Making wealth simple, one move at a time
Joined January 2021
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Peter Thiel turned $1,700 into $5 billion.
Tax-free. Legally.
And he used an account most Americans can open 🧵
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By 2019, ProPublica reported the Roth was worth $5 billion, all of it withdrawable tax-free in retirement.
An account built for teachers and nurses became a billionaire's tax shelter.
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In 1999 he used a Roth IRA to buy 1.7M shares of a tiny startup at a tenth of a penny each.
That startup was PayPal.
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Things I'd stop doing if I wanted to be rich by 40:
• Financing cars
• Buying the latest phone
• Waiting to invest
• Keeping cash in a 0.01% savings account
• Taking money advice from broke people
Stop paying off your house early. Seriously.
If your mortgage rate is low, every extra payment could be costing you a lot of money. 🧵
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When paying it off early does make sense:
• Your rate is 7% or higher
• You're close to retirement and want zero bills
• Your other debt is already gone and your 401(k) match is maxed
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Inflation is also on your side.
Your payment stays the same for 30 years while your paycheck and prices keep going up.
That $1,800 payment feels smaller every year.
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Home equity isn't cash.
If you lose your job, the bank doesn't care that you prepaid.
To get that money back you have to sell or borrow against the house.
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Say your mortgage is at 3%.
Every extra dollar you send the bank "earns" you 3%.
The S&P 500 has averaged around 10% a year over the long run. That's the gap you're leaving on the table.
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Your 401(k) goes to your ex if you never updated one form.
Your will can't stop it. Your divorce papers can't stop it either. 🧵
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