452: The 6 Investment Accounts You NEED for Financial Freedom

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Sep 22, 2023

Join early-retired CFP Kyle Mast as he explains the different retirement and investment accounts you need for financial freedom. Learn about the advantages of 401(k)s, Traditional IRAs, Roth IRAs, and after-tax brokerage accounts. Discover the triple-tax benefit account and how to turn taxable income into tax-free charitable contributions. Find out how to maximize tax efficiency with both a traditional and Roth 401(k).

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ADVICE

Employer-Sponsored Plans

Understand 401(k)s and similar plans like 403(b) for non-profits.
Explore lesser-known options like 401(a) for religious organizations and 457(b) plans.

ADVICE

Solo 401(k) Advantages

Maximize your solo 401(k) if self-employed, especially during high-income years.
Adjust contributions based on your income fluctuations for tax optimization.

ADVICE

Tax Savings with Solo 401(k)

With solo 401(k)s, adjust contributions based on income fluctuations.
Contribute more during high-income years to lower your tax bracket.

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If you’re new to personal finance, investment accounts can seem complicated. The terms, the lingo—HSA, Roth, IRA, 401(k)—these may seem like letters in an arbitrary order, but using these retirement and investment accounts can help you reach financial freedom faster, pay WAY less in taxes, and maximize your money even while you’re asleep. So, how do you get started? Tune in; we’ll show you how!

Joining us is early-retired CFP (Certified Financial Planner) Kyle Mast to walk through each retirement, investment, and savings account you MUST have on your road to FIRE. In today’s episode, we’ll touch on the common accounts you’ve heard of, like the 401(k) and IRA, as well as some lesser-known investing and savings accounts that can help your money grow faster than you thought possible.

And whether you’re just starting your retirement journey in your 40s, 50s, or 60s, or you’re a twinkly-eyed twenty-something-year-old ready for compound interest to run its course, you’ll get EVERYTHING you need to know about investing and retirement accounts from this episode.

In This Episode We Cover

Retirement accounts explained and how to lower your taxes with 401(k)s and Traditional IRAs

The “triple-tax benefit” account that most Americans don’t even know exists

How to turn taxable income into tax-free charitable contributions in retirement

The savings account that will pay you solid interest JUST to park your money

What to do if you’re a high-income earner and don’t qualify for tax-advantaged accounts

Highly-advantaged niche retirement accounts like the 401a and 457(b) that you might have access to

And So Much More!

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