What’s Stopping You from Reaching FI? | EP 299 | Stereo App
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- čas přidán 24. 02. 2021
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As an African American, a black man from Harlem NYC, I want to let you gentlemen know how much you're appreciated, loved and respected for what you do, for so many. God Bless Choose FI
I love how level headed these guys are. Huge fan of the show!
These guys are awesome. I’d love to interview them one day. I’m interviewing JL Collins on Tuesday.
What's your podcast?
@@bobbyboombeck good afternoon man. It's spanking new. But you can find me on FB @ "thewealthyeducator1". I'll be going live there at 4PM EST on 3/2. I will then upload the video to CZcams. Wish me well!
You'll never be able to book him, but I'd love to see Dave Ramsey on this show, just because he's so hard and fast against debt and believes in managed funds over index funds.
just found this channel last week!! great content!! new sub here 🙌🏼 and already learned tons!!☺️💜
Welcome!! Hope you enjoy the content! We also have a free 5-Day FI Challenge you might find helpful too: choosefi.com/fichallenge
Thank you for that wonderfully clear, simple explanation of the Roth conversion ladder!
My biggest obstacle is that my DH is not working AND doesn't believe in FIRE (I'm trying to explain that he's playing RE without being FI which is a terrible choice). So I'm the only one pulling the carriage, which slows us down, and I'm the only one with the goal... relationships and FIRE can get really complicated when people are not on the same page. My second obstacle is that my job is not secure. I am at the end of a 2year contract and frantically looking for something new. This makes it impossible to plan anything: a FI number or a target date. I'm just playing it day by day, the principles remain the same really, just save as much as you can. My third obstacle is that I got into a complicated tax situation and I'm currently unable to invest my savings.
First I will say... love your show!
Please note you are Global! ... English is understand all over the globe. (and is the default language on the net)
As a non-US citizens I really don't care about the US Tax/VAT system.
would love to see mark cuban on here too!
🥰🙏🏼Just found this will be on live next time 🙋♀️When?
Excellent points about an emergency fund... Even with the market just bopping along at present and still being in the wealth building stage I get the odd sleepless night!
It was a 457 from an old job that the Millionaire Educator was living off of. Since it is deferred compensation instead of a retirement account, there was no age restriction.
Brad and Johnathan how much is a person allowed to roll over into a roth ira from a tradition ira yearly. Using the backdoor convertion ladder.
Roth ira allows 6k contribution yearly as of now.
Thank you for all your great podcasts.
This depends on your personal tax rate. Conversions are a taxable event and taxed at personal income rates. So you want to be sure to minimize the tax when you do that base on your tax bracket. There are no limits on the conversion amount. However, if you do it as a ladder you control how much you're getting taxed on that money.
4:03 poor Brad!🤣
You are too funny!
Bill Bengen too!
I can max out a 401k and my 403b? I have 2 separate jobs.
56:11: Are you certain about that? Investopedia states, "If your employer offers both a 403(b) and a 401(k), you can contribute to both plans in order to boost your retirement savings. However, there are limits on the combined total of so-called salary reduction contributions you can make in a tax year. The contribution limit is $19,500 for 2021 and $20,500 for 2022. For those over 50, the catch-up contribution limit is $6,500. These are the same limits placed on contributions to either plan individually. So you are free to use both vehicles, but the caps on tax-deferred contributions remain the same. I'd be interested to expanding my contributions, but I've understood that each individual investor is limited to the contribution limit, regardless of how she or he divides it up between a 403(b) and a 401(k).
Interview Mike Kitces
He is my FI binky. lol.
😀
Because I don't want just FI. Not enough. I want FIRE !
Nice channel. I would like to interview you. I interview Millionaires, Multimillionaires and Entrepreneurs.
I didn't like the answer he gave, so can someone else answer this question: Can someone making $75k/year reach FI in 10 years or less?
Those lame rants from Brat about flowers, bees and rainbows.