Welcome to the first edition of the Demming Dispatch! We will be sending out a monthly email containing some of our favorite things we are currently reading. You can expect this on the first Friday of every month. We hope you enjoy!

QUOTE OF THE MONTH

"One of the great balancing acts in life is to be cautious and daring at the same time.

Cautious enough to avoid stupid mistakes, prevent burnout, and maintain a margin of safety.

Daring enough to bet on yourself, to do the things you would regret leaving undone, and to be willing to be uncomfortable in the short term so you can learn and grow in the long term."

- James Clear

WHAT WE’RE READING

“IRS Provides Transitional Relief for 2023 RMDs”

The IRS recently eliminated the ‘stretch’ distribution from beneficiary IRA’s. Now, beneficiaries may be required to fully distribute a beneficiary IRA within 10 years, with an RMD taking place during those 10 years. However, the IRS has decided to waive penalties for not taking RMD’s as they wait to issue final guidance in 2024.

“I pitted ChatGPT against a real financial advisor to help me save for retirement—and the winner is clear”

With the emergence of ChatGPT and AI, there have been a lot of talk about some careers becoming obsolete. ChatGPT was put to the test against a financial advisor, and the financial advisor came out on top for delivering personalized advice. ChatGPT offers quite a lot of benefits for some things, but we still see it as an additional tool for many professions rather than a sweeping replacement.

"Practicing Healthy Habits, Pursuing Wealthy Outcomes" (PDF)

Practicing healthy habits for health and wealth share common principles like discipline, consistency, and long-term planning. Just as regular exercise and balanced nutrition lead to physical well-being, financial discipline and smart investments lead to financial prosperity. Both require dedication and a focus on long-term benefits.