Financial Planning: Get Step One Right - Video 379 Key Takeaways: - Nothing else matters in financial planning if you don't get step one right: knowing your cash flow. - You must know what's coming in and going out every month; understanding your expenses on a monthly...
Buy Now Pay Later Key Takeaways from "Buy Now Pay Later" Episode Lack of Reporting to Credit Agencies: Companies like Affirm, Klarna, and AfterPay do not report consumer debts from "buy now pay later" schemes to major credit reporting agencies like Equifax,...
End Of Life Financial Planning Key Takeaways: 1. If someone is married and they pass away, this is the last year they can file a joint tax return, which may affect decisions on accelerating income for the surviving spouse. 2. Selling an asset at the last moment or...
Is the Inherited IRA RMD Waived in 2024? Key Takeaways: - You are not required to take a minimum distribution from your inherited IRA in 2024. - The IRS has extended the waiver for required minimum distributions for inherited IRAs through 2024. - Different rules might...
Beneficiary IRA, Inherited IRA, SECURE 2.0 Act - Video Episode 375 Key Take-aways: 1. Non-spouse beneficiaries cannot roll inherited retirement accounts into their own IRAs; they must set up a separate inherited or beneficiary IRA. 2. Under the SECURE Act, inherited...
Secure 2.0 Act In this video, Tom attempts to briefly highlight nine points from the Secure 2.0 Act in four minutes or less! 1. RMD changes 2. Larger catch-up provisions 3. Roth @ work - can be matched 4. Qualified Charitable Distributions can now include $50k to...
Inflation Never Stops Key Take-aways: 1. Inflation operates continuously, similar to a "compounding machine," and rarely produces negative numbers, with a recent example being in 2009. 2. A decrease in inflation rates does not imply a decrease in prices but rather a...
Inflation Is Cumulative Key Takeaways: Inflation is cumulative, not just year-by-year; it builds up over time affecting the cost of goods and services. The rate of inflation can vary each year, but even when it decreases, it typically does not negate the previous...
Automatic IRA Act of 2024 - Video Episode 372 Key Take-aways: 1. The "Automatic IRA Act of 2024" requires employers with ten or more employees to set up automatic retirement contribution plans for all full-time and "long-term part-time" employees, with...
Using a Roth IRA for a Down Payment - episode 371 Key take-aways: If your company offers a match, consider contributing up to the amount where you will get a match. If you have an option for a Roth 401(k) contribution, you really ought to consider it. Start building...
