Morgen Rochard, CFA
@MorgenRochard
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Following
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Follow me to learn about #bitcoin and personal finance @Money_owners Bitcoin for Advisors pod with @BitcoinPierre Buy my book:
Joined November 2013
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If you can’t afford to buy my book, you need to buy my book!
43
63
291
Bitcoin should be part of your financial planning process.
77
204
2K
Long term savings is only possible with bitcoin.
56
84
1K
If you haven’t bought a little bitcoin, are you even saving?
32
93
1K
Your home is not a store of value.
It comes with recurring maintenance costs and property taxes.
A store of value doesn’t need a kitchen and bathroom remodel every 10-15 years.
82
91
1K
Your washing machine is not an investment.
Your home is not an investment.
177
69
932
Drinking less alcohol is a great way to save money.
76
34
827
NFTs will go out of style, like every other alt fad over the last decade.
168
38
716
Average inflation has been 2.7% over the last 100 years.
If you put $100 in your mattress in 1920, it would only be worth $6.66 today.
59
127
686
Holding
#bitcoin
gives you preferential tax treatment.
No cash flow, no taxes.
You choose when you pay capital gains.
63
52
668
You need to earn at least $390k per year to own and maintain a $1,000,000 home.
156
54
675
You don’t need a bigger house.
You need a cleaner house.
33
22
658
If you got a 5% raise and inflation is at 10%, you got a pay cut.
58
81
658
Friendly reminder that dollars will be worth less in the future. Act accordingly.
26
65
590
A $50,000 boat costs $9,300 per year to maintain.
116
54
573
Leasing a luxury vehicle does not mean you’re rich.
55
29
563
There already is a wealth tax, it’s called property taxes.
18
42
547
Bitcoiners filling out 1040s:
You do not need to check the box on the front page about cryptocurrencies if you are simply buying and storing.
38
83
522
If you have to lease your car, you can’t afford it.
110
30
503
Your million dollar home costs $10k-$30k per year in maintenance.
56
39
493
Crypto distracts from what’s important.
Long term savings (
#bitcoin
) and focusing on aspects of your life that matter.
Crypto is yet another way to waste time, energy, effort and talent for little reward.
167
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300
Long term savings deserves a place in your portfolio. Bitcoin is the only form of long term savings.
25
42
428
I don’t pay money for jpegs.
I right click and save.
68
28
423
Your only fiat savings should be your emergency savings.
36
33
416
Invest in something you’re willing to hold for at least 30 years.
32
31
393
The dollar is designed to decline in value.
Plan accordingly.
27
52
400
You can hodl through anything, except a margin call.
4
29
407
Wanna be rich?
You kinda can’t skip the part where you save.
37
32
401
The best way to keep your
#bitcoin
safe:
1. Manage your cash flows
2. Don’t lever up
3. Stop timing the market
4. Store cold
24
29
386
Cash back is like getting excited about a 1% off sale.
49
25
398
Wealth is a formula:
1. Get income
2. Spend less than you make
3. Invest the difference
4. Repeat
19
55
386
Any developer can build on
#bitcoin
because it is permissionless and open source.
Central banks will never be able to offer this.
17
35
377
Stop checking your investment accounts.
Start living your life!
40
23
377
Blockchain doesn’t belong in your portfolio.
Bitcoin does.
15
20
367
Large home purchase = less money for investment
37
26
367
Bitcoin has not needed tax incentives to outperform real estate investing.
27
53
374
Your home expenses are more than principal and interest.
You also have:
1. Property taxes
2. Annual maintenance of 1-3% of the home’s price
3. Homeowners insurance
4. Any HOA dues
5. Furniture
6. Utilities
36
21
332
Your rental property isn’t making as much money as you think it is.
37
19
324
Your million dollar house costs you $248 a night.
31
14
315
Clutter is a sign of overspending.
Tackle clutter.
19
26
321
Do the math on your vacation home.
It probably costs more than a nice stay somewhere for $400 per night.
42
16
326
If you don’t understand bitcoin, you can’t understand “crypto”
12
27
293
The average financial planner knows everything about finance and nothing about money.
17
38
323
Holding bitcoin isn’t going to the casino.
Holding too many dollars is.
10
20
296
A diamond ring materially affects your ability as a couple to start on strong financial footing.
35
24
298
Don’t make financial decisions while you’re grieving or celebrating.
14
26
275
Cutting spending is hard.
Earning more is even harder.
Do both.
10
19
281
Your high fixed expenses commit you to a hamster wheel of income.
8
29
272
Money should be boring.
Life should be exciting.
5
24
268
Find the one who doesn’t want a real diamond ring.
27
18
252
I’m sorry to be the bearer of bad news:
Yes, you need a fiat emergency fund.
59
15
268
You no longer need to work with the only financial advisor in your neighborhood.
You can work with one that actually understands
#bitcoin
20
44
260
Blocking is like paying off debt. Sometimes you should, sometimes you shouldn’t.
25
4
257
If you over-allocate to bitcoin you will end up with less bitcoin.
36
13
257
Is your car starting to feel old?
Get it detailed.
It’s less expensive than a new car.
21
8
248
Sending a
#bitcoin
transaction is one easy copy-paste.
Sending a wire, especially internationally, requires much more information and action.
17
24
242
Emergency fund first.
Then, invest.
You’ll worry so much less when you know you have basics covered.
21
16
242
Prime Day:
Buying crap you don’t need because it’s on sale.
19
18
235
Bad financial planners talk more about investments than they do income and spending.
23
13
222
Have the strength to forgive yourself for past financial mistakes.
8
14
211
Make more money and spend less.
Financial freedom is not magic.
19
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224
If you’re generally unsatisfied with your life, no amount of money is going to change that.
18
23
215
Focus on growing net worth.
It’s the best metric for financial health.
14
16
211
You didn’t learn personal finance in school.
So what?!
Learn now!
5
11
209
Bitcoin is not a compounding asset. Here’s math on why your retirement withdrawal rate must be less than 4% if you want your money to last more than 25 years:
If 1 BTC is $100k, 4% withdrawal is $4k and 0.04 BTC
If 1 BTC is $1M, 4% withdrawal is $40k and 0.04 BTC
1 BTC = 1 BTC
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215
Things lenders say:
16
11
205
If you make $50k per year, you should spend no more than $834 per month on rent.
32
9
200
Spend money on a good pillow.
Save thousands in health care costs.
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201