Looking Back on Tuesday
Like many of you, I took time on Tuesday to go and vote. For the Tannery’s voting, is a family affair. While Tina left early Tuesday, voted and snagged incredible cookies at the Mohawk Elementary Bake sale, I met “The Girls” for lunch before we all went together and voted.
Did we all vote alike, I doubt that we did as each of us has our own opinion of what is important in our lives, much like families across the United States. Yet, the force of our family all showing up to vote was noted by the poll workers as we signed in and took our ballots.
I heard one remark, “That’s pretty awesome that the entire family voted.”
While the choice to vote is instilled in our family DNA, I must admit there is some weight to be given to the dark chocolate brownies and the rice crispy treats that were available in the bake sale towards getting our attendance.
Did all the candidates I voted for win? No, but while I would have liked for my choice to be the winner, the action of voting is of the most paramount importance to making our country the greatest.
Tuesday evening, unlike most Americans, I sat down and read a book. No TV for me. I was exhausted from the months of campaigning and news reports. I would find out the next morning what America had collectively decided. I will admit to scrolling through Facebook and having a sense of what was occurring, but I remained convicted to my book and waiting for the morning light to bring my results.
We now face the next 70 days of transition as the Obama-led White House makes way for the Trump presidency. Speculation and anticipation will run amuck as the 24 hours a day news cycle continues to pollute our mind with every speck of real and imagined information.
Thankfully, it is only 13 days until Thanksgiving and then another 31 days till Christmas. There must be enough days of Black Friday sales, Cyber Monday, UPS or FEDX packages stolen from your porch (Ship them to your office) and will Dak leading the Cowboys to the promise land to keep you somewhat occupied.
What Should I DO NOW
The question of what action do I need to take considering the election is the question I have been asked the most often since the Trump victory.
MY TOP FIVE ACTIONS TO TAKE
- Read Speaker of The House, Paul Ryan’s A Better Way, In my opinion, this is a preview of actions that might be taken. (emphasis on the might)
- Consult with your CPA or tax professional to determine the actions you need to take prior to December 31, 2016, that may impact your business and personal income tax planning.
- Give Regularly is the fifth action item in The Financial Olympian’s™ Creed. There is no better time than now to act and give to others. If you need a suggestion, then pick out a toy and drop it off at Pampillonia’s Jewelry in Richardson. They are supporting the NETWORK of COMMUNITY MINISTRIES in the annual Toyland Express Program through November 19, 2016. More information can be found on their Facebook Page. Give them a like for all they are doing for our community.
- Year-end Portfolio Management – The awareness of tax-efficiency is integral to managing a portfolio. Vanguard research has shown that, of all the expenses investors pay, taxes can take the biggest bite out of total returns. Most mutual fund managers are not concerned with the tax implications of their trading. The key is to manage a portfolio with taxes in mind. Consult with your CPA or professional tax advisor and consider a joint meeting to utilize the expertise of both your tax professional and your investment professional.
- Take 3:26 of your day to watch, listen and hear the words of “What a Wonderful World” by Tony Bennett and kd lang. Life is precious and you and I should never forget the joy we have in our life.
Have an incredible Fall weekend and don’t forget about the SUPER MOON on Sunday, November 13 and Monday, November 14, 2016
Michael Tannery CPA CDFA® AIF® ● CEO