I’ve quit doing a number of things over the past year: writing my original blog (see previous post here), attending a long-standing Zoom call with friends, and working on a Series 65 investment advisor course are just a few that come to mind.
Thank you as always for your content! In your last Two Sides review there was mention of an LLC. Can you expand on that (of course, as much as you care to share)? Interested in how that will add flexibility/opportunity for tax planning and retirement contributions for someone that is at FI.
Thanks, Brian! Sure thing, though I fear it's pretty simple. I originally set up an LLC because I thought I'd be consulting. While I didn't end up doing that, I do occasionally take expert network calls and payments for those are routed through there. I later reframed the LLC as consulting + educational services, and now also use it for things like Two Sides of FI. If revenue was much higher, it would definitely provide tons of financial value in terms of enabling business deductions and retirement contributions. But at present scale, between this + my once weekly fun job, I don't earn much more than my Roth contribution and perhaps some solo K, the latter of which is good for reducing MAGI - so I don't really claim deductions there. For me, the benefits are more on the liability reduction side.
Retirement is like a game of cards...you constantly try to improve the cards you're holding and there's no limit on how many cards you can draw or discard. Great post, happy to see you writing again!
Great analogy, Fritz! I'll definitely remember that one. Perhaps your own post today planted a subconscious seed that I was ready to write again? We shall see where it goes! I'm glad you liked it, thank you. 🙏
Glad to have you writing again. Casual is just fine. I am curious what drove you to drop the series 65 study. Im about 50% through mine, preparing for the midterm exam. I have to say for me I’ve learned a ton so far, but the first half was heavy legal regulations and quite tedious.
Thanks! I appreciate that, Wade. The first half of the curriculum was quite a thing, wasn't it? I got about 90% through and realized that while I was enjoying the content, I honestly couldn't see myself using this licensure professionally. I love the idea of talking with people informally about personal finance - it's great stuff! But to do it as a job, even part-time? After some reflection on that question, I decided that at least for now, it wasn't interesting. So why go through all the effort to prepare for and take the exam? Now I know what the content involves and could always sign up for access to a question bank in the future to prep for the exam. Mine time at present is just worth too much to do it "just because". I hope that makes sense! Best wishes to you on the exam!
Thank you as always for your content! In your last Two Sides review there was mention of an LLC. Can you expand on that (of course, as much as you care to share)? Interested in how that will add flexibility/opportunity for tax planning and retirement contributions for someone that is at FI.
Thanks, Brian! Sure thing, though I fear it's pretty simple. I originally set up an LLC because I thought I'd be consulting. While I didn't end up doing that, I do occasionally take expert network calls and payments for those are routed through there. I later reframed the LLC as consulting + educational services, and now also use it for things like Two Sides of FI. If revenue was much higher, it would definitely provide tons of financial value in terms of enabling business deductions and retirement contributions. But at present scale, between this + my once weekly fun job, I don't earn much more than my Roth contribution and perhaps some solo K, the latter of which is good for reducing MAGI - so I don't really claim deductions there. For me, the benefits are more on the liability reduction side.
Really enjoyed reading this! Definitely appreciate how you won over the sink cost fallacy in these instances, which is oh so tough to do oftentimes!
Thanks, Jen! You are so right. The older I get, the more I admit to myself how much my time is worth.
Retirement is like a game of cards...you constantly try to improve the cards you're holding and there's no limit on how many cards you can draw or discard. Great post, happy to see you writing again!
Great analogy, Fritz! I'll definitely remember that one. Perhaps your own post today planted a subconscious seed that I was ready to write again? We shall see where it goes! I'm glad you liked it, thank you. 🙏
Glad to have you writing again. Casual is just fine. I am curious what drove you to drop the series 65 study. Im about 50% through mine, preparing for the midterm exam. I have to say for me I’ve learned a ton so far, but the first half was heavy legal regulations and quite tedious.
Thanks! I appreciate that, Wade. The first half of the curriculum was quite a thing, wasn't it? I got about 90% through and realized that while I was enjoying the content, I honestly couldn't see myself using this licensure professionally. I love the idea of talking with people informally about personal finance - it's great stuff! But to do it as a job, even part-time? After some reflection on that question, I decided that at least for now, it wasn't interesting. So why go through all the effort to prepare for and take the exam? Now I know what the content involves and could always sign up for access to a question bank in the future to prep for the exam. Mine time at present is just worth too much to do it "just because". I hope that makes sense! Best wishes to you on the exam!
Really enjoyed reading this! Definitely appreciate how you won over the sink cost fallacy in these instances, which is oh so tough to do oftentimes!