I missed this podcast 9 months ago. Excellent speaker and very helpful Jim. I don’t think there was a mention of the relative amounts invested in Roth vs pretax… eg $23,500 pre tax would be eg $30,000 pretax income if putting $23500 in Roth… so apples are not being compared to apples. In say a 20 year investment period, there could be 30% more pretax income being made available in Roth. This doesn’t include back door contributions (or mega backdoor contributions). Even more when over 50. To add more complexity, if having a well funded taxable account, you might want to compare Roth vs taxable from a math perspective.

Great conversation, super insightful 💡

I thought you needed to set up the ROTH by 12/31 but had until tax time-4/15 of the following year-to fund it. No? If we can get it done in a day or two max, why not do it at the end of the year?

This is misleading to say social worker. She worked with her MSW for 3 years and for you the last 10. I’m an LCSW, grad 1 year after her, on the path to being a millionaire so I know it’s possible in this career but c’mon.

Excellent information

What do you think of VMFXX instead of BND for the 40% of your “bond” part of your portfolio since it has never broken the buck?

Nowadays we need insurance for everything even insurance just to have insurance and even breath.

great video! appreciate you making this one!!!!

Phull support for Israel Saaar!

I was just about to transfer my ownership of my daughter's (beneficiary) 529 to her (she'd be both owner and benficiary) after she graduated, and then found out about Roth rollovers. Haven't been able to get a clear answer as to whether a person who's both owner and benficiary can do a 529/Roth rollover. So keeping things as is for now. Will probably do first rollover in 2024 and we'll see how it goes. I understand, and agree with, your views on paying for college with a combination of 529 and current cash flow funds (7:15). However, I'd wager I speak for a not insignificant number of people who view(ed) the 529 plans they set up for their children as a form of insurance. Covering $20K/year can be done when working full time. If you're dead, or perhaps even worse from a financial POV, severely disabled, coughing up $20K/year for your spawn's education isn't nearly as easy. An overfunded 529 is one less thing to worry about if your finances go sideways.

That’s without even mentioning the credit risk of the annuity seller.

i saved as if my son was going to law or medical school and he ends up going to a cheap school. is there a way to have more than one beneficiary simultaneously in one 529 and not sequentially or divide it in the future( for potential grandkids that will end up being in college at the same time). tuition is covered by our state so for the first time in 2024, i decided to pull what my son received from the state scholarship from the 529 and add it on to his utma. i will pay marginal tax on it but should not be subject to 10% penalty. i also told him he will get to have 35K contributed to his roth over the next several years. by the time he is 30 or at least sure of not getting more schooling done, i will probably cash out most of it and leave a still large enough amount in case he changes his mind for school and for the remainder to compound for a future grandchild. will have to work around irmaa if that is the case.

True

You make it all sound almost too simple…😝

Can you change the beneficiary and contribute the Roth IRA maximum yo multiple beneficiaries in the same calendar year? Say there is 35k in there. Can you on Jan 1 contribute max Roth IRA to child 1, once that clears, change beneficiary and once that clears contribute max to child 2’s Roth IRA and repeat ad nauseum as long as no individual gets more than contribution max or their qualified earned income for the year? Or does SECURE only allow for one Roth rollover per year per account?

Thank you!

Demeaning another profession isn't a healthy sign. Dentists, or for that matter any other professionals, are needed for the society. Good on Jim to echo that sentiment although Gary got me off the hook on his comment..

Great interview. Keep up excellent work!!!!!!!!!!!!

I bought a few hundred TRC20 USDT from a friend, and he gave me a string of code (e95295df4634a8e08e2a505b89339757ccebc4ea5e87b567140dc9aa09530f83). What does it mean? How do I transfer it to OKX?

Great discussion

Farming isn't meaningful?

Fidelity inherited IRA article link please.

Spectacular interview Jim and Bryan… The podcast has a terrific range. Kudos to you and your team. My hat goes off to Bryan and his family.

Very inspiring! Thank you for such a good interview.

Thanks for having me on the podcast!

$1M at 30 yo is awesome!!! Wish I could have started investing in real estate in my 20s, but alas I was just a poor/broke med student living on ramen, federal debt, and a dream 😂

PUT GOD FIRST LOL

THE WORST FINANCIAL MISTAKE A WHEALTHY MAN CAN DO IS TO MARRY, FOR A MEN MARRIAGE IS STUCH A RISKY INVESTMENT, SHE CHANGES HER MIND OR EVEN CHEATS SHE CAN ASK FOR YOUR 50% AND ALIMONY.

Did not understand anything the old gentleman said

In my case, because I never thought of it while I was busy pursuing my career.

Agree 100%. My daughter desperately needed when she became ill, and qualified for Katie Beckett Waiver.

Praise the Lord you’re okay. God bless

The only problem with locums is that it’s not really sustainable for most people if you have a family life. Also the jobs can be very hit or miss.

I actually understand what you were feeling! I changed my career to IT and I’m making the most money in my lifetime of working… I was saying the same thing and a friend reminded me of my blessings like yours did to you. I’m truly bless and I’m in a position to bless others♥️♥️♥️

Such a great conversation! Jim, I am so glad you invited them to this conversation. Rick is more convincing to me. Invite them again.

ah yes, bitcoin is up more than 60% average for the past 10 years but no one tell this guy

While he’s right that trading is not for all - I disagree on a couple of points. Short term capital gains taxes are unpleasant- but you made a profit and then paid taxes - you really would avoid profits bc you hate taxes ? No societal value to trading ? I take multiple o/n calls a month and refuse to pay some charlatan for a real estate course - i add plenty of value to society and apologize to one for being able to regularly take money out of the market and give myself a fighting chance at FI. My approach - I swing trade and have bested the spy 3 years running. Good luck to all

"Rich" to one person is not Rich to someone else.

Hahahaja! Great!

Yes. Perspective. Over 95% of the rest of the human population would happily switch spots with you. We just compare ourselves with people in our little bubble in our corner of the world and unfortunately forget how extremely fortunate we already are.

Work for govt , va hospital, Public Health Service, not for profit hospital, pay bare minimum. My federal student loans were forgiven as a physician.

Thank you for the insights. My question is about my concentrated stock holdings in RSUs, which have grown significantly over the past nine years and now constitute the majority of my retirement fund. I do have a 401(k), but the RSUs amount to more than five times its value. I want to diversify the concentrated stock into different index funds, but I’m not entirely confident I can handle this on my own. A Fidelity advisor recommended an SMA (Separately Managed Account) for better tax efficiency compared to index or ETF funds. I am already at the higher tax bracket and am very careful on transferring these to index funds.. I’ve been researching online and consulting multiple resources to ensure I make the right decision. From what I’ve seen, 90% of general advice points toward low-cost index funds, but I need a tax-efficient way to diversify my portfolio. Do you have any recommendations that could help me make a well-informed choice? Thank you.

A quick qu… what does she do for health insurance when taking 3 months off during the year. In fact does Locum Tenens cover health insurance at all??

Another fantastic episode. The guest makes Locum work sounds appealing…also great points about trading Jim… you make complicated things sound simple.

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Rent??? What?