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Ron Caruthers Profile picture
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8 Apr, 6 tweets, 2 min read
1. Always keep your eyes open for opportunity: Flower Fields edition:

So, the 'World Famous' Carlsbad Flower Fields are right next to my office.

They bloom from March through late April.
2. They started in the 1920's because the area I live in is famous for these flowers and poinsettias

These guys are called rinneculous....I think.

Anyway, they bloom, they die, and then the bulbs get shipped worldwide.
3. When I first moved here, they were free. You could just pull up and start walking through them and of course we took family photos there for years.

BUT, someone eventually decided to start charging to enter them, since they are so popular.

Then, they started giving hay rides
4. Then, they added a concession stand and on and on.

Now, I haven't gone back in since they started charging except when my wife got invited to a @Yelp 'Influencer' party they held there a few years ago.

But they are PACKED the entire season.
5. I personally can vouch for this because I drive by there every day on my way to the office right across the way.

AND, I've been told, they now make more money off of the tourists coming than they do off of the flowers themselves.

So, what's the point?
6. ALWAYS keep your eyes and ears open for business opportunities.

I'm sure SOMEONE told them it would never work to charge to go into a field with flowers in it, but boy, was that person wrong.

Business and money oppotunities are EVERYWHERE.

You just have to look.

/end

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More from @roncaruthers

Ron Caruthers Profile picture
2 Apr
1. Why your 401k, 403B and Traditional IRA's suck Part TWO of 2

With even MORE math.

On Monday, I wrote abouat a client that is 25, makes about $40,000 a year and has been contributing $12,000 a year to her 403b.... the public employee equivalent of a 401k or IRA.
2. And what I pointed out was that at her current tax rate, she was 'saving' $1,957 a year in state and federal taxes,

BUT,

she would have a huge tax bill coming due on the money she deferred AND everything it made that would be in the hundreds of thousands of dollars.
3. And that is JUST on the money that she's already put in there, which is currently worth $50,000.

If you missed that thread, you can read it here:

Read 31 tweets
Ron Caruthers Profile picture
30 Mar
1. Why your 401k, 403B and Traditional IRA's suck Part 1 of 2

With math.

We have a client that is 25 and she makes about $40,000 a year.

She's currently putting $12,000 a year into her 403b and has $50,000 in it already.

Which is awesome.
2. But moving forward, we're making some changes.

Let me show you why:

She works for a city, so in CA she gets the Public Employees Retirement, which is much better than Social Security.

Because she started young, she'll like retire in her early 50's.

Let's say 55.
3. Now, IF she NEVER puts one more dime into her 403b and it earns 7% net over the next 30 years,

She'll have $380,613.

However, most people don't just pull their retirement accounts out all at once, they pull them over their lifespan.
Read 12 tweets
Ron Caruthers Profile picture
16 Mar
1. On getting stuff done:

My daughter is currently trying to rework her major at Berkeley and get a double major.

And she's a little frustrated because her academic advisor is not getting back to her, and she has a time sensitive decision.

So, she asked for some advice: Lexi and Me!
2. The specifcs aren't as important as the attitude I've learned to approach things with, which is what I'll lay out here:

She was waiting for ONE advisor to get back to her.

With a 30 second search, I found 3 OTHER advisors that she could reach out to,
3. Including 2 of the first advisor's bosses.

I not only found their emails, but their direct lines as well, AND for one of them, I even found a Zoom link for open office hours starting in 10 minutes, which I told her to get on.

Her question:

Which one should I do?
Read 8 tweets
Ron Caruthers Profile picture
24 Feb
1. Biggest Tax Myth EVER:

Thinking you'll be in a lower tax bracket when you retire.

This will likely NOT be the case because of the #1 retirement killer:

Inflation.

You will consistently need to receive more money each year JUST to maintain your standard of living
2. At 3% inflation, you will NEED to double your income every 24 years just to keep up.

And, here is something that will blow your mind:

In 1913, the first year income taxes started, the threshold of the lowest bracket was 1% of income up to $20,000
3. Today, in 2020, it is 10% on your first $19,750 of taxable income.

So, the tax is higher and the threshold is LOWER than it was over 100 years ago.

So tax thresholds have NOT kept up with inflation.

Oh, and if you make good money?
Read 6 tweets
Ron Caruthers Profile picture
23 Feb
1. Joe Biden's Tax Plan:

They're going up.

#shortestthreadever

Kidding.

Well, they ARE going up, so that part isn't wrong, but here are the specifics, as best we can tell....for now*

*subject to change if Uncle Joe changes his mind, so this is hypothetical for now
1b. But, if you want to know what is likely to happen, read on........
2. The maximum tax rate is going up on income over $400,000 a year – from 37% presently to 39.6%. 

Also, you currently don't pay the highest rate until you make $622,000....so the tax is not only going up, but you're getting there sooner.
Read 19 tweets
Ron Caruthers Profile picture
19 Feb
1. How reverse mortgages work: A Primer.

Reverse mortgages are possibly THE most misunderstood financial instrument out there.

In this thread, I'm going to cover the basics of how they work AND how to use them.

You should pay attention even if you're younger.
2. So, first off: It is a mortgage.

That's it.

JUST. A. Mortgage.

However, unlike a forward or traditional mortgage, this one works, well, in reverse.

So first, let's go over the rules, and then we'll discuss how and when you might want to use this vehicle.
3. To qualify, you can only have one at a time, and it can only be on your main residence, where you reside at least 6 months of the year.

If you're married, at least one spouse has to be 62, except in Texas, where both spouses have to be 62.
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