Wealthion - Be Financially Resilient
How to Build Wealth & Avoid Taxes Like a Pro | Mark Kohler
Jul 25, 2024
Renowned CPA and lawyer Mark Kohler shares expert strategies on building wealth like utilizing Roth IRAs, side hustles, and rental properties. He discusses advanced tax strategies to minimize liabilities, converting 401k to Roth IRA, and investing in cryptocurrency with self-directed IRAs. Mark also highlights upcoming Crypto Tax Summit details and analyzes the impact of tax legislation on business growth.
47:20
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Quick takeaways
- Utilize Roth chunking for gradual conversion to Roth IRAs to minimize taxes.
- Encourage financial literacy early on through Roth IRAs for wealth-building and future security.
Deep dives
Optimizing Retirement Savings with Roth Chunking
Roth chunking is a strategic method to gradually convert traditional retirement savings into Roth accounts to minimize tax implications. By spreading out the conversion over several years, individuals can increase tax efficiency while benefiting from higher returns in self-directed investments. This approach allows for financial flexibility without abruptly shifting tax brackets, ensuring a smoother transition to tax-free retirement funds.
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