Matt Laciskey, CFP®, EA
@MattLaciskey
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I honestly like a lot of Dave Ramsey's stuff
But I don't really understand why he pushes a 15 year mortgage so hard
If you lose a job, you're still on the hook for that payment
I'd rather create flexibility and take a 30 year but pay it like a 15
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1K
Harsh Reality:
If you're under 40, you shouldn't focus on dividend investing
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The fact that the $3,000 capital loss deduction hasn't been adjusted for inflation since 1978 is mind boggling
It would literally be > $14,000 today
If you were in the highest fed bracket @ 37%
That's $5,000 in taxes you'd save
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I will die on this hill
"$VOO and chill" is NOT an investment plan
It's a great start
But there's way more to investing than the S&P 500
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Nobody:
TIAA:
Yeah, so this rollover requires spousal approval, notary, and we have to mail the forms to you. Mail or fax back only please
Oh, and a portion can't rollover all at once. It'll have to be 10 rollover checks over 9 years
LOL WHAT
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Friendly reminders as we head into 2024:
- Never invest your emergency fund
- Pay yourself first
- Pay down high interest debt
- Your 401(k) is not a scam
What else?
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Income taxes will easily be the largest expense over a W2 earners lifetime
But it's your job to know what strategies are available to you
So I've broken them down here
11 of the best tax planning moves W2 earners can make
(Bookmark this if you can't read now!)
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As of 2020
Non-spouses who inherit 401ks/IRAs are forced to liquidate the account within 10 years
Creating unnecessary taxes for so many
Well, I've helped numerous households avoid $10k+ in taxes annually using this strategy
Here it is:
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If you’re executing a Backdoor Roth
Here’s what you should give your preparer so it’s not missed:
Form 5498: Says $ was put in your Trad. IRA
1099R: Says $ was taken out of your IRA
Form 5498 (2): Says $ was converted into Roth
Done right, Form 8606 line 18 will say $0 taxed
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If you hear the phrase
"Stock market like returns, but without the risk"
🚩🚩🚩🚩
It's not as good as it seems
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Last Friday was my last day with my employer
Putting in my notice was by far one of the toughest things I've ever done
But starting 7/1 I'll be part of a brand new fee-only RIA
And I couldn't be more excited to continue delivering kickass advice on
- Financial planning
- Tax
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There's always talk on X about being your own boss, multiple streams of income, etc
I don't know who needs to hear this
There's nothing wrong with working a 9-5
- There's structure
- Some people like it
- Easy to create a routine
- Plenty are paid very well
Normalize the norm
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"I want to invest in individual stocks and outperform the market"
That's what I thought when I first started investing
Save yourself the headache and jump right into ETFs
- Lower Risk
- Low Cost
- Tax Efficient
But what the hell is an ETF?
Here's what you need to know:
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Little bit of a different look going forward 👀
Excited to have the EA under my belt!
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Now that the 2023 tax deadline is behind us
It's time to start tax projections for 2024
Here's 9 strategies I'm looking at with clients for mid-year tax planning and projections:
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I've reviewed hundreds of portfolios and had countless conversations on investing.
And there's a reason why the average investor has earned 3.6% annually the last 20 years
Here are 6 of the biggest mistakes to avoid when investing:
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Another client moving money from their big bank savings to a HYSA
It's amazes me each time how many people really aren't aware of this option
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Stock Options can turn everyday employees into millionaires
But 46% of in-the-money options that expired in 2022 went unexercised
Don't be that person & leave money on the table
Here’s everything you need to know: Stock Options 101
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@Invested_In_You
Perfect opportunity to have her dream of her ideal lifestyle and show her how it would affect her portfolio
Then adjust from there to make sure it lasts!
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Should you contribute Roth or Pre-Tax to your 401k?
All else equal, here's one factor I consider:
10%/12%: Roth
22%/24%: Mix Pre-Tax/Roth
32%+: Pre-Tax
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There's been a lot of new followers recently
But I haven't shared much about my personal life since I started posting in August
It's time I share a little about me, my Why, and My Money Story
It starts with a story about my parents
Spoiler: It's not a happy story.
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The most commonly missed tax document I came across this year?
1099-INT for bank interest
I'm not sure why, but I caught numerous missing 1099s that accounted for over > $3k income each
They would've gotten IRS letters no doubt
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Pumped for the tech stack at the new practice 🔥
- Custodian: Fidelity or Charles Schwab
- Financial Planning: MoneyGuidePro
- Portfolio Management: Orion
- Tax Planning: Holistiplan
- CRM: Salesforce
Thoughts?
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Assuming all equal balances
An 80% Stock/20% Bond objective doesn't necessary mean:
401(k): 80/20
Roth IRA: 80/20
Taxable: 80/20
It could mean:
401(k): 60/40
Roth IRA: 100/0
Taxable: 80/20
Location matters
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You need to take into account the "Return on Hassle" of a decision
You might be considering a tax move that'll save you $1,000 in taxes
But how much time, energy, and brain damage will it take to save that money?
In some cases, it might be easier to pay the tax
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A high-level Roth vs Pre-Tax framework:
10%/12% Bracket: Roth
22%/24% Bracket: Mix Roth/Pre-Tax
32%+ Bracket: Pre-Tax
But take into consideration which buckets you already have money in
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March was my best month on X
Over 550k impressions and 175+ new followers
And I didn't even post the last week with tax season going crazy🤯
Each month I tell myself
"I wish I would've started sooner"
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Nobody likes talking about insurance
But it can make or break your financial plan
You NEED to have your insurance locked in as a millennial
Here’s what you need to know:
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If you're an advisor creating on here, don't give up
I started with 550 followers in August '23
Ended '23 with 950 and averaged 115k impressions/month
Halfway through '24 I have nearly 1900 followers
& average nearly 300K impressions
It compounds over time
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Unfortunately
I need to step away from posting finance content for compliance reasons
This should hopefully last only a couple weeks
And I plan to still interact and post personal stuff
Otherwise, I'll be building up a big bank of content
See you soon!
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If you're a high income earner looking for more ways to save
There's a legal loophole out there that might allow you to put an extra $46,000 TAX FREE into your 401(k)
Here's how it's done:
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Hit 1,000 followers yesterday which feels crazy!
Thanks to everyone I've connected with so far and those who consistently engage with my content
My only regret is that I didn't start sooner
But this is only the beginning 🍻
If you're on the fence about content creating - just
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In all honesty
If I'm meeting with a potential client and they say
"I'm contributing X% to my 401k"
That's awesome
But send me your W2 and paystub and I'll tell you if that's true
So many times it's been different than what I'm told
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FIRE, work-optional, LeanFire
It's everywhere on X, in client meetings, etc.
But many forget about the cost of marketplace insurance pre-65
Well, I helped a client save > $10,000 ANNUALLY using this strategy
Everything you need to know about the Advance Premium Tax Credit: 🧵
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America is in a financial literacy crisis
And only 57% of Americans are considered financially literate
I'm here to change that for the better
The simplest guide to the most important accounts in finance:
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There's a reason why so many American's largest asset is their home
It's basically a forced savings account with the inability to see daily price fluctuation
Imagine if you treated your investments that way
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Most people pay thousands of dollars per year for investment management and nothing more
I'll teach you their investment strategy in 6 posts
The simplest guide to Asset Allocation:
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Thanks man!
I can tell your new here:
- I legally can’t sell annuities
- Don’t “choke down” risk tolerance
- Don’t preach the 4% withdrawal strategy
- And SPY is the largest holding in most our portfolios!
Maybe a little due diligence on my posts would’ve been good before
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“You Know Your Shit”
I’ve had that written on a sticky note for the last 3 years
It’s easy to realize how much you don’t know once you start becoming an expert
But every day I look at this and am reminded I know what I’m talking about
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"Why shouldn't we go 100% money market and get 5%?"
Recency bias is a real thing
Yet the S&P was up > 20% in 2023
If it's short term dollars - money market is a no brainer
But don't try to play that game with dollars you don't need for years to come
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"The 1% never pays taxes"
Not true, they just know what's available to them
- 529
- HSA
- 401k
- Trusts
- 1031 Exchange
- Backdoor Roth
- Municipal Bonds
- Roth Conversions
- Donor Advised Funds
- Tax loss/gain harvesting
Know your options
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I met with a prospective client a couple weeks ago
A business owner who's starting to crush it and needs direction:
- No tax plan
- Improperly insured
- Behind on tax filing
Here's what we're doing to save him and his wife >$20,000 in the first year:
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@unusual_whales
It’s a dangerous game when you buy a home based off how much you qualify for vs the amount you actually can afford
So many people forget to include:
- Insurance
- PMI (if < 20% down)
- Property Taxes
- Repairs
- Maintenance
- Upgrades
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2024 Contribution Limits:
401(k): $23,000
Roth IRA: $7,000
SEP IRA: $69,000
SIMPLE IRA: $16,000
HSA: $4,150/$8,300
Automate those contributions!
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When I first started investing in college:
- Checking portfolio daily
- 100% individual stocks
- Always researching
Now:
- 90% ETFs
- Focus on automating my savings rate & increasing income
- Most days I "forget" to check my portfolio until after market close
Keep it simple
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Common Misconception:
If you bump up into the next tax bracket
That doesn't mean every dollar will be taxed at that percent
Just every dollar above that threshold
The US has a progressive tax system
Not a flat tax
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Almost everyone I come across is underinsured for disability
I get it, it's expensive
But you know what's more expensive?
Becoming disabled and not earning what you used to while probably having more expenses
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I've learned there are so many advisors out there who
- Don't execute
- Are late to meetings
- Treat their clients like dollar signs
Turns out doing what you say you'll do and actually caring is a pretty good winning strategy
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2023 was an exciting year for me:
- First time outside the US (Greece)
- Completed 2/3 of the Enrolled Agent exams
- Started creating on X and met some amazing people
- Began speaking at a local church to newly engaged couples
Here's what I have outlined for 2024...
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If you want to become a better advisor
Then you have to learn how to read a tax return
The Enrolled Agent material is super helpful (I have 1 exam left)
But prepping returns will have the most impact
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I do not compete on price
My fees are my fees
And discounting takes away from those who value the advice and pay full price for it
Any prospect that's trying to nickel and dime fees is an opportunity I stay away from
Charge what you're worth.
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New biz goes live on 7/1
I've had the last 3 weeks off and it's been a great refresh
- Daily afternoon walks
- Golfed 5 times
- Had 3 bachelor parties
- Built 4 desks
- Sat on a boat on a lake
- Wrote content
- Did nothing
It was amazing
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I still see A LOT of portfolios heavily weighted in large cap growth
I get it
It's performed really well for 10+ years
But continuing on that path might hurt returns for many in the future
Not sure when, but it could happen
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Assuming all equal balances
An 80% Stock/20% Bond objective doesn't necessary mean:
401(k): 80/20
Roth IRA: 80/20
Taxable: 80/20
It could mean:
401(k): 60/40
Roth IRA: 100/0
Taxable: 80/20
Location matters
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"What if the stock market goes to zero?"
If it goes to 0, we've got bigger issues
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It's so weird giving advice that "goes against the textbook"
Just told a client to contribute more to their taxable brokerage vs 401k because they want to retire pre-59.5
They have no taxable money tho
Sometimes the textbook answer isn't always the best advice for your client
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Your bonus is NOT taxed at a higher rate
The withholding is just different than your regular income
Since a bonus is supplemental wages
Withholding is a flat 22% until your supplemental wages is > $1,000,000
Then it's withheld at 37%
This is a common misconception
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70 million Americans will receive a monthly Social Security benefit in 2024
But in 2034, benefits are expected to be paid out at 80%
This would cause American poverty rates to skyrocket
Here's why this won't happen: 👇
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Some of the worst people you can get financial advice from:
- Your boss
- Your coworker
- Family members
- Your HR Department
It's typically blanket advice
What's best for them might not be best for you
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If one spouse says at home & takes care of the kids
That spouse should still have life insurance (usually)
Even though they aren't bringing money in
They're certainly preventing money from going out the door
The spouse staying home brings just as much value as the working one
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In 2023 the Social Security wage base is $168,600
In other words
The first $168,600 of your income will count towards Social Security tax (6.2%)
Anything beyond that is 6.2% back in your pocket
Have a plan for it!
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Common Misconception:
You don't need an LLC for tax deductions
Nor does it save you money on taxes
But it does provide liability protection
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Pro Tip:
The more ETFs you have ≠ more diversification
If done wrong, ETFs can have significant and unnecessary overlap
And all you're left with is potentially higher investment fees
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As I help build a new (breakaway, actually) financial planning practice
I've quickly realized the sheer amount of "stuff"
A biz owner deals with (and I'm not even the primary point of contact)
- Finding new office space
- Coordinating the buildout
- Furniture/appliances
-
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529s can make a lot of sense due to the tax deferred growth
But if your state doesn't have a tax incentive it's without a doubt less attractive
Other ways to save for college:
- UTMA
- Brokerage in your name
MN has a tax benefit, so I lean towards a hybrid b/w 529 & brokerage
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If you receive stock options
They're not *actually* yours until you exercise them
In other words, being granted shares does not mean you own them until you purchase (exercise) them at the strike price give
If you leave your job, you risk losing them if you don't exercise
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There's lots of equity comp talk on X, specifically stock options
Myself included
But there's a lesser known tax benefit to those with ER stock in their 401k
Here's what you need to know:
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A prospect had 25% of their investment assets in money market
When I asked why
They weren't sure
Turns out they haven't done a good job of giving their money a job
How much for travel, retirement, 2nd home, etc.
This won't be an issue for them anymore once we onboard
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If you expect a *really* low income year from
- Retirement
- Sabbatical
- Job change
You should do tax gain harvesting
If you had $0 of income this year
You could sell up to $116,950 in cap gains without paying ANY taxes
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Been slacking on the engagement and posting this week
Between tax season starting, a new hire, EA Part 3 on Friday, and regular client workload (plus getting behind on scheduling posts in advance)
It's safe to say it's been busy
Back on the horse next week 👊
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At this point
I have no interest in FIRE or retiring early
I want to create something that's work optional
- Working with who I want to work with
- Working where I want to work, when I want to
- While spending time traveling and living my life
Sounds amazing to me
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Investing has become more crucial than ever
Pensions are becoming less common
And the burden of saving for retirement has moved to the employee
The best time to start is now
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Everyone wants to maximize their returns when investing
But the truth is, most people have no idea what they're doing
And they make mistakes because they let their emotions dictate
Here 5 behavioral biases I see daily that you should avoid:
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One of the best things I've heard said about personal finance:
"You can take loans out for college, but you can't take them out for retirement"
We all want to support our kids in every way possible
But it's also okay to take care of ourselves first
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Common Misconception:
If you bump up into the next tax bracket
That doesn't mean every dollar will be taxed at that percent
Just every dollar above that threshold
The US has a progressive tax system
Not a flat tax
So the next time you get offered a raise/bonus
TAKE IT
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I see way too many young people worried about investing their $7,000 Roth IRA contribution
All because "the market is close to all time highs"
If you're contributing to a Roth IRA
You need to have the mindset you don't need those dollars for 30+ years
Who cares if it drops
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Financial Advising is more than just managing investments
You are
- A guide
- A friend
- An advocate
- A voice of reason
But if you're looking for an advisor for the first time
Chances are you don't know how to interview them
Here are 7 questions you should ask an advisor:
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Met with client and spouse last week
We're building up their "war chest" of cash
And agreed holding 3 years of expenses in cash was best for them
This will help protect against sequence of returns risk early on
Wealth preservation is much different than wealth accumulation
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If you're in a high enough tax bracket
Tax exempt bonds might make more sense than traditional bonds
You just need to know the tax equivalent yield
Ex:
- You're in the 35% bracket
- Tax free bond pays 6%
You'd need a taxable bond paying 9.23% to get the same after-tax yield
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Recent portfolio review never fails to make me wonder why the hell these kinds of funds still exist
Image Translation: Hot Garbage
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If you're trying to execute a Backdoor Roth
You HAVE to pay attention to the pro-rata rule
If you have pre-tax $ in an
- IRA
- SEP IRA
- SIMPLE IRA
A large portion of your Backdoor Roth will be taxable
I see too many high earners DIY this and mess it up
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Some days I feel like I know nothing
Then I remind myself there are other advisors with 200+ clients who only manage investments and tell their client "idk, ask your CPA"
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Holding RSUs after they vest is the same as getting a cash bonus and using it to buy company stock
It's taxed as ordinary income
Would you buy your company stock if they gave you a cash bonus?
If you answered "No"
Identify goal(s) & put proceeds towards them!
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With the end of the year quickly approaching
It's time to tie up loose ends and start a plan for next year
Here are 10 year-end planning strategies I'm looking at with clients: 🧵
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Inflation is the silent tax that kills wealth
We're all used to seeing tax brackets or the Roth IRA limit increase annually
But not everything congress has implemented over the years increases with inflation
Below are 5 of them... 👇
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Sequence of Returns is a huge risk that's not talked about enough
It's basically the risk of poor investment returns at the end of working years/beginning of retirement
The order of your investment returns can have a huge impact on a portfolio
H/T
@Invested_In_You
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If you're sick of trying to figure out which stocks to invest in
I have a solution for you:
1. Invest in index funds
2. Automate contributions
3. Forget about it
4. Live your life
Keep it simple
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A number of retiree/pre-retiree clients I work with hold much more than 1 year of expenses in the bank
It's their preference and gives peace of mind
At that stage, cash is your friend in order to ride out bear markets
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Contributing to retirement accounts is definitely important to long term wealth
But the foundation should come first:
- Estate Plan
- Emergency Fund
- Life Insurance
- Disability Insurance
- Umbrella Insurance
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The start of the new year is a great time to get your financials in order
But so many don't even know where to start
Let me help you
Here's 7 things I would be doing:
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If you take out a HELOC
You can get a deduction on the interest if you:
1. Itemize
2. Use the money to improve your home
But if you use it for something unrelated to your home
Just know the interest will NOT be deductible
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"There's not much I can do to save taxes as W2"
- Fund a 529
- Max your 401k
- Max your HSA
- Exercise NSOs
- Exercise up to AMT
- Tax loss/gain harvest
- Mega backdoor Roth
- Defer income (NQDC)
- Fund a Donor Advised Fund
- Use dependent care FSA dollars
Know your options
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When people think of financial advisor
They think 1 of 2 things:
1) Sleazy insurance salesperson
2) Only manages investments
This couldn't be further from the truth for the new age advisor.
If your advisor isn't doing (most of) these 12 things, it's time to look elsewhere 🧵
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Return on Hassle (ROH) is a common metric I refer to with clients and colleagues.
Sure, that strategy might save you $500.
But how much time and effort will it take to save that money?
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More funds ≠ more diverse
I reviewed a 401k allocation the other day
There were 4 funds with > .90 correlation
All it creates is unnecessary overlap
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If you want ultimate flexibility
Then you want a large brokerage account
- No RMDs
- Withdraw whenever
- Step up in basis at death
- Better control over taxable income
It's the best account for early retirement
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