What does YOUR financial future look like? Probably the first lesson anyone successful with money will tell you is that you can’t look at life the same way anymore. While some expenses others may see as a given, you now see as a money drain. Where others see failure, you now see opportunity. Today we’ll talk about changing your financial tune with Dave Mason, author of The Cash Machine, who suggests you can make big changes in your relationship with money by making some small changes in how you perceive the world around you.
Recently the Federal Reserve lowered interest rates in response to the coronavirus. They may do it again. We’ll talk about some opportunities this may open up for you. Plus, from the perspective of the individual investor (or more preciously, the Robinhood investor), life got a little worse for some traders when the investing app suffered an outage for an entire trading day as stocks surged.
Later on, we’ll answer a retirement and taxes question from Red. He can contribute to a Roth and Traditional 401k, while Red’s wife can only contribute to a Traditional. What happens during retirement when they file jointly? Will Red have to pay taxes twice? One now for the Roth, and later on for the traditional?
As always, we’re saving some time today for Doug’s trivia. It’s a great day to listen to podcasts while you’re at home! Everyone stay safe!
Thanks to Free Tax USA for supporting Stacking Benjamins. It’s that time of year to get 10% off. Go to freetaxusa.com/SB and use code SB.
- Fed cuts rates to blunt coronavirus impact, markets drop (Reuters)
- Robinhood outage underscores risks of investing in the digital age (InvestmentNews)
<17:40> Dave Mason
Looking for a copy of The Cash Machine? You can order it here: The Cash Machine: A Tale of Passion, Persistence, and Financial Independence
<44:56> Doug’s Trivia
- A pay raise request is more likely to be approved during which three months in the year?
<49:47> Haven Life Line
Red writes in with a question about possibly having to pay extra taxes while filing jointly with their spouse:
- My spouse contributes to a Traditional 401K. I can contribute to a Traditional and Roth 401K. What happens in retirement when we file taxes together? Do I end up paying taxes on the Traditional 401K, while paying now for Roth 401K? Will I pay taxes both times?! What are your thoughts?
Want the guys to answer your question? You can call into the Haven Life Line and get your question answered on-air HERE.
Join us Wednesday!
Health and finances – barring emergencies (and current events), people can have issue understanding how health and wellness can play into finances. With everything going on, we thought it would make good timing to bring back Angelo Poli of MetPro to discuss the big impact health and finances can have on each other.