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Health & Fitness

We're harming our graduating generation

Another summer is in the books, with Labor Day now officially behind us. Around here at Our Team's offices, we're starting to prepare in earnest for Tax Season 2014, watching the IRS like a hawk (a couple of big moves last week -- about which I'll have more in a moment), and preparing our practice for an influx of new clients.

But, really? Summer is over? I guess we now have football to distract us from the melancholy of another season gone.

Anyway, about those moves:
1) The IRS announced that ALL formally-recognized same-sex unions will be  recognized for federal tax purposes, regardless of the current state of residency. Whatever you may feel about the subject, this is big news. But to be honest, this was driven less by politics and more by efficiency. By making this announcement, the IRS saved itself tens of thousands of man-hours that would have been required (not to mention MORE forms!) to track the interstate movements of those same-sex couples with a legal marriage certificate. The IRS is embattled enough when it comes to drowning under their own forms, so I'm sure there were cheers at the Treasury when the full implications of this for them was clear.

Speaking of paperwork...

2) The IRS also released "final" rules regarding the Individual mandate. WSJ had a helpful blogpost here: http://blogs.wsj.com/washwire/2013/08/27/final-rules-released-on-obamacares-individual-mandate/ , and the IRS' new factsheet can be found here: 
http://www.treasury.gov/press-center/press-releases/Pages/jl2152.aspx

This program is shaping up to be fairly complicated in execution, to say the least. You WILL be hearing more from me on this. Tax news of note is that on your 2015 tax returns, we will be having to prove that you carry health insurance. Health insurance has been "tied" to work for so long that it's going to be an interesting ride to see that link be broken.

And speaking of work, I'd like to take this week's Note to address a big lie that, in my opinion, is harming a graduating generation ... and, perhaps, even many who are beyond that point.

Michael Kessler's
"Real World" Personal Strategy Note

The Big Lie Told To College Grads (And Others)
"In every phenomenon the beginning remains always the most notable moment." - Thomas Carlyle
 
Like me, you've probably heard: "Do what you love, and the money will follow!"

Hogwash.

Personally, I love lying on the beach, but unless I start looking like a supermodel, there's not much chance of my getting paid for it.

And, honestly, it breaks my heart to see so many mindlessly follow this advice, start to pursue a career driven exclusively from their "passion", and end up with broken dreams, bitterness towards the world and a deeper resistance to "starting" anything again. I've met with clients like this. I've seen the broken tax returns, the failed businesses, and worse.

That, to me, is the biggest crime, as it relates to those who spout this pabulum. Because I WANT people to follow their dreams! But (and this is the kicker), it needs to be something in which there is a realistic possibility of providing a liveable (and beyond) income.

So, here's my "real world" take on how you should, instead, approach following your dreams....
 
•  Understand the desire underneath your desire. What you choose to do for a living should be based on what kind of life you want. If you dream of a life of luxury, a career as an artist (however much you love to draw) probably won't be very satisfying. But if your deepest desire is to be "true" to your giftings -- no matter the financial reward -- then the income component only becomes something that must meet a minimum requirement. So, look for a strategy that will incorporate your interests while taking into account your TRUE lifestyle goals.
•  Learn your strengths. You may love playing the piano, but are you really good enough to make a living at it? Be honest and realistic with yourself before committing yourself to a career that could be filled with frustration. Best move here: get a real outside opinion, and commit yourself to responding to this kind of objective feedback.
•  Understand secondary requirements. Every job and career includes some tasks that are less enjoyable than others. After all, even movie stars have to deal with intrusive paparazzi; CEOs have to make tough decisions about layoffs and ethical dilemmas, etc. The point is that there are downsides to every dream career. EVERY ONE. Keep your eyes open to these.
•  Remember that work is still work. Your career has to carry you through days and weeks when you don't really want to go to the office, or the studio, or wherever your job takes you. This is part of being realistic about your goals: Even the best jobs can seem like drudgery at times, and you'll have to stick with it even when the initial enjoyment fades.
 
Last of all, let us help you plan the financial implications of your choices. Perhaps, we just start from the simple point of this upcoming year's tax return?

This will help with that...
 
I'm in your corner!
 
Warmly,
 
Michael Kessler
(516) 449-2852

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