Thomas Kopelman 💵

I am a financial planner that works with the wealthiest 1% of people in their 30s and 40s I wish everyone understood these 10 critical lessons about finance:

Congrats on the new client, Chad! For anybody earning (or gunning for) $1M–$10M business income …. the latest episode of The Long Game podcast may be the most valuable 45 mins of tax planning you’ll get all year @TheTaxNomad didn’t just talk strategy - - he & @TKopelman gave…

Reasons to hire a financial planner: - you do not want to do it yourself - your finances are complex - you don't have time - you don't get done what needs to get done - you & your spouse can't get aligned on decisions - you are anxious & unsure you are doing the right things -…

Summer is the time of year where we review all tax returns, scan them for mistakes, and do tax planning for the current year As we go through and review all of these, we see a lot of the same mistakes Some of these include: - Incorrectly reporting backdoor Roth IRAs as taxable…

“We decided to go with a different service. Not sure we need as much as you offer.” This has been said multiple times before and I totally get it There’s no hard feelings about it But now for the 6th time, a person saying this has reached back out saying they aren’t getting…

So... you inherited some money How is it taxed? This is a question that comes up a bunch Here's the answer... it depends The type of account or investment you receive makes a difference: 1. Taxable account You get a step up in cost basis Let's say your grandma bought $10k…

77% of people cannot pass a basic tax 101 test And it's no surprise since the tax code is over 6,500 pages long But I can simplify it for you Here's what you need to know about how taxes work:

Inflating your lifestyle too fast is the biggest challenge for people in their 30s and 40s. Too many spend more than they earn because their expenses grow much faster than their income. Watch your spending—growth needs to be sustainable

So many people see this and get hyped But it really is only a play for HNW folks $500k capital gains exclusion already exists

Way too many people stay on the sidelines, waiting for the next recession. Newsflash: there will always be another recession. The key is to keep your money invested for the longest timeframe possible Keep earning. Keep contributing. Time in the market beats timing the market

Your children need earned income to contribute to an IRA Your spouse does not (unless MFS) Big misconception here Business owners can help their kids get this earned income

What do the wealthy do differently? Most think they have secret knowledge—but they don’t. We all have access to the same information. Here’s what sets them apart: • They focus on growing income by being paid for value, not just hours worked. • They invest rather than just…

Completely agree with @drgurner here Highly intelligent and highly successful people hire advisors for this exact reason

.@drgurner gets it Highly intelligent, highly successful people Hire advisors for this exact reason