Adam Harding
@hardingwealth
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Owner @ Harding Wealth Inc. | CFP | Tweets are not advice.
Tempe, AZ
Joined July 2016
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Just wrapped a client meeting.
Female.
73 and healthy.
2 adult kids (age 42 and 47).
13 year old grandson.
Plenty of money for her comfortable retirement.
The conversation was mostly focused on estate planning and encouraging her to feel okay giving money to her adult
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Wow. This is kinda blowing up.
If you’re interested in more content like this please don’t follow me and instead consider adopting some cooler interests… I heard pickleball is fun 🤷♂️.
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@bayouboygto
Hard to nail this exactly right -- and tax optimization matters -- but I generally think you're right on this one.
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@Conservata18030
Congrats to you and your dad on getting to this place.
Not everyone is there with you.
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@tinaafrolatina
When you’re raised poor the instinct is to hoard.
When you’re raised wealthy the instinct is to spend.
In any case, it’s hard to unlearn habits.
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@DarkKnight1e
Respectfully, Batman, you couldn't afford the Batmobile without the help of your rich parents.
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@McgrawRhiannon
That's a story you'll always remember.... An inheritance he didn't need ended up becoming a home for you.
It started out as a number on a bank statement and became a place to help you start your life. This is what it's about.
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Our new daughter came quickly yesterday; too quickly for us to get to the hospital or for EMT to arrive.
Endless props to the 911 operator who helped me deliver the baby. Everyone is healthy and happy.
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Everyone owes Moscow PD an apology for, you know, doing police stuff behind the scenes to pursue their objective rather than feeding the media's reality TV entertainment prerogative.
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@Elliott_Ludy
100%.
Also, it’s wild how many will avoid giving as a result of the “gift tax”, not realizing they’ll likely never hit the kind of wealth needed for it to apply to their estate.
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@Deadspin
Probably has to do with the fact that a relatively obscure sport (which people pay attention to every 4 years during the Olympics) is just slightly less popular than MUSIC.
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@RealSkipBayless
"I obviously don't condone violence..."
...and then goes on to condone violence in the remainder of the tweet.
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@PBaron9TX
Better yet. A full trust/will package and they need to run an annual checkup on their beneficiaries.
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@Reasoning1013
A lot of people in his shoes will also avoid starting a family for financial reasons.
Think of how much richer the lives of his parents (grandparents) would be if they had more little ones running around.
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I try not to be the No Fun Police, but if you go into debt for travel, you’re getting a citation.
45% of Disney-going, $DIS, parents with young children have gone into debt for trip, per LendingTree.
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@WrastlinCards
@AnalyticaB
Exactly right dude....Doesn't mean we should eliminate adversity, but unrecoverable downsides should be avoided.
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Now that you follow me for hard-hitting financial content, I have something on-topic and relevant that's on the top of my mind:
I'm getting a vasectomy this Thursday at 1pm.
Any advice or expectations from my fellow dudes?
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@drvolts
Imagine posting this and doing no due diligence to validate the claim (which only requires two clicks).
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@nickbraun0
A lot of their mindset can be explained by their parents and the household they grew up in.
Hard to unlearn those habits.
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If you want to piss off a bunch of financial advisors on LinkedIn, just suggest that paying off mortgage debt is better than investing.
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@KusshalPatel
@naval
Thinking of saving this photo just to look at your NFTs whenever I want to. You’ll still own them though. Sounds like a fair deal.
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Gotta vent... The move money features at Schwab are just atrocious.
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So, the “gifting post” I made went nuclear.
It makes sense that this would resonate as there’s a lot of energy on both sides — the givers who want to do more and those who could benefit from receiving help sooner.
Some takeaways:
People who want to give more are largely
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@ClayTravis
Agree with everything you said, but if you’re going to say kids have a 0% likelihood of a bad covid outcome, then the data related to JNJ thrombosis would also suggest a 0% likelihood of that side effect.
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@BillsR_Electric
His kids are 66, 69, and 70.
I'll let you decide if they've benefitted from having the name Buffett or not up to this point.
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How to go from $0 to $100m in your RIA:
...but first, think of the best restaurant in town.
It's a single-location, right? Or maybe a couple locations, max. Not Olive Garden degrees of ubiquity.
The owner might be there. Maybe the chef came out to greet you.
In a way, the
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Paying off your mortgage isn't about the math.
It's about the psychology.
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PSA: Never ever decide whether or not to buy an ETF based on it being The Official ETF of March Madness.
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@XinNBA
Angst about Ayton not dunking the ball was a little like the disappointment you get when you walk up or down a broken escalator — yea, a broken escalator is just stairs, but it sucks more than regular stairs because you know it’s not living up to its potential.
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@shopcardhub
@AnalyticaB
The lesson: play the hand you're dealt, be empathetic, and lift up those around you.
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@macksood_mark
We talked about it. If she lives to 105 she plans to adorn herself in a Batman suit and fight crime in Gotham city until someone takes her out.
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@tbeemanlaw12
True. They should typically be doing some multigenerational tax rate arbitrage.
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Was gonna start a podcast but realized that not starting a podcast is more unique and I like being a contrarian.
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@shadihamid
Unfortunately, “Vote for our preferred candidate OR ELSE” sounds a whole lot like extortion.
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I thought this was cringe for a minute, but then realized that “What can be, unburdened by what has been” is basically the same sentence as “Past performance not indicative of future results” … which is a phrase I’m guilty of having repeated into oblivion.
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@growth_maniac
100%.
Worth pointing out that giving funds from a client to non-client takes AUM fees from the advisor.... but a fiduciary should be giving that advice regardless.
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@kimbea113
There are plenty of children who carry a financial burden for their parents. it sounds like that's not your situation and you should be proud.
Being financially sound on your own is a worthy accomplishment.
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@SteveOnSpeed
Not money....Time.
Waking up and mostly doing whatever you want = "I've made it"
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@dougboneparth
10s - I know how to write in cursive because schools think that’s more important than teaching personal finance.
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@unusual_whales
Not exciting enough. Wake me up when I can short my friends’ skee ball round with 3x leverage.
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A few weeks ago I made a LinkedIn post about NVDA and holding onto concentrated stock positions (link to post below) and I’ve been thinking about a comment someone made.
He said:
��My mother and mother-in-law can’t sell their IBM stock because their husbands bought it decades
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@GabbLizCott
Not off topic at all. Thank you for sharing.
It's all life and love and tragedy and success. So sorry for your loss -- Your husband gave you a gift you'll use for the rest of your life.
A side note, I'm not here to panhandle for clients; we have plenty of those. But if you
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@nope_its_lily
And those kids they're having won't be creating shareholder value until they're at least 12 years old.
Sad!
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@BetsyJ1992
I see a fair amount of down payment help.
Some empathy for those dealing with a four decade high in inflation and the most unaffordable housing market in history is warranted, imo.
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How much of the antiquated 401k rollover process is driven by custodians wanting to capture 2-3 weeks of float between the phone call (!) to liquidate and the cashing of the mailed (!) check?
My guess: quite a bit.
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@dougboneparth
Wait, if that wasn’t you, then who just made all my dreams come through with leveraged IUL?
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@charliebilello
"Snapchat is a value stock." -- Braden, 13, looking to diversify his $doge position.
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@MarkTMeredith
Portfolio rebalancing at TD = An absolute pleasure
Portfolio rebalancing at Schwab = I'm quitting this job to go work at Walmart.
...Fingers crossed for the best of both platforms next year.
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Just met with a 79 year old client who has come to the realization that she won't be undergoing chemo and radiation for her cancer diagnosis. One of her oncologists demanded the treatment, another said it was her choice.
Was immediately reminded of this:
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@TRFletcher
@escoguy_01
Pretty reasonable take, Rick.
If the kid is in bad shape due to bad habits, a gift helps less and perhaps shouldn’t happen.
If they’re in bad shape despite making every reasonable effort not to be, then a gift can have a tremendous impact.
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@ZeroHourCapNYC
Here's what she should do:
1) Decide how much she wants to give.
2) Prepare her balance sheet and ask an advisor (tax or CFP) for advice.
If she got hammered by taxes she probably took an IRA withdrawal to give the funds. This is the least tax-friendly place to give from.
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Your house is worth less right now than it was 24 hours ago; you just don't know it unless you try to sell -- which you won't because your 'Life Plan' doesn't require you to.
Maybe take that lesson and apply it to your liquid portfolio as well.
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Your odds of impacting what happens in the White House:
1/150 million voters
Now consider your ability to impact what happens in YOUR house.
Deploy energy accordingly.
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@Off_my_lawn68
Thanks for sharing.... A lot of cynical takes on here.
I'm glad you were able to have that time with your daughter.
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Do not go to Ruth's Chris Steakhouse to attend a free seminar on maximizing retirement income (or whatever). Nothing is free.
And on a related note, here are 6 ways to rearrange the words and apostrophe in 'Ruth's Chris Steakhouse' in a way that makes more sense than the
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“I don’t want to lose money in my 401k”
“Of course you don’t. Here’s a strategy that shaves 30% off the top right away”.
….all the good fiduciary advisors squabbling over fee arrangements should instead channel their angst to these clowns.
An IUL sales pitch demo that puts the financial malpractice on full display.
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In financial transactions, the supposed validity and trust placed on ink signatures is really perplexing.
Meanwhile, Docusign is over here confirming my identity by asking who my date was to the Sadie Hawkins dance in 11th grade.
Feels more secure to me.
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Here's the difference dividends have made for the S&P 500 over the last 30+ years.
Remember this when someone gives you $SPX figures or is talking about an index-linked product that doesn't reflect dividend yield.
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If you’re worried about the potential downside of giving a financial gift to your kids (mostly related to complacency or enabling), consider giving with a specific intent in mind.
Examples:
- Down payment assistance
- Student loan payoff
- 529 plans for grandchildren
-
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Just reviewed an equity indexed annuity for a client who absolutely didn’t need this but is six years into a 12 year surrender period from their former advisors misguidings (it’s qualified too…yuck).
The strategy it tracks? The NYSE Zebra Strategy.
The annuity’s performance
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As you’re considering taking a $5,000 day trading course, ask yourself “if this is so profitable, why are these instructors wasting their time teaching me?”
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Thinking of moving $50m ish to
@altruist
from Schwab at the beginning of next month (30 or so clients).
Advisors who've already done this, have any tips for me on messaging the value proposition?
Bonus points if your clients are between 60-75 years old and value the name
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@POTUS
Dude, if you're gonna talk about the labor market strength talk about today's jobs report.
It's sad to use the 2020-2021 period to discuss jobs added / deficit reduced, etc... Everyone knows 2020 was an anomaly.
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@PeterMallouk
I know this is a lot to ask, but it would be super if the finance course was taught by someone who doesn’t hate capitalism.
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Per 100 people, how many do you think are a little crazy?
How about A LOT crazy?
Now take that ratio and multiply it by your social media followers and ask yourself:
Do I really want to be more famous than I am?
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@LydiaTh30540019
Whether these amounts are sensible or not depends on your personal situation. You don't want to overextend yourself and lose financial independence.... Have someone take a look at your assets and income to see if the numbers are reasonable.
But you're focused on legacy, which I
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If the amount of the drop isn't scary enough in percentage terms, get ready for the news to communicate it in points.
"DOW DROPS 1,000 POINTS!!!!"
Bro, that's like 2.5%. No loss is good, but it doesn't instill the same amount of fear as "1,000 POINTS".
Protect your psyche.
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@morganhousel
**helps someone add a beneficiary to their IRA *
“I work in generational wealth management.”
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@NSC_Spox
Is it true that when we pledge to give money specifically for “good things” they have to spend less of their own money on “good things” and can instead spend the previous allotments of “good thing money” on “bad things”?
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@JoeBiden
You should introduce smaller bills for each of these individual elements and then vote on each one.
Someone may be in favor of nearly all of these but they don't want 87,000 new IRS agents.
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@djgoodrich
@Elliott_Ludy
There are a lot of options here and the tax-optimal path may be determined based on the difference in tax rates between the donor and recipient, what kind of account the assets are held in (taxable, roth, or pre-tax), the ages of the donor and recipient, and the cost basis of the
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