I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
Ya it’s crazy. It is very clear the government can write themselves a check whenever needed for any reason. If you click on link in description it should take you specifically to the secure act.
Good morning everyone! Hope you enjoy this short update. You can find more information regarding the secure here: www.appropriations.senate.gov/imo/media/doc/JRQ121922.PDF
You bet sir! I hope to publish more videos this year. At least i'm going to try lol. The accounting practice keeps me working 7 days a week right now until I can hire more help.
The SEP-IRA Roth is no big deal because you always had the ability to convert a SEP-IRA to a Roth IRA even while still working for that employer. SIMPLE-IRA is a bit more restrictive that you need to wait 2 years after the first time you opened the SIMPLE-IRA before you can convert it. In Secure Act 1.0, the ending of the stretched retirement plan for non-spouse beneficiary whom are more than 10 years younger was a huge drawback. But in Secure Act 2.0, I couldn't find anything that detrimental to a large segment of the population. So while many will not benefit significantly from Secure Act 2.0, at least it isn't costing you in most cases.
I just figured out that my company has been including my 401k in my gross earnings, 1040 box 1, so have paid taxes on my account which isn't a roth account... for many years. I contacted the company about the issue, but do I need to redo my taxes? I really don't want to pay taxes again.
@@MoneyandLifeTV Long story short, I was looking to pay off the loan on a mobile home RV for one of my parents. Is there any tax implication for this? My name is not on the loan, so I'm not sure if I would have to refi to get on the loan or how to go about it. All your help is appreciated!
Great question. If it is not your loan but you are planning to pay off it would be considered a "gift" to your parents. Gift exemption is 17K per person right now in 2023. 34K for a married couple. No tax is due on either side but you would need to file a gift tax return if the amount is over those limits.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
@Tara Coldero Having a coach is key in a volatile mar-ket, My advisor is "Karen J Norton"
Isn't that the same Mrs. Karen Norton that my neighbours are talking about, she has to be a perfect expert for people to talk about her so well
@Tara Coldero investwithnorton💯
Feel like they keep raising these age limits...
Yes sir, I might not make it to 75 lol
What is wrong with that when some people don’t save enough or worrying about running out?
Thank you Mike!!! Awesome info
Thank you Maria! My pleasure thanks for commenting
Mike - This BILL is over 4000 pages. YIKES ! where's secure act 2.0 ?
Ya it’s crazy. It is very clear the government can write themselves a check whenever needed for any reason. If you click on link in description it should take you specifically to the secure act.
@@MoneyandLifeTV Look forward to the end of IRS in my Lifetime.
We can hope lol.
Good morning everyone! Hope you enjoy this short update. You can find more information regarding the secure here: www.appropriations.senate.gov/imo/media/doc/JRQ121922.PDF
Great job, shared on my facebook page.
Thank you good sir! Much appreciated
Always great to hear information on something new!
Thank you!
Thanks for the update brother!
You bet sir! I hope to publish more videos this year. At least i'm going to try lol. The accounting practice keeps me working 7 days a week right now until I can hire more help.
Awesome informative Video!!!!
Thanks so much Sarah :)
What are your thoughts on the new Secure act? I personally love the idea of having a SEP Roth plus higher contribution limits.
The SEP-IRA Roth is no big deal because you always had the ability to convert a SEP-IRA to a Roth IRA even while still working for that employer. SIMPLE-IRA is a bit more restrictive that you need to wait 2 years after the first time you opened the SIMPLE-IRA before you can convert it. In Secure Act 1.0, the ending of the stretched retirement plan for non-spouse beneficiary whom are more than 10 years younger was a huge drawback. But in Secure Act 2.0, I couldn't find anything that detrimental to a large segment of the population. So while many will not benefit significantly from Secure Act 2.0, at least it isn't costing you in most cases.
Any information on the cares act Covid retirement tax form for 2023.
I just figured out that my company has been including my 401k in my gross earnings, 1040 box 1, so have paid taxes on my account which isn't a roth account... for many years. I contacted the company about the issue, but do I need to redo my taxes? I really don't want to pay taxes again.
If you are not itemizing how do carry margin interest paid to the next year?
Hey Mike! I have a tax question that may involve more nuance - is there any email to contact you for this question?
Hi Mike, you are Welcome to leave your question here if I get a moment I’ll respond. My email for my business is specifically for my paying clients.
@@MoneyandLifeTV Long story short, I was looking to pay off the loan on a mobile home RV for one of my parents. Is there any tax implication for this? My name is not on the loan, so I'm not sure if I would have to refi to get on the loan or how to go about it. All your help is appreciated!
Great question. If it is not your loan but you are planning to pay off it would be considered a "gift" to your parents. Gift exemption is 17K per person right now in 2023. 34K for a married couple. No tax is due on either side but you would need to file a gift tax return if the amount is over those limits.
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