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Money Guy Show
When Should You Buy a New Car?
Jan 17, 2024
The podcast discusses when to buy a new car, managing finances as a married couple, factors to consider when buying a new car, and retirement options for self-employed single member LLCs.
31:47
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Quick takeaways
- 529 beneficiaries can roll over unused funds to a Roth IRA, but overfunding 529s may limit a child's ability to save in their own Roth IRA.
- CFP designation is ideal for personal financial planning, while CFA designation suits institutional money management; passing CFA exams is challenging.
Deep dives
529 Rollover to Roth IRA: A Catch-All Option
The new rule allowing 529 beneficiaries to roll over unused funds to a Roth IRA is a convenient catch-all option. If you have excess 529 dollars due to reduced college expenses or scholarships, you can use them to fund Roth IRAs. However, it is not recommended to overfund your 529 with the intention of transferring the excess to a Roth, as this may limit your child's ability to save in their own Roth IRA.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode