Kathryn Hanna, CPA/PFS, CFP®

Making Your Money Matter | Actionable resources to help accumulators optimize money to maximize their lives. Spreadsheet guru, tax pro, budgeting advocate.

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

@Uber_Support Is there a way for him to be able to resolve this without being able to get ahold of the driver?

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

Trying to make a Christmas miracle happen!🎄I have a friend who left his phone in an @Uber. There is no customer service number, only the app (?!). He's not tech-savvy, couldn't reach driver, and gave up. There are priceless photos on this phone. Is there ANY way to contact Uber?

[Morgan Housel @morganhousel]

At every point on this chart you could have made a plausible case that:

1) the future was dim
2) the young generation was lazy
3) politicians were screwing everything up

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

Looking up the definition of "security" for a blog post update and it's so enlightening.
Security is:
1) Freedom from danger
2) Freedom from fear and anxiety
Financial security involves more than just the logistics of saving "enough." It's just as essential to address the fears and anxieties we have about money to actually reach the point where we feel secure about our finances.

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

This is also true at a MUCH smaller scale too. You could be at $1.5M or even LESS and realize that you regret being so focused on saving money for the future that you didn’t live life in the present.
This is why it’s so important to visualize your ideal life, determine your “enough” number, and then focus on living your best life.

[Ramit Sethi @ramit]

Comment: "I'm 48 years old with a $15 million net worth. Looking back, I didn't need to save so much, and I could've spent so much more on getting life experiences"

What do you notice?

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

@markcecchini Diversifying among asset type/future tax treatment is so often overlooked. Having “too much” in tax-deferred accounts isn’t the worst problem to have, but I think brokerage accounts are undervalued among young people.

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

I had the privilege of being on the Marriage, Kids and Money podcast this week talking about reaching CoastFI and how money helped me leave a toxic marriage (very first podcast, wahoo!). I’m grateful to Andy for letting me share my story! https://t.co/HlfvPKJWuz

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

It's been too long since I talked about YNAB (ha!). It's been nearly 10 years now, and it still ticks the boxes for everything I'm looking for to efficiently track my cash flow.
https://t.co/9jRySDNHZp

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

Have you heard the car analogy for investing?
https://t.co/u8ADmRuWqA

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

I was really, really hoping that this was a good change that would come out of COVID. Hopefully someday health insurance will not be tied to employment!

[Michael Reynolds, CFP® @michaelreynolds]

The default system of having your health insurance tied to your employer might be one of the dumbest things our society has ever come up with.

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

New Post: "The financially optimal plan always needs to be adjusted (sometimes significantly) to accommodate more important life values and priorities. Money is simply a tool to help you reach your goals; it’s not the goal in and of itself."
https://t.co/QAsKgepjPz

[Thomas Kopelman 💵 @TKopelman]

Health insurance - something every single person needs

The problem...plans are confusing:
- In network
- out of network
- copays
- deductibles

What does any of this mean?

Let me teach you everything you need to know about health insurance

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

All great suggestions (I wish I wasn’t a procrastinator but I very much am)! Another one I use is asking: “what one thing can I do now that will make everything else on my list easier?” And I prioritize that thing above all else that day.

[Andrew Lokenauth @FluentInFinance]

The cost of procrastination is the life you could’ve had.

And the root of procrastination isn't laziness, it's anxiety.

If you suffer from procrastination, read this:

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

Even a simple financial plan put in place can improve the quality of your life!

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

Sometimes, personal finance posts make me miss being an employee (ha!). Being a business owner means there are no "free" dollars - you create your own dollars.

[Thomas Kopelman 💵 @TKopelman]

Best “free dollars” out there

1. 401k match ($100k income with match to 6% = $6,000)

2. Espp (with 15% discount = 17.6% return. Can be more with lookback)

3. Paying off Credit cards (20-30% saved by eliminating it)

4. Cash back/rewards if used correctly

5. HSA match

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

So many truths in this thread. Knowing what "enough" means to you will help you to live a life without regrets.

[Accidentally Retired @AcdntlyRetired]

3.5 years ago I left my CEO gig and abandoned over $1M in potential earnings.

WHY?

Because I realized that my time is worth more than ANY amount of money.

Here are 32 short truths EVERYONE needs to hear:

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

No one likes tax surprises (these comments in the photo are adapted from actual comments in personal finance groups).

If you hold your breath each year until your tax forms are filed, it's time to understand and take charge of your tax withholding.

https://t.co/0TBPizkIUQ

[Thomas Kopelman 💵 @TKopelman]

As a small business owner, especially if you operate as an S Corp

Managing expenses and taxes efficiently is crucial

One tool not enough know about and utilize is the accountable plan

Here's what you need to know so you can reimburse yourself and lower your S Corps taxes:

[Kathryn Hanna, CPA/PFS, CFP® @MakingYourMM]

That's so true! I wonder if part of this is because they hired tax professionals in the past and didn't have great experiences and/or found mistakes. I often see business owners who found the cheapest tax preparer possible and have all kinds of issues/missed deductions on their returns. It's so rewarding to sort it out and save them money, but also frustrating that they didn't prioritize it earlier.

But, in general, hiring financial professionals is difficult across the board because it's hard for the average person to tell whether they're doing a good job. I mean, they hire it out because they don't generally have the knowledge to do it themselves.