Max Pashman CFP® 🌱
@maxpashman
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Building blueprints to financial independence for high-earning tech employees and business owners. DM for questions! Posts are not advice.
Los Angeles, CA
Joined May 2009
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Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
Renting is not a waste of money
It's not
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1K
You are meeting with a financial advisor at your home and they arrive in this car.
What are your first thoughts?
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Someone recently said to me "people don't buy home prices, they buy monthly payments".
Thoughts?
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It's been 6 months, and I still call this platform Twitter.
Anybody else?
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Twitter is the only place on Earth that thinks $1 million is not a lot of money.
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The Roth IRA is one of the best vehicles for financial independence.
And yet, only 4% of Americans own one.
It may have “retirement” in its name, but it has some tricks behind it.
Here’s everything you need to know (and how you can take money out early):
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Unpopular (Money Twitter) Opinion:
$1 million is a lot of money.
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330
An estate planning attorney told me she drafted a Will for her client that states her children must read a specific financial literacy book before receiving any of their inheritance.
Cool idea.
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Capping people $6,500 annually towards their IRA accounts is a crime.
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Dear Gov,
If you’re gonna announce the largest rate hike in history can you at least raise our Roth IRA contribution limits too?
Sincerely,
Literally Everyone
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@dougboneparth
I'd just do fishing. If I reel $1 per month from the ocean, that's my passive income. Few understand this.
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Elon Musk would literally solve world hunger and people will say he did it as a tax write off.
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I don't care whether you are married or don't have kids yet.
If you're under 30, get a term life policy.
If you're healthy you might pay just a couple dollars per month for a couple hundred thousand in coverage.
Worth locking in.
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One concept I wish everyone would understand:
A write off does not equal free.
You still spent money.
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I’ll burn my economics degree before I accept a recession doesn’t mean two quarters of negative GDP.
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I don't know who needs to hear this but there are no huge tax secrets when you open and use an LLC.
Social media likes to spin this as some sort of tax loophole.
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I don't know about everyone else on here, but most of the millionaires I've personally met own nice cars.
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The average retirement balance at 65 is $216,720.
Returns and fees don't matter if you're not contributing enough.
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I bet people would contribute more towards their future if they just replaced "retirement" with "financial independence".
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Twitter is the only place on Earth that thinks $1 million is not a lot of money.
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I can’t believe I have to say this but, YOUR CREDIT CARD POINTS ARE NOT PASSIVE INCOME.
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Most don't realize how income is taxed.
News flash: It's not a flat rate.
The US tax system works as a progressive rate.
In other words, each level of income is taxed at different rates.
As new income is included, that is taxed at a higher rate.
BUT that doesn't mean all of
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Quit my job to pursue my business full time!
Introducing, Pashman Financial LLC.
Cheers to Day 1 of being a solopreneur!
🍻
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Hey Gov,
I appreciate you raising the IRA contribution to $6,500.
But honestly, this is still pretty damn small.
Increase this again ASAP.
Sincerely,
Literally Everyone
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What's the point of an income limit in an IRA when everyone just ends up doing a Back Door Roth anyway?
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Unpopular Opinion:
If you are investing 20%+ into your future, who cares how much you spend on your car.
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Becoming a millionaire is no longer an option.
The 4% rule on $1 million is only $40,000 / year.
You MUST be a millionaire in order to "retire".
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2019: Everyone is a stock market guru
2020: Everyone is a doctor
2021: Everyone is an economist
2022: Everyone is trading guru
2023: Everyone is a banking analyst
Experts are everywhere…
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Yeah, Halloween is scary. But did you know the average retirement balance at 65+ is $209,984?
😱
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Just landing back in LA.
Why do people immediately stand up when the plane lands?
Top 5 pet peeves.
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An HSA might be the most underrated financial vehicle.
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A credit card really is just a personal loan that charges 20% interest.
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Millionaires have 7 streams of income because they concentrated on 1 or 2 streams of income first.
People miss this part.
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Generational wealth is useless if you don't teach your beneficiaries how to build with it.
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I don't know who needs to hear this, but your bonuses are not taxed differently than your income.
It's just withheld differently.
Big difference!
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I don't know who needs to hear this but there are no huge tax secrets when you open and use an LLC.
Social media likes to spin this as some sort of tax loophole.
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The worst way to destroy your wealth?
Take trading advice from a 20 year old on Tik Tok on how to trade through a bear market.
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I think Dave Ramsey is great at:
- Budgeting
- Debt repayment
- Mindset towards saving
What I don’t like:
- Anything investment related.
Below is a snapshot from Ramsey Solutions updated 1 month ago:
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For people worried the gov might tax Roths later, this is what the Secure Act 2.0 does:
- Employer Roth matching
- No Roth RMD in employer plans
- Introducing SIMPLE Roth
- Introducing SEP Roth
- Rollover 529 to Roth
They aren’t eliminating them.
They are enhancing them.
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What's something you do that would upset Money Twitter?
I'll go first: I own an Audi.
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The Roth vs Traditional IRA debate is silly because the Roth IRA is superior.
But it’s not because of the fact it’s tax-free.
There are distinctive downsides of a Traditional IRA no one points out.
Here are the big ones you must know:
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Do we all agree your primary residence should be considered a purchase and not an investment?
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What's a private company you wish you could invest in?
I'll go first: In N Out.
What's yours? 👇
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"Risk free" is a myth:
- Cash = Inflation risk.
- Stocks = Volatility risk.
- Real estate = Liquidity Risk.
- Bonds = Interest Rate Risk.
- Companies = Business Risk.
- Doing nothing = Opportunity Risk
Risk transfer should be the goal.
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An HSA might be the most underrated financial vehicle.
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If you're in your 30s and you haven't hit millionaire status yet, here's some brutal truth for you:
That's actually pretty normal.
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Got off the phone with a lender who is pushing my client for a mortgage.
Really tried to sell the “you can write off the mortgage interest”.
I told him that my client claims the standard deduction and that it would not apply.
He said I was wrong.
Oh boy…
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Today, I helped a client rollover a 6 figure Trad. IRA portfolio I managed into their new employer 401k.
I lose revenue from this move, but this saves the client a tax penalty for performing a Backdoor Roth IRA.
If that's not being a fiduciary then I don't know what is.
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I think it's really insincere when people say something along the lines of "they had a choice to take the loans out". Really?
You think an 18-year-old straight out of high school is financially literate enough to fully understand the risks associated with their decision?
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I know a lot of people on Twitter embrace the "leave your 9-5" mentality.
But if your company offers you stock options, you do NOT want to sleep on that opportunity.
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Why are the “secret tax loopholes” always shared by non-tax professionals?
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If you're planning on retiring early, PLEASE do not forget about private health insurance.
It's a massive expense people overlook.
Especially when they base it all on the 4% rule.
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If you meet with a financial advisor and they tell you:
❌401k ✅Annuities
❌529 ✅IUL
❌Roth ✅MPI
You're not talking to a financial advisor.
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Maxing out your 401k before contributing to your brokerage might not always be the best idea.
If you want a chance for early retirement, your brokerage helps increase those odds.
Don't sleep on its flexibility.
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Unpopular Opinion:
If you panic sold this year, you probably need a financial advisor.
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Someone posts a bad piece of financial advice.
Everyone comments on it to call it out.
The person leaves it up.
The engagement creates millions of views.
X gives them a check since this helped them generate enough views.
What could possibly go wrong with this?
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Annual contributions limits for retirement accounts make zero sense whatsoever.
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“You get a tax deduction on your mortgage interest”
Thats only true if you’re not taking the standard deduction.
And nearly 90% of Americans opt into that.
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The "have fun staying poor" crowd is awfully quiet today.
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It sucks how much you pay in taxes.
You make income?
→ Taxes.
You buy something?
→ Taxes.
You sell something?
→ Taxes.
You pay someone?
→ Taxes.
You hire someone?
→ Taxes.
You own a home?
→ Taxes.
You drive a car?
→ Taxes.
You inherit something?
→ Taxes.
You gift
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Investing your emergency fund defeats the purpose of an emergency fund.
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If a stock goes to zero, a company closes its doors.
If the S&P 500 goes to zero, the country is done.
Which event is more likely?
☝️ Risk in a nutshell.
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Unpopular Opinion:
If you are investing 20%+ of your income into your future, who cares how expensive your car is.
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Why is it that every time I talk about a Roth the only people that argue against me are either real estate bros or IUL salesmen?
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90% of financial advisors fail in their first 3 years.
Why?
Because the standard industry believes the role should be treated like a sales job.
This needs to change ASAP.
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Robert Kiyosaki and Dave Ramsey would disagree on debt.
Dave Ramsey and Jack Bogle would disagree on index funds.
Kevin O' Leary and Grant Cardone would disagree on real estate.
Grant Cardone and Mark Cuban would disagree on 401ks.
You look at these comparisons with
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The fact the stock market is ripping from the news that inflation is 8.5% is an example of why I avoid timing the market.
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Hey Gov,
I appreciate you raising the IRA contribution to $6,500.
But honestly, this is still pretty damn small.
Increase this again ASAP.
Sincerely,
Literally Everyone
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@unusual_whales
For reference, the 4% rule as a general benchmark would have this pull $60,000 gross per year (not including social security today).
Guess it depends on what "retirement" looks like for you.
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What's an expense you'd happily pay a premium for?
I'll go first: An accountant.
What about you? 👇
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To every investor with less than $100k in their portfolio:
Savings Rate > Returns
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If you see someone bashing a 401k or 529 while also telling you permanent life insurance is better, here's some advice:
Run.
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If you’re going to talk about Backdoor Roths on social, PLEASE BE CLEAR ABOUT THE PRO RATA RULE.
Coming across too people overlooking this.
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People hype credit card rewards more than they should be.
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FinTwit when Dave Ramsey gives investing advice online
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Only 50% of American families have life insurance.
And 33% believe they are underinsured.
When you calculate your death benefit, make sure you're doing it right.
Here's a breakdown of how to calculate your number:
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Why does the internet try to make solopreneurship look like an easy thing to accomplish?
I'm breaking every bone in my body to make this work.
Hanging in there, but let's cut the BS sugarcoating.
It's really, REALLY hard to do.
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You pay someone for advice to build wealth.
They arrive to your home with this car.
Are you skeptical?
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Probably going to remove “retirement” from my vocabulary.
It carries such a negative connotation behind it.
Contributing towards “financial independence” just sounds better.
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The new rollover provision from the 529 to the Roth has turned the 529 into a top-tier vehicle for creating generational wealth.
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The average retirement balance at 65 is $216,720.
Returns and fees don't matter if you're not contributing enough.
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Myth: Commissions are taxed differently than salary.
Here's what really happens:
Selling Sally works hard at her job.
She typically gets half in salary and half in commissions.
She's hit her quota and is excited for those commissions to kick in.
But she looked at her bank
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According to a study from RedFin, only 4 major cities are cheaper to buy than rent:
- Detroit
- Philadelphia
- Cleveland
- Houston
But yes, please keep telling us renting is still a waste of money.
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Why do people say "investing in index funds is a guaranteed way to become a millionaire"?
I get the message and appreciate the enthusiasm, but that's just dangerous advice.
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Repeat after me:
Index 👏🏻 funds 👏🏻 are 👏🏻 not 👏🏻 risk 👏🏻 free 👏🏻
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If you're in your 30s and you haven't hit millionaire status yet, here's some brutal truth for you:
That's actually pretty normal.
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Someone just called passive investing "lazy".
It is lazy.
But is that entirely a bad thing?
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