First LinkedIn Edition!

Hey there!

Welcome to the first LinkedIn newsletter! I just was finally given this feature as a creator and thought I'd give it a try.

For those that don't know me, I am Thomas Kopelman, the Co-Founder and a financial planner at AllStreet Wealth, a firm designed to help people in their late 20's and 30's manage their finances. If you still haven't checked out our website, allstreetwealth.com, you should! Let us know what you think!

But anyways, let's get into this months topic, cryptocurrencies… They are one of the hottest topics in personal finance and investing today -- and everyone is split on how they feel about them. You have one side who thinks they are the future, the technology is amazing, it’s decentralized, it gives power back to the people, etc. Then there is the other side of people who think they are just internet tokens that have no true value and people are just speculating and trying to make money on them.

Honestly, there is some truth to both sides. Some of the cryptocurrencies you can invest in are a joke and serve little value, but then there are others that have some very promising features that can make a huge impact on the future.

So how do you decide if you should invest in them? Well first, you have to earn the right to invest in crypto. You can’t just have a lot of debt and very little in an emergency fund and then just throw all your extra cash at it. Sure, it may have a good run, but crypto is volatile. What would you do if you took this strategy and then had a major emergency. Would you swipe your credit card? Or sell your crypto? Neither are great options. So before you invest in crypto here’s what I think you need to do:

1. Have an emergency fund of at least 3 months worth of expenses
2. Have all high interest credit card debt paid off
3. Be contributing at least up to the match in your 401(k)
4. Max a ROTH IRA

If you have all those things done, have no short term goals you need cash for, then it may be a good time to start to explore crypto. However, you do need to test your risk tolerance to make sure you could even stay on the ride long enough. Many people think they can, but then end up experiencing a downturn and immediately sell. The goal is to invest in the ones you believe in long term, hold on through tough times (because there will be plenty), and continue to invest. Just make sure you have a plan on how much crypto (% wise) you want in your portfolio so you don’t get in a place in the future where you are over allocated to crypto and are way out of your risk tolerance.

I will be honest, I invest in crypto. I have a certain percentage of my net worth I am willing to put into crypto and I run with it. I did the research, picked the few I believe in, and now continue to dollar cost average into them monthly and hold on through the ups and the downs. But remember, just because other people are doing it, doesn’t mean you need to. The best investment strategy is the one that fits you and your goals and the one you can stick with long term.

Finance Term of The Month

Content Picked Just For You

This lesser-known tax credit may offer working families a bigger write-off this year

Tax planning and tax savings can make a huge impact on your financial plan. Not many people know this, but this year parents can claim up to 50% of $8,000 in childcare expenses for a maximum of 2 children. That means you can get up to $8,000 as a tax credit for 2 or more children. That is a lot of money back, make sure you are optimizing this!

Fannie Mae Introduces New Underwriting Innovation to Help More Renters Become Homeowners

“Fannie Mae (FNMA/OTCQB) today announced the company will launch a new feature in its automated underwriting system to incorporate consumers’ rent payments in the mortgage credit evaluation process.”

I know most of my audience is either newer homeowners or going to be in the market in the next few years, so this is a huge development to help you get approved.

5 Big Mistakes To Avoid With Stock Options And Restricted Stock Units

It is extremely common today to receive RSU’s or stock options. It is a pretty awesome benefit from companies, but they can be very complex. You need to understand how they impact your full plan, your goals, taxes, etc. Here are 5 big mistakes to avoid (and if you need help learning about how they impact your plan, I help with this. Book a meeting with me!)

1. Not Understanding Your Grant Or How It Works
2. Not Understanding The Taxes Or Letting Taxes Drive Decisions
3. Forfeiting Your Grant In Job Termination
4. Not Having A Strategic Plan For The Shares
5. Getting Bad Advice On Financial And Tax Planning

Can Millennials Count on Social Security In Financial Planning?

This gets talked about all the time by millennials -- can we expect social security? Some say no, we are going to run out of money before we retire, but how do we run out of money? The government can always just print more, plus we have been paying into it every paycheck, could they really just get rid of it for us?

I agree with Ben and don’t think they will get rid of it, too many people rely on it and most of it is funded through payroll taxes which I don’t see changing anytime soon. If anything, I think they could change the ages to later since it first started at age 67 when the life expectancy was right around that age. Now we live way longer. It is fair to worry about this, but most believe it will still be there.

Done is Better than Perfect

“Perfectionism can be an asset. It drives work of the highest quality and can lead to amazing success. But, perfectionism can also be a detriment. I’ve found that in my quest for “perfect,” I get in my own way. I get so focused on perfecting every tiny detail that I lose sight of the big picture.”

So many of us struggle with this, it’s why you don’t create more content, it’s why we work later than need be, it’s why we can’t make as much progress as we want. Understand that perfect isn’t the goal, it’s never going to happen. I struggled with this with my content in the beginning, but then I realized no one truly notices this difference. Create, edit, practice, submit, and learn from those reps.

Intro to Stock Options: ISOs vs. NQs

This post takes a very deep dive into the different tax implications between these two types of stock options. As you read you will understand just why these are so complex and how you can get yourself in a tough situation if you don’t plan properly.

When Positive Affirmations Don't Work

This one was very though provoking, something I need to work on.

Career Opportunities

• Indianapolis, IN - Senior Technical Strategist at Salesforce
• Remote - Consumer Experience Research at Knock
• Indianapolis, IN - Digital Media Supervisor at Creative Circle
• Remote - Field Marketing Manager at Shopify
• Remote - Financial Associate at Bond
• Remote - Account Executive at Casted

Purpose Jobs - Purpose Jobs helps connect people based on their values and interests, with start-ups across the midwest. Here are some of the openings they have right now. Follow this link to apply if you are interested in any.

• Remote, Detroit - Product Specialist-Graduate Training Program (2021 Grads), Accounting Analyst at Dynatrace
• Remote - Enterprise Growth & Partnerships at Boon Health
• Detroit - Affiliate Content Manager - Personal Finance/Education Niche at Benzinga
• Remote - Product Manager, Frontend Developers, Full Stack Developer at Airspace Link
• Remote - VP of Sales, Sales Development Rep at Finite State
• Columbus - Finance Associate at Realpha
• Columbus/Remote - Data & BI Analytics Manager, Analytics Manager, Claims Operations, Senior Business Analyst, Analyst Rotational Program at Root

Something New I Tried: Bagels Fair Inc.

The place I tried this month was Bagels Fair Inc. in Indianapolis. It’s this little bagel place that has been around since 1975 using an over 100 year old family recipe. It’s super good and super cheap. Their breakfast sandwiches and lox cream cheese are amazing.

This Month By Treyton DeVore and On The Long Game

• How Impactful Is Market Timing
• 5 Best Investments Tips For Young Professionals
• Everything You Need To Know About AllStreet Wealth
• Top 5 Personal Finance Books You Need To Read
• Student Loan Forbearance Extended (Again) What should You Do?
• 5 Financial Mistakes Freelancers Make (And How to Avoid Them)
• Don't Let The Complexity of Crypto Scare You Away
• (Apple) Long Game Podcast - Invest vs Pay Off Debt / Why Hire An Advisor In Your 20’s and 30’s
• (Apple) Long Game Podcast - 8 Steps To Setting Up Your Family For Success and Should I Invest In Crypto?

Thanks again for subscribing to my newsletter, I appreciate you all more than you know.

As a quick reminder, we are still running a promo for AllStreet Wealth and cut the $750 upfront fee in half -- so now the upfront fee will only be $375 if you schedule in the month of September. We have 2 spots left! Book your first meeting with me here.

Hope you have a great rest of your September!

-Thomas Kopelman