Check out our November newsletter!
NOVEMBER 2021
7462 Old Hickory Drive, Mechanicsville, VA 23111
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www.sklartechnology.com
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804-730-2628
My Crazy Night With Cryptocurrency WHAT WOULD YOU DO WITH $26 MILLION?
surprised me. Here are a few things that “Millionaire Randy” considered during those 60 beautiful minutes.
Earlier this fall, I had one of the wildest nights of my life. It started when I opened up my cryptocurrency wallet. For the last few years, I’ve invested a few dollars here and there in cryptocurrency. It’s more of a hobby than a serious pursuit, and I rarely have more than a few hundred bucks in my wallet. But that night when I opened the app, it told a different story: I had more than $26 million in crypto! I couldn’t believe it. For the longest time, I just stared at my phone screen. Then, my mind went into overdrive. How could I get this money out of crypto and into my bank? Was it even real?
• Calling my parents to let them know they were set for life (and that if someone murdered me, they did it for the money!) • Calling my wife, Halie, to let her and the kids know they’d never have to work again • Giving the employee who came over to help me $1 million for this trouble • Retiring tomorrow and passing ownership of Sklar Technology Partners to my team
The Truth Behind the Hype Honestly, I’m pretty happy with those instincts. But what I’m the happiest about in retrospect is that when I crashed back down to earth, I was only a little disappointed to lose my “millions.” Why? Well, it turns out I’m already living what I consider an extraordinary life. I have my freedom, and I have an amazing family, a successful company, and the best team anyone could ask for. (They even come over for crypto emergencies at 7 p.m. — what more do you need?) Getting millions of dollars wouldn’t change those things. Sure, it would make me happy, but I’m happy already. This Thanksgiving, I’m actually thankful I had that wild crypto experience. It may not have gotten me millions of dollars, but it did help me appreciate what I have. My challenge to you this month is to put yourself in my shoes. If the universe handed you $26 million, what would you do with it? If any of the things that come to mind are totally different from your current life, make a plan for how to achieve them in 2022.
Truth vs. Fiction The coins I’d invested were “alternative” ones, so authenticating the money and cashing out was a complicated process. I wasn’t sure how to do it. Worse, I was terrified of losing my insane earnings! So, at 7 p.m. on a weeknight, I called up one of my employees who knew a bit about cryptocurrency. I was hoping he could give me some advice. Amazingly, not only did he answer the phone, but he also came over! Within 20 minutes, we were both huddled around my computer trying to figure out if my windfall was legitimate. The first indicators showed the massive growth was real. That’s when I started really freaking out. I was rich!
Then we dug deeper. As you probably suspect by now … the money wasn’t actually there. It was just a glitch.
60 Minutes on Cloud Nine That night was a wild roller coaster ride of emotions. But looking back, I’ve realized I accidentally put myself through an interesting simulation. Most people have wondered, “What would I do if I were suddenly a millionaire?” but for 60 minutes, I got to live it! I found out what my first instincts were — and some of them
–Randy Sklar Security. Availability. Support. .................................................................................... 804-730-2628 • 1 A REFERRAL IS THE HIGHEST FORM OF FLATTERY. WHEN A CLIENT REFERS FRIENDS AND ASSOCIATES TO US, IT REPRESENTS AN APPRECIATION OF A JOB WELL DONE. IF YOUR FRIENDS OR ASSOCIATES COULD BENEFIT FROM OUR SERVICES, I’D BE HONORED TO HAVE YOUR REFERRAL!
Use This Loophole to Save on Your Capital Gains Taxes If you’re a seasoned investor, you know that one of the biggest downsides to any successful investment is the capital gains tax. The more money you make on your investment, the more money the government will claim! Fortunately, there’s a way to reduce your capital gains tax if you’ve invested in cryptocurrency — and it’s so good that CNBC is calling it a “tax loophole.” The loophole is pretty simple. Unlike stocks and mutual funds, cryptocurrency is considered property by the IRS. That means it’s exempt from the buying and selling restrictions that keep stock and mutual fund investors from saving on capital gains tax, like wash sale rules. What is a wash sale? If you sell or trade stocks at a loss and they are either “buy substantially identical securities,” “acquire substantially identical securities in a fully taxable trade,” or “acquire a contract or option to buy substantially identical securities” within 30 days, then the transaction is considered a wash sale and you can’t deduct those losses from your taxes. But with cryptocurrency, you don’t have to abide by these rules! That opens up the opportunity for substantial tax-loss harvesting that will majorly reduce the capital gains tax you owe. How do I practice tax loss harvesting? To harvest your cryptocurrency losses, you should sell your coins at a loss when the market dips and buy them back at a lower price. That loss will count against your future gains, and you can deduct it from your capital gains tax! You can do this as often as you want throughout the year because wash rules don’t apply. To really leverage the loophole, try to harvest your losses when the crypto market dips the lowest. How long will this loophole last? This loophole in the tax code is making headlines, and that isn’t good — the IRS will probably close it soon! With that in mind, start using this method as soon as possible to reduce your tax burden. Just make sure you keep detailed records of every transaction so that if the rules change, you can prove you were complying with the law. GOT CRYPTO?
3 GOALS EVERY ENTREPRENEUR NEEDS IN 2022 By now, you should have an idea of what you want your business to achieve in 2022, but have you considered how you will grow during that year — and the impact that could have on your business? Often, entrepreneurs and business leaders take on the identity of their companies, but in order to personally thrive and see their companies take off, they have to grow right alongside it.
To do so, consider these goals all entrepreneurs must focus on at some point in their careers.
Goal No. 1: Get a Life
You are more than the company you started. Plus, having hobbies or personal interests outside of your work can help you excel in work. It allows your brain to grow in new ways, sparking fresh ideas and perspectives. Consider activities that you’re interested in learning more about — like painting, podcasting, reading, or running — and get started. Maybe you’ll fail, but just keep trying! You may find a new activity that brings you the joy you need.
Goal No. 2: Save More
Many of the dimes you earn as a business owner go back into the company, but don’t forget to consider your future. Is your retirement plan in order? Do you have a plan should your company need to close? Will your family be secure? Consider these questions and hire a trusted financial advisor who can help you find personal investment success.
Goal No. 3: Meet New People
To learn more about tax loss harvesting, check out the article “Can Tax Loss Harvesting Improve Your Investing Returns?” on Forbes.com.
Becoming inundated by daily, menial tasks can make us miss opportunities. This is where meeting new people can be so valuable! By doing so, you create a network of people who have different experiences than your own. They can help you see beyond your biases and discover a new path. Who knows? You just might find the next great venture for your company!
Note: This information was provided to Randy by his financial advisor, Noah Greenbaum of Canal Capital. Before making any major investing decisions, we recommend consulting your own advisor or contacting Noah at Noah@Canal- Cap.com or 804-325-1450.
2 • www.sklartechnology.com .................................................................................... Security. Availability. Support.
MAKE MORE MONEY BY DOING LESS Randy Reviews ‘Essentialism’ by Greg McKeown
In the book, McKeown shares tips for saying no, delegating, and paring down life to the essentials. He calls this strategy “essentialism.” It’s all about “doing less, but better” in order to boost your productivity and
If you read What Would You Do With $26 Million?, then you know that the $26 million I “made” in cryptocurrency this summer taught me a big lesson about
the things that are important to me in life. When I thought I was a millionaire for a hot minute, my family, my team, and my freedom jumped to the top of the list. But that experience also taught me what wasn’t important. You know what I didn’t think about during that whole crypto experience? My stuff! It never crossed my mind to buy a private plane, a yacht, or a new truck. I came out the other side of thinking that maybe those minimalist entrepreneurs like Steve Jobs and Elon Musk are on to something after all. It’s easy for our lives to get cluttered with unnecessary junk that doesn’t help us and might actually hurt us. The same goes for our work schedules and businesses. If you need a reminder about what’s important to you, check out the book “Essentialism: The Disciplined Pursuit of Less” by Greg McKeown.
decrease your stress at the same time. He even shares stories of how entrepreneurs use this strategy of focusing on their strengths to make more money and find more success! I think it’s a lesson any business owner should learn. “Only once you give yourself permission to try to do it all, to stop saying yes to everyone, can you make your highest contribution towards the things that really matter,” McKeown says. “If it isn’t a clear yes, then it’s a clear no.” Entrepreneurs and managers like us have the power to make these kinds of choices and organize our own lives. And there’s nothing sweeter than that freedom! If you have time to do some reading during the Thanksgiving holiday, pick up a copy of “Essentialism” and see where your real priorities lie.
–Randy Sklar
Easy Cranberry-Apple Salad Inspired by CookieAndKate.com
Want the taste of fall without the calories? Try this quick and easy salad, topped with homemade apple cider vinaigrette.
Ingredients For the salad: •
For the dressing: • 1/4 cup olive oil •
1/4 cup dried pumpkin seeds
1 1/2 tbsp apple cider vinegar
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5 cups salad mix
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1 1/2 tsp honey
2 Granny Smith apples, chopped into bite-size pieces
1 tsp Dijon mustard
Salt and pepper to taste
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1/3 cup dried cranberries
1/3 cup goat cheese, crumbled
Directions 1. In a skillet over medium heat, toast the pumpkin seeds until fragrant, then set aside. 2. In a small jar or bowl, whisk together all dressing ingredients, then set aside. 3. Combine all salad ingredients in a large bowl. Drizzle with dressing until lightly coated, then toss and serve!
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7462 Old Hickory Drive Mechanicsville, VA 23111 www.sklartechnology.com 804-730-2628
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Inside This Issue
1 2
What Would You Do With $26 Million?
3 Personal Goals to Make 2022 Better
The Tax Loophole Every Crypto Investor Should Know About
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Make More Money by Doing Less
Easy Cranberry-Apple Salad
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The Benefits of Positive Relationships
The Benefits of Positive Relationships
GOOD FOR MIND AND HEALTH
to illnesses because our immune system’s ability to fight off antigens is reduced. The stress hormone corticosteroid can also lower the number of lymphocytes available to fight infection. However, when we are in a happy and loving relationship, our bodies produce oxytocin, and we are less likely to get sick.
Connecting with other humans in a positive way is one of the most profound experiences we have. That positivity is one of the greatest virtues — it’s contagious, and engaging in happy relationships with others is extremely important not only for our minds but also for our health. Longer Lives Studies have actually shown that when people are involved in positive relationships, they live longer. This is likely attributed to decreased stress, as stress can exact a toll on the entire body. Positive relationships can also encourage us to give up negative habits such as drinking or smoking, which cause many health problems and concerns. Healthy habits can help people live longer lives. Quicker Healing Positive people in our lives can distract us from pain, remind us to take medication, be our advocates, and simply reduce stress. And less stress means healing takes place faster. Those who have a support person feel more confident and prepared to undergo surgeries and fight illnesses as well.
Better Physical Shape Being in a positive relationship, especially a romantic one, can provide the motivation to be the best version of ourselves. This includes our physical condition, too! Having a friend or workout partner to encourage accountability and even push us out of our comfort zone a bit at the gym can keep us motivated.
Boosted Immune Systems It makes sense — people who have less stress have stronger immune systems. During times of high stress, our bodies are more susceptible Being in a positive, healthy, and happy relationship means we listen to each other, offer advice, openly communicate without judgment, practice respect and trust, and engage in healthy activities together. So, it’s no surprise that positive relationships work wonders for our health and happiness. 4 • www.sklartechnology.com .................................................................................... Security. Availability. Support.
IS YOUR WEBSITE LOSING YOU CUSTOMERS? Get a New Look for the New Year!
Have you had the same website for the last year? The last five years? The last 10?!
If you have, consider this your reminder: It’s a new year, and you need a new look.
When potential customers find you online, your website is your handshake, so you want to make the best first impression possible. Don’t greet them with a limp, sweaty palm! 5 SIGNS THAT IT’S TIME FOR AN UPGRADE
If your website is ...
1. Tough to navigate from a smartphone 2. Antiquated, with an outdated design 3. Missing a chat box or other communication feature
4. Not up to date with the latest security and SEO optimization 5. Missing a strong call to action that grabs readers
Then YOU CAN DO BETTER!
Let us take your website to the next level, protect your data, and bring in the customers you need.
Call our office today at 804-730-2628 or visit SklarTechnology.com to set up a consultation, and we’ll craft you a handshake that closes the deal, every time.
www.sklartechnology.com.................................................................................... Security. Availability. Support.
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