adhere. Return to baking sheet. 4. In a large skillet over medium heat, melt 1 tablespoon butter. Once melted and up to temperature, add sandwiches, cooking on one side until golden and crisp, about 2–3 minutes. 5. Return sandwiches to baking sheet, add remaining butter, and repeat on other side. 6. Top sandwiches with berries, sprinkle with powdered sugar, and serve with maple syrup. TAKE A BREAK
Have you ever opened up a magazine and seen a column titled, “Stars — They’re Just Like Us!” or a similar version? Underneath the headline, you might see pictures of Ashley Tisdale holding a Coca-Cola, Sarah Michelle Gellar playing Uno, or Kourtney Kardashian purchasing Mattel toy products for her kids. Beyond the column’s purpose of helping readers relate to their favorite A-list stars, the product placement in these photos is entirely purposeful. Have you ever wondered who is responsible for matching a specific celebrity with a certain brand? Enter Kristi Kaylor, owner of The Loft Entertainment Agency and the ultimate Hollywood matchmaker. Kristi was referred to me as a client from an awesome guy named Eric Stern, and in the three years I’ve been working with her, I’ve seen Kristi do some really phenomenal work. She meets with a number of celebrities and pairs them with brands of licensing, endorsement deals, and marketing initiatives. Then these pairings are featured in various forms of media, one of the most popular being Instagram. The Loft Entertainment Agency inks deals with both celebrities and social-media influencers for their posts, campaigns, Snapchat and Instagram takeovers, and live streams. By being the ultimate matchmaker in this realm, Kristi helps brands elevate their products to the next level and explore additional revenue opportunities through these celebrity partnerships. Every time I talk to Kristi, I am always so impressed by how cool her job is. She gets to meet a variety of famous people and business owners, and she is able to have a major influence in the marketing world. I’m secretly hoping that she will find some way to make me a celebrity, but in the meantime, I’ll just enjoy having the opportunity to stand on the sidelines and see who she gets to work with next!
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‘The Score Takes Care of Itself’ Bill Walsh on What It Means to Be a Leader
The term “game changer” gets tossed around so much these days that it no longer seems to hold enough weight to describe a legendary coach like Bill Walsh. But how do you describe someone who quite literally changed the way football is played on the highest level? It takes incredible willpower to defy conventional wisdom and turn a struggling team into a powerhouse. In Walsh’s memoir on leadership, “The Score Takes Care of Itself,” he explores the philosophy that guided him through his coaching career and led him to success. Working with award-winning author Steve Jamison, the two distill Walsh’s decades of experience into a comprehensive guide that can be used by coaches and CEOs alike. One theme throughout the book is the idea that sound fundamentals trump instincts. As Walsh aptly puts it, “Hearing someone described as being able to ‘fly by the seat of his pants’ always suggests to me a leader who hasn’t prepared properly and whose pants may soon fall down.” For long-term success, you have to have a game plan.
defeat.” In business and in football, losses are just a fact of life; how you prepare for and respond to these crises will determine your team’s success. But the most valuable element of leadership in Walsh’s eyes is how you treat the members of your team. You need to have the courage to let them know you believe in them. Using simple but earnest positive reinforcement, this legendary
coach turned the 49ers into an incredible team, and the benefits show. Segments of the book contain anecdotes and reflections from players such as Joe Montana and Randy Cross, whose deep admiration for their former leader speak volumes. “The Score Takes Care of Itself” was published posthumously. Walsh’s son, Craig, did much of the legwork to piece this definitive portrait together. What we are left with is a truly insightful read from one of the most innovative, inspiring minds in sports history. It will be a long time before a book like this comes around again.
For Walsh, preparation for leadership begins by bracing yourself for the worst. A mantra repeated throughout the book is “expect
A NewYear in Digital Marketing
Strategies You Need to Try in 2019
Creating a successful marketing campaign requires foresight and adaptability — especially these days. Technology and consumer habits are rapidly changing, and using what worked in 2018 won’t necessarily be the right move in 2019. To help you determine your strategy for the coming year, here are a few rising marketing trends worth your consideration. MARKET WITH A TRUSTED SOURCE eMarketer found that 30 percent of internet users have ad-blocking software installed on their devices, meaning that a big chunk of your audience will never see your online ads. But even users who do see online ads often don’t trust them. A 2015 Nielsen study found that consumers are far more likely to choose a company to do business with based on word of mouth, branded or editorial sites, and reviews. When planning your digital marketing strategy, learn how to incorporate these trusted sources in order to get your brand out there. OPTIMIZE FOR VOICE SEARCH How are you ranking on voice search? Asking Siri or Alexa to find something online brings up fewer results than searching through a web browser. ComScore estimated that half of all online research will be done through voice search by 2020, which means that if your website isn’t voice-search friendly,
half of your audience may never hear about you. Hubspot has some advice on optimizing your website SEO for voice search at Blog. hubspot.com/marketing/how-to-optimize-for-voice-search. SAY HELLO TO CHATBOTS We didn’t listen when science-fiction movies warned us, and now AI is taking over the world. But maybe that’s not such a bad thing. Programs like chatbots have become more sophisticated and are being hailed as the future of lead generation. Deployed on websites, through Facebook messenger, or even via text message, chatbots can answer common questions and shepherd visitors through your digital funnel. Start learning the basics about chatbots at ChatBotsMagazine.com. Technology continues to evolve and is constantly affecting the business world in new ways. As a result, it’s shaping up to be an interesting year in marketing. Keep an eye out for opportunities to incorporate these trends into your marketing strategy.
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“I Do the Numbers” Why the Accounting Team From "The Office" Made the Show
Ask most people about their favorite comedy show, and you’re bound to hear “The Office” pop up more than a few times. Set in Scranton, Pennsylvania, in the sales office of a nearly obsolete industry, the show depicts the lives of the ragtag group of office employees working at the fictional Dunder Mifflin Paper Company. To simulate the look of an actual documentary, the entire show was filmed in a single-camera setup without a studio audience or a laugh track — but that doesn’t mean the show didn’t make viewers burst out in awkward giggles every couple of minutes. From Michael Scott’s long-winded and inappropriate jokes to Jim Halpert’s confused shoulder shrugs at the camera and Dwight Shrute’s infamous one-liners, there's no shortage of cringeworthy humor in the show. But some of the most memorable moments stem from a trio of people in the back corner with distinctly strong personalities: the accounting department. Comprised of an openly judgmental Angela Martin, a highly practical Oscar Martinez, and inappropriately silly Kevin Malone, the accounting team is usually responsible for keeping the company running smoothly, an ironic theme since the three team members fight with each other daily. How are they as accountants though?
Regarding their day- to-day operations, avid viewers can probably pick up on the fact that Angela and Oscar pick up Kevin’s slack — Kevin’s insistence on using made-up numbers such as “keleven” to balance the books is great example of his
mathematical incompetence. He says, “A mistake plus keleven gets you home by seven!” While Kevin’s accounting ability would make him an untrustworthy CPA or tax strategist, he makes up for it with his fantastic drumming, bartending, and M&M-eating talents. Oscar and Angela, on the other hand, make for great accountants. While they may fake an illness to get out of work or carry on an illicit work romance in the warehouse, they make sure everyone gets their paychecks on time, and they notice when the office has an end-of-the-year surplus of funds. Overall, they are an interesting, but great, team!
SUDOKU
Have You Heard About Our Diamond Club?
Here at Adam Libman Tax Strategies, our Diamond Club is invitation only and reserved for our top clients. If you have questions about the privileges that come with being a Diamond Client or want more information, make sure you give Adam a call! Diamond Clients
• Randy Gleckman * • Jay & Laine Zuckerman * • Ken Ma & Juliana Tu • Max Keylor • Lynn Adkins * • Ms. X
*Founding Members of the Diamond Club
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Mom Really Does Know Best
3 Wives' Tales Proven True
“Make a face like that, and it’ll stay that way forever.” You may have heard something like this from Mom’s book of wisdom. Maybe you never disputed the idea that mother knows best. But as you grew up, it slowly became clear that hair doesn’t grow back faster and thicker if you shave it, cracking your knuckles doesn't cause arthritis, and gum doesn’t stay in your stomach for months after you swallow it. After a whirlwind of wives’ tales over the years, many common claims have been put under scrutiny. Wives tales have been known as pseudoscience and blind intuition, but even as many were disproved, some surprisingly proved to hold weight. Here are three wives’ tales that have proven to be true. GARLIC CURES COLDS For decades, moms have professed the healing properties of garlic, suggesting it can cure colds and help the body fight sickness. It turns out they were absolutely right. Garlic has antiviral properties that strengthen the immune system and nutrients that help combat illnesses. The effects of garlic can actually be more effective than over-the-counter flu medications. Some studies show that regular consumption of raw garlic lessens the likelihood of getting a cold, so if you feel a tickle in your throat, try a clove before you open the medicine cabinet.
HEARTBURN MEANS A HAIRY BABY It’s hard to list wives’ tales without bringing up one about pregnancy. Many are solely based on intuition, but a few that sound odd have proven to be true. In 2007, a study done by Johns Hopkins attempted to debunk the myth that heartburn during pregnancy would mean a hairy baby at birth. Instead of proving it wrong, they found that 82 percent of women with severe heartburn during pregnancy gave birth to hairy babies. Turns out the hormones that cause heartburn in pregnant women also affect fetal hair growth. JOINT PAIN PREDICTS THE WEATHER Did you ever look at your mom with skepticism when she would predict rain because her knees hurt? If so, you might owe your mom an apology, because there is a scientific connection. The drop in barometric pressure that’s common during storm weather causes pain in arthritic joints.
Maria's Corner
AMother’s Perspective
Any mother knows that a life filled with little ones means that time doesn’t just move forward; it rushes by in the blink of an eye! Of course, life moves quickly for everyone, but for some reason, children seem to speed things up. You watch them grow up year after year, and you not only see them visibly mature, but you are consistently celebrating milestones that remind you of one simple fact: They won’t be small forever. In recent months, we have had a lot of milestones in the Libman household. We celebrated Hanukkah early in December. While the kids were initially excited about getting to open their presents early in the month, by the time Christmas rolled around, they felt like they should have received another round of presents. Even so, they had a fun-filled couple of months. In addition to celebrating the eight days of Hanukkah, they also got to enjoy three different birthday celebrations! Adam heated the pool from 50 to 90 degrees, and all their friends from school came to swim and eat deliciously huge Costco cakes. I’ve also been spending what seems to be thousands of hours to potty train our youngest son, Sam. I always thought that by the time we began teaching our
fourth child this process, it would be easier. Apparently, the fourth time is not the charm.
As the chaos that surrounds the holiday months has begun to wind down, I’ve started to think about the ways I am going to make 2019 better than 2018. One change I have decided to implement is setting better boundaries to make sure I get the time I need for my personal care. I’d like to encourage all the other mothers out to do the exact same thing. We all get so caught up in looking after everyone else that there is seldom any time left to take care of ourselves. We should all start this upcoming year by making self-love a primary goal. To all of you out there, happy 2019!
-Maria Libman
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You Scream, I Scream, We All Scream For Cauldron Ice Cream!
If you’ve been along the California coastal region, then you’ve likely heard of the amazingly delicious Cauldron Ice Cream. Owned and operated by a great engaged couple, Terence Lioe and Desiree Le, Cauldron Ice Cream now has five shops located in Artesia, Santa Ana, Glendale, San Diego, and Pasadena.
To keep customers curious, they change up their menu often. In 2018, for example, they featured flavors like matcha latte, double shot chocolate, Earl Grey lavender, s’mores, Vietnamese coffee, H20 rose, and pineapple express! They are also widely known for their puffle cone, a spinoff of a popular Hong Kong street snack known as an egg waffle. These puffle cones are made from a sweet, egg- based batter, and the puffle … well, puffs up when cooked, which forms adorable little pockets. The cones were only put on the menu three weeks ago, and they've already become a social-media sensation. Terence and Desiree’s innovative approach to their business has made them a favorite all throughout the state. In fact, their unique flavor creations have been featured in articles by People, Cosmopolitan, Daily Mail, HuffPost, and Bustle. Their phenomenal growth in just four years is indicative of their dedication and passion for their work! If you are an ice cream fanatic — and honestly, even if you aren’t — you should stop and check out Cauldron Ice Cream. Their flavors are awesome, and my kids and I assure you won’t be disappointed.
Terence and Desiree are two of my favorite clients — not just because they make tasty, homemade desserts that my kids and I like to sample as often as possible, but because their success stemmed from a simple, smart idea and a lot of hard work. Four years ago, after they both graduated from college, the couple started with the mission of turning ice cream into an art form. They knew that people generally like ice cream, but they wanted to offer their patrons something different: a dessert that was artistically beautiful with exceedingly high-quality ingredients. In fact, they often reduce their profits in order to ensure that they have the freshest and most original products.
These prizes are absolutely real, and they are our FREE gifts to you. For more information about this program, please visit www.adamlibman.com/prizes. Our Prize Giveaway Program Gift Cards, Tablets, andVacations!
Here at Libman Tax Strategies, our mutual relationship with you is what makes our business function at its highest level. I am honored that so many customers trust us enough to recommend our services to others. We can’t possibly express how much these referrals mean to us, but with our new referral PRIZE GIVEAWAY PROGRAM, we hope we are at least coming close! PRIZE NO. 1: If you like reading our newsletter and think that someone you know might enjoy it too, we’d love to add them to our mailing list. Send us their name and address, and we’ll send them a newsletter. To thank you for your referral, we’ll give you a $5 gift card to Starbucks! PRIZE NO. 2: If you get a friend, family member, colleague, or even a stranger in the grocery store to use our services, we will give you a FREE Amazon tablet! Easy as that! PRIZE NO. 3: After we give you the FREE Amazon tablet as a thank-you for your referral, we will enter your name in a quarterly drawing for a romantic weekend getaway to Palm Springs!
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150 N. Santa Anita Avenue, Suite 740 Arcadia, CA 91006 424.253.0200 www.AdamLibman.com
LIBMAN TAX STRATEGIES
INSIDE THIS ISSUE P1 3 Important Ways to Make 2019 Not Suck! P2 Spending Tips for Older Adults Client Spotlight: Brian and Colleen P3 Why Accounting Team From“The Office” Made the Show Our Diamond Club P4 3Wives’ Tales That Are True MyWife’s Perspective P5 HaveYou Tasted Cauldron Ice Cream? Check Out Our Free Prizes! P6 The Philosophy of Bill Walsh 3 Marketing Trends toWatch in 2019 P7 The Loft Entertainment Agency Is the Ultimate Matchmaker Peanut Butter and Berry French Toast P8 The Best Skiing Destinations in theWorld
3 of the World's Greatest Winter Sport Destinations
Who’s Ready for Some Powder?
The sound of the first carve through fresh powder is the anthem of all winter sports enthusiasts. Here are three of the world’s best places to experience that powder you’ve been craving all year. Breckenridge, Colorado John Denver’s anthem “Rocky Mountain High” is about the freedom he felt here. Where there are great mountains, there’s even better snow. The ski resort boasts five peaks, 187 trails, 34 lifts, four terrain parks, and a renowned cross-country trail. After a day on the slopes, head into the town of Breckenridge for dining and activities that ditch the glitz and glamour of Vail or Aspen and take you straight to the heart of fun. Whistler, British Columbia, Canada A destination that looks like a cross between Nordic paradise and Olympic-level runs, Whistler is filled with true magic, winter activities, and a town that captivates the senses. When you see the mountains of British Columbia, you’ll understand why they hosted the 2010 Winter Olympics. The location’s beauty is only part of your stimulating experience, because every curve of fresh powder makes your pupils dilate. Once you’re done flying down the hill where Bode Miller took the bronze, head over to the winter wonderland of the old Olympic Village for a cozy night in a picturesque town.
St. Anton, Austria If you want a great location for next year’s Christmas card photo, there’s no better place than the Tyrolean Alps. Nestled in a valley between perfectly molded mountains, the Austrian landscape provides a beautiful backdrop for your winter excursions. The densely wooded areas and the bright reflection of the snow frame the vibrant town that’s just waiting to be explored. When you’re ready for world-class runs, hop in one of the 11 gondolas and zip down the hills that hosted the 2001 Alpine World Ski Championships.
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