The "Big, Beautiful Bill", T-Bill Lessons Learned, and my first business product!
Hello, Friends!
It’s been a couple weeks with no message, I took a week off with the 4th of July holiday here in the states. So, I am packing a few tools and updates into this week's newsletter.
First, a request for you:
Do you have a burning money question you’d like answered? I would love to hear it! Feel free to shoot me a reply to this e-mail if you have one. I’d like to start a new video series that answers your questions directly. Hearing your questions also helps me out a lot so I know where you are at on your journey and what to be focused on!
T-Bills:
- First, if you have been following along on the T-Bill ladder journey, I have a new video out for some tips and tricks I learned after creating my own full ladder. The most important tip is to avoid having extra cash in any Fidelity Cash Management Account that has a T-Bill ladder setup with auto-roll. https://youtu.be/mR8VXqZZQUg?si=SlZA7Wx6O5Y1afiX
- Creating your own T-Bill Ladder with my tool: https://docs.google.com/spreadsheets/d/1stTOi27kvOcsn0Czu2h6PaBKrA-kmbx6daUnV9zhWhU/edit?usp=sharing - it’s great to see so many people making use of the T-Bill ladder tool! Quick reminder, if you want to use it, please go to “File → Make a Copy” to grab your own copy to edit. I’ve received quite a few edit access requests of the primary file which you don’t want because it would edit the copy that everyone sees. 😊
The “Big, Beautiful Bill” Changes to Overtime, Tips, and Standard Deduction:
- I am not a fan of the bill, but there are a few highlights which may benefit some Money Monkers. People making under $150K a year can deduct $25K in tips and $12.5K in overtime. The standard deduction also increased from $14,600 to $15,750.
- What impact does this have on someone’s tax bill? Well, I made a calculator to see! Which you have access to: https://docs.google.com/spreadsheets/d/1_lIy3dX5peS74KiYN-7PRGKJwuOdF_smbzoWBRr_fM4/edit?usp=sharing
- The good news is if you do work for tips or receive overtime pay, it can make a pretty big difference in your tax bill. Note: always run your own situation through tax software or with an advisor - this calculator just looks at these specific changes.
- I’ll be releasing a video today or tomorrow that walks through these changes in more detail and how to use/read the calculator I built.
My first product: Money Monk Wealth Group Coaching
- I am excited to share that in the next couple weeks I will be announcing my first product. It will be a relatively low cost/discounted (since it's my first one!) wealth group coaching that will be available for up to 25 people (and as few as 5). I am working towards having it ready to launch middle to late August.
- The goal of this 4 to 6 week program will be to condense my 15 years of wealth building into a roadmap that new wealth builders can use to build a simple but comprehensive wealth plan that they can use to take action immediately.
- We’ll cover cashflow planning, debt reduction strategies, investing planning, account and tax optimization, and a bunch more. I am estimating it will take 10-20 hours of a student's time to learn in the sessions, apply the lessons and build their individualized plan.
- The plan is to have one hour sessions once a week on Zoom, with a group chat for participants, and free resources/tools/training docs that I will build specifically for this group. It will be my first time teaching and my hope is to get feedback to help shape the future of the Money Monk platform while providing a whole lot of value for someone looking to build a wealth plan and take action.
That’s it! I’ll be working on additional videos focused on investing as I’ve received plenty of questions on how to invest and it’s one of my favorite money subjects.
Hope you have a great start to your week.
Greg
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