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Carry — Grow your net worth with smart tax optimization
Carry is an all-in-one platform for tax-advantaged accounts, investments and strategy for business owners and high earning professionals. Use Carry to set up a Solo 401k, self-directed IRA, backdoor + mega backdoor IRA and more.
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Carry is the best tax / investing product I’ve seen and the content is super helpful! Trying to start a business just so I can become a customer!
I’ve been following Carry (fka Ocho!) from afar. What’s the wildest tax savings you’ve seen from clients so far, Ankur?
@rrhoover Lots of fun ones!
1 - A lot of people never realized they could do a "mega backdoor Roth" and get ~$70K into a Roth account every single year. Obviously, this didn't save taxes today but should massively reduce their lifetime tax rate
2 - Solo 401k's were a big aha moment for business owners that were used to their employer 401k and didn't realize how much easier it was to max it out
3 - Our VIP service has helped a few people figure out the optimal W-2 salary to pay themselves to reduce self-employment taxes while also maximizing the QBI deduction
4 - Most people don't know how a defined benefit plan works but it's the grand daddy of retirement plan tax savings -- have seen it combined with a solo 401k for almost a ~$300K year 1 deduction
Top Hunter
?makers is this insured by the FDIC or something similar? I realize you're not a bank but you also aren't too big to fail, yet.
tl:dr; why should I trust that you'll be around in 20 years?
@chrismessina great question! we use a third-party custodian drivewealth on the backend used by lots of fintechs like square / cashapp
- all the cash in the account is FDIC insured (up to FDIC limit)
- securities are SPIC protected to the SIPC limit
- no co-mingling of funds -- it's all held in a separate account titled under your solo 401k
even if something were to happen to us, you can get access to your funds / account directly as well
lmk if you have any other q's!
Nice idea. I like how you included courses and are out here trying to help business owners. My mentors all tell me to learn taxation because that's what the savvy owners do. I think you could do well bringing this to Canada too if this gets significant traction. Bravo!
@jonwesselink we'd love to launch in canada some day but so much of the tax code is nation specific that it will unfortunately be a while before we get there!
@jcsnv the solo 401k is best for business owners, but we have a lot of w-2 owners who use our ira's / self-directed ira's / education etc. with HSA's and other accounts coming soon!
Just visited your website and loved its design. Very helpful product aswell. Congrats on your launch Ankur and Julia. You have my upvote!
I've been a customer for just over a year. Great UX compared to legacy products out there. Thanks for building this!
Finally! The world is getting intro'd to Carry 🙌
I've know about these folks for a while and been wildly impressed by what they're building...for one good/big reason: business+personal finance and wealth building for the self-employed with big aspirations and exit events is a massive area of fog for so many.
Education is one thing; enablement is another. I love how Carry is attacking both vectors for folks like me and my friends who need better tools, resources, and networks to not leave significant economic leverage and opportunity on the table as we build, grow, and sell/exit our companies.
Excited for what Carry has already created, and I'm even more excited for what's coming next!
@mattgartland appreciate the thoughtful words matt, stoked to have you on board as a partner!
HUGE fan of Carry. My wife and I use it for our Solo 401Ks, and it's so much better than the alternatives we explored. Super excited about HSA coming soon too!
@jayclouse appreciate it, thanks for being an early customer & believer. lots of great stuff coming soon!
Super smart idea. Everybody is so caught up on improving their investing strategies, they forget to take taxes into consideration. Seems like this kind of product could pay for itself easily.
Hey @ankurnagpal love what you're building at Carry, it's a genuine problem that I have personally faced myself while building Kniru
I think adding a feature for real-time legislative updates could further empower users by keeping them informed of new tax laws affecting their investments. This proactive approach could differentiate Carry in the market, ensuring users not only optimize taxes but also stay ahead with compliant and strategic financial planning. All the best :)
This is awesome. Is most of the value really specific to self-employed and biz owners? Asking as a W-2 employee
This is my second year using Carry as a happy customer - best product in the market for solo401k. Period.
Also impressed by the speed at which the product improves.
@danishd thank you for being an early customer! really appreciate your feedback DD
Have been asking about self-directed IRAs for years. Several advisors say don’t touch them. Excited to see how that works with Carry. Product looks amazing.
@pgpreston2 awesome! lmk if you have any feedback! have a $100 discount for PH until end of day tomorrow
I love that Carry puts business owners in charge (literally, lets you select any asset) but solves the tax complexity problem.
I've been a user for 3 months and really appreciate the simile UX, offering of the SDIRA and the SOLO 401k all entrepreneurs need. I just signed my wife up. I'm hoping that custodial accounts and 529-->roth management are on their roadmap.
I've not only put away more money in the last 2 years via Carry than the last 5 years combined (solo401k FTW!), I've also learned so much about the tax code.
As they say, the only partner you'll have on every business is the US federal government. Learn how to optimize your share.
@matt_brezina thank you as always for being an early believer and customer <3
Super cool product. Well done Akur and team! I'd love to see more people using this, seems like a no brainer.
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