Rush Imhotep

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Not much changed in the tax bill that just passed the House, but here are a few notable differences: 1️⃣ Slight increases in the Standard Deduction, Child Tax Credit, and QBI deduction. 2️⃣ No tax on tips, overtime pay, and auto-loan interest (if the car is U.S.-made). 3️⃣ “MAGA” accounts for kids— essentially a custodial investment account with a $1k government bonus and use restrictions. 4️⃣ 100 % bonus depreciation— business owners can fully deduct the purchase price of qualifying assets in the year they buy them. 5️⃣ SALT deduction cap lifted to $40k (phased out for higher incomes). FYI: The bill still has to clear the Senate, so more changes are likely.

I’ve always told clients (regardless of income level) that budgets were made to be broken. Perfect example: Client is a physician/engineer couple making well over $400k per year. We’ve built a financial plan outlining what their monthly spending “should” be. Everything’s going great until wham — their AC unit goes out. (Not ideal for summer in Atlanta) HVAC people are estimating a $12k repair cost and fortunately we have more than enough cash to cover however… This puts them way over the $20k we were trying to spend monthly. And honestly, I wouldn’t be surprised if something like this happens again in a few months. So what’s the alternative to a budget? Systematizing savings. For this same client we’ve built a plan for them to save/invest $80-100k per year. Their remaining $200-300k of income is for the things they need to pay for (mortgage, food, etc) and the things they won’t expect (e.g a bad AC unit). Instead of trying to keep spending at an arbitrary number that will almost certainly be broken… we build in flexibility by emphasizing what they invest first and having fun with what’s leftover. I hope this helps someone struggling with their spending spreadsheet.

Should you be worried about the US getting downgraded? Probably not since there’s nothing you can really do about it… 🤷🏽‍♂️ Plus since the last time our debt got downgraded (in 2011) the market has gone up 395%+. However don’t take this as a post saying that we don’t need to get our fiscal house in order. 36T of debt, 2T budgets deficits, and abnormally high debt to GDP is not sustainable.

Leg locks work in the UFC… you just need to frame

Reality ☑️ Inflation is at 2.4% — in 2022 it was 9% Unemployment is at 4.2% — in 2020 it was 14.7% GDP just contracted -0.3% — in 2022 it contracted -1.6% The stock market is at $5600 — it was at $3500 in 2022 and $2400 in 2020 Things just aren’t as bad as others (the media) would have you believe.

I haven’t felt this way about a technology since I first used Chat GPT @NotebookLM is unreal

A quick summary of how tariffs are going to affect the economy: We. Don’t. Know. The stock market isn’t dropping because it dislikes tariffs… it’s dropping because it dislikes uncertainty. The effect of tariffs is uncertain. (Just look online—everyone has an opinion on them and how they’ll change things.) If you don’t like what’s going on, you can vote in 19 months. If you do like what’s going on, do the same.

I know plenty of "Rich People" IRL –  they pay taxes if their company gives them stock. Just an FYI for when you see bad financial info online

Reason 984,987,486 why you may not want to put all of your eggs in the S&P 500 basket: If you grew up in the US, Have built your career in the US, And get paid in USD by a US company… You may not want 100% of your liquid net worth tied to the United States. Why? Well if the US economy crashes not only are you potentially out of work. (And it’s hard to find work again) Your net worth (savings) is likely going to take a meaningful hit. Diversification matters.

There are only 2 ways I’ve seen people build significant wealth. 1️⃣ they own a company. Or 2️⃣ they own a piece of the company they work for. (Preferably one that’s fast growing) Outside of that your options are slim… You can get really good at investing, get lucky, or hit the lotto. But if you want to increase your odds of millions I’d try to own the thing you’re working for (or on).

Wealth is weird. One day you’re a backend software engineer coding and ensuring your company’s software runs smoothly. Next, you’ve been with your company for almost a decade (unprecedented in your industry) and have been granted 7 figures worth of their stock. (💩 you’re a millionaire) You always knew this day would come, but now that it’s here it feels both over and underwhelming at the same time. Overwhelming because as a first gen college grad you never thought your computer science degree would have you sitting on millions before 40. Underwhelming because these random numbers on a screen are now prescribing a lifestyle that frankly isn’t yours. You’re not spending summers on the Amalfi Coast yachting and sipping wine with friends. You’re not neighbors with Eric Schmidt contemplating what to build next on your acreage. Shoot you’re still shopping at Trader Joe’s because it’s cheaper than Whole Foods! And god forbid someone in your family finds out what your stock is worth. Now holiday gatherings now feel… different. Hushed conversations, smirks, side eyes, slick comments, everything. And then of course the eventual “can you help me out?” What’s more? The IRS, Financial Advisors, Real Estate guys, CPA’s, Venture Funds, etc They all want your money. They all sing the siren song of: “Put your money here and everything will be alright.” Generational wealth? Buy this policy. Passive income? Invest in my fund. Paying too much in taxes? Pay this fee. Who do you trust? How do you sort what’s what from what? It’s a lot. It’s also a lot better than being a broke college grad. Wealth is weird.

Rent’s due daily

Food for thought: Once we get agi do I thank god for chat gpt… or do I thank “it?”

Back to back fr 🤣

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free durk

Bar for bar I don't think there is another financial advisor that can rap with me #watchthethrone