Erik Financial Coach

Day 126: Automate monthly contributions to 529. Watch it grow tax-free. Consistency is your ally.

Day 125: Consider in-state schools for lower tuition. It saves thousands. Quality education doesn’t require prestige.

@Sayzryn You may like having rentals but is it something you want to do? Talk to your parents ask them about the good and bad. Also when inherited you’ll get a step up in cost basis so taxes when sold will be zero. You’ll want to consult tax professional for advice.

My parents have some rentals that may be passed down to me but I don’t know what to do by then I have no knowledge on Real estate and the difficulty Should I continue the business or just sell them😬

Good morning!!! Wealth is a beautiful thing: it turns my ‘I wish we could’ into ‘Let’s do it!’ for my family. That’s why I wake up every day fired up to hustle, compound, and create a legacy they’ll be proud of.

@RoaringHammy I used to look every day but now try not to.

Be honest, how often do you look at your stock portfolio? I think i look everyday 😂

We do this with 1 card and a debit card Costco card gives cash back on 5% on their gas, 4% on gas and EV charging. 3% on restaurant and travel. 2% at Costco. 1% everything else Payable debit card pick a category every month gives 5% on groceries. We also have the target debit card for 5% off but don’t shop there very often. Nothing goes on the credit card unless it was planned as part of our budget. @Costco please consider a debit card!

The perfect credit card doesn’t exist. But you can build one: 6% back on groceries 4% back on gas 3% on everything else All it takes is 3 cards: Amex Blue Cash Preferred Robinhood Gold Gemini card

@DividendDad1 @elonmusk Would you move to Mars? I think a lot of Gen X’ers would even if it’s a one way trip.

Yes

@Golfman055 @HeroDividend Same here

@HeroDividend I’ll take the same quote and would love to get to 500 verified followers. I’m currently at 133 verified I think 👀

May the 4th be with you 🤩 Day 124 : Be honest and discuss college funds with your high schooler and how to cash flow college. Family wisdom builds legacies.

Day 123: This needs to be repeated. Aim to cash-flow education. Avoid student loans. It prevents future debt burdens.

@Barchart @grok try this again with everything you know. Why would Bersshire do this? Have they ever sold like this before and kept lots of cash?

Berkshire Hathaway $BRK.A has now dumped stocks for 14 consecutive quarters, the longest selling streak in its history 🚨🚨🚨

@Barchart @grok with everything you know. Why would Bersshire do this? Have they ever sold like this before and kept lots of cash?

@Dave_CashFlow They go hand in hand. Having a good budget you stick too and adding income allows you to save more, spend more (if you want to) and give more.

Most people my age are trying to optimize their monthly budget I'm trying to add income streams Different game entirely

@lindsay__stamp Yes that’s the struggle. So much marketing and the feeling like you need something newer or new exhists. That’s why having a plan (budget) and following it helps a lot.

My Honda is 9 years old. It’s been paid off for 5 years. It has over 100,000 miles on it. There’s absolutely nothing wrong with it but the itch to upgrade is strong 😂

@SparkingFIRENC No matter what anyone says a million dollars is a lot and what it does is compound faster than 100k. So in 7 years you’ll probably have 2 mil and in 14 years 4 mil. So yeah if your 40 with a million by 54 retirement is looking really nice!

I don't understand the narrative that $1,000,000 isn't a lot of money Not enough to retire? Sure, maybe it isn't for most people It is SO MUCH money!

@InvestingAddict Probably have you seen silvers comodity chart? Besides a few runups it’s not very good overall.

Would it be bad to put my entire net worth into Silver as a 27 year old? Man these 10oz coins are beautiful.

@RoaringHammy Looks good. I’m partial to the cuban myself.

What's your favorite sandwich? Have you tried Turkey Brie Panini before? OMFG!

@MarketPalmer_ I’m 50/50 on credit cards. Just look at the airline industry. They wouldn’t be profitable without selling cc miles to companies. Also studies show most “rewards” go unused and soon some cards may cost you more to use with the new rules on fees.

Overheard at a restaurant: "I cut up my credit cards. They're not worth it. I'm so much happier since I paid them off and stopped using them." I'm a huge proponent of credit card benefits, but only if they don't lead to you spending money you wouldn't have without them. For many people, credit cards are a trap.

Day 122: Start to estimate future college costs during high school years. Have conversations with you kids on what you can afford and cash flow college. Avoid student loans and the debt trap they bring. youtu.be/W7krdoXswQA?si…