Daniel Logan, MS, AAMS

Most people try to budget by tracking every dollar they spend. It's exhausting. And it usually doesn't stick. Reverse budgeting flips the script... Instead of tracking what you spend, you automate what you save first. Then spend the rest guilt-free. Here's how it works 1.) Identify your savings goals upfront. Retirement, brokerage, real estate, whatever matters to you. 2.) Automate contributions on payday. 3.) Spend what's left how you want. No spreadsheets. No guilt. No micromanaging. The simplest financial habit change you can make.

@markcecchini Always a hurdle to start updating the monthly spreadsheet. Complete relief and renewed motivation when you’re done.

Sometimes when I feel unsettled or feel like things are chaotic, I spend maybe 20 minutes performing my “financial reset” before diving back into the real work -Log into every account -Update my personal spreadsheets -Check my cash flow app for the last 20 or so transactions Every dollar accounted for. No fraud or mistaken transactions. Goals are on track. “FU” card still in play. When your money is in total control, you can do just about anything…

@markcecchini lol try harder Mark!

a grown man in another grown man’s DMs talking like this don’t ever be this guy

Defintely cool, public seems like it’s doing things right with a solid foundation of ethics and fundamentals. Not that people didn’t have autonomy before, but my knee jerk reaction is this will lead to significant over trading due to the sheer ease of use. Countless complex strategies that used to take significant expertise are now at your fingertips. Could be a good thing in some ways, bad in others.

@TalesfromtheAFL @markcecchini Survived and organized courtesy of a friendly nudge 🤝

@DL_Wealth @markcecchini I hope the lax archive survived… 😉

does anyone else currently have the urge to throw out everything they own

@JCA_MS 100% agree

@DL_Wealth It’s not just staying invested but sticking with a strategy that was done with a clear mind for specific reasons. In modern investing, the temptation to change strategy is bigger than going to cash.

Preach. This is also where a great deal of where advisor value comes from. Josh lives and breathes markets. He’s in it everyday. He understands the data and also has the lived experience of his own investing journey and those of his clients. If you are not in it everyday, it becomes all that much easier to get shaken out at the absolute worst times. Or even worse, get distracted with options, hot stocks, or the latest Reddit asset. Not even talking about deep financial planning, which adds immense value. But advising the 40 year old to stay invested after the market corrects 20%. If you can DIY that, all the power to you. Most do not have the experience or expertise with markets to have that conviction.

@realkpr16 Yup

100% you should dive deep into market history. I think that’s where “understanding the data comes in”. I just like the message. In this day and age short-term trading, sports betting, and prediction markets are shoved in your face. It’s refreshing to hear someone discuss staying invested and having a long term mindset. And obviously client time horizon is critical too. I’m also not affiliated with or endorsing Ritzholz

@DL_Wealth Advisors should dive deeper into market history, rather than relying solely on the polished graphics from BDs that show lines go up. However, I hear you. I understand the importance of the experience and expertise gained from interacting with clients during turbulent times.

By “in it everyday,” I mean the repeated lived experience of guiding hundreds of client portfolios (plus our own) through real market cycles. That builds the emotional discipline and conviction to calmly tell clients “stay invested” during volatility. Not knee-jerk changes or trades based on short-term sentiment.

@DL_Wealth I disagree. I don’t want my advisor watching it or “in it” everyday. Though there’s probably value in anticipating the conversations.

@FranWalsh73 A tale as old as time. Congrats brother!

My wife got me on a good day, convinced me to “take a drive” to the local puppy farm. Came home with Iggy, an English mastiff who will be ~200 lbs.

@CinemaTweets1 I agree, but I think Casino Royale is by far the best bond film ever. Bond and Vesper 🤌

Daniel Craig is the best James Bond ever. Enough time has passed. Sean Connery is second, but don’t get too nostalgic: all of Craig’s Bond films were hits, some more than others, but Craig never made a bad Bond film. That includes Skyfall- the best James Bond film ever made.

Hey Daniel, Thanks for connecting. *insert some slop about an AI assistant, business valuation, or private investment opportunity* Would it make sense to jump on a quick call?

@cliffcornell_ Time horizon mismatches are my all-time favorite

Happy Friday Fintwit! Which apples will we compare to oranges today? What false equivalents are we arguing about? Time horizon mismatches? Risk tolerance differences? I’m sure something to do with dividends, right?

@public lol this is awesome

Sound familiar?

What is your favorite investment account? Most folks I talk to say their 401(k) or Roth IRA right away. Both are great. But the taxable brokerage account...it doesn't get nearly enough credit. Retirement accounts come with rules. Contribution limits. Withdrawal restrictions. Required minimum distributions. Early withdrawal penalties if you access funds too soon. These rules exist for good reasons, but they also create friction when life doesn't follow a straight line. The taxable brokerage account has none of that. No contribution cap. No required age to access. No penalties for pulling money out early. If you need capital for a business opportunity or a real estate deal in six years, it's available without navigating account rules. That flexibility is worth something. A few other things worth understanding: •Long-term capital gains rates (for assets held over a year) are generally much lower than ordinary income rates. Many high-earners are surprised to find they're in the 15-20% range on long-term gains, compared to their top marginal rate on ordinary income. •Tax-loss harvesting is available here in ways it isn't inside a retirement account. When a position is down, you can sell it to lock in a loss, offset gains elsewhere, and reinvest in a similar position. •The step-up in basis at death means heirs inherit assets at current market value, not what you originally paid. That can eliminate a significant embedded capital gain when assets pass on. This isn't an argument for ignoring tax-advantaged accounts. For high-earners who are already maxing the 401(k) and IRA, the brokerage account is often where the next layer of wealth building happens.

@cliffcornell_ Thank you sir 🤝

@DL_Wealth Great breakdown here. 💯

Most high-earners assume they can't contribute to a Roth IRA because of the income limits. The backdoor Roth changes that. But there's another option even fewer people know about... Quick breakdown ↓

Disclosure: Earnings withdrawn prior to 59½ would be subject to income taxes and could have a 10% penalty. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion. IRA tax deductibility and contribution eligibility may be restricted if your income exceeds certain limits, please consult with a financial professional for more information.

If your income has been putting the Roth out of reach, the door isn't as closed as you think.