Money Guy Show Falling Behind? The RIGHT Way to Catch Up This Year
Jan 22, 2025
Feeling overwhelmed by finances? The hosts dive into optimizing retirement savings through 401A, 457, and Roth IRA accounts. They tackle the importance of early saving and proper debt management. Listeners learn about maxing out Roth contributions and backdoor strategies, alongside engaging community Q&As. The discussions also cover tax-efficient investment strategies and mortgage management, ensuring that you can confidently move toward your financial goals!
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Financial Order of Operations for Catch-Up Contributions
- Amy B. is unsure where to invest after maximizing her 401(a) match.
- Follow the Financial Order of Operations to prioritize debt, emergency funds, then consider HSAs and Roth IRAs.
Dollar-Cost Averaging and Roth IRA Income Limits
- Josh M. asks how to manage Roth IRA contributions when nearing income limits.
- Dollar-cost average into cash, then make a lump-sum Roth contribution (direct or backdoor) after determining eligibility.
Balancing Roth IRA with Law School Savings
- Future Polyglot, age 26, is saving for law school and asks about Roth IRA contributions.
- Prioritize broad financial health (emergency fund, debt) and law school savings, then consider small Roth IRA contributions.