Pashman Financial LLC

The best action is when you aren't doing anything. Here's what I mean: Yeah, it's great taking lots of action. But you know what's even better? When it's done on your behalf. Ladies and gentlemen, meet your free financial assistant: Automation. The more you automate your strategy, the more hesitation is taken off your plate. People don't like a 401(k) cause it locks your money for a while → But it forces you to set aside your funds People don't like being stuck to a 30-year mortgage → But it forces you to make your payment People don't like having to reinvest their earnings → But it forces you to stick to a long time horizon People don't like paying a whole paycheck to CC debt → But it forces you to pay down interest There is quite nothing like a system that does the work for you. It prevents you from making those human errors. So hire your own financial assistant. Automate your future!

Make too much income for a Roth IRA? Here's how to get around it (legally) First, what's the problem? The Roth IRA is a great vehicle for tax-free growth. But there are income limitations. For 2024, those limitations are as follows: $146,000 for single filers $230,000 for married filing jointly $0 married filing separately Make above these amounts? They get phased out or entirely ineligible. So what to do? Instead, you could contribute to the Traditional IRA. But are you contributing to a 401k? Those deductions might also phase out! This seems like a lose-lose scenario. But it opens for an opportunity. The good news is that you can use the IRA to fund a Roth IRA. This is known as a Backdoor Roth IRA. Here's what you could do: FIRST: Move all existing IRA money into an employer plan like a 401k. 1) Open a Traditional IRA & Roth IRA 2) Fund the Traditional IRA 3) Do NOT invest the funds 4) Wait 2-3 days until funds have settled 5) Initiate a Roth Conversion into the New Roth IRA 6) Elect not to withhold taxes 7) Invest in the Roth IRA 8) File Form 8606 to show non-deduction in Traditional IRA This process is why having a Roth 401k is pretty handy: you can make any contribution with no income limitations. Remember, this is purely educational and is shown here for simplicity. This is not financial or tax advice, so please consult with a financial and tax professional first. But the door is open for tax-free money! You've gotta find the right key.

Most people don't realize what a good financial planner does. It goes beyond your portfolio. The role of a great planner has evolved too. Old Advisor: Managing your investments. New Advisor: Managing your financial picture. That's where it comes into play. But a great one looks at the bigger picture. It goes just about how much in assets you own. It's about HOW you use them. Now that we're in Fall? It's time you get a check-up before the year ends. And the opportunities you still have now. Shoot me a DM to discuss them.

You can't only budget your way to being a millionaire. You need to focus on the bigger picture. Now to be fair, a budget WILL help make that happen. And it's vital to have something that allows you to save. However, there are limits to this method. Specifically, 100% of your expenses. But income? No limits with it. It's why you should keep this philosophy in mind: ?? Keeping a budget helps you move the needle near term. ?? Increasing your income helps you compound it long term. The difference between these two tells you what you can work with. As you plan out, you need to look at the bigger picture. More income won't solve every problem in your life. But makes the financial ones easier to tackle. Use the two side by side on your team. But understand where focus should be. Tag team them up!

A home can make or break your finances. Understand these costs first before buying: Homeownership is an awesome opportunity. It can stabilize costs, appreciate over time, and provide opportunities. But when you approach buying a home, you need to evaluate the costs. I've seen families save thousands over time with a low payment. And I've seen others trapped before seeing the costs. Don't be in the latter camp. Identify these first: → Additional Maintenance → Home Renovations → Moving Expenses → Inspection Fee → Property Taxes → Downpayment → Closing Costs → Interest Rate → HOA Fees → PMI Without it, you're buying blind. Knowing your costs and what you are sticking it. It is only just 30 years after all...

Stop playing blind with your money. Here's why you need to level up: The lifestyle you desire won't be handed to you. It's going to require work along the way. And like a video game, stats matter. You need to work on: - Your strategy - Your knowledge - Your wealth All of which work hand in hand with each other to beat enemies like: - Debt - Taxes - Inflation - Budgeting - Emergencies And anything else that goes in your way. But each roadblock is an opportunity to grow. You won't be able to tackle the boss immediately. So you need to level up along the way. Prepare yourself for battle!

You can make 7 figures of income. But it's all useless without this: "The art is not in making money, but keeping it" This is especially true with HENRY's. What is a HENRY? → H-igh → E-arner → N-ot → R-ich → Y-et I've seen this with many cases of sales and tech executives. Lots of talented people making great income. But not many of them not keeping it. The culprit is usually simple: Lack of financial planning. Without clarity, you don't know what to do with what you earn. You worked hard to earn your income. Now make it work harder for you to grow. But you don't have to struggle at it alone. If you do, you might need help at it. And I can help you keep yours. Let's talk.

How much risk should you take in your portfolio? Try the Rule of 120. Here’s how it works: It’s a guideline for investors to use as a quick calculation. The number helps them identify how many stocks to have. Quick personal finance lesson here: If you want higher risk? -> You increase your % of equities (like stocks) If you want lower risk? -> You increase your % in fixed income (like bonds) The Rule of 120 tells you how much equities to have based on your age. You just simply take 120 and subtract your age. And boom. You’ve got your % ready to go! Is this oversimplified? Absolutely. It’s supposed to be a quick guideline and not the definitive answer to this question. There are so many variables to include like: - Your risk tolerance - Your risk appreciate - Your time horizon - Etc. These should always be factored in to determine if this is the correct approach for you. But if you need a quick calculation as a reference. The Rule of 120 serves as a fun tool. What’s your number?

Uncalculated risk isn't investing; it's gambling. Here's how asset allocation helps here: What is asset allocation? It's the process of using multiple assets in your investments. On a basic level, it helps with: - How much risk you'd like - What financial preferences do you have - Diversifying for opportunities and exposure But when it comes to your finances? It guides your strategy. It helps identify areas such as: -> Risk tolerance:?How much risk an investor is willing to take -> Time horizon:?How long the investor needs their money -> Liquidity:?How much near-term access do they need -> Financial goals:?How are these positioned for goals And when it comes to curating your own? Make sure to match your own profile. Pick up the brush and design yours. ?? P.S. If you enjoy money visuals like this, you'll enjoy my money visual newsletter I send out every Tuesday. Join 400+ others with the link in my first comment below!

Don't have your cash flow laid out? You're asking for failure. Here are 6 areas to know now: 1) Gross Income → This is clearly what you are receiving upfront for the work you put in. → You have the most control in this area via a job, side hustle, or business. → It dictates what you can or cannot do in your lifestyle. 2) Taxes (via income) → More income, more problems. → And taxes are no different here. → Appropriate tax planning via analyzing pre-tax deductions or above-the-line deductions in general. 3) Net Income After the damage is done, what is left over? This is the money number that you can actually work with. When making a new purchase, investment, or long-term commitment, you must choose this number over the gross. 4) Essential Expenses If you lose your income for the next 3 months tomorrow, what expenses do you need to get through the next day? →Gotta stay alive. →Gotta pay rent. →Gotta eat. Whatever fulfills those needs, it's essential in here. Understanding this establishes your floor. 5) Discretionary Expenses → Anything outside of an essential is simply a want or extra. → In many situations, this is where volatile spending comes in and where you can target specific expenses faster. 6) Financial Goals → As the name implies, it's there to help with your financial future. → Whether it's for savings, debt repayment, or investing, this area is used to better improve yourself now and your future. → The larger you can make this number, the more control you are giving to your future self. At the basics, people should know these numbers. It's easier to build when you understand the tools. Know your building blocks better. And create a better future.