The Daily Valet. - 1/2/20, Thursday
✔️ New Year, New Laws
Thursday, January 2nd Edition
And just like that, we’re all back at work ...
Cory Ohlendorf , Editor ⋯ @coryohlendorf
Today's edition is presented by
Today’s Big Story
2020’s New Laws
They’ll affect everything from legalized marijuana and an end to cash bail to new IDs and a refreshed minimum wage
New year, new ... laws. Yesterday, as we all nursed our hangovers, a host of new laws went into effect across the nation. They range from looser restrictions on marijuana to a ban on discriminating against employees because of their hair.
Speaking of employment, the minimum wage is set to go up in 72 jurisdictions (and 24 states) this year, reports CNN. Of course, the federal minimum wage is remaining unchanged (as it has since 2009), at $7.25 an hour.
Two laws, however, seem like they'll affect the most people. First, the long-anticipated Real ID Act, which was passed after the September 11, 2001 attacks, will require more secure "Real IDs" to board domestic commercial flights as of Oct. 1 (unless you have a valid passport or military ID card), reports NBC News. So if your driver's license doesn't have that little star graphic on it, you might need to visit the DMV soon.
The other is California’s much-debated privacy law. The nation's toughest personal privacy legislation allows California residents to demand that companies disclose what data they have collected on them, reports Tech Crunch. And if users want that data deleted, companies will have to comply. This is why your inbox has been getting spammed with privacy notices lately.
Drones Are Swarming Over Colorado
Who’s behind them: The government? A drug cartel? Aliens?
They began appearing in the night sky a week before Christmas. A formation of unidentified drones, some in groups of 30, have been reported flying high above a corner of rural Colorado and western Nebraska, always at night. Apparently, some have wingspans of six feet or more, reports the local CBS station.
Whose are they? No clue. Why are they there? Unclear. But they've drawn attention just as the Federal Aviation Administration last week proposed sweeping new regulations that would require most drones to be identifiable. A spokesman for the FAA said that the timing of the proposed rule was coincidental, but that the agency had opened an investigation into the sightings.
The military has confirmed that the drones haven't come from any local bases. Some have asked whether the government or the military is behind them or whether they're the work of drug cartels or are even connected to aliens. After all, these are officially "unidentified flying objects."
↦ Don't Shoot: Shooting down an aircraft, including a drone, is considered a federal offense.
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There Are 401(k) Millionaires?
The number of retirement savers with $1 million in their 401(k) or IRA has hit a record high
Oh boy, I can't wait to retire! Although, it seems, I've got some catching up to do. Despite the fact that most people are undersaved for retirement, a study released by Fidelity shows that the retirement savings picture isn’t quite as grim as you might think. Indeed, the number of 401(k) and IRA millionaires hit a record high at the end of the third quarter in 2019, reports CNBC.
The study found the average 401(k) contribution rate is now 8.8%—not including the employer match—the highest percentage ever. On top of that, employers are contributing another 4.6%, on average, bringing the total contribution to 13.4%.And while that's definitely good news, the reality is that most of us still don’t have enough saved for retirement. Fidelity's data showed that the average 401(k) balance is only $105,200, down slightly from previous years. And an analysis done by the Employee Benefit Research Institute found that more than four in 10 US households will likely run short of money in retirement.
Good thing I got a few Starbucks gift cards over the holidays ... because I'm putting any and all future coffee money into my retirement account.
↦ FYI: The 401(k) started when Congress passed the Revenue Act of 1978, which included an addition to the Internal Revenue Code allowing employees to avoid being taxed on deferred compensation.
How to Achieve Your Goals
The secret is simple and, better yet, proven
Today's installment of "31 Days" tackles how we can accomplish our goals. We've all got goals—especially going into the new year. And often, when we talk about goals, the first thing that comes to mind is motivation. If we don't accomplish said goal, we often believe we somehow became less motivated.
But according to James Clear, the bestselling author of Atomic Habits, motivation isn't the problem. What you need, far more than motivation, is a clear intention.
"The best part," he says, is that "this highly practical strategy has been scientifically proven to double or even triple your chances for success."
↦ Read: How simply writing down a concrete plan will all but guaranteed a follow through.
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Resolved to Eat Less Meat This Year?
Here’s what you need to know
Just like Dry January, a lot of people have been talking about eating less meat in 2020. It's a worthy resolution, of course. Reducing your meat consumption has been proven to have a measurable positive impact on the environment and combat global climate change.
And it's not as hard as it sounds. The New York Times' Melissa Clark shares some ideas for how to do it easily, affordably and deliciously.
But if you're only doing it for your health, nutritional studies show conflicting findings about the health benefits, according to the Wall Street Journal. For example, a recent study showed that a vegan or vegetarian diet is associated with an increased risk of stroke. Another study found no difference between vegans and omnivores for heart disease or mortality risk from all causes of death.
So, perhaps, like so many things when it comes to what you put in your body, moderation is key. A little less red meat won't kill us but don't cut it out solely to save your life.
Weekend Shopping Plans
From winter accessories to sub-$40 jeans, check out three can’t-miss sales going on this weekend.
Up to 60% off select items
EZY corduroy pants $39.90 / $19.90
Up to 50% off select items
Nike ACG beanie $30 / $21
Up to 50% off clearance items
Straight-fit jeans $68 / $34
Morning Motto
Take the good into 2020. Leave the bad in 2019.
↦ Follow: @werenotreallystrangers
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