Cory Smith

Discretionary Income No Children | Let’s chat 👇

[Cory Smith @dincplanning]

@anikwe @G3nxW4sp @drabdulhameed07 🙏 thank you!

[Cory Smith @dincplanning]

@susylicious2023 Good for him. Great move.

[Cory Smith @dincplanning]

@G3nxW4sp @drabdulhameed07 Something about England, but I don’t remember the exact reason.

I hope you know, because now I’m curious!

[Cory Smith @dincplanning]

@drabdulhameed07 I love that.

It’s kinda like why train tracks are their exact width… that was the width of wagons that came before them.

Thanks for the knowledge!

[Cory Smith @dincplanning]

@skylarromines This is moment someone finds out their AI lead gen tool needs some human oversight.

AI can’t have empathy.

[Cory Smith @dincplanning]

@Marius6789k @CliffordAsness I guess we talk to different people on the right.

I’m not talking politicians, but educated right leaning people that are within various social circles.

[Cory Smith @dincplanning]

@trishtaylor @jennyrozelle Besides that likely taking up lots of time, it sounds like you have the best of both worlds.

A solid fall back plan in case you lose your w2 job, and building cashflow of your business while you still have the stability of a w2.

Curious, what are the business that you own?

[Cory Smith @dincplanning]

@CliffordAsness You’re right. I’ve heard multiple people , not just one, that lean far right talk about the benefits of trickle down economics and saying that we should lean further into it.

[Cory Smith @dincplanning]

@paisitfwd PE has to exist somehow.

I’m sure they’ve stripped it of any real estate, sold off the name and anything proprietary to another one of their management firms who will lease it all back at an exorbitant annual rate, and burdened it with massive debt at this point.

[Joshua Reed Eakle 🗽 @JoshEakle]

The 1st Amendment never contemplated mass media reaching billions in seconds.

The 2nd never contemplated firearms capable of firing dozens of rounds without reloading.

The 4th never contemplated a phone holding a decade of your private life.

We don't treat any of those as grounds to shrink the right.

Scale changing isn't grounds to infringe on people's liberty.

[Cory Smith @dincplanning]

@50miles_ahead @MrNQDC Same!

I will consider the flat fee for asset management, since I don’t really love the % AUM model myself.

Just need to work through what’s the right way to approach it.

[Cory Smith @dincplanning]

@50miles_ahead @MrNQDC I like the way I have it, flat planning fee based on complexity with an optional AUM if we’re managing the assets, that is significantly lower than 1%.

The way I explain it is that we’ve separated out and charged as best we can appropriately for the value you receive.

[Cory Smith @dincplanning]

The issue is that the complexity of managing assets naturally increases with portfolio size.

What took 1 hour a year at $100k because there’s not tons of tools they’d benefit from can take 10+ with considering, researching, explaining and implementing tools on a $2m portfolio.

Asset location, box loans, SBLOC, TLH, long/short, position hedging, etc.

So it opens to the door to having to have multiple discussions about fee increases as their complexity increases.

[Cory Smith @dincplanning]

@50miles_ahead @MrNQDC Yes, as long as it’s in your firms paperwork. However, you have to be cautious of pulling it from qualified accounts, because they can only pay the fee that’s directly associated with the management of that specific account.

[Cory Smith @dincplanning]

The complexity does scale, slightly.

Less than $100k portfolio and they’re few tools to consider.

$250k and now they may have access to box loans and SBLOC.

$500k and now TLH and asset location can make sense.

$1m and direct investing may make sense.

$2m and now there’s long/short considerations

Etc.

Granted, it doesn’t scale enough to justify a high fee.

[Cory Smith @dincplanning]

The same reason almost all no-tip restaurants struggle and go out of business.

People say they hate tipping waitstaff (I do), but then are unwilling to go to the restaurant that charges 3 dollars more for a hamburger to imbed what was always there to begin with.

One of the many ways we’re irrational creatures.

[Cory Smith @dincplanning]

@matt_gottshall TaskRabbit, my friend.

[Cory Smith @dincplanning]

@clbradfish The first 10 years you are underwater, but shortly after the returns slightly outpace the AGG with no tax drag.

Note: I do not sell insurance.