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MAR/APR 2024
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317-726-1714
Sharpen the Saw HOW DAILY READING CAN KEEP YOUR MIND SHARP AND CREATIVE
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Seek First to Understand, Then to Be Understood: Understand others and their perspectives in order to gain trust and influence. Synergize: Leverage differences and create solutions that unify teams and satisfy all stakeholders.
Imagine if you learned 1% more today. That doesn’t seem like very much, right? Now, imagine you learned 1% more every day, 365 days a year . You would have increased your knowledge by 365%. Of course, the prospect of learning every single day might seem far-fetched for the majority of us who are no longer in school. Yet, in reality, all you really need to do is pick up a book to gain that 1% of new knowledge. March 2 nd is Read Across America Day, and April 2 nd is Education and Sharing Day, so what better time is there to share how reading can make you a lifelong learner? One book that truly changed my outlook and became the foundation for this firm’s values is “The 7 Habits of Highly Effective People” by Stephen Covey. While Covey emphasized “sharpening the saw” or refining your intellectual habits like reading, all seven habits play a role in how I operate our firm and my life. These habits include:
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today. The book explores the real stories of Arthur Ashe and Clark Graebner, two tennis players from opposite sides of the track, and weaves it all together by taking the reader inside the player’s mindsets as they competed for the US Open Tennis Championship in 1968. I’m confident that we all understand the power of reading, but just believe that our schedules are too hectic for us to actually sit down and read. Well, this is where you’re wrong because even the busiest person in the world can spare 10–15 minutes a day to read a single chapter. Whether first thing in the morning or unwinding before bed, just one chapter can give you that 1% increase in knowledge. So, I encourage you to give yourself that one chapter, that 1%, each day with whatever book you think will bring you closer to that next level of life you’ve been aiming for. After 365 days and a 365% increase in knowledge, who knows what goals you’ll be able to achieve? – Brian Eagle 317-726-1714 1
• Sharpen the Saw: Make time for renewing activities like reading, writing, exercising, meditating, and so on. While all seven habits can be incorporated into your business and personal life, the “sharpen the saw” habit requires daily practice. I’ve enforced this habit through co-authoring three different books: “Strictly Business,” “Generations,” and “Estate Planning Strategies.” Of course, you don’t need to write a book to keep yourself mentally sharp. Reading will do the job, so pick up a book and get to learning! It doesn’t always have to be a technical or educational chunk of literature to count as “sharpening the saw,” either. I love keeping my brain active by reading novels, too. Some of my favorite fiction writers are John Grisham and Tom Clancy. I just finished the nonfiction book “Levels of the Game” by John McPhee, which goes beyond tennis history and highlights the political challenges of its time that we continue to face
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Be Proactive: Focus on what you can control and influence, not what you can’t.
• Begin With the End in Mind: Envision your goal and create clear steps and measures of success to get there. • Put First Things First: Prioritize your goals and stay organized on what objectives are most important. • Think Win-Win: Collaborate and reach your goals through high-trust relationships.
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THE EVOLUTION OF TAXATION THROUGH THE AGES Wars, Wealth, and the Birth of Taxes
One of our great Founding Fathers, Benjamin Franklin, once shared: “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”
Tennessee, Texas, Washington, and Wyoming. How do these states eliminate income taxes, while others raise income taxes? Usually, these states rely on collecting sales taxes, documentary stamp taxes, insurance taxes, corporate income taxes, and property taxes, and charge for services offered by the government, while being fiscally responsible. According to the National Center for State Legislatures, since emerging from the pandemic-fueled economic downturn, state budgets have been flush with cash, and lawmakers across the country have enacted a historic amount of income tax relief. At least 20 states have cut personal or corporate income tax rates, or both, since the start of 2021, reducing revenues by hundreds of millions or, in several cases, billions of dollars annually. From its ancient origins to its status as a cornerstone of modern fiscal policy, the history of income tax is a testament to its adaptability and enduring relevance. However, as we look to the future, after 100-plus years of income tax in the United States, perhaps it is time for the federal government to look at alternatives. States like Nevada, Florida, and South Dakota may be excellent models for the federal government to follow. Just because it has been one way for over 100 years doesn’t mean it always has to be that way.
Did you ever wonder how the concept of income taxes started and why some states have eliminated income taxes?
The history of income tax is a fascinating journey through time, marked by wars, and economic necessity. From its early inception in ancient civilizations to its current form in modern states, income tax has played a pivotal role in shaping societies and economies. But how did this concept of income tax begin, and why has it become such a fundamental part of governmental structure around the world? Let’s dive into the origins to uncover the story behind income tax’s intriguing past. The Origins of Income Tax Income tax, as we know it today, has its roots in ancient times. The earliest recorded instance of a form of income tax dates back to Ancient Egypt, around 3000–2800 BC. However, the modern concept of income tax began in England in the 18th century. It was first introduced in 1799 by Prime Minister William Pitt the Younger as a temporary measure to cover the costs of the Napoleonic Wars. The tax was levied based on income brackets, with those earning more paying a higher rate, a progressive system still in use today.
The Evolution and Global Spread The idea of taxing income spread rapidly across the world, with countries adopting and adapting the concept to suit their economic and social needs. In the United States, the income tax was introduced during the Civil War in 1861 as a temporary measure. However, the 16th Amendment to the Constitution, ratified in 1913, permanently established income tax in the U.S. federal system. The Future of Income Tax Speculating on the future of income tax involves considering current trends and challenges, including globalization and digital economies. The federal government is equally split between lowering income taxes and raising the rates. Perhaps it is time for the federal government to look at what states have been doing by allowing for its citizens to retain more of their hard-earned money.
Many states have eliminated the income tax, including Alaska, Florida, Nevada, New Hampshire, South Dakota,
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Pass the Slime!
A VISCOUS GAME FOR THE WHOLE FAMILY
AQUAMARINE BASKETBALL BUTTERFLY CLOVER DAFFODIL GREEN IDES LEPRECHAUN MADNESS SPRING TANGERINE WOMEN
Make memories and have fun passing the slime! What makes this game so great? You only need people, chairs, bins, and masks or eye coverings for an unforgettable experience. Slime is the latest and greatest fad among children, and it’s easy to see why: Its unique texture and bright colors keep kids engaged. How to Create Slime Before you can play, you have to make the slime. There are many approaches, but the simplest recipe requires only three ingredients. You can customize it with food coloring and scale up the ingredients for larger quantities.
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8-ounce bottle of Elmer’s white school glue
Food coloring of choice
• 1 1/2–2 tablespoons of contact saline solution or lens cleaner (make sure it contains boric acid or sodium borate) • 1 tablespoon of baking soda To begin, mix the glue and food coloring into a bowl. Stir in 1 1/2 tablespoons of contact solution. If you want a thicker consistency, add another 1/2 tablespoon. Knead the slime. It will be liquid at first, but it’ll thicken as you work it. After a while, the concoction turns into slime. The Rules Once you have your slime, have the participants sit in chairs arranged in a row just a few feet apart. Everyone should have something over their eyes (disposable masks work perfectly) and a wide bin in front of them. Make sure to have a lot of slime. It can be any color — but the more, the better.
This recipe will transform ramen into a main dish dazzler.
INGREDIENTS
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2 6-oz packages of ramen noodles
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1 tbsp brown sugar
2 tsp Sriracha
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2 tsp of sesame oil
Chopped green onions, for garnish
2 cloves of garlic, minced
1/4 cup soy sauce
The rules are simple, but they need some coordination.
DIRECTIONS
1. Cook the ramen noodles according to the instructions on the package. Toss the seasoning packet or save for another recipe. 2. Heat sesame oil in a small saucepan or skillet over medium heat. 3. Add garlic and sauté for about 2 minutes, stirring constantly so it doesn’t burn. 4. Remove pan from heat, whisk in soy sauce, brown sugar, and Sriracha until well combined. Feel free to add more heat or sweetness to taste. 5. Drain noodles and combine with sauce, tossing gently. 6. If desired, add your choice of cooked meat or tofu and mix thoroughly. 7. Garnish with green onions.
1. The person in front starts things off with their bin filled with slime. 2. They pull their bin over their heads, attempting to spill its contents onto the bin in front of the person behind them (without looking to see where the bin actually is). 3. That person pulls their bin over their head similarly, and so on until the end of the line. Directing the slime is the messy part since participants are blindfolded. That’s how you play pass the slime! Hint: If it gets stuck in your hair, try coconut oil. While pass the slime is particularly unique and fun, it’s just one of many ways to play with slime. You can also make art, form bubbles, and more. Children are imaginative and constantly invent new and exhilarating slime activities. The family who slimes together stays together.
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INSIDE THIS ISSUE
1.
Embrace the Habit of Lifelong Learning Through Reading
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Trace the Roots of Modern Tax Practices
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How to Make and Play With Slime
Sesame Garlic Ramen
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Overcome Procrastination for Your Family’s Future
Now is the time to get started. 2026 will bring changes to estate tax laws — reviewing and updating your estate plan is even more critical. Doing so allows you to maximize your control over your assets, provide for your family, and minimize tax burdens and legal fees. For those who have yet to review their estate plan, now is the time to schedule a meeting with our team. We’re here to help you create a purposefully designed plan that aligns with your goals and values. Our mission is to support you and your family throughout the estate planning process, ensuring that every detail is in place for your peace of mind. If you’re ready to review your estate plan and create a Purposely Designed Organized Plan, you can call our office or contact Jasmine Burris at jburris@eagleandfein.com to get started. Your future and the security of your loved ones are too important to procrastinate any longer.
If you didn’t know, National Procrastination Week is observed during the first two weeks of March and serves as a gentle nudge for us to tackle tasks we may have been putting off. For many, estate planning falls into this category! At our firm, we recognize the importance of addressing these delays and genuinely commend those actively reviewing their estate plans regularly.
Why do people procrastinate on estate plans?
Updating your estate plan is crucial, not just during National Procrastination Week but throughout the year. One common reason for procrastination in estate planning is the belief that there’s always time to address it later. Many people also mistakenly think that those simple DIY trust and will kits provide adequate protection, leading to further procrastination. Of course, another common factor contributing to why so many people delay creating or updating an estate plan is the discomfort surrounding topics like death and incapacity. However, preparing for the unexpected is a choice that provides peace of mind and ensures your wishes are carried out as intended. While it may seem like it’s never a good time, now is the time!
THE COST OF WAITING
– Brian Eagle
REVIEW OR CREATE YOUR PLAN TODAY
FOR PEACE OF MIND TOMORROW
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