As a financial planner working with high net worth 30-50 year olds, I find blind spots in everyone's financial life

Many people get the basics right

But they miss critical aspects of their financial planning

Here are the 5 most common blind spots I see so you can avoid them: As you build wealth, financial planning becomes 10x more important

Small tweaks can lead to 6-7 figures in wealth

And do me a favor, bookmark and share this thread so others can learn from it as well

Anyways... lets get into it

401(k)'s are one of the best retirement saving options out there

Over 41% of workers are currently contributing to one

And many are making the same costly mistakes

Here are 7 of the biggest mistakes I see people making with their 401(k): Before we get into it, for those that don't know, a 401(k) is a company sponsored retirement plan

401k's allow you to put money away for retirement

Traditional 401ks allow you to defer taxes to the future, while ROTH 401k's have you pay tax today and never again in the future

If you’re a business owner, your goal isn’t just to make money

It’s to keep it

Yet most business owners get stuck in the day to day operations and spend no time maximizing their business and personal finances

Here are 10 ways to change that: 1) Do Real Tax Planning

This is the easiest lever for business owners to pull

So few are really taking the time and spending the money to do real tax planning

Financial planning at $500k is not the same as it is at $50 million

The tools, conversations, and objectives change

Here's how planning evolves as your wealth grows, and 8 strategies ultra-high-net-worth families need to consider: 1. You can take a lot more risk, but you also don’t need to

It can go both ways here

Because you have so much wealth, you can take a lot of risk on part of the money to really grow it

Your benefits make up 32% of your total comp

Yet the average person just clicks through their benefits to get them done

Don't be that person

Let me teach you what you need to know about your company benefits: November is approaching us and you know that means… It’s employee benefit election time (for most people)

There are a lot of parts to your benefits so let's walk through each one individually

Some financial decisions matter more than others

Get them right and your financial life can look great

Get them wrong and it’s a long road back

Here are 7 of the most important money decisions you’ll make in life (and how to get them right): 1. Who You Marry

The biggest financial decision you’ll ever make isn’t what you invest in, it’s who you build your life with

And I'm not saying just pick the person who has a large inheritance coming or who makes the most money

It’s about a lot more than that

One of the best parts of building wealth is being able to watch your family enjoy it while you’re still alive

The good news: you don’t need a trust to do that

Here are 6 different ways to pass on wealth today: 1. Direct Gifts & Using Gift Limits

When you do this correctly, you can do it without touching the gift exemption amount

The 2025 gift tax limit is $19,000 per person

When most people hear the word ‘trust’ they think of trust fund babies or people with a ton of wealth

But… trusts are not just for the ultra wealthy

Here's the truth about trusts (and how to effectively use them): A trust is simply a legal document that has its’ own rights similar to a person or corporation

With a trust, the trustor (also referred to as grantor) gives the trustee the right to manage it for the benefit of the beneficiaries

Only 34% of people under age 45 have a will

And only 11% have a trust

Without an estate plan, you're putting yourself (and your family) in a tough spot

Let me walk you through 11 common estate planning mistakes & misconceptions I see: 1) “Estate planning is only for the wealthy”

People hear the word estate and assume it’s about mansions, yachts, and trust funds

In reality, estate planning is about protecting your family, not just your money

Most business owners obsess over revenue & profit…

But ignore other levers that drive take-home pay

Here are 10 ways to stop leaving money on the table: 1) Do Real Tax Planning

This is the easiest lever for business owners to pull

So few are really taking the time and spending the money to do real tax planning

Fewer than 50% of people review their tax return

Not because they don’t care

But because they don’t understand what they’re looking at...

Here's a cheat sheet for how to read & understand your tax return (Form 1040): 1. Filing Status & Personal Information (top section)

This section includes:

- Your name, Social Security number, and address
- Filing status (Single, Married Filing Jointly, etc.)
- Dependents (including their names, SSNs, and relationship to you)

77% of people cannot pass a basic tax 101 test

And it's no surprise since the tax code is over 6,500 pages long

But I can simplify it for you

Here's what you need to know about how taxes work: Most people don't understand:

- How income is actually taxed
- What marginal tax rates are
- That not all capital gains are taxed as long term capital gains
- That all investment accounts are not created equal

Think trusts are just for the wealthy?

This is a common misconception

Virtually anyone can benefit from utilizing a trust to:
- protect their assets
- avoid probate
- plan for their families

Here's what you need to know about using trusts: When most people hear the word ‘trust’ they just think of trust fund babies or people with a ton of wealth

But… trusts are not just for the uber wealthy (although they are very beneficial for them)

Let me explain why

68% of millennials and Gen Zers have received (or expect to receive) an inheritance

If you're one of these people, you should feel extremely fortunate

But how should you plan with the inheritance you are getting?

Here's a short guide for what you need to know: First, the type of account you are inheriting makes a huge difference on how you plan around the dollars

Below is a breakdown of different options

Being a financial planner for high income 30-50 year olds is extremely fun

We get to add so much value to our clients lives through tax planning, business planning, investment planning, etc.

Today, I want to share with you 4 of the best planning stories from last year: (Note: all of these stories are slightly changed to keep their lives private)

Hiring a financial advisor can be one of the best decisions you make as a business owner

The more complexity you have, the more value an expert can bring to your financial life

Here are 7 great reasons why you should work with a financial advisor: 1) To move from being reactive to proactive

One of the biggest pain points business owners have before working with us is around managing their cash flow & taxes

They have no clarity on what they need to save for safe harbor or what they need to save for taxes above that

Tax season is officially over (for those that didn't extend)

This means we're in tax review season for all our clients

Wherever you have an advisor or not, now is the time to do your tax planning for the year

Here's what we do for our clients: 1) Tax Return Review

First things first, we review every single client's tax return for 2024.

Why?

Many people still self file (not what I would recommend) and many times people do not give all the info to their tax team

Mortgage rates have gone up a lot the past few years

This has led many to start paying off their mortgage faster

But... most aren't doing it correctly

Here's everything you need to know about recasting your mortgage (and dropping your monthly payment): What is a mortgage recast?

It’s when you make a lump-sum payment towards your mortgage, and then you have your lender reamortize your mortgage with a new, lower balance

The best part, you get to keep the interest rate and term but you lower your monthly payments

Social media is flooded with bad tax advice

Daily, I come across posts that are completely misleading

It’s tough to know what’s real and what’s not

Let me debunk the 13 biggest tax myths and explain why they’re wrong: Before we get doing, do me a favor and bookmark and retweet this post

Most people really do not understand taxes at all

I see this in my business with the questions clients ask me based on advice they see here, from friends, etc

Let's help clear this all up

“Should I elect to be an S corp? A lot of people told me I should”

This is one of the most common questions I get asked from business owners

An S corp election isn’t black and white

Sometimes, it can be a great move

And other times... not so much

There’s a lot of variables to consider

Let me walk you through the main ones: 1. Self employment tax

This is the biggest reason people move to an S Corp. when you aren’t an S Corp you pay self employment tax on all your profit

If you’re an S Corp, you only pay 15.3% SE tax on the salary. You don’t have to on the profit.

But for many, their salary needs to be above $175k to be reasonable. If this is the case you’re over the social security wage base and only save 2.9% on the parts above

Taxes will be your #1 expense over your lifetime

But as business owners, you have a unique advantage when it comes to taxes

You have the power to strategically lower your tax bill

The difference can be $100,000+ in tax savings

Here are 12 strategies you need to utilize: Many focus solely on short term tax savings

The true power of strategic tax planning lies in its ability to reduce your total lifetime taxes

It’s a shift from short-term thinking to a long-term mindset