Jeff Bynum

Husband - Father - Hunter - Financial Planner

[Jeff Bynum @bynumlife]

@markcecchini I tell every client upfront, the only type of clients we can’t help are assholes. Or in this example…. Mikes’. Life is too short to work with Mikes’.

[Jeff Bynum @bynumlife]

@EvanHillHB Can we cut our offense?

[Jeff Bynum @bynumlife]

@Henricus2vB @2050mxn @vrexec Congrats! That sounds like a perfect retirement😎

With a few years left, you should explore your survivorship options on that pension and if possible, pension maximization strategies. 👊

[Jeff Bynum @bynumlife]

@2050mxn @Henricus2vB @vrexec Employees bought into some BS math thinking the market always does 10% and they’d be rich, only to find out that accumulation vs distribution are two very different animals. This and buying way too much home is why the baby boomer generation is statistically hosed in retirement.

[Jeff Bynum @bynumlife]

@2050mxn @Henricus2vB @vrexec In the 70’s when 401(K) were created as supplemental retirement plans, intended to be in addition to pensions, employers realized they could scrap pensions and shift the liability of future income off their balance sheets onto the employee through the matching contributions….

[Jeff Bynum @bynumlife]

@Henricus2vB @vrexec Those pensions are worth millions in a 401K. Good for you. 👌

[Jeff Bynum @bynumlife]

@markcecchini Truth. Is the juice really worth the squeeze….

[Jeff Bynum @bynumlife]

@Molson_Hart I was in the same boat. My wife, who was a stay home mom, went back to work part time solely for medical insurance. Starbucks, Costco & REI offer family medical insurance to part time employees. She’s been at Starbucks 10 years just for the bene’s. Low stress, fun, she loves it.

[Jeff Bynum @bynumlife]

@markcecchini Solid work man.

[Jeff Bynum @bynumlife]

@markcecchini Also, that’s freaking awesome. You’re doing it right.

We won’t quite cross the seven figure mark revenue this year, but we’re close! Our team is myself, one partner, one admin and a junior advisor. Running a 70% profit margin. 102 families, growing every day. 👊

[Jeff Bynum @bynumlife]

@markcecchini What’s your team look like and how many families do you serve?

[Jeff Bynum @bynumlife]

@markcecchini Couldn’t agree more. Adding estate planning to our practice has probably been one of the biggest value adds we’ve made. It’s created a whole different level of engagement with our clients and their families, and honestly made us better advisors in the process.

[Mark Cecchini, CFP® @markcecchini]

Feels like this needs to be said re: taxes.

Repeat after me:

1. I am an American.

2. Part of being an American involves a duty to pay taxes.

3. Nobody likes paying more tax than they need to.

4. "Taxes are theft!", OK boss...write your congressman and keep me updated as you make progress.

5. There are very few, if any, magic pills for tax savings.

6. I personally don't recommend choosing where you live based on tax rate. could it be worth a giant bag of cash? sure thing. but just admit that's the driving motivation for uprooting your family and moving to TX. slippery slope.

7. Tax write-offs (deductions) usually require you to spend money, give something away, or incur some type of cost. That 100% bonus depreciation will come back to bite you if you're not careful. and I highly doubt you use a G Wagon in the regular course of business. Put down the TikTok.

8. There are only a few ways to permanently avoid capital gains taxes on appreciated assets for most people: 1= give the asset to charity. 2 = die.

9. All the time spent hand-wringing about how to save taxes could probably be spent figuring out how to make more money, which will almost always lead to a net economic gain versus where you were originally.

10. If it sounds too good to be true, it almost always is. Google it. There's probably some ongoing litigation as we speak...like right now.

11. The IRS doesn’t have to formally audit you to make your life a living hell. You never thought the mailbox could be that anxiety-inducing.

12. Any good CPA, financial planner, or tax attorney is desperately looking for ways to legitimately save you tax…we don’t get paid on commission from the IRS. We've just seen that movie before.

Tax avoidance is legal. Tax evasion is not.

There is no prize for paying the lowest effective tax rate.

Oftentimes "big tax savings" come with complexity, illiquidity, investment risk, time suck, annual compliance costs, and a giant administrative headache.

You are worth $3 million. Not $300 million.

But I hear the UAE is nice this time of year.

Thank you for coming to my TED talk.

[Jeff Bynum @bynumlife]

@markcecchini 🔥

[Jeff Bynum @bynumlife]

@realfrugalmogul Trust your wife, she right. This isn’t a math problem, this is a risk exposure issue. Rates change, that’s cost of doing business.

[Jeff Bynum @bynumlife]

@itsrosesm Deal

[Jeff Bynum @bynumlife]

@MeatEaterTV

[Jeff Bynum @bynumlife]

@DadisFIRE One. And unfortunately, he just passed away. Retired at 44, passed away at 59.

[Jeff Bynum @bynumlife]

@CrispyWicks If you can figure out how to get debt, including mortgage, below 15% of your gross annual income, you should have the flexibility to save and enjoy life today as well.