RSN Wallet LLC

22/12/2020

Growing up I've heard the age old proclamation that you cannot own a successful business and be extremely wealthy while raising a family. You will either have to sacrifice all of your family time or all of your business time, you can't have your cake and eat it too.

Well, looking at what the world is now compared to my parents' generation I seek to disprove this notion once and for all. I have taken it upon myself to conduct thorough research and write blog posts on how to succeed even as a parent. Single, married, newborn, toddler, teenagers, etc. That proclamation WILL NOT be true in my book.

Along the way I'll drop personal tidbits of experience as well, feel free to share your stories and questions as well on my page.

Wealthy Parenting Lesson #1:
Convince yourself that it IS possible. Don't overwhelm yourself this process will take time. Draft a 20 year plan, yes that's right 20 YEARS, with a gigantic end goal in place. Then scale back checkpoints every halfway 10, 5, 2.5, etc....

Hold yourself accountable to it. Seeing the new PS5 versus putting a little bit more toward your mortgage to get rid of that pesky PMI on your property will be much more rewarding.

07/11/2020

Amidst everything that is going on this is a friendly reminder that Black Friday and Cyber Monday are still on the horizon. Keep your eyes open on your FAANG companies as well as many parent company retailers who have an earnings call at or around that time.

One way or another consumers will push expenditure back into the black so I would start grabbing some company stock and/or options before thanksgiving.

Happy shopping investors!!!

27/07/2020

Spotlight:

TSM (Taiwan SemiConductor Manufacturing) hit its 52 week high today (and doesn't look like it's slowing down anytime soon). I did something that investors shouldn't do in their IRAs.....I made a bet. Got into a stock I didn't know much about and did research on it later. Granted I lucked out and am sitting on a 60+% TAX FREE return on it but I shouldn't have shot first and asked questions later.

Basically they are doing so well because Intel is not. In fact Intel is a customer of TSM for semiconductors which are used in....well everything nowadays! So business is flooding to these guys (TSM) who are also opening up a plant here in the United States.

The only regret I have was not buying 100 shares and only 50. Because I cannot write covered calls on it or set stop-limit orders. However I am not dissatisfied with the return either =)

22/07/2020

New goal, make a $20 a day extra by any means necessary. Take that $20 and buy another share of that fund I found that pays $0.20 per share.

100 shares = $20/mo = 1 more share reinvested.

For every 100 days of this practice I will be compounding a whole new share and increasing my portfolio value. The main target is 10,000 shares = $2000/mo, which is the equivalent of working minimum wage in AZ.

If you could make minimum wage every month without having to do any actual labor, would you? Ask yourself that and tell me what's more important: your job or the time you lose having one?

21/07/2020

**My LLC is still conducting virtual appointments, schedule yours today!** Each session comes with:
1. Copy of your personalized financial regiment
2. How to make $30 worksheet
3. Budget spreadsheet for your personal use

Planning for the next round of stimulus? I know I am! The plan does not change at all. Go from the bottom up on your needs pyramid.

-Hit your foundation, make sure you have enough to sustain your basic status of living. (Mortgage, groceries, utilities, etc.)

-Target debt no matter how small, having a clean slate sets you father ahead than you think. Maintaining your debt low will be the harder task but keep your chin up you have more control over yourself.

-Get that emergency fund up and running. 3-6 months of "bare minimum" expenses. Additionally you can keep $1000 in you mattress fund for unforeseen circumstances. Although properly accounted emergency funds will remain liquid with a higher return. (Try to get >3% because stimulus inflation is on the horizon)

-Anything after that is fair game! I wouldn't splurge on it if you have investment goals however. Shop around for some good income producing stocks/funds so your pile of money spits out little piles of money.

18/07/2020

Lesson of the day:

Health savings accounts (HSAs) not only give you a triple layer of protection against the tax man but also convert into an IRA at age 65. Of course it does because by then you are on Medicare. Withdrawals then are just taxed as ordinary income.

This would act as a great shield against your estate upon retirement. Leverage your younger and hopefully healthier years for old age when medical expenses begin to add up for you. Even younger healthier people can get them per IRS tax code.

Just make sure your insurance plan is a high deductible health plan (HDHP) and typically doesn't have set copays for medical services. IRS Pub 969 will tell you your deductible can be as low as $1350 (2019) with a max out of pocket of $6750. A bank can help set up yours ASAP.

15/06/2020

Is it time for a new(er) car? Turn off the radio you don't need to hear that guy who talks so fast and says stuff about MSRP and blah blah blah.

Hertz the car rental company filed bankruptcy and has a massive inventory of rental cars they need to sell. Used cars at a dealership or lot are beat up way more than rental cars on average. Why not get a newer car that's been babied by the rental company at a decent price? Shoot, if I needed a new car I'd be sharking www.hertzcarsales.com hardcore right now!

Plus a 3 year old vehicle has lost over half of its value already anyway. Perfect timing for a 2018 model for your personal/business needs. Talk about Clearance-Clearance (...-Clearance, described later)!

This is not good news by all means. The effects of COVID-19 has hit companies like Hertz very hard with all the travel restrictions. But remember the most common way to make money in your investments is buy-low and sell-high.

Triple clearance sale broken into layers:
1. Hertz filed bankruptcy and needs funds to pay back creditors and bond holders. Liquidating inventory as fast as they can.
2. Most rental cars inventory are purchased after the 3 year mark, why? Because it's pretty much 1/2 original value by then and depreciates much slower.
3. COVID-19 drove demand for car purchases way down. Supply increase and the price decreases to meet low demand.

Take a look for yourself!

Shop Hertz Car Sales for incredible no-haggle prices, home delivery in many areas, a warranty, a buy back guarantee and so much more!

10/06/2020

Lesson of the day: Underwitholding your taxes....doh!

Most people in the U.S. don't file taxes. Why? Well because they don't make enough and by the time tax plays a factor the bill gets eaten up by credits. Pretty nice if your household size and income qualifies you for it. Then you just file "exempt" and not withhold anything the entire year. Because money is better suited in YOUR bank account earning interest rather than the government's earning nothing!

To paraphrase IRS Pub 505:

No penalty:
-If you did not have a tax liability (basically you didn't owe taxes)
-You didn’t have any withholding taxes and your current year tax (less any household employment taxes) is less than $1,000. (basically you did owe taxes but it was less than $1000)

Penalty:
-Your withholding was

04/06/2020

ROI for today:

+3.88% Indv acct (and still climbing in after-hours!)
Hats off to PLUG call option going from .09 to .40 in one day! Remember that option contracts have 100 shares in them so basically it went up $31 in value which is tremendous for option trading.
F (Ford motor company) also carried with an almost 7% increase in share price. Auto manufacturing is waking up.

TSM (semiconductor manufacturer in Taiwan) still going strong since I bought it Monday. +5.50% since Monday. Very promising early results. All tax free growth in my Roth IRA!

03/06/2020

Another round of stimulus?

That's nice to have some money to be responsible with. Pay down debt, invest into your IRA (remember the saver's tax credit, might save you a little more!), or use it to fuel your small business.

What's not so great for a lot of the unemployed in America is that after 7/31 the unemployment checks would drop from $600/wk down to about $300. OUCH! That's half your income slashed in August. The good news is though with most things opening back up the employers are pretty much begging you to come back.

Brush up that resume, put your negotiation hat on, and get back to the fray!