🔥Real FIRE (retired in my 40s) 💵Self-made liquid millionaire + early retiree 📊Chartered Financial Analyst Credentials + 3rd Gen FIRE =🦄 worth following
Missouri
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- Following 357
- Followers 5,578
- Likes 19,248
Pinned Tweet
Here's a little secret.
Most, if not all, of my posts are written for 16 year old me.
Seriously.
That is my audience. Me. 31 years ago.
That 16 year old came up with a plan to retire early.
He felt like the world was against him.
He didn't care.
Now I write on here to let him know he was right, and it'll all work out.
His plan worked. But everyone told him it wouldn't
I'm fixing that now.
It's therapeutic for me to do so.
......and hopefully it helps at least one of you know that it will be ok.
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Dad is FIRE 🔥 retweeted
There are personal finance influencers who have never experienced a down market.
Some are doing incredibly risky things like taking out home equity, putting that into the stock market, then borrowing against that portfolio, taking the proceeds, and lending it out to higher-risk people for a tiny spread.
Then they further deceive you by saying they are millionaires and have high (gross) income by double and triple counting equity and inflating their numbers across the board.
So what will happen to them in a down market?
Theyll be fine!!! Why? Because they make their living off of content!
Just like FAs survive down markets, so will they. They make their money off you, not their investments.
Be careful who you follow. The risks they are taking are not the same as the risks they're selling you.
I used to manage Risk teams. I was paid to find the frauds.
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Dad is FIRE 🔥 retweeted
I used to manage Risk teams. I was paid to find the frauds.
There are personal finance influencers who have never experienced a down market.
Some are doing incredibly risky things like taking out home equity, putting that into the stock market, then borrowing against that portfolio, taking the proceeds, and lending it out to higher-risk people for a tiny spread.
Then they further deceive you by saying they are millionaires and have high (gross) income by double and triple counting equity and inflating their numbers across the board.
So what will happen to them in a down market?
Theyll be fine!!! Why? Because they make their living off of content!
Just like FAs survive down markets, so will they. They make their money off you, not their investments.
Be careful who you follow. The risks they are taking are not the same as the risks they're selling you.
I used to manage Risk teams. I was paid to find the frauds.
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Dad is FIRE 🔥 retweeted
A Financial Planner's or Financial Advisors job is helping clients reach their goals.
Not constructing portfolios.
... people who understand this also understand the difference between Robinhood and hiring a Financial Advisor or Financial Planner.
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I retired at 42, nearly 5 years ago. I'd do the same thing every single time.
Health + Wealth > Wealth + More Wealth
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The most common argument against paying off a low-interest mortgage is that it's better to profit off the spread.
But no one who ever recommends the spread ever asks what someone's mortgage balance is.
That says more about them than the person they are giving advice to.
Not asking such a simple question means any advice given to us, is swinging at a piñata.
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Id love to see something like this, even if its just a dollar sign icon by those of us that can verify we arent goobers.
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Two of my favorite people on here, on one podcast.
Check it out.
There’s certain people you need to take any and every chance to learn from
@drgurner is one of those people
This is my favorite and Most impactful podcast I’ve done
Go give it a listen, you won’t regret it
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I'm comfortable if I'm only understood by the people who are pursuing FI or work optional.
I've been misunderstood by many and understood by a few all my life.
Its where I'm comfortable since the masses tend to be a few steps behind.
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Dad is FIRE 🔥 retweeted
My approach to FIRE was/is a two stage rocket.
I couldnt do it without both stages.
Figure out your rocket, and make it happen.
......and dont listen to people who say you cant retire early and contribute to retirement accounts!
Theyre too smart to understand the basics.
There are several Financial Independence influencers on here who continually argue that you can not retire early if you contribute to your 401k.
Some of them even call me out and say I didn't need the 401k because I did real estate.
These people do not understand one of the most basic concepts in financial planning.
That life is multi phase.
I used real estate to create a taxable account that will cover us from 42 (my wife was younger) to 60 something.
The retirement accounts will get us from 60 something until death.
This is how financial planning works.
Its a simple two stage rocket. We cant get to our destination without both phases.
Stop listening to people who dont know what they are talking about.
They will keep you from your goals.
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I often say I'm on here to pay it forward.....when in reality, I do it to pay it backward.
Here's a little secret.
Most, if not all, of my posts are written for 16 year old me.
Seriously.
That is my audience. Me. 31 years ago.
That 16 year old came up with a plan to retire early.
He felt like the world was against him.
He didn't care.
Now I write on here to let him know he was right, and it'll all work out.
His plan worked. But everyone told him it wouldn't
I'm fixing that now.
It's therapeutic for me to do so.
......and hopefully it helps at least one of you know that it will be ok.
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I don't have a problem with people self-managing their money, but the data shows they underperform FAs, and FAs underperform the home offices managing the money.
......and I will never see an FA's job as security selection.
I dont hire them for that.
I hire them for all the other stuff that they actually do.
My FA never picks my securities, so performance is not on him.
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Many of the analyses my teams ran (on millions of accounts) demonstrated clients feel confident building portfolios (in up markets) but not building ones that align to their self-stated time horizon and risk tolerance regardless of the direction of the market.
This was true when we looked at shared data between the firms.....and at both firms I was at.
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