Sean Gates CFP®, EA
@seanfgates
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~$4M Net Worth & ~$200k Passive(ish) Income using advanced tax strategies, real estate & simple investing. 15+ yrs of advice experience. Tweets ≠ Advice.
Alexandria, VA
Joined June 2016
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Tax planning is all about shifting income & deductions to opportunistically utilize the most useful marginal tax bracket.
Most people are too busy with their day-to-day lives to see these opportunities.
That's where a tax pro can often find tens of thousands in tax savings.
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You just sold a business, or had a ~$200k+ capital gain event! 🎉
In 2020, I was in the same 🚢.
Many are shocked when taxes ✂️ that # in half.
Why can’t we keep 100% of it?
Here are the steps I took to do just that, deferring $100k+ in taxes w/ a “Captive” QOF.
You can too!
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@rothosphere
This frustrates me as a host. I want my guests to know their total cost while searching. The current method makes modifying reservations a huge pain for hosts.
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Closed on first self storage facility Wednesday. Off market deal. Excited to share the details with
#REtwit
.
Thanks to
@AjOsborne1
,
@sweatystartup
,
@Keith_Wasserman
,
@johnplumstead
,
@redwood_ryan_a
,
@moseskagan
& so many others for inspiring by building in public. More to come!
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Cold called a storage facility. The owner does not want to sell the facility, but does want to sell a nearby mobile home park...focus, Sean!
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I am applying for life insurance.
After finding out I am a financial advisor this (exclusively) insurance & annuity salesman said he was too...
No wonder people don't trust this industry.
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401(k)'s are a scam...
Working with a client who saved well to a pre-tax 401(k) in the 30+% tax rate & will be able to harvest that income in the mostly 12% range because of early retirement.
Should be over 7 figures in tax savings when completed.
Am I doing sarcasm properly?
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Storage facility crossed $17,500 in monthly gross revenue for September. A record!
Started much closer to $9,000.
It's not Huber or
@hunterjones23
numbers. I'll take it.
You just need one deal to change your life. Keep pushing!
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It's an expensive hobby.
Makes me happy and is worth every penny.
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@sweatystartup
My wife and I had our first kid at ~36.
We waited too long.
Having a second is physically, and financially difficult.
No one can force the issue, but shifting your mindset to earlier is likely better in most cases.
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Ended 2023 with 12 clients and ~$40k in profit for my little old lifestyle advisory practice.
A big shift from managing ~230 relationships at my prior firm.
Some crazy wins including helping two clients go on FMLA/STD at work to avoid/delay leaving a high-paying job.
Big…
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Against my better judgment, I met a Short Term Rental guest request for a discount (seniors).
The guest was exacting.
Generously refunded a night & they still left our first 3* reviews. Brutal.
Vacant nights would have been better.
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Storage Facility Update: We crossed $15k in gross revenue for March! Started closer to $9k. All this as my daughter has her 1st birthday tomorrow. Crazy. Wishing everyone well!
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I run a micro wealth advisory firm on 5 tools.
1. Google workspace (email, meetings, doc storage)
2. Notion - CRM, website, workflow compliance
3. Stripe - payments
4. Projection Lab- tax & cash flow planning
5. Twitter - marketing
Total cost = $600/yr 🤯
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Let's play a game.
You meet a DIY finance person w/ these facts:
45 yrs old
~$200k income
~$400k net worth
~$150k taxable bkg
~$80k IRA in an annuity
~$20k Roth IRA...in an annuity
~$900k IUL
~$2 million term
Taking advice from a "friend".
What is the friends profession?
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"I would always say a simple S&P 500 fund in a Roth IRA is a great way to start."
Can someone explain to me how this is NOT considered regulated investment advice?
It is specific to the investment, & account, & changes what they are currently invested in.
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Financial advisors should be less cavalier about giving tax advice to implement unless they are the ones signing the return (or helping the DIY consumer/CPA team file it).
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Storage update - In India for the past month & all metrics have improved. Delinquency below 4%, monthly gross rev $8,500 to $11,000, auto pay % ^25%, maintained >96% occ. This one deal has been life changing. If you are grinding through cold calling, keep at it. It's worth it.
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Storage update: Made difficult decision to evict tenant w/ 10+ yrs at facility. They paid but had a tendency to do so in cash & well after a month behind. Previous owner let it slide and got used to it. I was spending too much admin work keeping track of their tardiness.
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@moizali
I left a ~15 yr Financial Advisory job to start my own practice. I am no longer in it for money and am trying to serve motivated people with a non asset based model. Monthly subscription is what I keep gravitating toward, but would love to discuss if you are open to it.
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Most assume the max you can save in a 401(k) is $19,500. It’s actually ~$58,000. Let’s break down how 99% of people are underutilizing the potential of their largest investment account.
🧵👇
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I made $500,000 virtually tax free! A story on how taking calculated risks, investing in assets, & having a good financial planner increased my surface area of luck to claim this win. 🧵
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Life insurance application update:
$1 million 20yr Term quoted as $35 per month.
Got the policy acceptance email today stating the annual premium was $870...
I am not a math wiz, but WTF?
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@sweatystartup
So cool! You inspired me to buy this facility & are now flattering & validating my market a bit.
Awesome to see y'all's growth on the ground.
Now kindly don't enter my market...... :)
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"You're awfully young to be doing this"
felt like an insult at 28.
At 37, with gray in my beard, I relish it.
Doing something others don't expect means you worked hard!
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New crushed gravel at the storage facility!
The biggest win is the re-grading. Water pools into the middle. Then drains to the south border & west to baseball fields.
Hoping the city grants us a stormwater runoff reduction of about $250 per month on expenses.
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@seandsweeney
House hacking is an excellent wealth-building strategy.
I personally did it.
I see it among successful clients as well.
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Good/Bad update on facility. Hit 100% occupancy today. Need to raise rents further & keep cleaning out delinquent tenants. Overcomes my initial skepticism that this rural a location would have this much demand. Glad I picked this game to play though.
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I wear a weighted vest doing normal daily things...
Videoconferences
Walking downstairs to get lunch
Going to chat with my wife across the hall
Other than looking stupid...
It seems to be having a visible effect on my physique.
Discuss amongst yourselves.
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@itsDanny_V
@Wealthfront
For those that have a debt pay down goal that conflicts with this math.
Create a sinking fund for your target pay off year.
You get the yield arbitrage AND get to keep the likely valuable tax deductible mortgages interest benefit.
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I have met several DIY personal finance folks recently.
They are doing so many things right with their wealth!
They are skeptical of my value.
The irony is that the strategies I find for them are MORE valuable because they are doing well.
More DIY folks should get a one time…
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That did not last long.
Seeing more of these firms pop up.
Does anyone have experience with them?
Curious about the quality.
This was a crypto-focused firm not too long ago....
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Finally.
Submitted purchase offer on a 14.5k storage facility fairly close to my existing joint.
Trying to keep up with
@redwood_ryan_a
,
@johnplumstead
&
@loganzuber17
, etc.
Cold email worked!
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Storage Update: Facility has a few units w/ 14' ceilings. One adjacent to on site office was simply used for supplies.
@ChrisRamsey60
this is becoming a contractor garage. 12x26x14 w/shelving, electrical, bathroom. Will keep everyone posted on the rents I get :) - I ♥️ twitter
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@MarcSGilbert
It's insane people can live like that. I hate to think of what is happening in their life. Sorry you had to deal with that.
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I have advised hundreds of folks on good money decisions.
1st-generation immigrants stand out.
Often, they turn no connections & $100 (or less) in their pocket, into high-paying careers or successful companies.
A great representation of an abundance mindset.
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Storage Update: Previous owner moved out of their double door 24x14 unit. Immediately divided this unit into 2 12x14 (instantly rented) achieving $60 more per month in revenue. Throw a 7.5% cap at that & you get....sorry can't help myself sometimes. Nice easy win!
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@bradford_hardin
The adult relationships suffering is not talked about enough.
It's lucky to maintain family relationships
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My last remaining grand parent passed away yesterday.
He was a military vet, husband, father, and great citizen.
Very few will attend his funeral. Even fewer will remember him a month from now.
Hormozi is spot on.
Take big swings in life.
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@AjOsborne1
@sweatystartup
@Keith_Wasserman
@johnplumstead
@redwood_ryan_a
@moseskagan
A quick preview of the numbers. $875k purchase price. About $9,500 in monthly revenue. 100% full. Rents are about 30 to 100% below market rate. No online systems. Will qualify as Opportunity Zone.
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@TKopelman
Going to shout out
@wealthandlaw
as criminally underfollowed with a great podcast.
Some of the episodes are practice-building stuff. But there are some excellent estate planning episodes in there.
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@RealEstateMaxi
This works.
I sold my 14-unit apartment complex to someone who cold-messaged me through the Zillow rental platform.
They saw the vacant unit & took a shot at the opportunity. They got the deal done.
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Another Storage Update. 2nd time in less than two weeks that I had someone move out & someone move in within a few hours same day. Had to plow about a foot of snow (will opine on this more later), but worth it. Storage demand blows financial planning demand out of the water :)
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The 2nd most common mistake DIY personal finance folks make:
Not having line 7 of their 1040 tax form = $3,000
It is often worth >$800 in tax savings.
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@BowTiedBroke
The best part
they are tax-free (considered a rebate).
If the vacation you took would have cost $10k
& you have a 40% tax rate (Fed & State)
you would have had to EARN ~$16,500 to pay for it.
Using points is smart.
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I like to think of Virginia as being business-friendly.
Texas is on another level.
I was approved to operate as a registered investment advisor in 3 days.
Virginia took about 3 months.
Long Texas.
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I retired with a Net Worth >$2,000,000 in January 2022 at 36.
A 20%+ drop in stocks & 9 mo's later, I am handing out resumes.
Or, that would have been true if I had not sold ~85% of my stocks to cash. Am I a market guru? No.
I knew about sequence of return risk.... 🧵👇
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@c_gro
Having diversification.
Concentration & accepting the risk is what usually leads to outsized wealth.
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I feel bad for financial planners advising NVDA or AAPL employees.
How much lost wealth occurred because of trying to manage the concentrated employer stock exposure?
No risk - no reward.
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A reintroduction of me for a bunch of new friends:
⬩15+ year career in the Wealth Advisory space.
⬩Was told to "get a better script" cold calling on behalf of a washed-out Ameriprise Advisor in college.
⬩Spent most of my career @ The Motley Fool (a wonderful place).…
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There are a ton of great would be financial advisors trapped in a "comfortable-enough" sales or tax prep job.
I know because this was me 1 year ago.
Make the jump. Folks need you.
There is unlimited demand for quality personalized financial advice.
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@seandsweeney
@realEstateTrent
When you do kill the addiction, it is amazing how the taste buds change over time.
People are confused when I eat one bite of cake at birthday parties.
My preferences have physically changed to prefer salty & sour flavors.
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@ankurnagpal
My old boss used to tell me "people pay us ~1% so they can yell at someone, other than themselves when the market does poorly"
🤮
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Huge win this week.
I maintained the U-Haul business I inherited when buying my storage facility.
Another dealer nearby wants to take it over & rent the space.
They are throwing in free snow plowing services & boots on the ground svcs for unit turnover.
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@seattle_tax
The lack of knowledge about what tax professionals do on a day-to-day basis is maddening.
It's just filling in boxes...🙄
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@FiSurgi
Trent's nonchalant and concise explanation is great.
If he leaves the game he could have a money newsletter.
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Potty Training is kicking my ass...
Nothing humbles me more than parenting.
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Most challenging prospective client I have faced. Early 30's who wants to FIRE, ASAP.
Complicated further by a desire to "Die with Zero".
Wish me luck.
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I have said
#retwit
is the best part of Twitter.
#smbtwitter
is in the running.
@patrickdichter
& I talked about buying bookkeeping businesses. Valuation, networks, pricing models, etc
If you need bookkeeping/tax help, use him! Amazingly kind human!
Reach out to your heroes.
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@Budgetdog_
As others have mentioned. The caps are the same.
Hopefully, this explainer helps on ways to reach it as an employee.
Most assume the max you can save in a 401(k) is $19,500. It’s actually ~$58,000. Let’s break down how 99% of people are underutilizing the potential of their largest investment account.
🧵👇
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@shawngorham
I suggest you talk to your Financial Planner/Tax professional - or I am happy to talk directly for free. But things to consider.
1. 100% bonus depreciation ends this year.
2. From a tax lens the W-2 may not be worth it.
3. We want to preserve your ability to get loans.
Complex
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@alexharfouche1
@profplum99
Would love to hear how
@profplum99
views on lack of price discovery due to passive fund flows interact with your more technical view of the market. Forgive me if I misrepresented anything.
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@mbontrager5
This feels like one of the greatest self-owns of all time.
Cost of Insurance at a whopping ~25% of the paid-in value.
I'll take "tax-free" collateralized loans from my brokerage account while paying ~$100 per month for the same coverage in a term policy with no surrender fees.
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Storage Update: Snow is a nightmare. Contracted snow plowing & they did a horrible job. Plowing pushes snow against unit doors & melts into units. No salt or sand to speak of. Showed up late. Few days facility was an ice rink and dangerous. Need to improve this next season.
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A top reason Fin. planning/personal CFO careers are rewarding is how much you learn from your clients.
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Storage update: Delinquency =2% (Came in @ 30%! - so pumped). 100% Occupied. Bought a portable as a test & was booked 2 days later. Vast majority of existing tenant increases set to hit over the coming 30 days. Hoping to end the month at gross revenue of $14,000. 🤞♥️ SelfStorage
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I keep running into folks who f**k'd up their exit.
Huge sums wasted on taxes.
If you have any asset sale events coming up...
please...
seek a tax planning focused financial planner/tax preparer.
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A couple I worked with at my prior firm reached out.
I had set them on a path to strategically Roth Convert up to a certain income threshold.
3ish years later their Roth IRA is worth several million dollars helped by significant stock growth.
So cool!
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One way to "create" ~$3,000/yr in wealth.
Before advisor review:
The client wanted to be debt free at retirement & was paying ~$50k/yr (extra) directly to a ~2.5% mtg.
The client had ~$10k in an escrow account earning 0% interest (some states require interest accrual).
After…
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@littlefishcpa
I use Google Meet. One of the less well-known features is it comes with built-in transcription services.
Allows me to focus on the conversation rather than taking notes while I am meeting with clients.
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#Retwit
& long term financial planning allowed me to submit my early retirement notice to a dream job. Feeling exceptionally thankful to this community. Have the happiest of holidays. I am a lucky man.
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Unexpected discovery when starting my small boutique planning practice.
~65%
This is the % of client tax returns I have found errors on when reviewing client tax returns.
This is primarily professionally prepared stuff...
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Choose your fighter.
ChatGPTv4 (left) vs. Google's Bard (right):
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@gas_biz
The SECRET benefit of the membership is the same-day free grocery delivery (above min order amount).
We NEVER physically go to the store now.
This avoids the over-spending problem.
AND saves us the 1 or 2-hour ordeal of being AT Costco.
Game changer.
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Helping a client place business sale capital gains in Opportunity Zone Funds.
The sales rep for one of the funds started talking about the commission I could earn on the "sale".
I was so focused on finding a good OZ fund for the client I forgot this was a thing.
Since I…
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@bobbyfijan
I have lived in many places & settled now in Old Town Alexandria. If family did not live in Arlington we would not need a car. The quality of life of being able to walk to all needs is irreplaceable.
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Was able to rent 3 units at $277/mo at the storage facility this month.
These same units were rented at $60/ea when I bought the facility.
Consistently surprised by how much people are willing to pay for storage.
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My sister wants to own the condo she rents.
I am going into a meeting w/ the owner on seller financing.
I can sell her on the tax benefits.
I can sell her on collecting interest for a higher purchase price.
What gives comfort to the credit risk of my sister?
Is it…
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I achieved Financial Independence at 36. Here are 5 obvious life hacks that you know but are not implementing.…
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@bhallcpa
You may be discounting the investment behavior gap.
Often times the best investment strategy is the one that people can stick with - and these people seem fully bought in.
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@danieljthomason
@moizali
Fair point, friend. Was not expecting this type of response. If you are interested in discussing further you can fill this out -->
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Record gross revenue in January at the storage facility.
$18,600!
Snow plow bills are no fun though! 😞
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Today, a woman who tapped her IRA for some 2022 expenses was shaken when she owed $2k.
Knocked that down ~$700 b/t Fed & State by using her self-employment expenses to get her income low enough for itemized deductions to kick in.
My 1st big tax win preparing with Tax-Aide.
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@loganallec
Best advice I got this tax season as a solo prep (low direct filing experience) EA was to "self-review".
Put the tax return down after ~95% completion and pick it up a few days later.
Easy to be arrogant & ignore it.
Works so well.
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@GoodsCapital
There is a cohort of smart, compassionate, & qualified advisors that charge a flat rate for quality advice in all phases of personal finance.
Hopefully turning the tide against "advisors" more concerned with gathering assets or selling insurance.
Providing high client value.
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A CPA asked to work with me for financial planning after working on a mutual case.
A wonderful compliment!
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A few things I have helped clients with recently:
1. Instead of blowing up their life by rage quitting a high-paying job....
we utilized FMLA/STD to go on a PAID mental health break.
2. Set up automatic payroll through Gusto with the appropriate state taxes & deductions.
3.…
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@EdelkopfYossi
Killer deal. This speaks to increasing your surface area of luck as well.
Had you not taken a risk on the first deal, the second one would not have presented itself.
Hard to put a $ amount on the value of it, but it is large.
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@TRUmav
@jeffreyrasco
You raise good points that operators should consider, but not all power companies will buy the extra power you produce.
My locality will give me a low kWh credit against future energy use.
To Jeffrey's point, the energy use is so low I could never "recoup" those credits.
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@TomGardnerFool
I would modify the above statement to say - "unless you are comfortable with enormous volatility". Few people are. Stock based lending can also be a tremendous tool for retirement cash flow management that is underutilized by modern financial advisors.
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How to know you are getting old...
A new prospective client says they want to "collab".
Do they mean - pay me for my services?
Record a podcast?
??
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Uniquely, it's a DIY investment fund.
A tax deferral vehicle almost ANYONE can create per the desires of congress.
Namely, investing in property located in economically distressed areas of the USA, or Qualified Opportunity Zones (QOZP).
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Rented my first two open-air parking spots at the storage facility.
It's small potatoes, but I have the space & it is 100% contribution margin for me.
Revenue optimization is fun!
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@MichaelKitces
Monarch is great.
I use it with clients - uniformly positive feedback from them.
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Seeing more of these firms pop up.
Does anyone have experience with them?
Curious about the quality.
This was a crypto-focused firm not too long ago....
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If this 🧵 was valuable consider liking, sharing, & following me.
I will post more about my experience to help others.
This is among the most potent tax-efficient investing tools available for anyone w/ a risk/reward fit.
Hoping to make
@DallasAptGP
proud.
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I intentionally limited my early Financial planning firm client count to 4 folks.
I wanted to serve them exceptionally well.
2 of those 4 have already referred additional clients.
Feels incredibly validating since it's only been a few months.
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