Carter McClung, CFP®, CSLP®
@cartermcclung
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I’ll help you pay less in tax, grow your net worth, and eliminate your student loan debt | Certified Financial Planner® | Certified Student Loan Professional®
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Price is what you pay, value is what you get.
Here's how I just saved a client over $150,000 in value in less than 1 year working together:
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You can make $500,000 per year and still be broke.
Agree or disagree?
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Warren Buffet is worth over $100 billion dollars.
His advice to investors?
Buy the S&P 500.
Do with this what you want.
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The most underrated wealth hack?
Marry the right person.
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@SteveOnSpeed
"I'll sleep when I'm dead"
Is the dumbing thing you can do.
The greatest performance hack no one talks about is getting 8+ hours of sleep a night.
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Truth be told:
A 9-5 job will create more millionaires than entrepreneurship ever will.
Thoughts?
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I've met with individuals who make over $500,000 per year.
But have less than $250,000 saved for retirement.
I've also met with individuals who never made over $100,000 per year.
But have over $1,000,000 saved for retirement.
It's not what you make, it's what you keep.
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Reminder:
Your emergency fund isn't an emergency fund if it's invested.
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Dividend investing is flawed.
Investors should be indifferent between a $1 dividend (which causes the stock price to drop by $1) vs. receiving $1 by selling some shares.
Don't believe me?
Here's the math:
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Steal this real estate tip to avoid paying hundreds of thousands of dollars in taxes:
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If your emergency fund isn't sitting in an account earning 4%+ right now, you're losing money.
Met with someone who's sitting on $1.2M and it's all in a checking account.
Through one recommendation, I will generate nearly $48,000+ in value.
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New IRS update no one is paying attention to:
Health Saving Account contribution limits.
This is the only area in the tax code that offers a triple tax benefit. Don't discount the value this account can have to your plan.
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Controversial thought:
A 9-5 has built more millionaires than any side hustle ever has.
Agree or disagre?
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You need a reality check if:
Your car payment is more than your investment savings.
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The most underrated investment account:
Taxable brokerage account
> Future step up in basis
> No penalty for early distribution
> Ability to realize capital gains at 0%
> More favorable long-term capital gains
> Can take loans against the value of the account
What else?
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If foods 20% off? You buy.
If clothes 20%? You buy.
If the markets down 20%? You sell.
Don't let volatility spook you.
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If you use it right, your brokerage account can generate you $4,000/yr in excess return.
But investors pay little attention to the details that matter most.
Here's 6 ways to stop leaving money on the table when investing in your brokerage account:
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Financial Independence Retire Early (FIRE) is flawed:
You will always work.
Financial independence just gives you the freedom to choose what you work on.
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While the S&P500 may be up 11.68% year-to-date all its return has come from 7 stocks.
The remaining 493 stocks have generated 0% return.
Crazy.
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5 sneaky facts you didn't know about your Roth IRA (but you should):
🧵👇
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I don't know who needs to hear this, but:
1. A revocable trust doesn't save you money on taxes.
2. An LLC doesn't save you money on taxes.
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@Adam_DelDuca
Habits to get rich:
> Spend less than you make
> Time in the market > timing the market
> Delayed gratification > instant gratification
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The 21 rules of wealth.
1. If you make $500k, but spend $500k, you're not wealthy.
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Many want to own real estate for tax purposes.
But few know how to use real estate to produce tax savings.
Here's how you can write off real estate losses:
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@rationalwalk
FIRE should be:
Financial Independence, Recreational employment
Truth is retirement = 40+ hours per week to do something.
The goal is do what you enjoy without money as a deciding factor.
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@Adam_DelDuca
You’re broke if:
> you spend more than you make
> you’re buried in debt (w/o a plan to get out)
> you’re not self disciplined, consistent, or patient.
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@Adam_DelDuca
Also avoid:
>Building unhealthy spending habits
> Not taking care of your health
> Unstable family and relationships
Great pointers.
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You can gift up to $17,000 per year and it have 0 tax implications.
This is called the annual gift tax exclusion.
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Buying stocks won't make you rich.
Owning stocks will make you rich.
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I just saved a client over $100,000 in taxes.
Here's how I did it:
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Unpopular opinion:
Retirement is overrated - you will always work.
Financial freedom allows you to choose what you work on & when you work on it.
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The average advisor charges 1% to talk about investments that underperform.
Here's how I provide value to business owners outside of investments:
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How to increase your cash flow $200+/mo:
Have a $0 car payment.
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How to stay broke:
Care more about sports than you care about your future.
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The SECURE Act 2.0 was passed.
But 99% of people don’t understand how to implement the tax strategies.
Here’s 6 major changes most everyone can use to pay less in tax:
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S-corp business owners:
Here's $87,220+ worth of tax strategies to reduce your tax bill:
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Wealth hack:
When the markets are down - don't check your portfolio.
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@Adam_DelDuca
Habits to build wealth:
> Invest in stocks globally
> Spend less than you make
> Remain patient & consistent
> Delayed > instant gratification
Wealth is what you don't see
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@money_cruncher
Risk is everywhere in financial markets & on the spectrum of risk - MMF are very low risk & are the plumbing of the entire financial system.
If we lose faith in money markets, we have bigger problems.
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Getting a 5% rate of return on your cash is great.
BUT:
That does NOT make cash a great investment.
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UBS just bought Credit Suisse for $3 billion.
Silicon Valley Bank collapsed.
Signature Bank collapsed.
Here's the one thing no one's talking about:
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@FluentInFinance
Bonus:
Utilize the Augusta Rule in your business.
You host an event at your home for your business. You charge your business rent for using your residence.
< 14 days of rental income can be excluded from your individual tax return.
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Can confirm:
Just because you have a high income, doesn't mean you have a high net worth.
Income is overrated, net worth is underrated.
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The more you focus on your finances, the more flaws you notice in your spending.
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Your most valuable financial skill:
Managing your cash flow.
But you're never taught how to do this in school.
Here's 1 simple system that costs nothing but will save you a lifetime of struggle:
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I just created a plan to get someone out of paying over $10,000/yr in credit card interest.
Steal this strategy to help you get out of debt quickly:
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There will always be reasons to sell.
Just don't make that reason yours:
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@Adam_DelDuca
If you want to make more money:
Upgrade your skills.
Every weakness you have is a skill you have yet to acquire.
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Dividend investing is overrated.
Investors should be indifferent between a $1 dividend (which causes the stock price to drop by $1) vs. receiving $1 by selling some shares.
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Warren Buffett's secret to building wealth?
Time.
He's had over 8 decades to let his wealth grow and compound.
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Just reviewed an investment portfolio:
> 90% allocation to US stocks
> 90% allocation to growth stocks
> 0.80% average expense ratio
> 0.85% average annualized underperformance based on trailing 10-years
What I'm recommending:
> 62% allocation to US stocks
> 34% allocation to
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I just saved a parent student loan borrower $2,200/mo in cash flow & $300,000+ over the life of their student loan repayment.
Here's how I did it:
Unlike undergraduate students, parent borrowers are NOT limited in their ability to borrow student loans through the Direct PLUS
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Underrated tax planning tip:
Capital gains with a taxable income of < $83,550 (MFJ) or < $41,775 (S) can be realized at a 0% rate.
Ex:
$60,000 (MFJ) of taxable income, you realize $23,550 of gains in your brokerage.
Total tax paid on the $23,550 of gain?
$0
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The most underrated investment account?
Your brokerage account:
> No contributions limit
> Contributions made with after-tax dollars
> No penalty on when you can take distributions
> Gains are more favorably taxed (capital gain rates)
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Want to be wealthy?
Don't try to trade your way to $1,000,000.
Rather:
Be the kind of person who doesn't miss a month of savings.
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Average retirement age = 65
Average US lifespan = 79
Don't wait until retirement to live 14 years of the life you wanted.
Don't forget to enjoy the process.
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"A Roth IRA is better than a traditional IRA because tax rates MUST go up"
Not always the case.
We've been saying tax rates will go up for the last 15-20 years.
They haven't:
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Warren Buffett's company Berkshire Hathaway is worth over $603 billion dollars.
What's unique is that Berkshire does NOT pay a dividend.
Why?
Warren's explanation may surprise you:
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5 sneaky facts you didn't know about your Roth IRA (but you should):
1/ You can always withdraw your basis in a Roth IRA
Ex: You contributed $15,000 and it grew to $30,000, you could withdraw $15,000 without tax or penalty.
While not helpful for growing your wealth, this adds
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@MoneyJrod
Cars will last 200k+ if you take care of them.
You just have to tame your ego to not want the newest and fanciest car.
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@Adam_DelDuca
How to escape poverty:
> Begin saving today
> Learn high-income skills
> Find friends smarter than you
> Read 1 more book than last year
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Your income is NOT your free cash flow.
If you make $500k but after taxes and fixed expenses, you have $2k/mo to spend.
You're not better off than:
Someone who makes $100k and after taxes and fixed expenses has $2k/mo to spend.
Free cash flow > high income
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@Wealth_Pill
Reading good books is the best way to:
Download someone's life work in 2 weeks.
It's the quickest way to level up.
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@rajatsonifnance
Great lessons.
My dad always said, we're too poor to buy cheap - that's resonated.
Price is what you pay, value is what you get.
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I enjoy reading and learning about personal financial planning, stoic philosophy, & models to simplify the complex.
Ongoing thread of threads of my favorite ideas:
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Real estate tax benefit:
Section 121 Exemption.
If you sell a personal residence that you've lived in for 2 of the last 5 years, up to:
$250,000 of the gain (if single)
$500,000 of the gain (if married)
Is EXCLUDED from capital gains tax.
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How much have American Families have saved for retirement?
Nearly half said 0%!
Why do you think this is?
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Some of the worst financial decisions you can make:
- Having a car loan greater than the amount you save
- Buying a home with the intention to move in less than 10 years.
- Investing in things you don't understand
- Living paycheck to paycheck
What else am I missing?
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The greatest tax strategy not discussed enough:
Step up in basis.
Ex: $1M brokerage with $600k basis. If you pass, the beneficiaries basis increases to $1M.
Result?
$400k of capital gains avoided.
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I don't care if you make $50,000 or $500,000 per year:
How much you spend is more important than how much you earn.
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Yes - your 401k employer match is free money
BUT
There's likely a vesting schedule on employer contributions.
Meaning, if you leave before the vesting period is up, you will forfeit unvested dollars.
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The quickest way to go broke:
Make purchasing decisions based on trying to look rich to others.
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Periodic reminder:
Your emergency fund isn't an emergency fund if it's invested.
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@Adam_DelDuca
Wealth hack:
The rich use their assets (real estate & brokerage accounts) to lend against them to buy more assets.
This leverage is more favorable than bank lending.
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@takeactionD
There's lag time between what you think should happen and what actually happens.
Don't get stuck in the valley of disappointment:
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Using ONE WORD, why can't the average American afford a $1,000 expense?
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Discipline will solve 80% of your money problems.
Agree or disagree?
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@Adam_DelDuca
How to be rich:
Build wealth building habits:
> Spend less than you make
> Save 15% minimum
> Learn high-income skills
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LLC’s are designed to provide liability protection.
LLC’s do NOT save you money in taxes.
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Had a meeting with a client recently who was fearful of markets & running out of money.
Yet they have been extremely disciplined over their lifetime & saved more than enough.
They just needed the confidence to spend.
Financial planning isn't just about saving money.
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Health Savings Account is the only account in the tax code that has a triple tax benefit.
> Tax deductible
> Grows tax deferred
> No tax on qualified medical distirbutions.
After age 65, the 20% penalty falls off and you can use this account like a Traditional IRA.
Or:
You
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A whole life policy "dividend" is a portion of the overfunded premium paid back to you.
Remember this next time someone tries to talk to you about whole life insurance as an investment.
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"I'll sleep when I'm dead"
Is the dumbest thing you can do.
The greatest financial hack no one talks about is getting 8+ hours of sleep a night.
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Want to outperform over 90% of investors?
Own the market & move on with your life.
$VT is the entire global stock market in one fund.
Ignorance is no longer an excuse.
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Many believe 20+ years is too long to reap the rewards from investing.
But the same people are willing to work 40+ years in a job they hate.
Why is this?
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Strategies to minimize the amount of tax you pay as a W2 earner:
- 401k, TSP, 403, SEP, etc. (pre-tax)
- Maxing out HSA
- Deducting a portion of lifestyle through a side hustle
- Rental property
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Roth contributions are NOT better than Traditional contributions.
Traditional contributions are NOT better than Roth contributions.
Here's what many miss when making the decision of Traditional or Roth contributions:
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2015 160lb State Champ, never felt so good to be on top.
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A revocable trust means nothing unless assets are titled in the name of the trust.
Otherwise, your trust is just a piece of paper.
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Today, there is no excuse to not be financially literate.
Education isn't the problem.
The problem is a desire to learn.
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Unpopular opinion:
One of the best indicators of a spending problem is not have a brokerage account.
If you don't have the ability to save outside of your employer sponsored plan, everything that comes in the door is spent (with no additional effort to save).
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Finding extra cash to save in your early 20s is hard.
At the same time:
So is working past your 70s.
Choose your hard.
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How to increase your cash flow $400+/mo:
Have a $0 car payment.
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"My portfolio is down"
Are you down from the high or from your net investment?
Big difference.
Many have a tendency to attach to their highest portfolio value.
When you zoom out, chances are you're up from what you've put in but down from your all-time high.
That's normal.
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People who say:
A Roth IRA is better than a Traditional IRA.
Do not understand taxes.
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