Andy Krafft, CPA, CFP®

@scottsalaske Totally agree. Even 5% may be generous lol

If your financial advisor is talking with you or put your money into something called "Direct Indexing" (which is not index investing) or "Tax-Aware Long/Short SMAs" it might be time to start interviewing new financial advisors. Why? Because IMO less than 5% of the U.S. population need and/or should have these two Wall Street invested products. These products are designed for very specific purposes that IMO 95%+ of the U.S. population just don't have.

@sublime_logic @rushicrypto In this scenario, where does the money to pay people a guaranteed basic income come from?

Jest zadawane. Odpowiedzią póki co jest, że kiedyś gdzieś będzie dochód gwarantowany podstawowy za nic. Co oznacza, że będzie jakiś mroczny okres w którym część prac będzie nadal musiała być wykonywana przez ludzi, coraz więcej będzie likwidowanych. Tylko to jeszcze nie jest ten czas, teraz brakuje pracy ludzkiej i jest za droga to ciśnie firmy w kierunku automatyzacji .

If Ai replaces all the jobs, where do corporations expect people to earn money to continue being consumers? I am just not understanding why that simple question is not being asked.

In the same way that we were just a few years away from a virtual real estate boom in the metaverse and NFTs being the future of ownership?

Can we stop using the word “plunge” anytime the market dips more than 0.5%?

@TJvanGerven This is my argument for why CPA and Advisory work will never be completely outsourced to AI. People can do all of it themsves already. The tools and resources exist for anyone to do it. The point is they don’t want to spend the time to do it.

Most of our clients are smart enough to manage their own money. They have the spreadsheets. They read the blogs. So why do they delegate to us? Because they realized that "Time" is their only non renewable resource. If you spend four hours on a Sunday morning:

@sciencegirl Millie’s Math House

For those who used a computer between 1995 and 2001, what's the computer game from that time that sticks with you the most, and why

Such a good point. I was just saying how you could literally spend all day every day experimenting with new tools. It’s overwhelming. It defeats the whole purpose of having these tools if it constantly pulls us away from why we’re doing this in the first place, which is serving clients.

The worst thing about the AI hype for financial advisors: Financial advisors already have a bad habit of assuming they need to use tech tools just because they exist: adopting new software and then seeking problems for it to solve. We teach clients to avoid FOMO around the latest investment opportunities, yet we have a similar experience when new tech appears for every part of the financial planning process.

People are surprised that the stock market is basically flat YTD. But let’s not forget that one of the greatest bull runs in history happened between April and August 2020, when the world was shut down and there was no clear end in sight. The market is not always rationale.

“I wish it need not have happened in my time,” said Frodo. “So do I,” said Gandalf, “and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.” — J.R.R. Tolkien

@MarketPalmer_ @LateMoneyRight Don’t you pay a balance transfer fee?

@LateMoneyRight How simple is it to transfer auto loans to credit cards like that?

I opened a new credit card: 0% APR for 18 months. Transferred the remaining $5,000 auto loan balance to this new card. Vehicle financing was costing me 12%. I now hold the title to my vehicle. And I’m paying down that same balance… but now at 0%.

@FluentInFinance I’m thinking this was already priced in. We’ll see.

POV: the stock market on Monday

@TessaLovejoy Thank you for the kind words! I am planning to come back

I’d like to ask you to come back to YouTube. Your video on 401K loans was the ONLY one that stated that to get a loan you must still be working at the company, and saved me A TON of research time and headaches - THANK YOU!

@CaydenWMcLaugh I do think it's oversold without really considering the long-term tax implications of resetting to a lower basis.

Tax Loss Harvesting = Window Dressing You lost money.

@GuyTalksFinance Everyone will wish they had a little more global diversification.

Everyone is going to wish they bought more $VOO while the market was flat.

@camp_wealth If you just exclude all the times I lost money by trying to time the market, I've actually done really well.

My favorite response I get on Twitter when I say something about how difficult it is to time the market: “Actually it is not difficult” followed by exactly zero data/research to support

One upside of extreme market volatility is that you eventually become numb to daily swings of 2–3%. In the big picture, a move like that wouldn’t justify a strategy change anyway, but after a long stretch of calm markets, a 2–3% shift feels big. When you're in a period of wild daily swings, though, it really puts those "big" moves into perspective.

This is why you don't panic sell. Things can turn very quickly. Not to say there's not still volatility in the future, but you never know when it will turn and you can miss out on a sharp reversal.

The most consistent signal for a stock market rebound is Jim Cramer calling for a crash.

If you’ve been thinking about converting an old 401(k) or IRA to a Roth IRA, now might be a good time. With markets down, your account balance is likely lower, which means a smaller tax bill if you convert now. And when the market eventually recovers, those future gains can grow tax-free inside your Roth.