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Recent Episodes

S4EP1 New Year's Resolutions For Finance

How's the first week of your 2023 so far? Dan and Tim discussed the 2023 new year's resolutions for personal finance. First, before you start creating your list, take a step back, and think about two questions: what does money mean to you? What does enough mean to you? Some great financial resolutions are: get your taxes done earlier; plan your medical/specialty visit earlier; adjust account allocations if needed for 401k, 529, stock option/RSUs, etc.; make contributions to your retirement accounts: Roth, back-door Roth, conversion, 401k, etc.; understand SECURE Act 2.0 which may greatly impact your retirement savings; think about making gifting/charity donations earlier; income planning and how to allocate it. Overall, the most important thing is to set realistic and achievable goals so that you can create a positive feedback loop within your personal finances. What are your new year's resolutions?

S3EP43 Year-End Personal Finance Checklist - Retirement Contributions


There are some investment vehicles that allow you to save and invest for retirement with tremendous tax benefits: 401(k)s, IRAs, Roth IRAs, etc. Basically, traditional IRAs allow you to take the tax deductions today, but you will have to pay income taxes in the future when you take out distributions; meanwhile, Roth IRAs make you pay your taxes now, and grow tax-free for the rest of your life. Nathaniel and Tim discussed the power of compounding and how you may benefit from long-term planning and investment strategy. Remember, Social Security was never meant to cover all of your retirement expenses, and retirement account contributions are critical to almost everyone. Discuss with your advisor and see if you should put more towards them.

S3EP42 Year-End Personal Finance Checklist - Roth Conversion

A Roth conversion refers to taking all or part of the balance of an existing traditional IRA (or 401(k), 403(b), 457(b), etc.) and moving it into a Roth IRA. The point is to pay the tax now so that the assets can grow tax-free for the rest of your life. One of the myths we frequently hear from people refusing to do a Roth conversion is that: I will be in a lower tax bracket when I'm retired and I will pay my taxes then. Dan and Tim discussed it and explained why this may or may not apply to you. In addition, if you are lucky enough to have other assets for your retirement, you may also want to consider your children's earning potential to know if a Roth conversion makes sense when they inherit your assets. Overall, as with most financial tools, there is no absolute good or bad, only if it suits your situation or not. Talk to your advisor and see if a Roth conversion is beneficial to you!

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