For many of us, the holiday season brings hectic days and it can also be very stressful. Even though this is a joyous time of year for many, some folks experience sadness during this time of year. I’m hopeful we can all take a bit of time to reflect on all our blessings and graces during this month of celebration. Please keep in mind (I remind myself) that we should be measuring our successes and counting our blessings by looking backward from where we started and not against some ideal that may not be realistic.
When we measure by comparing to an ideal or perfection, or our vision of perfection (like comparing ourselves to others, or what we believe to be true about others) we will never achieve our goals – or be satisfied. Most of us can help ourselves reset a positive mindset by looking back at our beginnings and count ourselves as fortunate and happy about our progress in life – from our past to now. We may not have achieved all we set out to do or gain.
Most highly successful people will admit they have not achieved all they set out to do. It helps us to remember there is no such thing as perfect in this life. But we can certainly be grateful for all that we have accomplished – even if we believe those accomplishments are not up to our potential. Generally speaking, we are almost always our worst critics. Our own self-talk can be either a positive or negative influence. Sometimes a change in this self-talk is all it takes to make a huge difference in our lives – and also in the lives of those we come to know.
A friend of mine once said we would never allow someone else to talk to us in the way we sometimes talk to ourselves. I think this can be true for everyone. The old saying, “Junk in, junk out” is true. We can help ourselves with positive self-talk. I’m not at all saying we shouldn’t give ourselves the proverbial “kick in the pants” occasionally. I’m merely saying we should take a bit of time in this holiday season, the end of the year, and reflect on our growth and accomplishments, and be grateful and proud. Our world has been through a pretty tough patch these last couple of years. We seem to be thriving in spite of it. I hope we can all enjoy our progress as individuals and as a collective group of folks. We may have some unpleasant and difficult issues in our society today, but that has always been the case. I believe we always will. This is part of being a member of the human race. However, most of the time in our lives is good – if not great! Here’s to celebrating our progress!
Because it’s the end of the tax year for most everyone, I want to remind those who have retirement accounts that are subject to Required Minimum Distributions (RMD), especially those who are 72 years of age and older with IRA’s or other qualified retirement accounts that do not qualify for an exception, that you have only until December 31st to remove that RMD or you will suffer a 50% IRS-imposed penalty. Wow, that’s a mouthful! Bottom line, if you are subject to RMD’s, get it done now! If you have questions, or aren’t certain about your status in this area, give me a call and I will be glad to help you, or speak with your tax professional, CPA or financial advisor to be certain you do not have a tax and penalty issue.
In that same vein, if you have extraordinary circumstances in your financial life, like large financial gains or large income growth for 2021, please consult with your tax professional, CPA or financial advisor as soon as possible. There may well be ways to minimize your tax liability for 2021. But understand clearly, most of these tax-avoidance or tax-deferral strategies will have to be handled before the end of the calendar year. And most of these strategies require some thought and discussion. The tax clock is ticking. It will not wait for you. If we can help, please give us a call.
Merry Christmas and Happy Holidays to all!
-by Ben Smith
Registered Principal, RJFS
313 East 10th Ave. Bowling Green, KY 42101 Phone: 270-846-2656
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