AI Snips
Chapters
Transcript
Episode notes
Make A Written Financial Plan
- Create a written financial plan by listing goals and working backward to determine annual savings needs.
- Direct extra income to your plan; if fully funded, spend or give some away intentionally.
Use Tax-Advantaged Accounts First
- Maximize employer tax-advantaged accounts first like 401(k)s and HSAs before using taxable accounts.
- Use backdoor Roths or solo 401(k)s if self-employed, then invest excess in taxable accounts.
High Earners Often Lack Written Plans
- Only 48% of the audience had a written financial plan despite high incomes and net worths among listeners.
- A written plan simplifies decisions and reduces monthly uncertainty over "extra" income.