Take a look at our January newsletter!
JANUARY 2024
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PATRIOT WEALTH
Beyond 1776
The 5 Common Sense Values That Guide My Everyday Choices
American founding father Thomas Paine published “Common Sense” on Jan. 10, 1776. In 47 pages, he argued for the Thirteen Colonies’ independence from Great Britain. As we celebrate the anniversary of this publication, I’ve been reflecting on the values that resonate as common sense and how they align with everyday interactions. Upon careful consideration, I’ve distilled these values into five core principles that serve as the guiding ethos for Patriot Wealth. Despite their simplicity, I believe these five values permeate nearly every facet of our professional and personal lives. In tribute to Thomas Paine’s historic achievement, I’d like to share these fundamental ideas that I consider to be grounded in plain common sense. NO. 1: COMPASSION If I were to pinpoint the most crucial value among the five, compassion would undoubtedly claim the top spot. Compassion enables profound connections that extend beyond interests and familiarity. It fosters the ability to support one another and stand united in times of adversity. The genuine capacity to empathize with others is what propels us to “treat each other as
we’d like to be treated,” contributing to the ongoing betterment of our world.
actions. Acknowledging mistakes, although challenging, is a vital step toward personal accountability. By doing so, we not only hold ourselves to a higher standard but also cultivate trustworthiness in our relationships, whether as friends, partners, coworkers, or leaders. NO. 5: GRATITUDE In a previous newsletter, we discussed the importance of appreciating what we often take for granted. However, I propose that reflecting on these blessings should be a year-round practice. Regularly expressing gratitude helps minimize common frustrations and magnifies even the smallest victories, providing a much-needed perspective on life’s myriad experiences. We strive to integrate these values into the fabric of Patriot Wealth’s corporate identity, influencing every interaction with our valued clients. This month, I encourage you to contemplate your own “common sense” values — perhaps you’ll identify additional principles that resonate with you. I’m sure we share fundamental principles that unite us in our pursuit of a more compassionate, respectful, and responsible world. :)
NO. 2: INTEGRITY Thomas Paine’s renowned quote, “The World is my country, all mankind are my brethren, and to do good is my religion,” underscores the importance of doing good even when no one is watching. Just as in religion, the emphasis on doing what is right should be independent of external validation. Our focus should be on doing the right thing simply because it is right, without concern for external perceptions. NO. 3: RESPECT Paine frequently drew on language from the Bible in “Common Sense,” emphasizing respect. Respect, as I see it, is a natural outgrowth of compassion, rooted in treating others as we wish to be treated. It involves acknowledging the shared human experience, offering esteem not based on specific achievements but on the shared humanity, thoughts, and emotions we all possess. NO. 4: RESPONSIBILITY While it may be tempting to shift blame onto others, true personal growth and self-improvement arise from taking responsibility for our
– Wes White
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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WILL DRIVING BECOME FLYING? One Company Is Moving Toward a Literal Launch
For decades, we’ve heard the dreams of engineers who predicted that one day, the power of flight would be within the hands of the general public — with flying cars.
The company says that the Model A will be 100% electric. It will be capable of driving on roads and parking like the cars of today. But when its owner chooses, it can take off vertically from a standstill and go airborne with an estimated flying range of 110 miles. At this point, flying the prototype only requires the driver/pilot to have a drone license to operate. As you can imagine, the process of creating a flying car has been no small accomplishment. It has involved years of design, prototyping, and honing the vehicle’s ability for effective forward flight so that it can function as an efficient commuter vehicle. While the technology appears within reach in the next few years, the vehicle’s price point stands at a lofty sum of $300,000. Along the way, the company has refined its brand — taking on the Alef name, which is the first letter of the Aramaic, Hebrew, Arabic, Syrian, and Phoenician alphabets. Plans continue to evolve for the Model A. In the meantime, prepare for the day in the not-too-distant future when you can take a road trip and fly the friendly skies in the same vehicle.
Now, it seems that reality may finally be on the horizon.
Alef Aeronautics has gained Federal Aviation Administration (FAA) approval for its Model A flying car to take to the road and skies, with an anticipated delivery to customers as soon as 2025. The vehicle was conceptualized by its four founders in 2015. Since then, it has steadily gained investors (including billionaire venture capital investor Tim Draper) and has passed several test flights, including a test of the car’s “skeleton” design in 2018. After that, the first prototype took flight in 2019. In 2021, with most of the engineering hurdles cleared, the Alef Aeronautics team started making the Model A sleek and attractive. They went to the best of the best for that job, bringing on renowned Bugatti vehicle designer Hirash Razaghi to craft what the company calls a “modern, sporty exterior.”
Winter Wonders: Dive Into the Best Local Event
As we embrace January’s chilly weather, Raleigh is set to start the new year with fresh and exciting events that will appeal to your entire family. So, if you have nothing planned for this month, here are some exciting things you can do and see in Raleigh in January.
they’re offering discounted rates of just $14 for veterans, military personnel, police, firefighters, EMS workers, doctors, and nurses.
So, come out for some frosty fun at Fenton’s. It’s a great way to make your family’s winter more exciting and memorable!
SKATE THE SQUARE AT FENTON Until Feb. 5, 2024
NORTH CAROLINA CHINESE LANTERN FESTIVAL Until Jan. 14, 2024 Koka Booth Amphitheatre, 8003 Regency Pkwy., Cary, NC BoothAmphitheatre.com/events-tickets/events/chinese- lantern-festival Get ready to experience one of the most beautiful holiday traditions in the region! The North Carolina Chinese Lantern Festival is returning for its 8th year at Cary’s Koka Booth Amphitheatre.
Fenton Square, 21 Fenton Main St., Cary, NC FentonNC.com/event/fenton-skate-the-square
Looking for some winter fun? Look no further than Fenton’s Skate the Square! The ice rink is now open until Feb. 5 and offers 75 minutes of skating for just $17. However, if you come on a Monday, tickets are only $14!
And if you’re a real-life hero, Skate the Square has something special for you! Every Tuesday during the holiday season,
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World’s Best Brownies Indulge your taste buds in a world of decadence with this irresistible recipe!
THE IRS RAISED RETIREMENT CONTRIBUTION LIMITS WHAT YOU NEED TO KNOW FOR 2024!
INGREDIENTS
DIRECTIONS
1. Preheat oven to 350 F and grease an 8-inch square baking pan. 2. Melt butter and chocolate in a saucepan over low heat, stirring constantly, then remove from heat and let cool slightly. 3. In a large bowl, beat together sugar, eggs, and vanilla, then add melted chocolate mixture and blend well. 4. In a separate bowl, stir together flour, baking powder, and salt. 5. Gradually add flour mixture to chocolate mixture, stirring until blended, then stir in nuts if desired. 6. Pour batter into prepared pan and spread evenly. 7. Bake for 25–30 minutes or
• 2/3 cup butter • 2 oz unsweetened chocolate • 1 cup granulated sugar • 2 large eggs • 1 tsp vanilla extract • 1/2 cup all-purpose flour • 1/4 tsp baking powder • 1/4 tsp salt • 1/2 cup chopped nuts (optional)
With a new year comes new changes, and if you haven’t yet heard, the IRS announced crucial updates to retirement contribution limits for 2024. At Patriot Wealth Management, we always want to ensure you are well informed about any changes that can affect you, your finances, and your retirement. That’s why we’re going to outline those new retirement contribution limits for you so you can continue to make the most informed decisions for you and your future. CHANGES TO 401(K), 403(B), AND 457 PLANS The most significant change to these plans in 2024 is that the contribution limit has increased to $23,000 from the previous $22,500. For anyone 50 years and older, the catch-up contribution limit for 2024 will remain at $7,500, allowing a total contribution of up to $30,500.
until a toothpick inserted in the center comes out clean.
ts Raleigh Has to Offer! This year, skilled artisans from China have created over 40 new displays, each comprising thousands of LED lights and hundreds of parts. These stunning lanterns will amaze you with their intricate designs and incredible artistry. Plus, every night, there will be cultural performances on the main stage! THE MAGIC OF RODGERS AND HAMMERSTEIN WITH THE NORTH CAROLINA SYMPHONY Jan. 19–20, 2024 Martin Marietta Center, 2 E. South St., Raleigh, NC NCSymphony.org/concerts-events Join the North Carolina Symphony on a delightful musical adventure! Let the orchestra take you on a journey back in time with beloved songs from classic Broadway musicals like “Oklahoma!,” “Carousel,” “South Pacific,” “The Sound of Music,” and others. Enjoy the enchanting experience of live orchestral music that will transport you to the golden era of musical theater!
CHANGES TO INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
The contribution limit for IRAs has also changed, rising from $6,500 in 2023 to $7,000 in 2024. And, similar to 401(k), 403(b), and 457 plans, the catch-up contribution limit has also risen to $1,000, which brings the total possible contribution to $8,000. CHANGES TO SAVER’S CREDIT The 2024 income limit for Saver’s Credit is now $76,500 for married couples filing jointly, providing more benefits to more workers. OTHER ADJUSTMENTS For anyone with a SIMPLE retirement account, the 2024 contribution limit has been increased to $16,000 from 2023’s limit of $15,500. Also, charitable distributions’ deductible limits have increased to $105,000, and one-time elections for IRA distributions have increased to $53,000. Your financial well-being is our priority, so if you have any questions about how these new limits will impact you and your unique circumstances this year, don’t hesitate to call us at (919) 322-4113. We’ll be more than happy to answer any questions or discuss any concerns you may have!
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #240 Raleigh, NC 27609 INSIDE THIS ISSUE A Reflection on Thomas Paine’s Legacy and 5 Timeless Values PAGE 1 A Flying Car is Bridging the Gap Between Roads and Skies PAGE 2 The Best Local Events to Kickstart Your Year! PAGE 2 World’s Best Brownies PAGE 3
A Comprehensive Guide to the 2024 Retirement Contribution Limit Updates PAGE 3 Meet Kupata, Georgia’s Street-Roaming Pup Hero PAGE 4
Kupata’s Road to Fame THE STRAY DOG WHO CAPTURED THE WORLD’S HEART
We often think dogs live the good life, as they seem to do nothing but play, eat, and sleep. Yet, some dogs are busy at work, some without being asked to do so! Take Kupata, the stray dog in Georgia, for example. This street- roaming pup takes it upon himself to guard a crosswalk all day, every day. In the town of Batumi, this stray stays by a single crosswalk and forces traffic to stop to allow pedestrians to cross the street. He’s especially protective of children! If Kupata sees a car isn’t slowing down, he’ll bark at the driver as they drive away and run to protect the person crossing the street. One local even shared that Kupata will cross the road with children and stay at the park to protect the youngsters.
community due to his hard work, and locals all pitch in to care for and feed the stray dog. His consistently round belly shows just how loved he is. You’ll even see a massive painting of the beloved animal on a nearby building.
Now, after tireless days of guarding his street, Kupata has his own doghouse provided by the city with an accompanying star on the road with his name on it. Kupata’s dedication made him go viral on social media, and now travelers from all over the world come to see Kupata. Don’t distract him, though. He’s busy at work! Sadly, even though Kupata remains cherished by his community, thousands of stray dogs in the country need shelter, food, and companionship. According to activists, around 500,000 stray dogs and cats roam the streets of Georgia. While stray animals may get a bad reputation for being dangerous or unfriendly, Kupata proves that even these furry friends deserve love and recognition.
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Kupata, which in English means “sausage,” has become a staple in the
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